Me Time!
-
What is a reasonable % of salary for our children to save when they started working but still living with us? I think it will be different when they are married and have their own house.
-
ngl2010\" post_id=\"2078424\" time=\"1660534085\" user_id=\"40978:
If they don't own a car, I think most of the money will only go to food, clothings and entertainment. I think really depends on their lifestyle...some industries frown upon you when you don't dress or carry branded stuffs.
What is a reasonable % of salary for our children to save when they started working but still living with us? I think it will be different when they are married and have their own house. -
ngl2010\" post_id=\"2078424\" time=\"1660534085\" user_id=\"40978:
Recommendations vary a lot - I've seen as low as 10% to as high as 40-50%! I suppose something in the middle of that range should be fine? More is better, but it shouldn't be at the expense of living a decent life. No point scrimping and saving so much but having no social life and feeling very deprived. That's another reason to help young people get used to being satisfied with less. Here is one article:
What is a reasonable % of salary for our children to save when they started working but still living with us? I think it will be different when they are married and have their own house.
https://www.channelnewsasia.com/cna-insider/budgeting-tips-young-parents-20s-30s-2330206
Once they start paying off a mortgage, that is itself a form of saving for retirement. But if they take on a very large mortgage, it can make their lives quite miserable if they end up having very little disposable income, so they should be careful how much they borrow.
One thing they do need to do is to learn to budget, and have a system of monitoring their expenses and savings. Without that, they won't know how they are faring (unless they earn so much that they don't actually need to watch their expenditure!). -
Nebbermind\" post_id=\"2078430\" time=\"1660535516\" user_id=\"15571:
Then don't go to such places.....
If they don't own a car, I think most of the money will only go to food, clothings and entertainment. I think really depends on their lifestyle...some industries frown upon you when you don't dress or carry branded stuffs. -
My dad’s advise long ago when I started working. For a start, for the 1st year put aside at least 30% of your mthly income. Then progressively, aim to save 30%, invest 30% and daily expenditures, keep within the balance. Savings is used for buying that special item or holiday or for rainy day situation. Another piece of advise he gave, aim to keep up to 6mths’ expenditure amount in your savings account. This is for when you are in between jobs for whatever reason.
Other people may have other nuggets of financial wisdom but these were some of the things that my dad told us. -
Liew Nga Wing\" post_id=\"2078460\" time=\"1660544854\" user_id=\"195250:[quote=\"Liew Nga Wing\" post_id=2078460 time=1660544854 user_id=195250]
banking grads go to banks/ private banking tec, where outside materials are a need for them to package n present themselves.
Then don't go to such places.....[/quote]
during my time, i saved 70% of salary. I am not sure whether youngster can do this now ,
their commitments are higher than ours. a hdb flat is already so much more ex compared to our time. -
MyPillow\" post_id=\"2078469\" time=\"1660548819\" user_id=\"70594:
Haha..I wanted to say more than 50% but somehow feel abit 'reserved' to say it.. yea..our time really can save money I find. Things were cheaper.
banking grads go to banks/ private banking tec, where outside materials are a need for them to package n present themselves.
during my time, i saved 70% of salary. I am not sure whether youngster can do this now ,
their commitments are higher than ours. a hdb flat is already so much more ex compared to our time. -
Funz\" post_id=\"2078468\" time=\"1660548431\" user_id=\"6230:
Another thing we have dinned into our daughter's heads is that they should avoid \"buy now pay later\" and getting into credit card debt. Borrowing to buy a house is the main exception, and a car if one is really necessary for work (i.e. it is in a way \"income generating\"). Otherwise, they should save up first, then buy. Getting into debt to go on fancy vacations, buy luxury goods, eat in swanky restaurants etc. is a slippery slope.
Other people may have other nuggets of financial wisdom but these were some of the things that my dad told us. -
MrsKiasu\" post_id=\"2078472\" time=\"1660549165\" user_id=\"43981:
i think it depends on how disciplined the person is at the point of time .
Haha..I wanted to say more than 50% but somehow feel abit 'reserved' to say it.. yea..our time really can save money I find. Things were cheaper.
after married, paying off all big tickets like honeymoon, renov, wedding . dh n me also saved 70% too , housing is fr CPF.
initial yrs, we went humble resorts for holidays , so our nest can save up faster.. -
MyPillow\" post_id=\"2078469\" time=\"1660548819\" user_id=\"70594:
There are ways to save money and still look good if they are willing to buy 2nd hand, look for bargains, etc. No actual experience, but this is what I hear from the younger lot. Luckily, both my daughters are not in that kind of job.
banking grads go to banks/ private banking tec, where outside materials are a need for them to package n present themselves.
during my time, i saved 70% of salary. I am not sure whether youngster can do this now ,
their commitments are higher than ours. a hdb flat is already so much more ex compared to our time.
I know I saved most of my salary other than transport and lunches in the first few months of working as my parents wouldn't take my money as I was planning to get married within the year (and then a lot of it got spent on wedding and renovations). And after I got married, I think we lived on my husband's salary (higher than mine) and saved my take-home pay. HDB flat prices are the main difference for young couples, I feel - my girls' starting pay was slightly more than double what mine was in dollar terms, but the price of HDB flats bought from the HDB is about 5-6 times!
Hello! It looks like you're interested in this conversation, but you don't have an account yet.
Getting fed up of having to scroll through the same posts each visit? When you register for an account, you'll always come back to exactly where you were before, and choose to be notified of new replies (either via email, or push notification). You'll also be able to save bookmarks and upvote posts to show your appreciation to other community members.
With your input, this post could be even better 💗
Register Login
Online Users
Statistics
Recent Topics