How I save >$150k before 28 - updated tips
To save money, start with discipline.
Set a goal
Set a budget
Track your expenses
Stop your bbt or starbucks fix
Save money in high interest accounts
Save money in fixed deposits or bonds
Review your credit cards
Get cashback credit cards
Got bonus? Don't touch it
- With a >$25k savings a year, Frowns88 asked two points a) whether I'm saving $2000 a month, b) and if so, I should have a decent salary.
- To answer a), no, I don't always save $2,000 a month - my savings goal was met only because I DO NOT TOUCH MY BONUS. Like the word "bonus" indicates, it is an extra payment given to me. As best as possible, spend only within your monthly take-home salary and keep ALL your bonuses aside. Always remember, be disciplined and BUDGET your money well!
- As for b), how much would "decent" mean? :P I started off with a pay slightly lesser than most peers. It sucks to know I was paid lesser than the median for my cohort. But with some luck (thank god my bosses like me) and hard work, I've received around 10% increments. Let's just say I've not exceeded the HDB income ceiling, and may not even hit it in the next few years; comparing to other bloggers of similar age who have already exceeded the HDB and EC income ceiling ;)
- Which brings me to another tip...