No one knows how much they should have by 30, so we asked the Time Out Singapore team
30 is a big birthday, and it comes with even bigger shoes to fill. After all, it’s officially the start of the third decade of our lives – we’re well into adulthood and there’s no turning back. And with this, comes a flood of new concerns: career, family, and how much savings we should even have. To all fretting over the state of their finances, know that there’s no fixed number for this.
No one’s telling you that you absolutely need to have $100,000 in your bank account on the day you turn 30. It’s totally up to you and your preferred lifestyle. Out of curiosity, we asked our colleagues in the Time Out Singapore team for their opinion. Who better to ask than real people in Singapore, with bills to pay and lives to live, right? Here’s what we all think.
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Somehow, I have the golden number of $100,000 fixed in my mind – that's speaking as a single 29 year old, with not many financial responsibilities at the moment. I still have a ways to go, but having that number to aim for keeps me focused when it comes to monthly expenses and savings. It's hard though, because the bills do rack up as you get older, but eventually I hope to use that money to move out.
Pretty decent savings generally, taking into account my salary. I own two savings plans for now, a little in stocks and flexible cash on hand.
I'm over 30 now and did I meet my target? Hell no. Maybe I was close to it but then used a chunk of it for my wedding and buying a house. I didn't have wedding debt which is great and managed to buy new stuff for the house and the reno as well. Ideally, I think $20,000 would be a reasonable amount I think to have by 30 but I think a lot differently now about my money since the whole pandemic. I think it's important to have some money in the bank but there's also no point in being too focused on amassing money without a goal. Doing nothing and sitting on too much savings is the worst thing you can do. Live, laugh, love a little.
I've started the habit of saving at least five to 10% of my pay since my first proper job at the age of 21. I thought that when I’m 30, my savings might be in bulk but in actual fact, it doesn't look like what it should be. There's always the urge to use your savings – especially on the days when you need extra cash. I dreamt to have at least $30,000 in my savings at 30 but sadly, I'm only at my halfway mark. Nevertheless, I should be grateful instead of being greedy. Even though I'm 30 and I've yet to reach my savings goal, I aim to at least continue reaching the $30,000 mark slowly, supporting my parents before they officially retire and be financially independent.
I’m lucky in that my parents have always provided for me – and yes, even at the ripe, adulting age of 29. Truth be told, I’ve wondered if I should be giving them at least a fraction of my monthly income, but they constantly insist “no” and tell me to save whatever I can instead. Totally aware that this isn’t the typical situation most young adults in Singapore face and that I should consider myself extremely lucky.
I’m past 30, but I had about $40,000 to $50,000 in savings. Unfortunately, everything was wiped out when I got married and bought a house. I wasn’t much of a saver though, so I do believe if I was super focused on saving money, I would have more today.
30k by 30 - Trust fund baby life ain’t got me. Silver spoon life ain’t got me. Gotta stay realistic but man, sometimes I wish I could just hear Nancy Pelosi’s thoughts whenever she trades with her wall street insider tips. Well, Kim Kardashian did also tell us all to get our asses up and get to work. But for now, I’ll just ride the steady waves of S&P 500 ETFs in hopes to get my ass up and out of that nine to five.
By 30, I think I should have saved at least $20,000 – it’s a very realistic number for me. I’ve been working since I reached a legal age, and since then, I’ve been paying for everything I want or need. This includes education, transportation, food, and clothing. When I was in NS, I was saving about $300 a month. After, I did my Bachelor’s which set me back about $40,000 in tuition fees along with other expenses. Since I started working full-time, I’ve been steadily increasing my monthly savings, from $500 to $800. Assuming all goes well, meaning no investments, emergency expenses, gifts, or big-ticket items, I should have at least $15,200 by the time I turn 30.
I’m on the verge of turning 30 but I’ve only recently made this realisation: money matters. And no, money doesn’t matter just to fund my next shopping splurge or a round of drinks. Instead, I’ve come to understand that it’s crucial to know how to properly manage your money – to gain financial wellness, achieve my financial goals, and possibly even obtain financial independence.
No doubt that the world of personal finance is a complicated and tricky one to navigate. But it’s clear as day that learning the basics of budgeting, investing, or saving up for retirement will help massively in the long run.
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All travel plans were on the backburner during the onset of Covid-19. But now, international borders are slowly but surely opening up – to our favourite destinations like New Zealand, Thailand, and Hong Kong. While already psyched about a much-needed holiday, this long-awaited trip will be made all the more memorable by scoring free flights.
Seems dubious, but savvy credit card users have been doing it for decades. It’s simple: if you spend properly with the goal of collecting air miles in mind, you’ll eventually be able to claim your flights for free. I redeemed my own flight to Paris with Singapore Airlines towards the end of 2021, and ended up paying just a scanty $100 or so. For those entirely new to the business of collecting air miles, here’s a quick overview on how you could get a free flight in a matter of months.
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No doubt it’s easier to spend money than to keep track of your money. But for those who know they need to buck up on their own money management while working their way to financial wellness, making use of an expense tracker app is the best way to go about it. Here are the best expense tracker apps that’ll help you manage your finances in Singapore.
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An emerging trend in Singapore is that more millennials are leaving their parents' homes and renting their own places. That's a far cry from what's considered normal in a collectivist culture like that of Singapore's. But with the lack of international travel and the need for freedom and independence, especially with everyone staying home the past year, more Singaporeans have been wanting to break free.
Personally, I moved out at 24, slightly more than a year after starting my full-time job as a journalist. After three different living arrangements and dealing with an ex-landlord who threatened to call the police on me for strands of my hair on the floor (yes, really), I think I'm well-equipped to impart my knowledge. Do I believe moving out was one of the best decisions I've made for my personal growth? Definitely. Did I wish I was more informed before moving out? Hell yes.
There are various resources you can seek out when doing your research. To help you get started, here's a non-exhaustive guide of what you should know before moving out of your parents' home in Singapore – from someone who has navigated the scary process of it all.
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