Reigning in the spending
-
Just wanted to know what kind of savings plans you guys have. And by that, I mean what percentage you guys stash away for retirement, rainy days, kids college, etc. I'm hoping to learn a tip or two or three.
Alamak wrong spelling!
-
uhh.. i don't
i just let it happen.. spend within my means and only on what i need and allow myself a few luxuries time to time...
oh.. that and a lot of "forced savings" (thanks to my folks who bought into a heck of a lot of insurance things which i'll be paying for all my life!) -
Haven't thought about it yet. Maybe one day when my pay is high enough to have some leftovers, I'll consider some savings plans.
Right now, my methods are:
(1) Eat with family and let them pay.
(2) Look forward to progress package.
(3) etc... -
i heard need to invest in bonds and share or what not if not, not enuff for old age in singapore where the pple pay and pay.
but i dunno how to buy shares and bonds
-
Don't cry. I don't either.Originally posted by hisoka:i heard need to invest in bonds and share or what not if not, not enuff for old age in singapore where the pple pay and pay.
but i dunno how to buy shares and bonds
I've been reading this book on building wealth and the author recommends putting your cash into bonds that pay at least 10% interest. I've been surfing some sites, trying to learn more about them and how to get started investing. -
You sound like a very young person, probs in your late teens/early 20s? You know, when I was your age, I started putting a miniscule amount aside every month but when emergencies cropped up, poof! money gone. So I could never really save. If I knew then what I know now, I would never have touched the account.Originally posted by gentlerock:Haven't thought about it yet. Maybe one day when my pay is high enough to have some leftovers, I'll consider some savings plans.
Right now, my methods are:
(1) Eat with family and let them pay.
(2) Look forward to progress package.
(3) etc... 
-
sigh if only we were good at gambling then we could win big at shares easiilyOriginally posted by jetta:Don't cry. I don't either.
I've been reading this book on building wealth and the author recommends putting your cash into bonds that pay at least 10% interest. I've been surfing some sites, trying to learn more about them and how to get started investing. -
i got fixed deposit..and thats about it..
-
Originally posted by jetta:You sound like a very young person, probs in your late teens/early 20s? You know, when I was your age, I started putting a miniscule amount aside every month but when emergencies cropped up, poof! money gone. So I could never really save. If I knew then what I know now, I would never have touched the account.
You kena cheated liao. gentlerock is in his 40s 
okay, okay, i lied. 
-
If you haven't already done so, look into participating in some kind of company-offered, tax-deferred 401K or 403B retirement savings plan. A well-managed plan should offer a selection of investment options from which you can choose one or several that match your particular risk comfort level. Most of these plans allow you to transfer money between available funds to maximize your overall rate of return. It's a little like playing the stock market (which in effect you are) except that you can't legally liquidate the investments until you retire, and you don't pay any taxes on the capital gain.Originally posted by jetta:Just wanted to know what kind of savings plans you guys have. And by that, I mean what percentage you guys stash away for retirement, rainy days, kids college, etc. I'm hoping to learn a tip or two or three.
Once you've selected the funds to include in your plan, try to maximize the amount of the contributions into the plan from your paycheck. In fact, try to have the maximum amount of pre-tax dollars allowed by law deducted from your paycheck and put into your 401K/403B plan. Yes, I know it takes discipline, and your particular financial situation might not allow you to take the maximum deduction. But consider this: debt levels amongst Americans are currently at an all-time high (currently estimated to be an average of around $9000 for every household), and most will not have enough money to fund their retirement years. A little bit of financial discipline now will go a long ways to help make your retirement years less of a financial stress.
Just a thought. -
hmm... i always believed life is short, you never know what will happen...hence i enjoy myself...spending on luxuries..etc
probably in the distant future, i start investing in my kids...they are the ones who will look after me in my retirement
-
Trust me, if you intend to depend on your kids you'll be screwed.Originally posted by alexkusu:hmm... i always believed life is short, you never know what will happen...hence i enjoy myself...spending on luxuries..etc
probably in the distant future, i start investing in my kids...they are the ones who will look after me in my retirement -
speakin frm experience of having screwed by kids ah?Originally posted by av98m:Trust me, if you intend to depend on your kids you'll be screwed.
dun stereotype my kids as worthless, ungrateful brats hor -
They are going to have their own financial burdens to bear.Originally posted by alexkusu:speakin frm experience of having screwed by kids ah?
dun stereotype my kids as worthless, ungrateful brats hor
If you're not financially independent in your retirement you're screwed. Talk to people, ask around. Never a good idea to end up dependent on your children. -
alex, having kids is NOT a form of 'investment'!Originally posted by alexkusu:hmm... i always believed life is short, you never know what will happen...hence i enjoy myself...spending on luxuries..etc
probably in the distant future, i start investing in my kids...they are the ones who will look after me in my retirement 
OK, bring it closer to home, look at yourself - do you think you'll earn enough to support your own family AND take care of ALL the needs of your parents? It's going to be tough to support two households unless you earn a substantial sum, and mind you, in this day and age, not everyone will end up earning 'substantial sums'.
It's also not fair to burden your kids when you're old. If they are able to support you financially, let that be a bonus amount but you really have to plan for your own retirement. It's going to be tougher for your kids' generation to make a living cause the inflation rate only goes up, up, up! -
Originally posted by Meia Gisborn:
It's scary the way Americans spend, I tell you!
If you haven't already done so, look into participating in some kind of company-offered, tax-deferred 401K or 403B retirement savings plan. A well-managed plan should offer a selection of investment options from which you can choose one or several that match your particular risk comfort level. Most of these plans allow you to transfer money between available funds to maximize your overall rate of return. It's a little like playing the stock market (which in effect you are) except that you can't legally liquidate the investments until you retire, and you don't pay any taxes on the capital gain.
Once you've selected the funds to include in your plan, try to maximize the amount of the contributions into the plan from your paycheck. In fact, try to have the maximum amount of pre-tax dollars allowed by law deducted from your paycheck and put into your 401K/403B plan. Yes, I know it takes discipline, and your particular financial situation might not allow you to take the maximum deduction. But consider this: debt levels amongst Americans are currently at an all-time high (currently estimated to be an average of around $9000 for [b]every household), and most will not have enough money to fund their retirement years. A little bit of financial discipline now will go a long ways to help make your retirement years less of a financial stress.
Just a thought.[/b]
I've got American friends living in humble circumstances and yet, when I went over to visit them, they constantly shock me with how fast they'll whip out their credit cards to pay for purchases that are really unnecessary.
And then, come Christmas, it's scary how freely they spend! They even spend money that's not earned yet, chalking up huge debts! The gifts they purchase are expensive and whilst it's nice to want to give nice things to your loved ones, I don't believe in going for broke when doing so.
Frighteningly, it's considered 'normal' to be in debt before you graduate and start work over there. I've heard of credit cards that college kids can apply for so they start chalking up the debts long before they can actually pay it off! -
I used to save 10-20% of my monthly income on various programs - Save As You Earn (POSB), Endowment Funds and Insurance Policies.Originally posted by jetta:Just wanted to know what kind of savings plans you guys have. And by that, I mean what percentage you guys stash away for retirement, rainy days, kids college, etc. I'm hoping to learn a tip or two or three.
Sadly, at one stage, I had to support two (including rent and car) on my meagre income and so all were given up except for a life policy. Yeah... the silly things we do for love...
So anyways, after that, my nursing job paid a pittance and rent took up a large proportion of it and it was more or less a hand-to-mouth existence.
Now, alongside an 'everyday' account with an Aussie bank, I've also asked for a Savings plan so once I start work proper in Australia, I'll force myself to start saving once more!
And when I'm comfortably settled enough, I look forward to getting endowment funds and other forms of savings and investment again!
Can't do without savings, really! Especially since I'm going to be a single-income household (ie. single and living alone ) I really have to save for rainy days! -
invest in all forms of lotteries.
-
try to put away some money each week, what ever amount... have most of my money in real estate...
-
Save more than spend
But the save, lots goes to buying shares to grow the money -
No matter what your income, a certain amount will have to be set aside each month for necessities like groceries, transport, utilities bills, etc.
Depending on the amount you have after all those compulsory deductions, you may or may not have enough left to save.
And of course, under groceries, if you always pay top dollar for 'premium' products, eg. the most expensive brand of rice, soya sauce, etc... then your expenditure will increase accordingly too.
I've saved a lot since moving back to my parents' - no need to buy any more toiletries, toilet paper, tissue paper, detergents, soap, toothpaste, etc! Sounds trivial but it does add up considerably! -
I put some of my savings into CPF....
am treating it as a form of savings and not waiting till 55 to take it out.
Will be encashing it as soon as I thrown in my passport... -
Sad to say I hardly have any cash savings now as everything is thrown in to pay up for our housing loans and renovation loans and whatever that is left to pay up for our furniture. I'm only glad that we didn't tie ourselves up on that stupid interest free schemes on the credit card coz you can't pay more to clear it faster. Regret on tying some up on interest freeOriginally posted by jetta:Just wanted to know what kind of savings plans you guys have. And by that, I mean what percentage you guys stash away for retirement, rainy days, kids college, etc. I'm hoping to learn a tip or two or three.
However, I have forced savings (insurance) and unit trusts which are still on-going.
Saying that if I were to have a kid, once he/she is born, I will buy an endownment plan immediately that will mature by the time they get into University so that cash can be used to pay for their education. -
i was only jokin
anyway, on the serious side, i invest in government bonds. Which are redemeable for cash few decades down the line. I guess thats good enough to thwart my temptation to spend my cash -
i got myself an annuity to be paid out when i reach 45yo
can retire liaoz.. each month pay 1k