SINGAPORE: After quitting his job without another one lined up, a Singaporean asked on social media how long his savings can last while he sorts things out.
In his post on r/askSingapore, he mentioned that he only had a few thousand dollars in savings the last time he resigned without a backup job. Luckily, he quickly landed a new job right after he left, which made the transition much easier. However, he’s back in the same boat again after he quit during probation.
He then asked, “I got S$10,000 in savings this time, can tong how long? In Singapore, how much savings do you have when you resign without a job?”
In response, many Singaporean Redditors pointed out that the sustainability of his savings depends on factors like whether he has to pay rent, if he has dependents, and other regular expenses like phone bills, gym memberships, credit card payments, and insurance.
One Redditor, who resigned a few months ago and is still attending interviews, shared that he had less than S$10,000 saved up when he left his job. Despite this, he managed to stretch his dollar as he took on various side gigs that brought in about S$1,500-2,500 a month and opted to eat affordable meals at hawker centres everyday.
He then said to the unemployed Singaporean that it’s possible to get by for months without a stable job, as long as he avoids spending on unnecessary things like holiday trips.
Another Redditor who got fired from his work and was told to leave with 1 week’s notice revealed that he only had S$9,000. He was quite worried because his monthly fixed expenses included giving S$2,000 to his parents and paying S$1,000 for his own bills, which meant that his savings would only last for three months. Luckily, he was able to find another job after two months.
A third Redditor who claimed that he could not find any job for 8 years said that he was able to survive on his S$70,000 savings.
Others, meanwhile, advised the Singaporean not to ever leave his job without another one lined up again. Or, if he does, then he should at least have a solid financial cushion in place to avoid being anxious.
Specifically, they suggested he should aim for emergency savings equivalent to at least six months’ worth of expenses. This way, he’d have enough to pay for the essential costs and have some time to look for a new job without stressing about money.
One Redditor added, “To be honest it takes a lot of bravery to do that. Even when I had 300k in cash I still panicked when I quit without a job. Luckily I found a job quickly but still it was kinda scary to wake up and not go to work and just sit around the house.”
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