‘I’m working for nothing’: Fresh grad upset each time S$1.8k is deducted from her monthly paycheck to repay student loans

SINGAPORE: A 23-year-old fresh grad confessed on social media that she feels “like she’s working for nothing” each time S$1,800 is deducted from her monthly paycheck to repay her student loans.

In a candid post shared on the r/singaporefi subreddit on Wednesday (Sep 30), the young professional disclosed that although her gross monthly income is S$4,750, her take-home pay is only about S$3,800 after deductions.

Out of this sum, she said nearly half is immediately siphoned away as an automatic repayment towards her student loans, leaving her with just about S$2,000 to manage the rest of her monthly living expenses.

“I know what has to be done needs to be done, but I feel so depressed whenever I see my pay getting cut by S$1.8k every month to pay off my school fees,” she said, adding, “It has only been the second month paying it, and I’m currently left with S$22k [student loans]. I also have to pay off my loan quickly because it has an interest of 4.75% per annum.”

Aside from being burdened with a hefty loan, the fresh grad also admitted that her past financial decisions (like splurging on travel, buying expensive clothes and makeup, and spending around S$20,000 on a semester-long exchange program in the UK) have left her with “zero savings” today. 

Reflecting on her spending habits, she said she now realises how those decisions, while enjoyable at the time, have created a long-term financial burden she’s still trying to manage.

To make up for these past choices and the money she loses each time she pays off her student loans, she said she’s been working hard to cut back wherever possible.

“For the past 2 months of working, I have been trying to compensate for it so badly,” she wrote. “I’m even taking the NE train before 7:15 a.m. for that 80% off ….. and I work at the CBD, so food is expensive there, but I try to eat the cheapest food options there and not get a drink.”

Still, despite her efforts, the fresh graduate said she feels regretful because she is now behind her peers, “who do not have student loans to pay off and can start saving money early.”

Seeking advice from others, she asked: “Does anyone have any suggestions on what I should do? For example, should I start investing? I don’t know much about investing because I feel like I don’t even have savings to begin with, or maybe there are other solutions I could try, or maybe not, and that’s fine too — I’ll just suck it up and deal with it.”

“You’re already on the path to recovery.”

Under her post, many reminded the young woman that everyone’s financial journey is different and that comparing herself to others can often do more harm than good. 

One person pointed out that, despite her frustration, she was actually in a pretty good position compared to most fresh grads: “You’re in a very privileged position with $4,750 base salary. Many of us had close to nothing at age 23, and definitely not the equivalent of that pay, even considering inflation. Just start your saving and investing habits now, and you won’t be behind anyone.”

Another wrote, “It is fine. You are young. U got time on ur hands. U are already feeling bad means u can do something about it (eg, take a self-hustle, etc.). No worries la. Don’t be so hard on urself.”

A third commented, “I am older and even then sometimes I succumb, but in the end, there is only 1 race to run, and that’s your own race. You are not racing with anyone else except yourself. 

They added, “Yes, it’s difficult, you can’t help but think it… so accept that it will suck for a while, but you’re already on the path to recovery, so that sucky feeling will not last forever, it will be a temporary pain that you’ll look back and realise how much it strengthened you.”

In other news, a man took to social media to share that his girlfriend often gets upset when he spends time with friends or chooses to do activities on his own.

He explained in his post on the r/sgdatingscene that while he has made repeated efforts to include her in his social life, whether by inviting her to gatherings or suggesting new activities, she consistently turns him down.

Read more: Man confused as GF gets upset when he spends time with friends or does activities alone