Legal trainee earning S$2k feels financially stressed, despite saving 50% of his income

SINGAPORE: A legal trainee earning S$2,000 per month shared on social media that he feels financially stressed, despite saving 50% of his income.

He explained on Reddit’s “Ask Singapore” forum, “I spend S$1,000 and save the other $1,000, but feel so jaded because that’s the best I can do. Is saving 50% of my allowance good enough? I always feel like I should be doing more.”

He went on to share that his financial anxiety has been a constant struggle since childhood, making even minor expenses stressful. “Whenever I need to spend even $50, I start panicking and recalculate my budget for the entire month, which I understand is irrational,” he admitted.

Because of this anxiety, he confessed that he rarely buys anything for himself. Reaching out to the community, he asked, “How do I save with my low pay?”

“I think you’re doing fine—50% is a HUGE proportion of your disposable income.”

In the comments section, Singaporean Redditors reassured him that saving 50% of his income is a significant achievement, especially given the cost of living in Singapore.

One Redditor said, “Saving 50% is very good! Most I can save is only 30%. Pat yourself on the back. And your situation can only improve.

“Also, splurge a bit on a hobby; it helps my mental well-being immensely. I read books and collect sports cards, nothing overboard. I try to limit my monthly spend on that to 1% of my salary per month on average.”

Another commented, “I think you’re doing fine—50% is a HUGE proportion of your disposable income! Certainly doing better than I was in my youth, to my everlasting regret.”

Others, meanwhile, advised him to track his spending more closely to help manage his anxiety over small expenses.

One Redditor recommended, “Download an app for budgeting to track all your savings and expenses. That will show you your entire month’s remaining budget at a glance and save you a lot of pain.”

According to a survey conducted by the Centre for Research on Successful Ageing (ROSA) at the Singapore Management University (SMU), one-third of Singaporeans believe they do not have sufficient savings to cover at least six months’ worth of living expenses.

The survey, which engaged around 4,000 Singaporeans, was carried out between May 2023 and February 2024. The findings underscore the financial vulnerability faced by a significant portion of the population.

Read more: A third of Singaporeans say they lack enough savings to cover six months of living expenses: Study

Featured image by Depositphotos (for illustration purposes only)