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Legal trainee says saving S$10K a year is a struggle: ‘I barely save anything. Things are getting expensive.’
SINGAPORE: A young legal trainee took to social media to share how the rising cost of living in Singapore is making it nearly impossible for him to save S$10,000 a year.
In his post on the r/askSingapore forum, he opened up about his struggles, writing, “My goal was to save around $10,000 by the end of the year, but it seems really difficult. I graduated with around $25,000 in debt [and] I find myself barely saving anything. Things are getting expensive and it feels like spending S$1,000 a month is really unsustainable.”
He further shared, “I tried limiting my spending to S$1,200 after paying off essentials and to save another $1,000, but certain things popped up recently that drained my savings and I’m only left with S$500 now. It feels impossible to save, or maybe I’m being unrealistic? Perhaps, with S$2,500, I shouldn’t try to save too aggressively? Any guidance will be appreciated.”
“Try saving by percentage, not fixed amounts.”
It wasn’t long before members of the community began responding to his post. One Singaporean Redditor urged him not to be too hard on himself, saying, “You’re not doing anything wrong. Saving $10,000 on a $2,500/month income with $25,000 debt is super tough. Your goal is admirable but might just be too aggressive for now. That doesn’t mean you’ve failed.”
Another simply stated, “Don’t even think many Singaporeans save S$1,000 per month.”
A third shared his own experience, “17 years ago, with a $2,500 graduate salary I was able to save $10,000/year but with the benefit of living off my parents. Most of my peers thought I was insane. This is all much harder today.”
Meanwhile, several others offered practical tips to help him manage his finances better. One Redditor suggested, “Try saving by percentage, not fixed amounts. Even 10–15% ($250–$375/month) is great progress and more realistic.”
Another said, “You can prep your meals. Dinner and breakfast at home. Save $10-15 already. In one month, you can save $300-$450. I usually buy meals that are easy to toss into the air fryer then I go shower. Saves you time and money!”
How much do Singaporeans usually save?
According to the Department of Statistics Singapore, locals have been saving about one-third of their annual income, or 31.1%, on average from 2014 to 2023. While this number can change depending on things like income and living costs, it shows that saving is still a big priority for many, despite the increasing costs of living.
Read also: Maid says her employer is overworking her and refusing to let her transfer to another household
Featured image by Depositphotos (for illustration purposes only)
