SINGAPORE: A Singaporean man recently asked on an online forum if having around S$1,000 left after taking care of essential expenses is enough to live comfortably.
On Monday (April 8), the man wrote on r/askSingapore, “Just wondering about something. After deduction for the necessary expenses, perhaps you are left with…say $1k ish…$900 ish to spend with your salary the moment it’s in your account. Is it enough? I mean I’m not saying it’s a lot or very little. But given today’s expenses… it’s quite hard to save?”
He also mentioned that he had only been able to save a small amount so far, adding, “I managed to save… please don’t laugh at me… about 400? Guess I ate too much.”
“Whether it’s enough depends on your lifestyle”
Singaporean Redditors, in the comments section, gave the man some thoughtful advice, emphasizing that the adequacy of S$1000 is heavily dependent on his lifestyle choices and personal definition of comfort.
They pointed out that if he “eats out almost every day, is eating at somewhat pricier restaurants,” or “relies heavily on services like Grab for transportation, or has other similar expenses,” then S$1000 might just barely cover his expenses.
Moreover, they emphasized the importance of prioritizing savings. To achieve this, they suggested that he reassess his expenses and eliminate any non-essential costs.
They believe balancing enjoying life in the present and securing a financially stable future is critical.
Some Redditors even shared details about how much they spend each month to motivate the man to make positive changes in his spending habits.
One individual said, “I get by on S$400 per month because I don’t earn much after converting to part time. Most of my money goes to transportation because I can’t get a concession.
If I eat out it’s probably just once a week. And I have dinner at home on most nights.”
While another commented, “At the beginning of my career, I’m trying to save cash that’s sufficient for 6-12 months of emergency fund if I quit my job, and once I hit that target, I put the rest into investment.
Normally, I would limit my spending to S$600-800 a month just for living expenses, and I could stay within that budget (need to feed my pet too). Know where to cut your spending if you start getting very close to the budget.
For me, I cut back on shopping.”
A third Redditor also advised him, “Have some goals, and a defined timeline to reach there. A good start is to have six months of living expenses as a backup for emergencies.
After you reach there, maybe you can learn more about investing to grow your money. But do not expect to get rich quickly. Most [people] that I know lost it all walking down this path.”
Read also: 26-year-old S’porean shares how he budgets S$1000 monthly