Is it still a common goal to save S$100,000 before reaching 30 Years Old?

Our goal is to hit S$200K within 3 working years.

Save $100,000 in 3 Years. Started working in Jan 2015. 3 years down the road is Dec 2017.

We are just 5 months away from our S$200,000 goal.

Mid-Point Check: About S$152K (excludes CPF/pension), short fall of S$48K.

We are trying very hard now! In the meantime, what we are doing now is kick-start an idea, which hopefully is to be successful. We’ll never know until we try.

In the next 2 years, we are planning to achieve our couple goals:

  1. Proposal  (~S$8K)

  2. Wedding (~S$42K)

  3. Housing  (~S$160K [40K from cash, 120k from cpf/cash])

In another word, we gonna have an outflow of S$90K in 2019 or earlier. The above we made 2 bold assumptions

  1. Spending only S$52,000 for Proposal + Wedding
  2. Having S$120,000 in CPF (we only have about $60,000 as of now).

Finance Advice from SG blogger:

Being discplined.

You’ll reach 126K before age 30 if you do the following:

  1. Save 50% of your monthly salary
  2. Save your bonus (13th month and 2 months of bonus)
  3. $20,000 savings per year for 5 years (bank interest of 1.5% per annum)

From: How to save 100,000? 

At which age did people save S$100K?

1) A couple saved s$250,000 at age 28!


How We Saved $250,000 By Age 28

2) Hitting S$100,000 at age 28!

Read: “with perseverance comes success”