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:
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
- Spending only S$52,000 for Proposal + Wedding
- Having S$120,000 in CPF (we only have about $60,000 as of now).
Finance Advice from SG blogger:
You’ll reach 126K before age 30 if you do the following:
- Save 50% of your monthly salary
- Save your bonus (13th month and 2 months of bonus)
- $20,000 savings per year for 5 years (bank interest of 1.5% per annum)
From: How to save 100,000? http://sgbudgetbabe.blogspot.sg/2015/07/how-to-save-more-than-100000-before-30.html
At which age did people save S$100K?
1) A couple saved s$250,000 at age 28!
2) Hitting S$100,000 at age 28!
Read: “with perseverance comes success”