Saving $1000 per month
An interesting conversation arises in office when our bantering leads my project manager to say that it is difficult to save $1000.
My opinion is that it is not difficult, if you are earning single and earning middle income wage like me.
Hao told me his mandatory expenses comes up to $2k. i think after you get married, it should be better without children. Consider 2 middle income person add their income and some of the spending is combined, you should be in a better position.
What say you?
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Comments
Hi derek, thanks for sharing that. personally im refering more to a salary of 2.5k.
While i was earning that, I can hit it. However, the problem comes with taking care of the family. That takes up a huge chunk.
With regards to insurance, if you are having an endowment or whole life, i count that towards savings. You are essentially planning for the future.
My friend’s example is abit worrying. He ain’t overspending but that includes paying for 2 person’s insurance, money for the parents and conservancy charges and all.
drizzt you have put up a pretty interesting and informative investing blog
i like it very much
my name is alex wong i am also interested in thisarea
shall we one day exchange pointers too
how do i contact you
Regards
Alex wong
If I save 1K per month into a savings account what will that 1K per month become in 5, 10 & 15 years time if the average interest paid is at 3%. I have been racking my brain trying to come up with this figure.
hmm… if that is the case it will be 12000 * ((1.03)^x – 1)/0.03 where x is the number of years.
so 5 years it will be $63,709
10 years it will be $137,566
15 years it will be $223,186
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Hi Drizzt,
I’m single and I can only save $400 a month. I don’t know how you define middle income but $400 represents 20% of my net pay. Another 50% of my salary goes to insurance, bills and my parents’ allowance leaving me about 30% for my food and transport. As you can see, I don’t really have that much money to spend on myself. The key problem for me is that I have to take care of my parent’s insurance and retirement which is why I couldn’t save more for myself. There’s nothing I can do except to earn more every year.
Even if I were to get married and my wife earn the same as me, it doesn’t make things easier. Housing, renovation, wedding loans aside, I will need even more money when my parents retire and I have yet to mention saving for our children.
Cheers!