Saving a five digit amount in 1 year

Assalammualaikum family, friends, readers and followers of this blog.

Once again I came across a blog who shares how she saved a five digit in a year. As much as I know it is possible, but I don't quite agree it is something that work for everyone.

I didnt keep her blog url (otherwise I'd love to link her up). Well she used a $2.5K salary - which maybe only lucky ones get who are fortunate enough to graduate from NUS/NTU. I dunno. It has been some 7-8years since I graduated with a degree, so my salary although was past that $2.5K, was not entirely because of my degree but because of my long stay in the company and experience.

I'm someone who is very real, so typically, someone from ITE or diploma would possibly earn $1.5-$2K for a starting job if it is related to the course they study. If they chose something else, it could be more or less, depending.

And if you are talking about someone who have been working for a long while and is already earning $2.5K or maybe more, you have to also consider other things - like house payments, vehicle loan payments, insurance, road tax, a whole lot of bills, and possible a baby in the making or an already baked one, aging parents who need assistance with medical bills, etc.

The things I mentioned above can cost quite a lot. So skipping meals or downgrading to just hawker food wont help that much. Let's just get transparent. I will tell you what my expences are at this moment:

Car : $303.33/month
Season Parking : $114/month (one covered carpark for the car, one covered carpark for the bike and one family season for the bike at in law's place)
Pocket Money for Parents: $500/mth (on average - I give more when they have yearly check ups)
Tontine : $400/mth (I get returns twice every 12months - as long as I continue)
Insurance : $73.60/mth
WWF (donation) : $38.60/mth
Car Insurance : $54/mth (average)
Bike Insurance : $17/mth (average)
Road Tax: $12.5/mth (average)
HP Bills : $80/mth (average)
Cable TV bills: $100/mth (average)

This accumulates to a good $1700 (rounded off to nearest $10.).

Ok fine, I cheated, I shared the car insurance and dun pay for the bike insurance. ;) But hey! I used to before I was married. So ya.. Ok so the actual amt for me now is about $1650 (rounded off to nearest $10), and yes it just lessened by $50.

Do note, I haven't include food and other entertainments such as travelling. Neither have I included my travelling expences.

And no I dun drive all around, I take public whenever possible - So I top up my ezlink a good $50 and my husband settles the petrol needed for the car if we choose to drive.

So even without setting those out, if I earn $2.5K, I only get $2k debitted to my account and that leaves me $350. Good news, I earn more than that. But I was told not reveal too much, haha.. So let's just say I bring home $2.5K, I'd have $850 left for me to eat and travel to work. I can pretty much say I can comfortably save $350-500 a month if I keep my expences to its minimum - this means, no eating out, no shopping, no movies and no travelling - even to KL.

So that gives us $350X12 = $4,200 (min) or $500X12 = $6,000 (max) of savings. Since I have tontine, I can add another $4000 to the amount, and so if I save the max amt I would get $10K worth of savings at end of the year.

I know I can, but what about those people who just graduated. Let's just say someone with $1.8K salary. A fifth of his salary goes to CPF, A fifth of the balance the very least would have been gone to public transport to and from work. A tenth of the balance to hawker food daily (once for lunch everyday), the rest of the day either eat from home or at home, otherwise it'd take a fifth of the balance. That leaves him to $1040 (if it is just a meal a day) or $920 (if he choose to eat more than once at hawker). His mobile bills, say it chalk $60/mth, has a study loan of $100/mth to repay, he is obligated to give his parents pocket money of $200/mth, he would have been left with $600 (approx). So he can comfortably save $500/mth, leaving some $100 for his misc expenses or shopping if need be.

So $500x12, would just give him $6000 of savings for a year. Tell me, how much more can I cut down his expenses so he can save a 5 digit for a year?

I put away the possibility of having bonuses to keep it real, because a 13th month bonus is apparently up to the good will of the company and is never mandatory although it is by calculation, our rightful money if we are paid by the week.

So, yeah.. To save a five digit in a year, you need to at least earn $2.5k with min cost of living without much entertainment thru the year. No cafes, no movies, nothing. Just go to work, and go home.

That, my friends, is reality for you.

The more you earn, the more liability you will be caught up with.

Now I am just rethinking my desire to live off just one income. I guess we will all just succumb to our lovely home and nowhere else, we will hog the tv and just be contented with the roof above our heads.

I guess that is what we are destined to do.. Maybe.. Unless my husband lands himself to a dream job which let him bring home a good close to 5digit salary.. Until then, I shall keep praying.. InsyaAllah.. May our doa's be answered to the best of us. If it brings about the ugly us, then may Allah give us strength and faith to leave it to him for he knows what we know and knows what we don't.

If you have a more realistic way on how to save more with less, let me know. I can use a trick or two as well! :)

Wassalam,
Jun