A netizen shared how he drastically cuts down on his spending and saved the money that he didn’t use, and after half a year, had $10k in spare cash.
Here is what he said
“I work as a stall assistant at a food court and I make about $2,500 per month, and after deducting my CPF contribution of 20%, I bring home $2k.
I don’t have a wife or any children, so my expenses is solely me myself and I.
In the past, my spending was a little crazy for someone with an income like myself, I used to go drinking and partying with my friends all the time, every weekend.
On average, I spend about $1k plus on drinking per month, and the rest is split between buying my cigarettes, food, bills and etcetera.
I was living paycheck to paycheck when I realised that I had to cut down on my spending, because I was borrowing money far too often near the end of the money just to survive.
So I decided that if I were to cut down on my spending, it’s all or nothing.
I stopped drinking altogether, and every time my friends ask me out for drinks, I flat out reject them.
And just nice my mobile contract ($155/month) was expiring so I ported over to Circles life and got a SIM-only plan with a monthly bill of $20, with about 60gb of data.
Because i work at a food stall, I get to eat the food there for free so that’s 2/3 of my meals covered, and I limit myself to a max of $5 for the remaining meal.
I also quit smoking altogether, which is a whole other nightmare in itself – smokers should know how horrible and difficult it is to quit smoking.
On average, my monthly spending went from $2k per month to $250 per month, and the remaining amount of about $1.7k goes untouched.
I went from spending the entirety of my salary on nonsense, to saving almost all of it, and my health also improved from quitting drinking and smoking.
After about half a year, about 7 months, I have about $10.5k in savings.
I am planning to go on a short holiday and spend a little bit of my savings (budget maybe $2k), before I start saving again.
My goal is to have close to $100k in savings in 5 years, wish me luck!”