How Much To Save Per Month?

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Recently I have this idea of trying to save $10k per year, which means I need to save at least $833.33 per month.

Oh My God! How am I going to do that?

After deducting the money for parents, insurances, bills, and some personal expenses, I guess it is not possible for me to set aside that amount. But I try to save at least $600 per month. The easy way to do this is automatically deduct the amount from my Citibank Stepup account to my eSaver account at a preset date every month. This way I can save at least $7200 per year.

Everything is rising in cost nowadays, I am happy that I made the wise choice of scrapping my car last year which used to be my biggest bank killer.

$10k a year is still a goal I want to achieve in near future. Meanwhile I try to pick up the knowledge of investing in things like funds so that the money can grow at a faster speed!

1 Comment »

  1. Comment by:
    Sam

    yo i m back again. Yeah good to have the save first spend later mindset. Came across this article the other day, talk abt 8th wonder of the world. that is power of compounding !! ITS SO AMAZING

    The article:
    http://mutualfunds.about.com/cs/mutualfunds101/a/compounding.htm

    Here’s projection
    http://mutualfunds.about.com/gi/dynamic/offsite.htm?zi=1/XJ&sdn=mutualfunds&cdn=money&tm=474&f=10&su=p649.0.147.ip_&tt=2&bt=1&bts=1&zu=http%3A//www.tcalc.com/tvwww.dll%3FSave%3FCstm%3Dfundadvice%26IsAdv%3D0%26SlvFr%3D6

    btw wat’s your msn or contact no ? maybe we can learn this investment vehicle together =D I have some mutual funds using navigator previously using cpf but now they set the min amt of 20k in cpf thus i m thinking of cash investment.

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