How I Save $100,000 with a $2,000/Month Salary

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Singapore Economy

Let’s say you make SGD$2000 per month at Raffles Place.

You stay at the Jurong East.

After CPF, you’re  left with $1600. Taking train to work will cost $1.54 one way and $3.08 two way.

$3.08 multiple by 20 work days = transport cost of $61.60

Make your own breakfast

Box of cereal $3.20+ Milk $2.10 = 7 breakfast * 4 = $21.20

Lunch at work go to the cheapest hawker $5* 20 work days = $100

At this point you will left with $1417.20

Phone bills $50

Dinner average $4 at jurong area * 20 work days =$80

Utilities $200

Internet subscribtion $39

At this point you will left with $1048.20 before counting saturday and sundays.

Let’s say you were to cook every saturday and sunday for all 3 meals, going to the supermarket will only cost about $20 or less for simple meals enough for 6 meals.

$20 per weekend * 4 = $80

You will be left with $968.20.

If you decide to live life simple without going out and enjoying with friends you could save this amount but it’s not possible…

Going out with friends for a drink or dinner regularly will easily deduct this amount by 50%. Basically this is a personal choice. Drinking alcohol is not cheap in Singapore.

You will be left with $484.10.

How much can i save in a year?

Figure A. If you decide to spend the 50% mention earlier= $5809.20

Figure B. If you devide to save the 50% mention earlier = $11618.40

How much can i save in 10 years?

Let’s say you get half month bonus yearly and an increment of 5% salary yearly.

Figure C= $5809 + half month bonus + 5% = $6899.45

Calculation base on Figure C.

Year Year Deposits Year Interest Total Deposits Total Interest Balance
1 $6,609.20 $519.90 $13,218.40 $519.90 $13,738.30
2 $6,609.20 $884.64 $19,827.60 $1,404.54 $21,232.14
3 $6,609.20 $1,268.04 $26,436.80 $2,672.58 $29,109.38
4 $6,609.20 $1,671.05 $33,046.00 $4,343.63 $37,389.63
5 $6,609.20 $2,094.69 $39,655.20 $6,438.32 $46,093.52
6 $6,609.20 $2,539.99 $46,264.40 $8,978.32 $55,242.72
7 $6,609.20 $3,008.08 $52,873.60 $11,986.40 $64,860.00
8 $6,609.20 $3,500.12 $59,482.80 $15,486.53 $74,969.33
9 $6,609.20 $4,017.34 $66,092.00 $19,503.86 $85,595.86
10 $6,609.20 $4,561.01 $72,701.20 $24,064.87 $96,766.07
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