SINGAPORE: At 25 years old, one Singaporean has started to become anxious about the fact that he still has no savings at his age, unlike most of his peers.
On Monday (Jun 1), he posted anonymously on an online forum called ‘r/singaporefi’, where users regularly discuss their savings, investments, and FIRE (Financial Independence, Retire Early) journeys.
Prefacing his post, the man admitted, “I know I am going to get thrashed in here, but I really feel lost now and need help, and I think it’s better to get some insights from here. I am 25 years old, currently in NS. Reached my one-year mark and will ORD in May next year.”
He went on to explain that his monthly allowance “ranges around S$950,” an amount some might consider sufficient for a young serviceman.
However, the reality, he said, is that he has been living paycheck to paycheck for quite some time now.
He confessed, “I have no savings at all. I just can’t have the proper discipline or control to save money. I have tried to have different categories like sinking funds, essential funds, savings, and fun money, but eventually I just take the money from there.”
Breaking down his spending, he wrote that he has been paying “his own bills” and allocating more than S$100 to his Grab PayLater account, which he admitted has become a problem.
“I know I should stop using Grab PayLater as…I could save or use [the money] for something else.”
He has also been giving money to a friend who claims to be struggling financially. “He says he’s broke, and me being me, I would give him money even when I have little to none. I know I should stop this, but I just can’t say no to him.”
At home, financial pressures also continue to weigh heavily on him.
He explained that his mother is currently the sole income earner in the family, bringing home roughly S$2,000 a month, while his father remains unemployed.
Because household expenses are often tight, he regularly contributes part of his allowance to support the family.
“My father, he is just useless; he doesn’t even work at all. It’s just the 3 of us, but still, expenses can be quite tight, and he doesn’t even lend a hand with it.”
Even when he manages to put money aside, those savings often do not stay untouched for long. He shared that his mother occasionally asks him for financial help, forcing him to dip into whatever amount he has managed to set aside.
At present, the man has only S$50 left in his bank account, which he said “needs to survive on” until his next payday on Jun 11.
Feeling overwhelmed by his situation, he said he wants to make meaningful changes to his financial habits starting this month.
“I just feel so lost now,” he lamented. “I really want to try to do things differently from Jun onwards. So if you guys have any advice, please tell me. I am willing to change my habits and at least have decent savings by the end of the year, since I am already 25 and seeing how people are having savings and I have nothing makes me feel damn embarrassed.”
“Get smarter and wiser, please.”
In the discussion thread, many Singaporean Redditors quickly zeroed in on what they felt was the biggest issue holding him back, which was his habit of constantly giving money away even when he clearly could not afford it.
One user told him, “Offer physical help and emotional support. You are not in a position where you can help others financially. Real friends should understand that. If you are drowning yourself, you are unable to save anyone else.”
Another said, “I don’t think it’s your habits. You don’t earn much, but there are too many people asking you for money. Draw firm boundaries—including with your parents. As for that friend, say bye and choose better friends.”
Others in the thread offered practical money management advice. One user suggested starting with a basic but strict budget system.
They wrote, “Create a budget. Track your expenses using an app. I use Money Manager. If the allotted budget is used up, stop spending from that category until your next payday. The first few months would be trial and error. Don’t be too hard on yourself if you are not able to stick to your budget.”
Another commented, “Love yourself and live for yourself and your mom, first of all. Get smarter and wiser, please. Borrow self-help or finance books from the library. Take public transport and learn to cook, or be wise about where to spend money for food. Work in F&B in the future after ORD, they provide a meal allowance or food at work at least. If not, get a job and work, take public transport, and eat and drink wisely.”
A third added, “Get a bank account with a bank that has few branches, like Bank of China. Decline a card or cut up any they give you. Don’t download the app. That means the only way to withdraw cash is via physically going down to the bank branch. This greatly removes the convenience factor. Put a set sum aside each month into it. Can be $300, for instance. And stop paying a sponge of a friend if you yourself are nearly dry. If he is a real friend, he’ll understand and stop sponging off you.”
In other news, a woman has gone online to share how upset she feels over the possibility that her family’s domestic helper could end up living in a tiny utility room when they relocate to a new house.
Sharing her concerns online, she explained that the helper currently has a pretty decent setup. Since the woman’s sister already moved out, the helper has been staying alone in a proper room with her own attached toilet.
Read more: ‘I feel quite stressed’: Singapore woman worried helper may have to sleep in cramped utility room
