Singapore-based financial blog that aims to educate people on personal finance, investments, retirement and their Central Provident Fund (CPF) matters.

Wednesday, 2 December 2015

NSF Private's Pay on Li Ka Shing Advice

00:07 Posted by cheez No comments
In our previous post, we shared about how we can adjust Li Ka Shing's advice on money management to Singapore's version and circumstances.
The link is here: Li Ka Shing's Advice - SG Version

Being an NSF, I think it is only fair that I break down my salary and how I match it to Li Ka Shing's advice on money management!
Of course, I did it with some adjustments to my circumstances.

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Reducing CPF Housing Accrued Interest

Basically, I'm in a everyday book-out unit, so only lunch is provided.
I have to settle my own breakfast and dinner.
My pay as a Private is $480.
Breakdown is as per below

81.3% ($390) - LIVING - transport, food, cabs (late for work), groceries etc.
                         $62 goes to transport. Basically left with a budget of $10 per day for 2 meals.
8.3% ($40) - SOCIALIZING - bulk of it goes to pay bills. Where got pay to treat! Furthermore, I won't promote faster or earlier even if I treated my officers/Enciks, so let's save that cost.
0% ($0) - LEARNING - took up no courses, but went to the library to borrow books to read.
0% ($0) - TRAVELLING - where got excess pay to save for travelling.
10.4% ($50) - SAVE/INVEST - saved in my bank account.

Depending on you are in a stay-in or stay-out unit, it will vary.
But, if possible, its always best to save more than less, spend less than more.


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