i saved up 5 figures in <1 year 💸🤑

hi everyone! this post is kinda different from what i usually post, but i decided to make this post to reflect on my years in university (and the many bad decisions i made financially), as well to motivate myself to keep up with adulting. 😭

DISCLAIMER: IM NOT AN FA NOR AM I IN THE FINANCE INDUSTRY so take all my tips with a pinch of salt cuz im not a professional 😂

CONTEXT:

what led me to start saving desperately? well, it was the realisation at the end of my second year in university that i was broke and all my hard-earned income from my previous part-time roles (after A levels to y1s1) were GONE to new clothes, shoes, bags, most importantly, my addiction to MAIMAI 😭😭 (fortunately i've gotten out of that addiction but oh boy so much money was lost there). i was also barely surviving off my monthly allowance of $200. peer pressure was also a factor. i saw everyone around me taking internships left right centre and doing several side hustles, which stressed me out ALOT. hence, i decided to take the risk of working in y3, the year i was doing an FYP for my second major 🤡.

SOURCE OF INCOME (during year 3):

- piano instructor

- pre-school relief teacher

- internship (summer break)

- chaperone (summer break)

- GST VOUCHER YAY

HOW I SAVED >$10k FROM AUG 2023 - JUL 2024

1. TIME MANAGEMENT

as a full-time uni student with a busy school schedule, it was SO DIFFICULT to find time to work. i couldn't do any part-time retail / admin / fnb roles as most of them required at least 3 days a week (i was in school everyday). however, i managed to leverage on my piano qualifications and connections to land myself a piano instructor role. my boss was really understanding of my schedule and allowed me to work 1 day a week. (i think an alternative to this role is to be a tuition teacher!)

working during the semester does not mean sacrificing GPA. though i couldn't give a d*mn about getting that FCH (cuz i already bombed it during the first 2 years of uni oops), i worked hard enough to maintain my GPA, and glad to say, i did. i also successfully completed my second major FYP (year 2 me never expected that).

now, as i'm approaching y4 and still working part time, i hope i can keep up with juggling work commitments and school modules and my FIRST MAJOR FYP OMFG 😭.

2. SAVING 70% OF INCOME

in the beginning of year 3, i was earning low 3 figures a month as i didn't have many students yet, but as time passed, i had more students onboard and was earning much more. coupled with my pre-school role that i took up briefly, i was earning slightly more than $1k a month. from this income, i made it a point to save at least 70% of that (CANNOT TOUCH AT ALL), and the remaining 30% could be used however i wanted. 😛 i did the same to my income during the summer break, and seeing the numbers in my savings account rise up fast gave me a sense of satisfaction (and also assurance because that meant that i finally had emergency money).

this brings me to my 3rd point.

3. DONT LET YOUR SAVINGS ROT IN A SAVINGS ACCOUNT

so i came to realise that, the amount of interest i get for having my money sit in a savings account is 🤡🤡🤡 now i feel that doing this is like stashing my money into a piggy bank and letting the bugs eat the notes away /j

i learnt about various ways i could enhance my wealth accumulation, and one thing i did was to put my money into Treasury Bills. i know the interest is not that high either and wtv amount you put in is locked with the govt for a specific period of time, but hey, at least it's something. for those people who have more money and are willing to go for higher risk higher return methods, i guess y'all can try ILP or endowment plans or smth idk (once again im not a financial expert pls research on your own before deciding 😭)

however do make sure you still have some spare money in your savings account! DONT INVEST EVERYTHING YOU HAVE (just in case of emergency).

yes, so these are the 3 steps i took to save up as much money as i could within a year (while splurging on my material desires 😬). i hope you like this sharing :)

happy saving (and spending) 😊

#GirlTalk #RealTalk #WhyILemon8 #money #MoneyTips #savingmoney #university #fyp #Adulting101