Tips on Saving Up to $10,000 – $12,000 In 1 Year for Regular Executives

Best-Frugal-Tips-2013I am frugal, but I don’t scrimp & eat all the time just to save up my targeted amount. However, after talking to some friends, I found out that I am the only one who can actually save up the most in the ratio of savings to income.

Do you have a special project/occasion (eg: Proposal/weddings/house) to save up fast for? If yes, this post is written just for you! 😉

Today, I’m gonna share my tips on saving up to 50% of monthly income!

I am an average executive income-earner, and I earn some extras from occasional paid blog adverts. I try to save 50% from my basic income after CPF deduction. Most months, I did it. YES, I’m HARDCORE like that! ;-p

And the reason I wanna do it so much is because I have too little in my CPF so I have already set a target for myself in 5 years and I just got to achieve it!


For example: Basic salary $2500 + Comission/Extra Income $500-$1000


I usually take my extra income as a blessing to reimburse the days I shop like crazy and times I take cabs too often and I gotta highlight that the 50% income saving will NOT work for people who are paying for a house and car now. Some months, I saved more than 50% when I earn more. So if you have lesser commitments now, quickly save!!

I’m gonna just look at the basic pay for the savings for now because not everyone has a freelance job or earns comm. Thus, a $2500 gross basic after CPF deduction will be around $2000. Let’s work out an example savings based on this $2000 bring-home.

Example of a monthly expense list:

$150 phone/broadband bills

$150 insurance fees

$300 household allowance

$400 daily expenses (How the fuck is this possible?!)

$1000 savings (50% savings)

 *May not be achievable for most of you, hence you can adjust your savings to $800.

My most-budget-est daily expenses record is $300/month. *gives myself a pat on the back*


Steps to achieving and points to consider


  • Planning the monthly expenses

Most people will set aside the amount they wanna spend and how much they can save from there. Usually that results to $0 of savings. For me, I set aside a fixed amount of savings and limit myself to whatever is left to spend. Of course, you got to work out a comfortable saving amount in order not to starve yourself to death! You be surprised that I actually can still visit restaurants/cafes a few times a month still! 


  • Set up a separate savings bank account

I opened a Maybank account because they have almost no ATMs around me lol. That means I can’t draw $$ anytime I want. Naturally, the savings sit there safe & sound.


  • Being prudent; careful on what I spend on

While eating at the office building’s canteen, I will think:

> The can of 100plus at the drink stall cost $1.50. The one at the vending machine cost $1.00. It’s obvious which option I went for. Small savings count too!

> Chicken rice set cost $4.50. Economic rice with 2 veg + 1 meat cost $3.00. I save $1.50!


  • Do not waste

If I know I can’t finish the food, I won’t order much. If a certain piece of clothing doesn’t get worn more than 4-5 times, I most likely won’t buy it. I trade/share clothings with my sisters/bestie.


  • Shop for non-luxury

When shopping, I ask myself “Do I really need this?“, “How often will I be using/wearing this?“, “Do I have appropriate bottoms to match this top with?” & “Am I able to get this cheaper elsewhere?“.

These apply to even non-branded stuff. I don’t lust for branded stuff. If I do, it’s probably sportswear. However, I have extreme high discipline level that I’ll opt for the more affordable version.


  • Finding deals online

A retail shop in the mall mark up prices of a merchandise much higher as compared to an online store. They gotta pay rent, manpower, utilities, yah know?

I bought a number of sports equipment online and saved a lot!


  • Hang out less with friends who splurge on too many things and everything

Friends who are a spendthrift usually influence you indirectly because gatherings and hangouts will definitely cost you a bomb!


  • Plan in advance birthday gifts and celebrations

If I have someone special in life/family member’s birthday coming, I always take note to be even more thrifty months ago so that it doesn’t affect my saving plan that much.


  • Go home after work

I don’t really go out after work. The most is going for my fitness circuit training or a casual dinner with my good friends nearby. One thing also because I work 10am – 7pm, so all I wanna do is faster get home have dinner, shower and rest.


Counting your savings can be as fulfilling as buying a new bag! Although sometimes I can go crazy shopping online… to prevent myself from over-spending, the only thing that would help is NOT to go online or step into a shopping mall unnecessarily!

Ultimately, whether your savings happen or not will depend on HOW MUCH YOU WANT IT as well. If you are not in a rush to have a lot of $$ in the bank account asap, then a good amount to save will be 20-30% of the income.

now_get_higher_returns_on_small_savingsI wish you all the best in growing your little money tree. We can’t do any investments with not a cent of money either.

Guard them, love them, grow them!



Your Thrifty Guru



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