I wrote the below draft on my smartphone’s note app while passing time in the office. It’s my first attempt of writing something personal, so hope you enjoy this narrative journal post! (Hadn’t been writing since my last post, so it might feel rusty.)
Sometime in mid-June, my employment status had changed from “Student” to “Employed”.
Though designated as a temp staff, I wasn’t elated on taking additional responsibilities, nor receiving salary in my bank account. The latter spelled trouble like the former did. It might seemed puzzling, but how would you have reacted to an increase in spending power?
Despite being bent on saving my NS allowances to pay off my university fees, the plan had fell apart as binge-shopping ensued, blowing whatever amount I had received.
The guilt conscience from then had molded my frugality to date. What mattered more however, like how I did in my polytechnic life, was having the mindset of spending and saving like a student, and cultivating that habit.
While the absolute values are pint-sized compared to permanent employees, I am investing 13.3% and saving 45.9% (not counting CPF) of my current income. The percentages aren’t stellar, but they would make a great benchmark to compare to, when I step into full-time work.
How are you allocating income to different items?
-Alvin
Let there be White Noise 
Hello Alvin, welcome to the working world. I have worked for 6 years now, yeow.
Like you, I used to blow my earnings on shopping sprees when I first started drawing a salary. Slowly after a family incident, I changed totally to a super frugal piece of shit. It doesn’t matter the past, as long as you start practicing good financial habits now. Some people don’t even start way into their 30s, 40s etc.
I see that you have allocated a percentage of your income to investing and saving, which is good! However, make sure you are not procrastinating paying off any debts.
For myself, instead of allocating a fixed percentage to savings and investment, I pay myself first. When I get my salary (after CPF deduction), I pay off my whatever bills and parent’s allowance FIRST. Then I draw a FIXED amount of money for my monthly allowance, say $400. Then I save the rest. ALL of it.
I feel that this teaches me to be comfortable with $400. Living like a student. of course there are months when you need more for special occasions, wedding dinners, holidays etc.
When your income increases with experience, you will still be comfortable with $400. Then the percentage of savings will sky rocket. 60-70-80% woooot!
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Hello there, Shuz! Thanks for dropping by and pleased to make your acquaintance! It’s really pleasing to know you had developed your “routine/system” upon receiving your salary. “Paying off bills/debts, parent’s allowances and to yourself” sets out the order of allocating the salary in a clever manner, and I can imagine just how effective it will work for me! Am really grateful for your words to shed a new perspective for me. They make great advices for anyone stepping into the working world! *thumbs up*
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