Money is a taboo topic but why? We're all in this rat race, and it's high time we normalise conversations surrounding salaries and savings.
How much savings does he or she have? A question that might have popped in your mind, more often than you’d like to admit. But why is that? It’s strange to think that something like money, which is an inherent part of our life, isn’t talked about openly amongst people.
In an attempt to remove the shroud of secrecy surrounding money, we took to Instagram and Telegram to ask our readers about their financial goals, spending habits and how much they have in their savings. Surprisingly, we received an overwhelming response. And it reaffirms our belief that every financial journey is unique and different. Simply put, there’s no right or wrong way to go about it. Here, we have six people who open up about their financial situation with no holds barred.
Jeremy Lim, 26, financial advisor
Annual income: 80k
Savings: $100k+
What are your financial goals?
My goal has always been to be financially independent and having passive income without working. This would allow me to provide for my current and future family the best possible way I can, without neglecting my own leisure, experience and entertainment that I lacked so much growing up.
The ability to not have to rely on anyone for money or lodging is very important to me. I get to decide my future and my path in whatever I do. And I do not have to be at anyone’s mercy.
I feel it’s always a blessing to be able to give. This allows me to share my experiences with those whom I appreciate and who appreciate me as well. And that gives me true happiness!
How would you describe your relationship with money?
I would say not too bad! Fortunately or unfortunately, I don’t spend much on luxuries due to coming from a not-so-well-to-do family. I saw how money doesn’t come easy and a lack of it creates so many problems for my siblings and I growing up, as well as for my parent. Not to mention the number of arguments and family feuds pertaining to money. So we just taught ourselves that anything we wanted, we gotta save or earn the money ourselves in order to purchase them.
Right now, I can safely say that I have the discipline and knowledge to save, invest and plan financial risk management for myself and my clients. And for me to be able to be caring and generous with how I spend my money, really allows me to be who I want to be for the people I care about. At the end of the day, money is a tool for me to bring joy and happiness to those around me and to myself too!
What’s your weakness when it comes to spending?
Well, I don’t usually make big purchases, but it’s the small ones that are repetitive and frequent that usually pile up without me even realising. This includes paying for food and drinks for those around me a little too often. Although I’m doing it willingly and happily. Still, I gotta really watch out for the little things!
Gloria, 31, media sales
Annual income: Around $80k
Savings: $150k (including investments and stocks)
What are your financial goals?
Be financially dependent by 45 years old and retire so that I can enjoy the rest of my life with my spouse doing things we’re passionate about.
How would you describe your relationship with money?
Right now in my 30s, I consider money to be an important part of life. Financial stability helps me to worry less about day-to-day expenses and also be able to have sufficient funds in case of any emergencies. While money cannot buy happiness, it can bring comfort and peace of mind.
What’s your weakness when it comes to spending?
Buying all of my bags, clothes and shoes. But as long as I’m spending within my means and not using any form of credit to make these purchases, I don’t feel guilty about treating myself to things that I like.
Mark, 37, operations manager
Annual income: $120k
Savings: $100k (including investments)
What are your financial goals?
I do not necessarily want to work full time in the finance industry. Hence my goal is to invest to be able to work part-time in a lesser paying job when I’m older and to retire comfortably.
How would you describe your relationship with money?
I would say my relationship with money is fairly good. I have a reasonable understanding of its value and its downside. In the position where I am right now, I have the opportunity to also see its negative effects and I understand that’s a privilege.
What’s your weakness when it comes to spending?
I spent a lot of money on convenience whilst I always thought I wasn’t a lazy person. I do like to buy clothes and gadgets. However, I don’t do this often because I always find myself liking the expensive stuff.
Daphne, 31, entrepreneur
Annual income: $60k
Savings: $40k (mostly planted in stocks and investments)
What are your financial goals?
To be able to live a lavish life without worrying about how much I have in my bank account. To have at least 100k in actual savings that are not put into stocks/investments.
How would you describe your relationship with money?
I don’t think I’m bad with money. But at the same time, I wouldn’t say I’m completely disciplined about saving as well. I’m somewhere in the middle. Responsible at times, and a risk-taker at other times. With the current pandemic especially, everyone just wants to grow their money fast and start living their lives (or whatever that’s left of it) to the fullest again when we come out of it.
What’s your weakness when it comes to spending?
Travelling, nights out with friends (tough to say no to this) and buying stocks – I think I’m addicted.
Mai, 31, social service industry
Annual income: $60k
Savings: $15k
What are your financial goals?
I’m currently still financing my education loan. I really hope to complete it soon and not have any loans to finance. I would want to reach a point where I’m debt-free and able to put at least 50% of my monthly income into savings without reaching out for it.
How would you describe your relationship with money?
I would say it’s a work in progress. Up until this year, most part ( 60%) of my salary went into education loans as I was trying to complete my loans soon. And now that I’m completing it, I’m learning to manage my money by setting some aside for various needs. I’m also learning to budget and have a healthy mindset about not exhausting all my money and spending it.
What’s your weakness when it comes to spending?
I have a weakness of overspending. It took me some time to make sure that when I set money aside in my savings account, I do not reach out for it when I feel like spending it. I’m still working on it.
Olivia, 30, editor
Annual income: 42k
Savings: 31k
What are your financial goals?
To have an emergency fund I can go to on rainy days and be financially stable during my golden years.
How would you describe your relationship with money?
I’ve never been good at saving until about two years ago when my partner and I opened a joint account to save up for our wedding, house and basically, life. It forced me to be more serious with my personal savings too, so I also opened a separate savings account for myself.
Luckily for me, money was never an issue as I learnt to adapt my lifestyle according to what I had. I worked part-time while studying (since 18 years old) to help with my personal expenses. I was lucky that my parents funded my education including supplies and miscellaneous costs. And if I was low on cash, I’d sacrifice on the good stuff. But having said that, I’d splurge if I had surplus cash. My only regret is not saving earlier.
Though I currently have the basics down, I’m still quite apathetic about my finances. I know there’s a lot more I can be doing like picking the best banks or credit cards for rebates, investing and learning about cryptocurrency, etc.
What’s your weakness when it comes to spending?
Ah, where do I begin? Aside from splurging on transportation like private hire car services and food, I seldom spend on materialistic things for myself. But I’m a giver and wouldn’t think twice to spend on my loved ones.
Want to share your financial journey? DM us @Honeycombers, we’d love to hear from you!
