I was reading Budget Babe - How to Save More than $100,000 before 30 (Without working in Finance) and was just trying to recall whether I did manage to save S$100,000 before 31, 30, 29, 28 or 27. Honestly, I really can't recall.
When I started my first job, I remember I was paid close to S$2,000. I did not have any commitment and told myself I should be saving really hard. I had close to S$8000 from the savings during my NS days, part-time job, and savings since when I was a kid etc.
I clearly remember how happy I was when my savings crossed the S$10,000 mark. I guess my goals just grew bigger.
2. Investing S$500 in an Investment-Linked Insurance Policy
I started my first job when I was 21-22 years old. The first purchase I did with my salary was to buy an Investment-Linked Insurance Policy which allowed me to purchase some "Singapore Growth" unit trust monthly. I invested S$500 monthly on that plan.
Why an Investment-Linked Insurance Policy? I did not know much about investing then. I only knew I had to invest in something. Looking back, if I was to advise myself 12 years back, I would have invested in STI ETF.
3. Saving 70-80% of my bonuses
This is probably the most important action I took which saw my savings grew at a faster rate. I saved almost 70-80% of my bonuses in the first 3-4 years. Till date, I still do save a big portion of my bonuses which goes into buying more stocks. I do spend more on holidays now. However, I will still try my best to maintain it at 50%.