They chose financial independence over home ownership.

This is somewhat extreme but watch how this Canadian couple chose financial independence over home ownership.  They are in their 30s and,...

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If a fresh grad can save $20,000 a year, so can you.

Thursday, January 8, 2015

I recently read a story about a fresh grad who managed to save $20,000 a year. How did she do it? She has good money habits and also packs her own lunch to work. ;)

I always say that every little bit helps and savings however small do snowball into something bigger. I have experienced this myself as have many others, I am sure.

Save more money in 2015?
New year's resolutions to impact financial security.

I have shared some of my money habits before in my blog, money habits that have helped me to grow my savings tremendously over the years.

Some people laughed at me, ridiculed me and called me names. We are all social creatures, aren't we? Seriously, how did I cope?

Don't be afraid to do what is right. Don't be afraid that we might lose face.

If friends laugh at us, enlighten them. If they still laugh at us, ignore them.

The thing to be afraid of is wealth destruction.

Related posts:
1. Seven money habits of AK's.
2. Be $48K to $60K richer in 10 years.
3. Think you cannot reduce your spending?


SmartPassiveCashFlow said...

Agree. No need to be afraid of the opinion from others. Just do what is appropriate. Later in your life, you will have a much bigger and lovely smile than them.

victorlsl1 said...

Hi Ak, could u share with us what happens to your money after your time? have you thought abt it?

Rebel said...

i used to have a department secretary laugh at me all the time because i buy discounted meat at NTUC.

I am trying so hard to be frugal while many folks on the island are spending money like water and straddled with mortgages of $1 million.

AK71 said...


Peer pressure is very often a common reason why people do things they regret later.

Just like how we should do our own due diligence before investing in a business, we should think things through and form our own informed opinions when it comes to personal finance matters as well.

AK71 said...

Hi Victor,

You mean after I pass on from this world?

Well, I will leave some money to my family but I also want to start a foundation to help needy students: One of the most noble things we can do.

We only need so much money in life but it doesn't mean that we should spend thoughtlessly if we have more money than we need. :)

AK71 said...

Hi Rebel,

Oh, I like visiting the supermarkets after 8pm to pick discounted food items too. ;)

Gambatte! :)

Dividend Chaser said...

Hi AK71,

I like when you blog about savings. It's a good virtue. It's expensive to spend on groceries in Singapore. The recent fairprice warehouse store near Joon Koon MRT station sells cheaper groceries in bulk but at a cost of member fee, and NTUC Union member fee does not belong to this fee. (What a joke..)

owq said...

Hi AK,

This reminds me of a quote by Dr Seuss: "Be who you are and say what you feel because those who mind don't matter and those who matter don't mind."

AK71 said...

Hi DC,

People are always very amazed by how quickly I can build my savings. I will explain to them that it is nothing mysterious.

It just takes discipline and we must be sensible to make the right decisions. It will get easier and easier over time.

Enjoy now or enjoy later? I believe that all of us have a choice. :)

AK71 said...

Hi owq,

I did a search online to read about Dr. Seuss. Haha... Thanks for this. :)
"The Cat in the Hat and subsequent books written for young children achieved significant international success and they remain very popular today. In 2009, Green Eggs and Ham sold 540,366 copies, The Cat in the Hat sold 452,258 copies, and One Fish Two Fish Red Fish Blue Fish (1960) sold 409,068 copies—outselling the majority of newly published children's books. Geisel went on to write many other children's books, both in his new simplified-vocabulary manner ... "

Cory said...

AK, I consider myself frugal but not even your 50% ...

Can you do me a small favor by doubling your monthly expenses for yourself please ? :)

It should be a small piece of cake and well within your frugality range. LOL

AK71 said...

Hi Cory,

People sometimes forget that I have a car. Including depreciation, it easily costs me $15,000 a year. That is $1,250 a month or about $42 per day! -.-"

Also, I don't make as much money as you do at work, I am very sure. As I enter semi-retirement, taking a huge pay cut, I should be more careful with money. ;)

Richard Heng said...

As usual, whenever i read such a post from your blog, i will feel that whatever i am doing is all worth the effort for myself and my loved one. Definitely it feel so great!

Some of my friends and colleagues told me that i should spend more on myself to enjoy life. But often i will disagree with them and they will tell me YOLO(you only live one) and money is meant to be spend(which i agree to a certain extent). After which, they will think that i am a boring person in life..

On the other hand, I had only just started on my journey toward financial freedom last year and it seems like long way for me to go.I am also not too sure whether will i be able to reach where you are today. Nevertheless, a great thanks for all your personal thoughts and sharing, AK!

PS: shouldn't there be a need for us to thanks people who are willing to spend to improve the economy of Singapore? :P

AK71 said...

Hi Richard,

Havings savings is the foundation for financial security and, ultimately, financial freedom. :)

I know many people who think like your friends. Like you, I agree with them to a certain extent and I try to be less tight fisted with money these days. ;)

However, even as I indulge, I look for value for money deals. I find it hard to pay full prices for "affordable luxuries" like ice cream and chocolates. LOL. ;p

Should we thank people with the YOLO mindset as they fuel the economy? Well, if they end up jobless and without savings when the bad times comes, what happens then? We might have to bail them out. LOL. Nah, I prefer to see everyone be prudent with money. :)

chewyc said...

Hi AK71,

I've been a silent reader of your blog.

Thanks for re-enforcing the fact that we need to make hay when the sun is shinning. The discipline to be financial sensible does get easier over time.

However, I've observed that lots of people in the finance industry feel the need to keep up with appearances. For example, a person gets promoted from AVP to VP, they go for expensive holidays, eat in posh restaurants, buy more gadgets, change cars.... etc
Thus, any increase in wages goes into 'upgrading' their lifestyle.

Currently, the sun is shinning. However, when the shit really hits the fan (personal crisis, recession), I couldn't help but wonder how will everyone cope.

AK71 said...

Hi Chew,

I said two things in a recent blog post and one of them was:

"The second thing I would tell them to do is to stick to this simplified lifestyle and do not scale up with the next salary increment which they might get. The reason why many people don't ever seem to save any money is that they upgrade their lifestyles as they make more money in life."
How to have a comfortable retirement?

We have to be grounded and we should not think that the good times will last forever.

RetailTrader said...


Are there any things that you have been keen to do or acquire, but have held back because of the cost?

AK71 said...

Hi RT,

Things I am keen to acquire but have held back on? The first thing that comes to mind is my dream car. Hahaha... A MB C180. :)

Things I am keen to do but have held back on? A grand tour of the U.K. and parts of Europe. Thank goodness for the Travel Channel. ;p

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