Get Your S**** Together: How to Save Your First $10K

As a 2002 baby and therefore certified Gen Z, I get it – saving for a rainy day feels pointless when the world feels like it’s facing impending doom. Between rising costs, climate anxiety and just trying to survive, setting money aside for a future that feels uncertain can feel a little... delusional.

But let’s be real – when the time comes and you want the freedom to move out, live abroad, switch careers or simply take a breather, you’ll probably wish you had fewer “treat yourself” days when you didn’t really need them. I know I will.

We spoke with Angela Teng, Head of Editorial at The Simple Sum – known best for its colourful Instagram account that dishes out financial tips for young adults through cute, illustrated comics. She gave us five realistic tips on working towards having your first $10,000 in the bank (without feeling like you’re missing out on life).

1. The “I am always broke” rule.

Act like your take home salary is less than it is. Any additional income – red packets, freelance work, bonuses – should be saved first.

If you act like you’re broke, your mind will naturally shift towards simpler lifestyle habits like eating at the coffee shop instead of having brunch at the buzziest new cafe, and you will likely steer further away from lifestyle creep (when your “treats” slowly turn into “needs” as you make more money, meaning your spending rises right along with your paycheck and leaves your savings stuck exactly where they started).

2. Kill that silent money leak.

What’s your silent money leak? These are payments for services or things that include food delivery, impulse Shopee deals (11.11, 12.12… the list goes on), and weekend Grab rides. You don’t have to hit the kill switch for all of them – just choose one and try opting out for one month. You might even forget about it after.

3. Start saving 15 to 20 per cent of your pay each month.

Lock 15 to 20 per cent of your monthly income in a bank account with higher interest rates, and watch your money compound! Some examples are UOB One, OCBC 360, DBS Multiplier or GXS Savings. The returns may not feel like much at first, but they will definitely add up.

4. Automate your savings.

Set up automatic transfers on a set amount to another account. Have this scheduled for the day after pay day. Out of sight, out of mind – if you never “see” the money, you won’t miss it.

5. Have fun, but cap it.

Decide on a budget just for spending on fun stuff each month. This can range from $100 to $400, so that you can spend freely without the guilt. 

Once it’s gone though, you will have to cap your fun expenditure. This will really help avoid binge and overspending.