Why I don’t Spend my Salary

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How to have a higher savings rate? In this video, I’ll share some tips that I personally execute.
Current Core expenses: $2,000
After moving in to BTO flat additional costs: $2,000
New Core expenses: 2000+2000 = S$4,000 per month (partially paid by CPF OA/MA)
Working towards $4500 per month of passive income
The way to financial independence is:
- not to only depend on your work salary
- Passive income can cover expenses
- Active income can be invested in business/assets to grow your wealth
- Single source of income is highly risky because you may lose your job due to factors not controlled by yourself.
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[@HoneyMoneySG]

Sponsor: 🐂 Webull Singapore hmsg.link/sgwebull (Exclusive link✅) Get up to 8.4%*p.a. with Moneybull Interest Booster! *T&Cs apply. 🌟 6% on Public Transport Bus/MRT with - SCB Smart hmsg.link/scbsmart - SCB Smart (Singsaver) hmsg.link/singsaversmart 🌟 $10.10 SIM-Only plan with 📞 ZYM Mobile Code: HONEY on zym.sg 📙 Advanced Credit Card Mastery Course: hmsg.link/accm ☕ Support me at Ko-Fi: hmsg.link/shop 🔭 Telegram Group: t.me/HoneyMoneySG 📷 Instagram @HoneyMoneySG instagram.com/honeymoneysg 🎵 TikTok www.tiktok.com/@honeymoneysg 📧 Email (Business only): [e-mail] 🕸 My Website: hmsg.link/website

[@zo9fg]

why so unfair ah? u live in malaysia but receive income in SGD?? more importantly, ppl don't want hear u haolian but want to see how ur dividend income came about

[@Xamael666]

Hmm no need to pay rent / parents' allowance to yr parents / parents-in-law when u stay at their house meh? U are truly blessed lol

[@Yes-dx2rj]

Not just blessed fucked up lol only pay for expenses den no need to pay rent even tho staying in your parents house somemore mostly WFH

[@passerby-z]

Just wondering if your wife is from msia? So in a way, marrying someone whose family is from another country may have some of such hidden perks?😅

[@dave6892]

Tbh if you spend dining in msia esp jb, it is not cheap that all. Could you share what is the perks to spend wisely in msia? Did you venture to other parts of msia and the villages? Sorry. I don't believe the atas restaurant in jb could be so cheap like MYR 125. It is commonly priced around MYR 200-300

[@laichongchao8266]

4:11 Why intentionally exclude travel and shopping expenses? So how much are the total non-core expenses? We want to know the total expenses, not just the core ones.

[@Rick-vo6wj]

same... Spending $0 from my salary and investing 100% has been achievable through my commitment to frugality and minimalism. managed to reach that milestone at age 35..

[@kcchiew4247]

With fully paid hdb, few dining out and no car, both of us are able to spend less then 2000 per month (exclude travel expenses, life insurances and income tax) in Singapore too.😉

[@venusv4698]

Can you share your insurance plan?

[@dave6892]

Yeah not sure what plan he got and is it just term and integrated shield plans?

[@BomBomm12345]

you need to include income tax as well..

[@leejpeter3456]

Thank you for your great videos. I think our consumption and spending matter. If we live frugally, focus on savings, and reduce our desires, we can achieve financial freedom. Let me share an experience with you. Today, I went to see the latest Hollywood movie "Furiosa" at a cinema in Malaysia (price RM15/SGD4, quite expensive for a Malaysian). In the shopping mall, instead of going to Starbucks for a cup of coffee costing RM17/SGD5, I decided to go to the hypermarket section in the mall and bought a canned drink, Premium coffee, for RM1.70/SGD0.50. It is also from a well-known international brand. So, I saved a lot of money.

[@joannamah4791]

Insurance breakdown pls

[@lecherhao86]

Happy for you bro that you even have surplus from passive income. I'm only $100 saving monthly after all expenditure. Have not travelled at all for 4 years since we have 2nd child. It's almost impossible for average singaporean family with kids to have much saving.

[@derrickcsh]

I think have to increase job income, increase passive income and also cut down some spending. 😊

[@lecherhao86]

@@derrickcsh well, I gave up on promotion even after my director talked to me. Haha. He said forget about work life balance which I disagreed.

[@Rea_vange]

​@lecherhao86 may I know why you gave up the promotion?

[@lecherhao86]

@@Rea_vange because my director said that work life balance doesn't work. Must give more time beyond work hours to work. Lol.

[@morganaluthor]

ya lo company cut us once we get them sales .. full of excuses for no yearly bonus, top management is run by lies and taking our credit luckily i have some savings to tank for awhile

[@Rea_vange]

Work from home most of the time? What kind of job do you work as? Even in IT, many companies are asking to come back to the office at least 2 to 3 days.

[@ustradingdiary]

KZbinr...

[@5canwalk]

Aspirational! I also want to only spend passive income, and not touch active income.🎉❤

[@eelaikim1864]

So say thank you to Malaysia for helping you in your savings😄

[@Wannatoberich]

The advantage of having a Malaysia wife

[@xfall86]

Not worth. Money is to be spent. Indulge more travel more buy nice stuff

[@stylerho6278]

Making money in SG yet frequently spending in MY. Such behaviors are very unhealthy as they are detrimental to SG economy. If there are sufficiently large proportion of people like you guys, SG economy is going to suffer further! So when SG suffers, there will be job losses!!!

[@laichongchao8266]

Unfortunately this is how economics work. Not just spending in MY, but in other lower cost countries (SEA) and countries with good exchange rates (Japan and S Korea). I would say this is inevitable. Look at how much SG'reans like to travel.

[@hosteve1313]

@@laichongchao8266 the likes to travel is different from the group of people who travels to Malaysia (JB) frequently to buy groceries, dining, merry making etc. Besides affecting SG economy (retails; hospitality especially), these activities seriously affect the total GST intake that may result in less social welfare for the low(er) income and population at large! The repercussion for SG is enormous if this group is sufficiently large in due time! As a first step, SG agencies should perhaps start to CHECK vigorously those groceries that are brough into SG from MY and charge GST for goods that are over the (buy) limits - like decades ago when SG started the half tank, and then 3/4 tank rule to stop / reduce the outflow of SGD. Collection of relevant GST / taxes at borders in accordance with SG law will be key as to not lose State revenue...!