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You saved less than 20% of your income/allowance last month!
There’s room to improve so you can build up to at least 3 months of emergency savings.
The 50/30/20 rule is a well-known guide to managing your income / allowance: |
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50% |
30% |
20% |
Essential spending e.g. meals, transport, telco/utility bills, rent, allowance for parents etc. |
Non-essential spending e.g. boba, artisanal coffee, snacks, fancy gadgets, gaming, extra clothes etc. |
Saving The money you don’t spend, which adds to your emergency funds and/or saving goals |
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But I don’t receive a lot of money to begin with…
Don’t lose heart! We understand it can be challenging to save when you don’t get much. In fact, saving whatever you can afford to is already a first step 👍 You can aim for 10% first before slowly moving on to try for 20%. Give yourself time to look out for ways to squeeze out a bit more savings day-to-day.
Here are some tips to help you save a bit more:
Keep your spending habits in check
DBS NAV Planner tracks and categorises your spend to save you the hassle of doing it manually. Review your habits and set budgets to manage your spend on essentials and non-essentials:
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Review your top spend categories
The coloured circle shows you which categories dominate your spend. Review your transactions – which are necessities, and which aren't?
Pro-tips:
- Choose cheaper options (e.g. more hawker fare, fewer restaurant meals)
- Reduce indulgences (e.g. boba once a month rather than weekly)
- Cancel or downgrade subscriptions that you underutilise (e.g. gym membership, mobile data plan)
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Track last 6 months’ spending
Swipe left on the coloured circle to find a 6-month view of your spend.
Any unusual spikes? Look for categories where you spent more than usual.
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Set a spend budget
How much? You can use the suggested amount in the "Set Budget" function or challenge yourself to go lower.
By setting a budget, you can monitor your progress and celebrate if you have kept within it. #smallwins
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Log into digibank to manage your spend with DBS NAV Planner today:
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World's Best Bank 2019, Euromoney
Global Bank of the Year 2018, The Banker
Best Bank in the World 2018, Global Finance |
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