A 25-year-old Singaporean man serving NS shares his financial struggles on Reddit, revealing zero savings, a habit of lending money he cannot afford, and family financial pressures. The online community offers advice on setting boundaries and budgeting.
A 25-year-old Singapore an man currently serving his National Service (NS) has taken to an online forum to express his anxiety over having zero savings, a situation he finds embarrassing compared to his peers.
On Monday, June 1, he posted anonymously on the subreddit r/singaporefi, a community where users discuss savings, investments, and the Financial Independence, Retire Early (FIRE) movement. In his post, he acknowledged that he expected criticism but felt lost and needed guidance. I am 25 years old, currently in NS, he wrote. I have reached my one-year mark and will ORD in May next year.
His monthly allowance is approximately S$950, which some might consider adequate for a young serviceman. However, he revealed that he has been living paycheck to paycheck for quite some time. I have no savings at all, he confessed. I just cannot have the proper discipline or control to save money.
I have tried using different categories like sinking funds, essential funds, savings, and fun money, but eventually I just take the money from there. Breaking down his expenses, he noted that he pays his own bills and allocates over S$100 monthly to his Grab PayLater account, which has become a problematic habit.
Additionally, he regularly gives money to a friend who claims to be struggling financially. He explained, He says he is broke, and me being me, I would give him money even when I have little to none. I know I should stop this, but I just cannot say no to him. The situation is compounded by family financial pressures.
His mother is the sole income earner, earning about S$2,000 per month, while his father is unemployed. He regularly contributes part of his allowance to support the household, calling his father useless for not working. Even when he manages to set aside some money, his mother occasionally asks for help, forcing him to deplete his savings. At present, he has only S$50 left in his bank account, which must last until his next payday on June 11.
Feeling overwhelmed, he expressed a desire to change his financial habits starting this month. I really want to try to do things differently from June onwards, he wrote. I am willing to change my habits and at least have decent savings by the end of the year, since I am already 25 and seeing how people have savings while I have nothing makes me feel damn embarrassed.
In the discussion thread, many Redditors identified his habit of giving money away as a major issue. One user advised, Offer physical help and emotional support. You are not in a position to help others financially. Real friends should understand that.
If you are drowning yourself, you are unable to save anyone else. Another commented, I do not think it is your habits. You do not earn much, but there are too many people asking for money. Draw firm boundaries, including with your parents.
As for that friend, say goodbye and choose better friends. Others provided practical budgeting tips. One user suggested creating a strict budget using an app like Money Manager. They wrote, Track your expenses.
If the allotted budget is used up, stop spending from that category until your next payday. The first few months will be trial and error. Do not be too hard on yourself if you cannot stick to your budget. Another recommended loving yourself and living for yourself and your mother first.
They advised borrowing self-help or finance books from the library, taking public transport, learning to cook, and wisely choosing where to spend money on food. They also suggested working in the food and beverage industry after ORD, as those jobs often provide meal allowances or food at work. A third Redditor proposed opening a bank account with a bank that has few branches, like Bank of China, and declining or cutting up any debit card.
This would make withdrawing cash inconvenient, reducing impulsive spending. They advised putting a fixed amount, such as S$300, into that account each month and never touching it. They also reiterated the need to stop giving money to a friend who is essentially a sponge. If he is a real friend, he will understand and stop sponging off you, they concluded.
The story highlights the financial struggles faced by some young Singaporeans during NS, as well as the challenges of setting boundaries and developing saving habits in a culture where comparing oneself to peers is common. The r/singaporefi community, known for its focus on FIRE, often provides a mix of tough love and practical advice, as seen in this thread
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