How to Save $100,000 by the Time You’re 30

Lately, we’ve been hearing people talk about how to save $100,000 by the age of 30. While it sounds intimidating, this magic number is actually a lot more attainable than you think. 

Sure, it might require some adjustment to your mindset and lifestyle, but reaping the rewards of your hard work will make the effort worthwhile.

If you’re ready to take the plunge, here are some actionable steps you can adopt.

Set monthly savings goals

As the cliché goes, if you fail to plan, you are planning to fail. Set aside some time to plan the amount you should be saving every month. You could start with the “50/20/30 budget rule”, which means you allocate 50% of your salary to needs, 30% to wants, and 20% to savings.

However, saving a mere 20% would mean you may take a longer time to hit your goals, especially if there are unforeseen circumstances like illness that might require you to take out a portion of that cash.

Here’s a table showing how much you will have at the age of 30 if you save 20% every month. These calculations are based on the average income of a fresh graduate aged 25, assuming a 4% yearly increment.

AgeSalaryAfter CPF Deduction20% Monthly Savings Annual Savings

*Salary based on median gross monthly salary in 2020, according to The Straits Times

Based on this projection, there is still a shortfall of $51,688, which means that you will have to rely on your investments to accumulate the $100,000.

As difficult as it may be, strive to save 50% of your monthly salary instead, which allows you to easily hit your goal comfortably solely based on your savings:

AgeSalaryAfter CPF Deduction50% Monthly Savings Annual Savings

Just by relying on your savings, stashing away 50% of your monthly salary could lead to a grand total of $120,804! This puts you in a better financial position to put aside the excess amount as emergency funds or investments.

Saving half of your salary could be difficult at first, but it doesn’t mean you have to live like a pauper just to save that amount. Here’s how to get there with less pain.

Read more: 5 Reasons to Invest Right Now

Review your current lifestyle

Start small with a feasible monthly savings goal that you can achieve with just some minor lifestyle changes.

For instance, if you are a typical millennial with a penchant for cafe hopping, begin by reducing the frequency of your cafe visits instead of entirely ditching this. Over the subsequent months, review your progress and determine if there are more lifestyle changes you should make to help you save 50% of your monthly salary.

While some aspects are non-negotiable, explore ways you could cut down on those categories. When it comes to food, eating out is notoriously expensive. Why not try honing your MasterChef skills and cook your own meals instead? Otherwise, try setting a limit for your weekly meals (and stick to it).

For the beauty junkies, staying youthful doesn’t have to burn a hole in your pocket. Did you know that you can get free beauty products and services without making any purchases? Another good way to save would be to make your own DIY masks with everyday items found at home, with natural ingredients such as honey or oatmeal.

Track your progress

If you’re blindly saving without keeping tabs on your progress, chances are that you will feel unmotivated after a period of time. Download the Planner Bee app to manage your banking, savings and investments, as well as set goals and track your progress.

Incentivise yourself with a small treat every time you hit a milestone, e.g. $20,000 in savings. This will encourage you to keep up with your saving habits and gradually see the savings you have accumulated.

Splurge — kind of

That’s right. Splurge! But we don’t mean undo all your hard work. With a variety of cashback/coupon sites available, treating yourself while significant cost savings can be a breeze.

Simply head over to Fave for discounted deals on staycations, experiences, beauty, dining and more. To enjoy some cashback, why not make use of ShopBack?

Have a side hustle

Instead of merely relying on one source of income, hustle harder with a second job if your employer allows this.

The extra money on the side can help to supplement your savings, and you can even make use of the opportunity to build your portfolio. You can take on jobs such as freelance writing, web design, tutoring or even sell items online through e-commerce platforms including Shopee, Carousell, LAZADA and more. Get more ideas for your side hustle here!


Consider investing in unit trust or robo advisors to grow your wealth.

Robo advisors

If you’re just starting out in your investment journey, you could benefit from robo advisors. In short, robo advisors make use of algorithms to automatically invest your assets, with little to no human intervention. This means that the advisor fees are kept to a minimum.

As with any other investment portfolio, robo advisors will factor in your financial goals, investment timeframe and risk appetite so as to create the right portfolio for you.

Pro tip: Read more about robo advisors here!

Here are some of the robo advisor platforms currently available in the market:

Robo AdvisorMinimum Investment AmountAdvisor Fees Per Annum (P.A.)Platforms
SyfeNone0.4% – 0.65%Web And Mobile App
StashAwayNone0.2% – 0.8%Web And Mobile App

10% Of Any Positive Return (Performance Fee)

Web Only
UOBAM InvestS$10.6% – 0.8%Mobile App
OCBC RoboInvestUSD1000.88%Web And Mobile App
MoneyOwl$1000.5% – 0.6%Web Only
DBS DigiPortfolioS$/USD 10000.75%Web And Mobile App

US$18 (Platform Fee)

Web Only
UTrade Robo (UOB KayHian)S$50000.5% – 0.88%Web And Mobile App
Philip SMART PortfolioS$50000.5%Web And Mobile App
EndowUsS$10,0000.25% – 0.6%Web Only
Kristal.AIUSD0 – USD50,00000% – 0.3%Web And Mobile App


Unit Trusts

If you invest in a unit trust or fund, your capital is pooled with money from other investors. This amount will then be invested in a portfolio of assets, in accordance with the fund’s investment approach and stated investment objective.

Unlike robo advisors, your fund manager plays an important role in monitoring your unit trust. Unfortunately, this service is not free and you will have to pay for it.

However, you don’t need a lot of capital to start investing. In fact, some banks allow you to start with just $100 a month! Find out more about unit trusts here.

Saving is a journey, not a destination

Saving the first $100,000 will be the hardest part, since it requires you to rejig your mind and tweak your lifestyle.

The financial decisions that you make in your 20s will have an impact on the rest of your life. When you learn to make good financial choices in early adulthood, you are setting yourself up for a smoother financial road ahead.

Even if you are unable to hit $100,000 by the age of 30, don’t beat yourself up. Take baby steps to reach your financial goal today and you’d be in a much better place tomorrow.

Have more tips on how to save $100,000 by 30? Write to us at ask@plannerbee.co!

2 thoughts on “How to Save $100,000 by the Time You’re 30

  1. Pingback: 5 Money Tips You Should Ignore (and 5 More You Shouldn't) - Planner Bee

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