However, after starting work for about 6 months so far, I find that it is not as easy saving money as I thought.

From giving allowances to my parents, transport, food and also insurance payment, the bulk of my salary is being used up every time it gets credited to my account.

Right now, my accumulation is slow as my income is not high. I do know that I would need to increase my savings rate for me to build up my savings and war chest at a faster pace.

For example, I have switched my payment for my savings plan from NTUC income to an annual payment frequency.

Read more: Savings plan - Yes or No

With the deduction of the annual amount, my savings have reduced