We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Saving to move to Singapore

Options
2

Comments

  • danicheng
    danicheng Posts: 53 Forumite
    see the world while you are young.

    Absolutely. I think This move is for me at this age as I don't see myself doing this when I settle down and want to slow down and the opportunities are vast in Singapore! Who know if this move will happen or maybe even begin a new life there :)
    Eco_Miser wrote: »
    Actually it's both! It's being saved from the OP's salary, and then invested.




    Two different meaning of saving which are often confused.

    I don't plan to use the money set aside for this and will continue to contribute regardless of where I am. This is for the future and no requirements to withdraw or pull away from the market any time soon. I would say around continue to contribute for the next 10 or so years and then reevaluate the status of this
    Pincher wrote: »
    http://www.minimum-wage.co.uk/

    21 to 24 £7.05
    25 and Over £7.50

    If you work 7 hours a day, 5 days a week, that's 1,820 hours a year.

    £12,831 = £7.05 x 1,820

    So, if you were working in McDonalds, you would expect to make £13k+

    I think £25k for a graduate is about right these days.

    I was talking to a guy in Costco, it seems they easily pull in £30k+!
    Naturally, it is not easy to get in. ;)

    Procurement?

    I had a conversation with a woman who did that.
    I was saying doesn't that mean you end up with the coarsest possible toilet paper, because you are always going for the lowest bidder. No, of course not, because you specify the quality of what you are procuring.

    As if any boss will ask for Andrex Double Velvet because he cares for his staff. :rotfl:
    Executive bog roll for Executive bottom only.

    Haha its rare most people I speak to don't really know what procurement is. I am currently doing my Procurement exams (CIPS) and I can assure its much more than buying toilet roll and tea bags :)
  • danicheng
    danicheng Posts: 53 Forumite
    thats a high salary for a 23!

    I think this is about the average in the UK. Despite this I think the more you earn the more you will spend.
  • danicheng
    danicheng Posts: 53 Forumite
    There is no benefits system in Singapore and cost of living is expensive. I think you will need a large cash buffer so I am not sure investing in the Vanguard LS60 is a good idea for you. Don't get me wrong, I rate that fund highly and invest in it myself but we won't be needing to access it in the next 7-10 years. If you were investing in the VLS80 or VLS100, given your age I would say that would be a great plan for retirement. If you are intending to move in the next few years I think it needs to be more accessible.

    In your opinion how much would you say I need in the bank prior to moving? Have you got any tips as do where would be a good place to look for expat jobs in Singapore. I am actually Chinese and born in Scotland so speak Cantonese and currently learning mandarin.
  • eskbanker
    eskbanker Posts: 36,944 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Eco_Miser wrote: »
    Actually it's both! It's being saved from the OP's salary, and then invested.

    Two different meaning of saving which are often confused.
    My comment related to the fact that OP had included this within a section entitled 'Savings' so I just wanted to highlight that investments really aren't 'savings' in that context (and hence the title of this board)!
  • danicheng
    danicheng Posts: 53 Forumite
    Great move, if you can find a decent job out there. Singapore is a wonderful place to spend a few years.

    I believe you'd need to find an employer willing to sponsor you for a work permit.

    You'd need enough to cover two month's rent - the market standard in Singapore (or at least it was a few years ago) is one month's rent as a deposit and one month paid in advance.

    Living costs can be quite high too - it is a developed country that is wealthier than the UK, so you might not save as much as you think - it is much more expensive than the rest of the region. But you will most likely pay less tax.

    Thanks for the advice. Have you worked and lived in Singapore before?
  • danicheng
    danicheng Posts: 53 Forumite
    eskbanker wrote: »
    My comment related to the fact that OP had included this within a section entitled 'Savings' so I just wanted to highlight that investments really aren't 'savings' in that context (and hence the title of this board)!

    Is the title of this forum section not saving and investment?
  • Eco_Miser
    Eco_Miser Posts: 4,841 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    eskbanker wrote: »
    My comment related to the fact that OP had included this within a section entitled 'Savings' so I just wanted to highlight that investments really aren't 'savings' in that context (and hence the title of this board)!
    In my opinion, these are savings in that context - money being put aside from income.

    The total in VLS is an investment, as is the total in the Company Pension.

    People often talk about 'life savings', in my case 75% of my life savings are actually investments, but I still saved them first.
    Eco Miser
    Saving money for well over half a century
  • steampowered
    steampowered Posts: 6,176 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    danicheng wrote: »
    Thanks for the advice. Have you worked and lived in Singapore before?

    Yes, for a few years at a similar age to you.
  • eskbanker
    eskbanker Posts: 36,944 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    danicheng wrote: »
    Is the title of this forum section not saving and investment?
    It's actually Savings & Investments, i.e. two different things. I also think the distinction between saving (verb) and savings (noun) is significant but this is all getting too bogged down in semantics so probably not a particularly fruitful direction to go in!
    Eco_Miser wrote: »
    In my opinion, these are savings in that context - money being put aside from income.

    The total in VLS is an investment, as is the total in the Company Pension.

    People often talk about 'life savings', in my case 75% of my life savings are actually investments, but I still saved them first.
    And sometimes anguished posters come on here saying that they've put all their life savings into [dodgy investment company] because of not understanding the difference!

    Anyway, to be honest I think we're violently agreeing - I do get the argument that investments can be labelled as savings but was just trying to highlight the distinction between 'safe' capital-protected cash-based deposit products and capital-risked ones that are typically only suited for long term use.
  • danicheng
    danicheng Posts: 53 Forumite
    Yes, for a few years at a similar age to you.

    I work in the electronic industry which is what I would be looking for in Singapore too
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.8K Work, Benefits & Business
  • 598.6K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.