SINGAPORE: A 32-year-old Singaporean has taken to social media to express his frustrations over his stagnant financial situation, revealing that he has no substantial savings despite having graduated from one of Singapore's leading universities five years ago.

Sharing his struggles on the r/SingaporeFI subreddit, he explained that financial burdens have only intensified after entering the workforce. With an overwhelming S$44,000 in loans—including student loans, a POSB loan, and credit card debt—financial peace feels like a distant dream.

On top of repaying debts, he juggles life insurance, daily living expenses, and a S$400 monthly allowance for his parents. "For years, I barely saved anything, and I’m sick of having an empty bank account," he admitted.

To make ends meet, he works as a freelancer on weekdays and serves as a delivery rider during weekends, earning around S$2,000 monthly from his delivery job alone. Despite the hard work, he faces physical strain from his grueling schedule, often clocking 20-hour workweeks just to manage his expenses.

His freelance income, although promising at around S$6,000 a month, fluctuates significantly. The inconsistent earnings make it challenging for him to establish a financial safety net. Consequently, he is contemplating quitting his delivery job in December to focus on his freelance work and hopes to treat himself to a low-cost vacation in Vietnam after months of grinding.

In a bid to improve his finances, he reached out to the community for advice on navigating this financial maze. Should he prioritize building an emergency fund or focus on reducing debt first? The responses were overwhelmingly supportive, with many urging him to tackle his high-interest credit card debt before considering any other financial goals.

Several Redditors offered practical suggestions:

1. Prioritize paying off high-interest credit card debt to ease the financial burden.

2. Track daily expenses meticulously to gain insight into spending habits.

3. Set aside a percentage (about 20%) of his monthly income for savings while making consistent debt repayments.

4. Consider placing savings in high-interest accounts or Singapore Savings Bonds (SSB) to build wealth over time.

This story resonates with many young professionals struggling with the pressure of student loans and living expenses. It serves as a reminder that financial security is often a marathon, not a sprint, and highlights the importance of strategic financial planning.

As people grapple with a cost of living crisis and increasing financial demands, this Singaporean's plight is a call for better financial literacy and support systems for individuals navigating their careers in today's challenging economic landscape.