Just recently, a Malaysian man has shared his tips on how to save up while working in the F&B industry in Singapore.
In his post, he revealed that:
“I believe that most people can achieve this. If you’re single, this would be easier for you. This post is meant for Malaysians working in Singapore, Malaysians who plan to work in Singapore and Malaysians who didn’t get a chance to further their studies.”
“If you’re interested, you can opt for working at any fast food chain or even just the F&B industry in general. Assuming that you are earning SGD2,000 (RM6,000) working at a restaurant, and you live near your workplace, you wouldn’t have to commute.”
“Your workplace should provide meals for their staff (F&B industry) and your monthly expenditure would be around SGD750 (RM2,400) and the remaining SGD1250 (RM4,000) would be your saving.”
He then makes a calculation:
RM4000x12: RM48,000 per year
RM48,000×3: RM144,000 per year
“Of course, the calculation above is a rough estimation and your expenses could vary based on your lifestyle. If you’d like to spend a little more on yourself, you could get a job that provides OT (overtime). That way you can earn up to SGD3,000 (RM10,000). Assuming that you get all the befits provided above (meals included, transportation not needed) , you can spend SGD1,500 (RM4,800) and save the remaining SGD1,500 (RM4,800),” he advised, before providing another set of calculations.
RM4,800×12: RM57,600 per year
RM57,600×3: RM172,800 per year
He also responded to a few comments and said that:
“If you’re able to go through the 3 years living frugally, you’ll be able to save up to RM100,000 per year as emergency funds. Whether or not you continue saving, that’s up to you. As long as you don’t use up all the money that you have earned.”
“A friend in the comments section mentioned that if you were to work in the casino, you should be able to get about SGD3,000. They’re okay with Malaysians working there.”
Another netizen asked the following question: “Would this amount apply to just Singaporeans or for foreigners as well? Have they deducted CPF? ”
“I would suggest you call and ask for yourselves. Many people have mentioned that MCD is only for PR and citizens. If you really want to go through this route, you should ask personally. Don’t just assume and then not go forward with it due to uncertainties faced.”
Do you think you’ll be able to go through 3 years of frugal living in exchange for saving up RM100k?
Also read: Senior Minister: 300k High-Skilled Job Opportunities To Be Created In Malaysia By 2025
