Is 30% of savings worth it if I’m stressing out too much?

[reallylongnickname]

I’m 25M earning about 5k with a main job (2.9k) and side hustle (2k on monthly contract) . The thing is my side hustle isn’t stable so I’m constantly worried if I need to put more in my emergency funds for times when there’s not many jobs from it. I usually make it a point to save 1k a month which is possible because I don’t have much commitments or loans. Recently, I’ve started dating and spending a bit more than usual which I’m mentally more happy but also stressing out on my finances if I’ll be able to keep up with my saving plans of 30%. Since the past 2 months, my savings dropped to 10-15% and I just got informed i won’t be getting any jobs from my side hustle next month (or until further notice), just wondering is it ok to feel fine not saving as much as 30%?

 

[taylorjr94]

@reallylongnickname Try your best, but don't sweat it if life gives you shit for a bit. Things happen. I had two kids and watched my savings rate go from 70% to almost 0% (for a while). But that's life la. It happens like that.

Just keep walking, and work for better days ahead.

 

[reallylongnickname]

@taylorjr94 Appreciate the kind words!

 

[bard]

@taylorjr94 Thats good advice. Also to add on, dating is also treating yourself so getting laid, going out makan, meeting people you love is essential to your happiness. Saving that money and being miserable isnt productive but dont overspend every month la

 

[wallflower1104]

@bard this. you’re saving to live, but if your life is miserable, the forced savings doesn’t really do any good

 

[carla]

@reallylongnickname I treat savings as save as much as I can (reasonably), so I never set a target on how much I want to save. It is more about cultivate good spending habbit, never spend on stupid/useless/inpulsive things, never fall in love with expensive habits (smoking, drinking, expensive food, etc) and luxury goods (if you must buy an expensive smartphone, make sure it last 5y).

Dating is costly, especially for the first few months, then it should normalize (or at least have an honest discussion with your GF on how to go on cheap dates going forward).

 

[reallylongnickname]

@carla Agreed! Thanks for the two cents! Looking for some cheap but memorable dates or things to do, any ideas?

 

[milliekeeling23]

@reallylongnickname When we’re not going out on date nights, my husband and I like to cook for the other or together, we often plan movie nights complete w popcorn and snacks, we both watch Formula One so whenever there’s a race we’d stock up on beer.

Still costs money but not as much compared to eating and drinking out 100% of the time like we did at the start of the relationship. But it’s normal for the first few months to be going out and spending more

We are both 29 now and our savings are back on track after several big expenses different times over the years ie. wedding, honeymoon, medical expense, DP for 2 cars. Currently saving towards DP for first house. Life happens, just take it as it comes and be mindful to save when and where you can

 

[carla]

@reallylongnickname Go jogging or strolling at park (bukit jalil, titiwangsa, metropilitan), Fly Kite, Hiking (TTDI, Cheras, Puchong, Gasing, etc), Street Food Hunt, Pasar Malam, Picnic at Putrajaya, City Tour, Bicycle at Putrajaya, Skating (not ice skating), etc.

 

[sam2853]

@reallylongnickname There’s is never a need to stress about money unless you’re going broke here’s the thing money comes money goes what’s important is you have enough savings and enjoy the rest of it for you never know when your time will come save it but don’t obsess over it .

 

[trendymom2]

@reallylongnickname I just save 1k per months and never withdraw it. So far so good

 

[ineedadvice101]

@reallylongnickname Nobody mandate you must save 30%. Its your own requirement.

But if you can't save now, when you have commitment/loans even worst unless your income goes up to offset those things.

 

[reallylongnickname]

@ineedadvice101 Yup it’s my own goal but I tend to stress out when I don’t or feel like I can’t reach it

 

[ineedadvice101]

@reallylongnickname Nothing much the internet can do for you. But my thoughts is if you can't save while single, you can't save later.

 

[dongchau123]

@reallylongnickname 15% is fine. you are 25 buddy. its not the end of the world, lucky you dont have huge commitments. spend within your limits , many ppl dont start saving until its too late.

 

[wolflarsen]

@dongchau123 What age is too late ?

 

[dongchau123]

@wolflarsen 90yr.

kidding. its too late when you have commitment and lose your job without savings. then you default on loans and cards , and you need apply akpk and bankruptcy.

 

[thehoodlovezmethough]

@reallylongnickname Hi OP can I ask what industry are you in for your main job?

This might not be the most relevant to your question, but I felt the need to give you this advise. Since you’re young, I recommend you to put all your effort and whatever you can into building a better main job. There are still lots of potential for you to get the best out of the first 8 hours you spend in the day. Every extra hour you work after that (unless high risk/investments) is a diminishing return. Don’t underestimate the power of that main job. Just because it has low salary now doesn’t mean it should stay like that, you need to put your hard work on the main job to increase that bar because every future job you change to will depend on that. And that will be the only way more sustainable way to save and reduce your stress level because 1) having a side hustle itself is already usually more mentally and physically taxing 2) on top of that the side hustle is unstable 3) your current spending exceeds your main salary

Not saying you shouldn’t do side hustle, but you have to prioritise your main job ESPECIALLY when you’re young. Otherwise you will miss the opportunity to develop your career for a more stable future. You don’t want to find yourself at 30 and still can’t live without working two jobs, that will be VERY stressful trust me.

 

[reallylongnickname]

@thehoodlovezmethough I’m in Marketing and no I don’t spend more than what I earn I just said I’m spending more than usual when I was single

Appreciate the advice though!

 

[kenseth03]

@reallylongnickname this is about your own stigma and how you define yourself

dont get choke on your own ambitions , fallen down on your own weight

be smart