14 Ways to Maximise Entry-level Salary

Fresh graduates, here’s a reality check: just because you have a degree or finished school with honours doesn’t mean you’ll land a managerial position immediately. Almost everyone begins as entry level. Entry-level workers earn around $2,600 for those with a degree and $1,600 for ones with a diploma. Either way, it’s small. The good news is there are ways to live big:

Make a budget.Being entry level is one of the best times to make and follow your budget. Here’s a guide in making one.

Build and grow your emergency fund.

Save at least three months’ worth of gross income. This can be helpful if you want to quit your job and take time looking for a new one, you suddenly lose your job, or there are emergencies that need huge money.

Automate repayments.

Sign up for automatic repayments of loans, credit cards, and utilities to avoid spending money on late charges. Prompt repayments also boost your credit score.

Limit eating out.More than 30% of food expenditure goes to restaurants! Just think how much you can save if you limit it to at just once or twice a month.

Cook your meals.Home-cooked meals don’t have to be complicated or take an hour to make. Career Contessa has awesome tips for you.

Take advantage of company benefits.

Companies offer health insurance, paid leaves, allowances, bonuses, and trainings, to name a few—for free—even if you’re still entry level.

Skip the beer binge.A beer binge would probably be at least 3 cans of Anchor or Godfather, which costs around $3.50 each. This means every binge is worth $10.50. If you do it at least once a week, you’re spending $42 on beers alone. Wouldn’t it be better if you add it to your CPF or retirement account through retirement sum topping-up scheme? Your body will love it too.

Reward yourself first.

Make savings or investments your first priority once salary comes in. So you won’t forget, automate the process. Banks can autodebit your desired savings straight from payroll.

Pay your debt.Mind your debt and pay it promptly and religiously. If necessary, channel a part of savings to repayments if it means paying less interest and shortening terms.

Use public transport.MRTs and buses can get pretty crowded, but they’re your best bets if you want to save costs on transport.

Go to work early. This way, you don’t have to fight for a place in the train or bus, and you avoid spending on a taxi. Best of all, you have more time to accomplish your tasks for the day.

Grab overtime.Overtimes are a bummer, but they can boost your income and hopefully reliability in the company.

Join training sessions.

Training is a good way to get new or upgrade old skills, determine the best career path, and display your talent and knowledge. Some companies offer subsidised or free education, so don’t forget to take it.

Be smart with credit cards.

Understand and maximise reward points, cash backs, and rebates of your credit cards.

Resources:http://www.singsaver.com.sg/blog/how-to-stretch-an-entry-level-salary

http://www.haygroup.com/downloads/sg/Singapore_Fresh%20graduate%20survey%20press%20release%202014_FINAL.pdf

https://www.consumer.gov/articles/1002-making-budget

http://www.straitstimes.com/singapore/12-interesting-trends-about-singapore-household-income-and-spending

http://www.careercontessa.com/conversations/living-large-entry-level-budget/home/

https://mycpf.cpf.gov.sg/Members/Schemes/schemes/retirement/retirement-sum-scheme/otherstab/

http://www.learnvest.com/2015/07/single-and-budget-scrappy-how-12-people-stretch-an-entry-level-salary/