Friends enjoying night time food markets in bangkok
Money Matters

5 tips to maximise your saving potential before you hit 30

It’s never too early to start saving – especially if you want to maximise your saving potential before you hit 30. Here’s how to put an effective savings plan in place.

Singaporeans are among the best savers in the world. The island nation rose from number eight in 2007 to number one in 2017 with a national savings rate of 48 per cent. But how much of your income should you be saving in your 20s to set yourself up for your 30s?

Saving 20 per cent of your income (after CPF) is generally accepted as a good number to aim for. The popular 50/30/20 rule advises limiting your necessities – such as food, housing and transportation – to 50 per cent of your income. Then you can spend 30 per cent on your ‘wants’ – such as entertainment – and save the remaining 20 per cent.

But wealth building isn’t just about how much money you save. It’s also about how you put your savings to work to generate the best returns over time. Here are five tips you can use to maximise your savings potential.

1. Set a clear goal

It’s much easier to save money when you have a clear goal in mind. For example, if you’re currently 20 and want to have $100,000 saved by the time you turn 30, you’ll need to save around $755 per month with a two per cent annual rate of return.

So when it comes to setting your savings plan, start with the figure you want to have saved when you turn 30. Then work backwards to set the monthly amount you’ll need to save to achieve that goal. This will give you a clear roadmap to success, and provide a simple and effective way to monitor your savings performance each month.

2. Maximise your savings plan

While the 50/30/20 rule is a good starting point, you can never save too much. Try reducing the amount you spend on your ‘wants,’ and redirect that money into your savings. Going without that pair of designer jeans or handbag may hurt in the short-term, but achieving long-term financial freedom will be worth it.

If you can aim for a 50/25/25 savings plan, or even a 50/20/30 plan, the extra money you save in your 20s will provide a strong foundation for investing in your 30s as you build towards genuine mid-life wealth.

3. Use a high-interest savings account

Your savings have the ability to generate interest. This is known as your rate of return and has a significant impact on your ability to build your wealth over time. One way to maximise your rate of return is to open a savings account with a high interest rate. For example, Standard Chartered Bank’s Bonus$aver account offers up to three per cent per annum interest on your deposit balances.

4. Pay off your debts

Repaying debts like student loans can feel like a pain in your 20s, but clearing your debt as quickly as possible will free up more of your income to divert into your savings account. That means rather than paying interest to your lender, you’ll be earning interest from your bank.

If you’re only paying the minimum monthly repayment on your loan, try to cut your spending so you can increase your repayment amount. Likewise, if you’re paying off one or more credit card debts at a high interest rate, consider refinancing with a single personal loan at a lower interest rate.

5. Get a side hustle

Adding a secondary revenue stream to your income is an excellent way to boost your savings. Put the extra earnings straight into your savings account to take advantage of a high interest rate.

Many people are finding ways to monetize their passion these days. These include starting a YouTube channel, building a social media following, selling hand-crafted items, even self-publishing a book. The possibilities are endless and all it takes is a bit of effort to make it happen.

Achieving financial freedom doesn’t happen by accident. You need to put an effective savings plan in place and stick to it. Getting started in your 20s will put you well ahead of the game by the time you turn 30.

Want to save better? Get your savings off to an excellent start with a Standard Chartered Bank Bonus$aver account.

Terms and Conditions

¹Please visit for full terms and conditions of the Bonus$aver account Product Terms.


Deposit Insurance Scheme

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.

This article is brought to you by Standard Chartered Bank (Singapore) Limited. All information provided is for informational purposes only.

banner image


Enjoy up to 2.5% p.a. interest when you sign up for a JumpStart account now.

Terms and Conditions
banner image


Follow us as we share tips and tricks to help you get a jumpstart in life


You are now leaving the Standard Chartered Bank (Singapore) Limited (“SCBSL”) website to access a third party website (“Third Party Website”).

SCBSL shall not be liable for the handling of any information you may provide on the Third Party Website, or for any loss incurred in connection with your access to or use of the Third Party Website. SCBSL makes no warranties, representations or undertakings about the Third Party Website.