The conventional way is to save at least 20% of your income. Of course, people aiming to attain FIRE will tighten their belts and save a more substantial percentage of their salary - 50-70%.

Personally, I adopt a more holistic view of things. I have SMART financial goals that I must achieve within the year. This year, I plan to save $4,000 in my daughter’s college fun as well as contribute $15,300 to my Supplementary Retirement Scheme. Because I have concrete figures, you bet my mind is always thinking about how I should achieve these goals within a year. It becomes my fuel of motivation.