Managing a budget is something that many of us struggle with, whether it is because of impulse spending or simply struggling to cope with the rising cost of living in Singapore. That leads us to wonder, how does that affect our young students? The youth among us that are operating on a fixed budget, be it an allowance from parents, or the earnings of a part-time job.
Those of us who are lucky enough to score enough an allowance from our parents or caregivers might still be feeling the pinch, as the older we get, the more we realise how hard our parents work for the money they so selflessly give us. Wanting to save as much as possible and not add to our caregiver’s financial strain might be a cause of concern for many youth of today.
As for those of us who supplement our daily needs with income from a part-time job, there is the concern of making enough at work to cover needs and wants, as there is no minimum hourly rate in Singapore. Combined with the limited hours available for working in addition to time spent in school, it is no wonder that many of today’s youth are getting more and more concerned with managing their finances.
If you are one of these many young people worried about the state of your bank account, keep on reading to find out some of the most helpful ways to stretch your dollar.
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Finding the best deals around you
If you are an avid user of Telegram, which you probably are, (let’s face it, which Gen Z isn’t) it’s time to take advantage of the many Telegram channels that offer discounts and coupon codes for a wide range if activities.
All these Telegram groups are free to join, offering deals from food and beverages, to date activities for you and your special someone!
These groups allow you to cut loose, while still saving a bit of money. After all, saving up doesn’t mean you just have to sit at home and eat Maggi.
Largest SG Telegram group for deals: https://t.me/goodlobang
Guide for student deals across SG: https://t.me/joinchat/TxqQuSdtT1fWlFFt
If you are looking for deals as well as financial literacy advice, DBS even has its own Telegram channel for youths that you should check out!
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Creating a Realistic Budget
Begin by outlining your income sources, such as part-time jobs, allowances, or scholarships. Then, list all your anticipated expenses, including rent, groceries, transportation, and entertainment. Creating an organised budget helps you understand your financial situation and allows you to allocate funds wisely.
Take advantage of the discounts available for students, especially for transport. If you are contributing to the household groceries, make use of the generous CDC vouchers, but always remember to spend within your means!
One way of tracking your expenses is to go old school, with an Excel sheet and implement formulas to do all the pesky math for you.
If you want something more streamlined, there is a wide range of apps on the market for you to choose from. Before you decide what works best for you, play around with a few apps so you can pick something that you will be consistent in budget tracking with.
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Prioritise Essentials
Distinguish between essential and non-essential expenses. Prioritize necessities before allocating money for discretionary spending. This ensures that crucial needs are met first and helps prevent financial stress.
Before indulging in movies or other recreational activities, calculate how much of your monthly income needs to be set aside for mandatory spending.
Things like your phone bill, transport fares, or money you spend on eating out when at school need to be set aside first. Whatever you have left over can be portioned aside for savings, and then finally the excess can be used for your fun activities.
As a general rule of thumb, a good guideline to follow when budgeting your income is the 50/30/20 rule. 50% of your income goes to your needs, like your necessities, and 30% to your wants, like your recreational activities, and the last 20% goes right into your savings account.
You never know when you might need a little extra cash, so it is always good to get into the habit of saving!
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Embrace the Power of Meal Planning:
Food expenses can quickly add up, especially for students. To cut down on the amount of money spent eating out, and saving money on that pesky GST and service charge, consider bringing meals to school or work from home.
To alleviate the stress of thinking of what to pack, plan your meals ahead of time, create shopping lists, and consider cooking in bulk to save both time and money.
This not only helps you stick to a budget but also promotes healthier eating habits. Not only that, learning how to cook is an essential life skill, regardless of gender, that you will use well in adulthood.
Here are some aesthetic meal plan charts to help you get started! With some luck, you will soon be wowing your friends and family with your skills in the kitchen.
By incorporating these budgeting tips into your financial routine, you can develop strong money management skills, ensuring that you navigate your student life with financial stability and a sense of control over your expenses.
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