8 Simple Tips to Help your Teen be Money Savvy in SG.

[Pratakosong]

How to be a Money Savvy Teen in SG with these 8 Simple Tips! 

May 14, 2017

 

Source : http://accdenteach.blogspot.sg/2017/05/how-to-be-money-savvy-teen-in-sg-with.html

 

Being a teenager in Singapore is no joke. Almost every activity on our beloved little red dot requires money! So many things to do but so little money - What should I do?

 

Fret not! Want to “Yolo” without breaking the bank? Here are our eight great tips on how to manage your money in Singapore!

 

 

1 : Start habit of saving spare cash when young

 

We have heard too many stories of fellow teens overspending their allowances – spending on whatever takes their fancy with nary a thought. 

 

I suppose you think that it doesn’t matter right? Since Mom or Dad will always 'bail' you out if you're short of cash. Such thinking is wrong and dangerous as your parents will not always be with you in your life to save you from your financial mistakes!.

 

Cultivating a habit of savings is a good virtue and will set you on the right way in life. How to do this? Read on in our next tip.

 

 

2 : Establish a steady income

 

We don’t mean to give up your full-time studies now but to find opportunities to gain a steady source of income.

 

It could be helping out at your parent’s food stall. Or helping your siblings in exchange for some allowance from your parents. Or perhaps you could offer your services to help clean your neighbour’s car every week! If you have a bicycle or motorbike why not take up delivery (UberEats, Deliveroo) while you are at it. You can keep yourself fit while earning money!

 

The point is to obtain a source of steady income so that you will rely less on your parents and be more independent. It will also set you well for adult life and help you to discover where your interests are!

 

 

3 : Set a budget and start a savings account

 

Now with a steady source of income it is important for you to set a budget each month.

 

Hopefully with this means of steady income you will understand that money does not come easily and has to be earned. And with this virtue you can perhaps resolve to set aside a fixed portion of your income every month.

 

It also pays to set goals while setting a budget. Want to go for a bikepacking trip to Thailand? Start saving for it every month!

 

 

4 : Learn to recognize wants and distinguish them from needs.

 

This is one of the most important virtues to learn at a young age. Sure that brand new Samsung S8 might be all so desirable. But a XiaoMi does the same functions for so much less money!

 

Identifying what you need from what you want will help you save so much money!

 

 

5 : Make use of your student pass!

 

You might not know this but being a student entities you to some great deals in Singapore. KFC for example offers student meals on weekday afternoons and evenings. Various restaurants such as Jacks Place and Manhattan Fish Market also offer special meals for students!

 

Running low on mobile data? Make use of your student pass and sign up for the youth mobile plans to get free extra data at Starhub!

 

Yes don’t hide away your student pass with the dorky photo. Your student pass is useful in Singapore!

 

 

6 : Have fun working together with friends to avoid spending!

 

Peer support is the biggest motivator among teens. Instead of competing to see who can spend more – compete to see who can save more!

 

Anyone can spend but it takes someone with real passion and determination to save real cash in Singapore! Pair up with your friends to get that one for one deal!

 

Want to watch a movie? Go to Johor Bahru! You can watch 2 movies for the price of 1 in Singapore!

 

 

7 : Reduce, Reuse, Recycle!

 

Wise old adage and still so applicable in our time. Don’t feel down getting those hand-me-downs from your older sibling. Rejoice for you can save up on those textbooks for your next big bike packing trip!

 

Have some old junk lying around – don’t just throw them away. Put them up on Carousell! People might be willing to pay to offload your unwanted items off you!

 

 

8 : Start retirement savings as early as possible.

 

It is never too early to think about retirement. The truth is that the earlier one starts saving the earlier one can retire.

 

Starting a savings plan from young, even depositing small amounts each month can eventually lead up to a sizable and secure retirement amount well into your future!

[Sunny]

my son's pocket $ for 1 month ($6/day), gone in 3 weeks

fully agree peer pressure influenced him

go fast food chain..easily over budget

 

the final week, he has to eat grass

 

 

 

[Angcheek]

my son's pocket $ for 1 month ($6/day), gone in 3 weeks

fully agree peer pressure influenced him

go fast food chain..easily over budget

 

the final week, he has to eat grass

 

nowadays , kids are rich ......... during my young days , I visit fast food no more than 20 times. 

Most of the time only ordered 1 drink..... 

[Lala81]

my son's pocket $ for 1 month ($6/day), gone in 3 weeks

fully agree peer pressure influenced him

go fast food chain..easily over budget

 

the final week, he has to eat grass

How old is your son. I have to say that's not a lot of money for a sec school and older kid... lol.

I got like similar 20 years plus ago lol..

 

Barely barely enough for recess and lunch. In a coffee shop.

Edited May 16, 2017 by Lala81

[Wt_know]

$6 x 20 days = $120?

top up to $150 la ... else how to chase girls ... lol

[Sunny]

How old is your son. I have to say that's not a lot of money for a sec school and older kid... lol.

I got like similar 20 years plus ago lol..

 

Barely barely enough for recess and lunch. In a coffee shop.

Sec school

Other students also similar if not lesser

 

Peasant life

Expect them to eat in school most of time

Just enough is gd enough

 

Edited May 16, 2017 by Sunny

[Pinobii]

Sec school

Other students also similar if not lesser

 

Peasant life

Expect them to eat in school most of time

Just enough is gd enough

 

[Sunny]

Nowadays, i see primary school kids also eat mcd....my colleague give her boys $20 per day

 

 

[Pinobii]

[Lala81]

Sec school

Other students also similar if not lesser

 

Peasant life

Expect them to eat in school most of time

Just enough is gd enough

ð·

Daddy chase gals ma

Ya me too. Last time went fast food place was luxury for me.

 

Now...many students at Starbucks, coffee club, fast food places..jin rich

 

 

One student must be elite. Saw her studying at Crowne airport hotel lounge Lim atas Kopi n snacks

Canteen isn't open after school ends what.

Usually only drinks stall?

 

Either go home to eat which is usually not feasible unless u stay nearby.

 

Personally I never had an allowance. I run out of money I just ask. While this allowed me discretionary spending on like eating and movies.

I also didn't get to save up for things I wanted like a discman. Never had one. Doesn't really make me spend more or less than anyone else. My parents trusted me not to be anyhow using money so on my part, I never used their money frivolously. Eat fast food nowadays is also highly unlikely to be significantly expensive than eating in a food court. Maybe 50 cents to 1 dollar difference niah.

[Jman888]

Sec school

Other students also similar if not lesser

 

Peasant life

Expect them to eat in school most of time

Just enough is gd enough

 

 

 

 

$120-$150 is just right for secondary especially if they have cca and have lunch in school. Growing stage cannot deprive them from eating more.

[Sunny]

Canteen isn't open after school ends what.

Usually only drinks stall?

 

Either go home to eat which is usually not feasible unless u stay nearby.

 

Personally I never had an allowance. I run out of money I just ask. While this allowed me discretionary spending on like eating and movies.

I also didn't get to save up for things I wanted like a discman. Never had one. Doesn't really make me spend more or less than anyone else. My parents trusted me not to be anyhow using money so on my part, I never used their money frivolously. Eat fast food nowadays is also highly unlikely to be significantly expensive than eating in a food court. Maybe 50 cents to 1 dollar difference niah.