facebook17y/o staying alone with allowance of $700SGD~ monthly, any advice for saving money? Etc splitting allowance into different groups? If so, how? Covering food expenses myself and don’t know how to cook - Seedly

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Anonymous

21 Apr 2022

Saving Hacks

17y/o staying alone with allowance of $700SGD~ monthly, any advice for saving money? Etc splitting allowance into different groups? If so, how? Covering food expenses myself and don’t know how to cook

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Follow the 50/30/20 rule, where u spend 50% of ur allowance on necessities like food and transport, 30% on things that you want, 20% save up in some high interest saving or cash account

In Singapore, I'm not sure how anybody can survive on only S$700/month. It certainly won't be a lot of fun. However, it is actually possible to eat well for around S$200 per month if you're sensible. You'll need to stick to tap water, and be very selective and intelligent about what you buy. Rent and utilities are going to be a real struggle, and a/c won't be affordable.

I think you'll need to get a job to supplement your income. Dignified survival on your own here needs something more like S$1,500 as a bare minimum.

His article has some tips on how to save money! most important is tracking your expenses (can use those budgeting apps! for me i use planner bee), and also do budgeting for every item category and stick to your budget

  • Split into fixed expense (transport to school, rental?...) and variable expenses.(food, entertainment...)

  • You can only cut the variable.

  • For food: Buy a loaf of bread for breakfast, $2+ can last few days.

  • When eating outside, your budget should be $3+ (bring your own water).

  • "Cai png" 1 veggie + 1 meat, fishball noodle, in coffeeshop still $3+. But this mean you are eating to live, not live to eat. You can bring your food expense down to $200+.

  • If u are attached, when having meal outside can shares if you are not big eater. Eg. Those jap/korean hotplate chicken @ coffeeshop usually $5.50. Just add 1 more rice. $6. Each person just $3. Yong Tau hu work very well with this strategy.

  • Or just get a part-time? As u work u earn more $$$ and u no time to spend $$$. Unavoidably saved money

Robin

22 Apr 2022

Administrator at SG

Passive approach

I think this is not the age to stay home and save as it will deprive yourself ...

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