facebook2nd year poly student here, i realised i've been spending a lot on social life. I want to start investing, should I cut off 100% of my social life and just stay at home and invest these money instead? - Seedly

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Anonymous

19 Nov 2020

Random

2nd year poly student here, i realised i've been spending a lot on social life. I want to start investing, should I cut off 100% of my social life and just stay at home and invest these money instead?

Discussion (13)

What are your thoughts?

Sabrina Wong

Sabrina Wong

15 Nov 2021

Level 5·Communications at University at Buffalo

Hey there! Cutting off your social life by 100% might seem a bit extreme. May I suggest you begin with baby steps - https://www.sevendollarmillionaire.com/1-baby-s...
 
I found this quote very useful in the article:

“Done right, saving money is more fun than spending money.”
 
I think you should take the smallest, easiest, most simple steps you can, while slowly transitioning to the lifestyle you want to achieve.
 
Since you may have turned 18 already this year, you can consider Hugo Save too. It is a digital account that helps you spend, save & invest, starting with gold. If you are keen, you can download and try the app here: www.hugosave.com
 
1. You can open your account in under 4 min. All you need is your NRIC/ FIN and a selfie. It's open for users above 18 years of age.
2. The Hugo account comes with a Visa Platinum Debit card that you can also use on MRT or buses.
3. With Hugo Roundups, your purchases get rounded up to the enarest dollar and the loose change is auto invested into gold.
4. You can actively save for your financial goals through Hugo Money Pots.
5. Start your investment journey in gold through Hugo Gold Vault. With Hugo, you can invest as low as $0.01 in gold. I love the fact that Hugo makes saving and investing a habit and not a chore. It has helped me save and invest a little every singe day.
 
I also love the fact that Hugo makes saving and investing a habit and not a chore. It has helped me save and invest a little every singe day. Hope this helps! :)

Zaid Zed

Zaid Zed

19 Nov 2020

Level 4·Investor/risk management at financial firm

I used to think like you in the past cutting down on social life , saving money. But I realised something, i miss out a lot on the ability to build network which is one of the most important skills to have in life. You will thank me later when you are an adult.

when we are too frugal it affects us mentally over the long term. Learn to spend wisely, not in extreme ways.

I echo most of the answers here, in that there's a need for moderation and cutting out 100% of your social life is not the answer to your problem.

To add a new perspective on things, social life does not equal to spending money. You could maintain a social life, chill with your friends and loved ones without burning a hole in your wallet, by engaing in low cost or no cost activities! The occassional splurge once in a while is fine, as long as it doesn't happen every other day.

You can only be young once. I don’t think you should totally cut off socialising as we human beings are social animals by nature. Socialising is also part of building up your network. It can be demoralising cutting off all social life which can be unhealthy for your mental health in the long run.

Since you already know the root of the issue, working on cutting down unnecessary expenses instead! Look for cheaper alternatives for similar type of activities... eg., instead of cafe, go to Kopitiam similar. Instead of getting branded apparels & accessories / latest mobile phone, go for those that are functional yet affordable.

On the other hand, get a part time / free lance job to build up your capital. But if you think you are unable to cope both work & studies at the same time, then focus on your studies first. Work on cost savings and slowly build up your emergency fund before jumping into investment.​​​

Musyaffaq

Musyaffaq

05 Nov 2020

Level 7·Business Studies Graduate at Ngee Ann Poly

To answer your question directly, no you shouldn’t do that cos that might take a toll on your mental...

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