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Anonymous

14 Sep 2020

Saving Hacks

How can I start saving when I only have an allowance of $200 a month?

My parents only give me $200 a month for my allowance. How should I start saving?

Discussion (1)

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Hi there!

Firstly you have to do a bit of budgeting, and plan how much the necessary expenses you will incur each day e.g. food, transport.

Here’s a rough budgeting framework that might help you

Food:

1 meal/weekday for 22 weekdays/mth = $4/meal x 22 days = $88

Transport:
$3/weekday for 22 weekdays/mth = $66

The above are based on certain assumptions. You have to factor in your own assumptions.

How many meals a day are you expected to spend on?

Is the allowance inclusive on weekends, i.e. Saturdays and Sundays?

What are other potential things you need to spend on e.g. handphone bill?

Budgeting is one thing, sticking to the budget is another thing.

I hope this helps you!

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