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How do I manage my NS allowance effectively?
To sum it up, out of a allowance of $630, $200 goes to investment while $100 goes to savings where the remainder goes to my expenses. If there's spare money in expenses, it goes to my investment. Personally, I have my own saving acc shared with my parents since young and am wondering if I even need another savings acc for my NS pay. Should I just use the $100 for investment instead and have zero $ allocated to savings since I'm young and have zero liability?
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Discussion (1)
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1) Are you able to withdraw $$$ from the share acc freely?
2) if yes, is it constantly increasing i.e. parent put $$$ in?
3) if yes again, no need save ur ns pay.
If no think about:
Saving is a safety net. U may not need now. But after ORD how sure u will be immediately employ?
Or after ord u go study? No income how to support daily expense? Unless parent pocket money. Definately not selling your investment for the expenses.