How should I handle my finances(50-30-20 rule) esp when I would have school fees coming up when I start school next year?

Hi, glad that you are thinking about saving money at your age. With the school fees, it's going to be difficult to really stick to the 50-30-20 rule, and you don't have to. For now, focus on saving up for the school fees. Calculate how much the fees would be, and whether you will still be working part time after you start school. Try to spend prudently and save the rest.

I think that taking an interest free student loan would be a good option since you are going to a local uni.

The 50-30-20 rule is just a guide, it will be great to save more and below are some tips:

• set up another 2 bank accounts besides your salary crediting account. On receiving your salary set up a standing order (or you can manually transfer) the amount of savings and investment directly.
• For the savings account I recommend the SCB jumpstart
• For the investment account you can try DBS with the Posb invest saver program while reading up on investments

If you are unable to meet your savings target try to cut down your expenses by tracking them.

Hello there! School fees definitely comes first when you start schooling. You say you have little savings, is there any particular reason why is that so? Any possibilities to cut down on some expenses to save up?

I actually don't follow the 50-30-20 rule per say, I just save as much as I can every month, and know myself that I am prudent and will not spend unnecessarily. As long as you can manage and control your spending, that is okay.

Oooo all these finance rules or guidelines... are just.. guidelines.

you don't have to follow it because everyone's circumstances are different.

most importantly... you are not working full time. You have a large expense that is temporary and as a young student, you can ignore these financial guidelines for an easier life. (living is not to save money but to maximise happiness)

If its me

1. school fees most important

2. daily expense

3. some entertainment to relax and reduce stress from work AND school

4. save whatever i can save

5. faster graduate and then become a lot more financially stronger.​​​