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Anonymous
I spend around $150 on food in school, $51 for concession card, $19.11 for monthly entertainment subscriptions and the rest on savings or entertainment. i usually put $200+ into my bank. however, i always exceed on expenses and have to take out from my savings account 😭 any advice?
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Rais M
06 Mar 2020
Accountant at SME
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If you are always exceeding your expenses, then you should look at where have you been spending your money on, and is there any way where I can cut down on the uncessary expenses.
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Invest in yourself (education/formation/optimum career path choice to have a profession that you love - if possible)
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Arpita Mukherjee
13 Nov 2019
Community Evangelist at Kristal.AI
Hi Anon,
There are plenty of safe ways to save, invest and have your money grow. You can go for REITs, other ETFs and bonds, but before you do that, I'd suggest you read up as much to understand what a Robo-advisor really does. Robo-advisory platforms assess your current financial position and recommend a portfolio strategy after reviewing your risk profile. These bionic advisors are still not very different from your ordinary financial advisors as both options will still have a management fee incurred for users. The difference lies with the amount, as Robo-advisors have lower management fees. And the best part is that they give you the most unbiased advice.
You can read here for a better understanding.
I work at kristal.AI, and my mojo is to help people make the right financial decisions. If you think I helped you, do give me "Thumbs up". If you think my response was biased let me know, I will work on it.
I hope this helps you make the right decision.
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Boosting up Vincent Tan's answer.
If you are able to have two bank accounts, go for that. One bank a...
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Impressive. Having a $500/$600 income as a poly student.
Let me suggest 3 simple steps.
The moment you make your $500. Put that $200 into a bank account that does not have an atm card nor easy to transfer the money out.
Come out with a budget on how you will spend the balance $300. Track your expenses.
Stay at home when you ran out of money for the month. i.e. when you spent the entire $300
The reason for having a budget and track them is to allow you to have a good understanding on where your money goes. You will be surprised at home much we spent at Starbucks just to study. Or how much we spent eating out or party with friends.