facebookI’m a poly student who is working 2 jobs and with pay of around $500/$600 per month. How should I save and spend my money to maximise my savings? - Seedly

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          Anonymous

          06 Mar 2020

          Saving Hacks

          I’m a poly student who is working 2 jobs and with pay of around $500/$600 per month. How should I save and spend my money to maximise my savings?

          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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              Discussion (19)

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              Sarah Chan

              Sarah Chan

              03 Jun 2019

              Level 7·Business Administration at NUS

              Hey there anon! Really agree with Shaun's input and wanted to add a little more:

              1. Food & Beverages: I really encourage meal prepping too, it helps you in budgeting & being healthier!! To minimise your grocery expenses, I recommend going to bulk stores (Go google Unpackt SG) & wet markets where items are more pocket friendly. Additionally, you should set a monthly (or weekly, whichever floats your boat) limit on the amount you can spend on F&B.

              I recommend you check out the following Seedly articles too: 1) Article for supermarkets' reward programmes that you can share with your family in order to stretch every dollar spent, 2) Article on closing time discounts you can get on different food items! It's such a steal when I manage to bag home the rotisserie's roast chicken (which I then use in my meal preps)!

              1. Entertainment: Again, set a limit on the amount you can spend every month in this area. Say no to jios when you've (unfortunately) spent beyond your limit. This drives me to save more for the following month to reward myself too.
              1. Promos & cashbacks: There're several channels on Telegram for you to learn about the various promos & deals in Singapore. If you haven't heard of cashbacks, do check out Shopback! It makes the burn in your wallet hurt a little less from earning back the cashbacks. For food expenditure, you can earn cashback via Shopback Go too.
              1. Track your expenses: Last but definitely not the least, you should consider downloading the Seedly App to track your monthly expenses and set those limits that I mentioned prior. Our Seedly App is very intuitive and user-friendly for everyone!!

              To wrap up, I wanted to say keep up the good work at planning your finances! Perhaps you would find this Seedly article on managing your personal finances relevant too (as a student, maybe you should focus on the first 3 pillars). Hope I helped :-)

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                  1. If you are motivated and can work around your job schedules, see if meal prepping helps to reduce your food expenses in school.

                  For me, I will pack lunch to work most weeks. Lunch is steamed vegetables usually. My lunch budget for the week is about $10-15 for the vegetables. The other costs are time to prepare and steam the vegetables every morning and electricity for the steamer.

                  That said, this method doesn’t work if you blow the budget on your dinners or other expenses.

                  1. Use cash for all your expenses.

                  Have a fixed amount of cash as in your wallet per week, as your spending budget. If it’s gone, it’s gone. Go hungry or walk home as required.

                  1. Designate one “no spend on entertainment” day per week.

                  Find free activities to do or stay at home to read.

                  1. Open a separate savings account that is not readily accessible.

                  No ATM card or online only account like CIMB FastSaver etc.

                  1. Save and consolidate your savings every quarter to buy Singapore Savings Bonds.

                  Out of sight, out of mind.

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                      Arpita Mukherjee

                      Arpita Mukherjee

                      13 Nov 2019

                      Level 8·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 REI...

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