As a student with no financial stability, is it possible to grow our money? How do we do that? - Seedly
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Anonymous

Asked on 30 Oct 2020

As a student with no financial stability, is it possible to grow our money? How do we do that?

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To keep thing simple, you need 3 key components & have to happen in the following sequence.

1) Income. (Go get a part time, sometime multiple part time)

2) saving. (U can take care your basic need,& got extra cash)

3) investment (using extra cash)

Even without any investment, if you do 1 & 2 very aggressively & live frugally throughout your studies phase. You will still be ahead of peers that just do 2 & 3. (Saving from pocket $$)

You can start investing after you graduate. When you can invest in term of thousand. That will more impactful to the investment.

Personally think this is a great time to build War-chest, when you are still studying.

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Feel free to place your savings in low-risk or risk-free accounts which attempt to combat inflation e.g. Singlife Manager, Dash EasyEarn, Gigantiq, Endowus Cash Smart Enhanced and DBS Multiplier.

As for investments, invest only monies which you are fine without. As mentioned by Min, it's way more effective to invest in yourself which can help play a part in determining your first salary and career progression.

When I was an undergraduate, I took a tuition loan from MOE and NUS. Then, I put my savings into Singapore Savings Bonds. The interest rates for SSB now are really low, so it'd make more sense to look into the stuff I mentioned in the first paragraph.

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For a student, I will say get a part time job or freelance.

You can earn a free hundred every month through work. BUT to earn a free hundred through investments, you will require a huge amount of time(For a small portfolio)

yes, i know one is active income the other is passive but u get what i mean.

Personally, I’m a student too. Through my freelance job, I managed to save quite a bit and started to invest.

(none of my investment $$ came from my parents)

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M

Min

Level 5. Genius

Answered on 30 Oct 2020

No financial stability means you need to set aside emergency savings first. Then settle your insurance coverage. Once you start earning money you can plan your spending saving and investments

I suggest you hold back on investment, the amount is too small anyway. You will see better returns by investing in yourself and your education

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Jasmine Loo

Jasmine Loo

Level 4. Prodigy

Updated on 30 Oct 2020

Hi anon! Thank you for the question! I am a student as well. For me, I have started with stashaway. I put in $50 first and slowly it became $10 a month to $50 a month. I recommend either stashaway or SYFE first? (okay in the article there is squirrelsave and Kristal.AI as well but I'm not familiar with them as I have not used them personally)

https://blog.seedly.sg/singapore-robo-advisor-investment-comparison

But you also should keep in mind of the possibility of a roboadvisor closing down? in the case of Smartly https://www.fintechfutures.com/2020/04/singapores-robo-advisor-smartly-shuts-cites-intense-competition/

However, if you want to start with a low risk options,

https://blog.seedly.sg/alternative-savings-account/

https://dollarsandsense.sg/6-investments-singapore-provide-guaranteed-principal-returns/

I hope this helps!

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Lee John

Lee John

Level 8. Wizard

Answered on 30 Oct 2020

Putting your money in the bank is still growing your money but at slow pace. Learn the concept, practice savings and invest when you have an income.

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