Can any NSFs here share how you allocate your NS allowance? - Seedly
 

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Asked by Anonymous

Asked on 17 Sep 2018

Can any NSFs here share how you allocate your NS allowance?

My allowance is $580. I’m a stay-out ASA. STI etf $100, Stashaway $100. UOB stash acc $100. Transport concession cards $85. The rest for fixed and variable expenses. How about yours?

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Gabriel Lee
Gabriel Lee
Level 6. Master
Answered on 18 Sep 2018

Hey, I'm currently an NSF too. Didn't indicate interest to go for command school and I just got posted to become a Signal Operator as I'm not one of those who love military activities, outfield etc. But my commander told me that since this 2 years is compulsory, so why not give it my all? So it depends on oneself. Currently I believe that it'll go up slightly with the combat allowance and as I get promoted in the near future.

Basically, I opened a POSB Save As You Serve (SAYE) account and allocated $400 of my monthly salary into that account where it'll be automatically GIRO-ed on the 11th of every month. This account will give me 2% interest on the amount inside after I ORD, assuming that I do not make any withdrawals which I don't foresee I would. You can consider it since it forces you to save and offers an attractive interest rate. You can check it out here - https://www.posb.com.sg/personal/deposits/savings-accounts/saye

I also invest $100 monthly into Stashaway, adopting the dollar cost averaging method. With limited salary, I chose to invest in US ETFs over the Singapore STI ETF due to better diversification and historic performance. You can choose to DCA on both as well.

My remaining money goes to other expenses such as food, transport and telco bills. I have emergency funds and my life savings parked in CIMB Fastsaver to earn 1% interest instead of 0.05% with the old POSBkids account or my DBS Remix savings account which I use to receive my salary through. Within the CIMB Fastsaver, I opened a Fixed Deposit account and parked quite a sum for 12 months to get 1.84% interest as CIMB is currently offering that promotional rate due to their 9th birthday. I do not foresee that I'll need these funds that are parked in the SAYE and FD account as I'm a stay in NSF and am just saving for further studies as I'll be pursuing a degree in Computer Science at Nanyang Technological University after I ORD in 2020. Even should I need those funds urgently, I can easily make a withdrawal, just that I'll lose the additional interest that I could have potentially earned.

All the best in your NS journey and look forward to ORD!

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Kenneth Lou
Kenneth Lou, Co-founder at Seedly
Level 8. Wizard
Updated on 07 Jun 2019

You are really disciplined man! And starting way earlier than many of us here :) Which is great! For me, when I was an NSF, I earned around $1k, saved about $500, spent the other half, I was stay in. While learning to invest via books and audiobooks.

After I ORD, I immediately went to learn a new language (french), and scuba diving, using my saved up money. Something which I would recommend you to do also :)

Don't just save up for the sake of it, but try to upgrade yourself and experience new stuff along the way!

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Question Poster

15 May 2019

Hello, thank you for your reply. Just wanted to update this. I will ord as private (I didn’t finish BMT so $590 all the way) next month and it’s been a learning experience to read the contributions here on seedly so thank you! It’s been a tough journey on savings. There are many days where I lose my discipline and over spend. So far I’m happy to have accumulated and saved $1.7K in total assets (cash and investments) since this question was posted. I stopped STI ETF and focused on my StashAway to focus on my goals. I sold 3/4 of my STI units and that’s my first encounter of fear when I started losing a few dollars. I regret that choice but learned from it. I’ve also explored and found out from you guys there are banks that offers better interest rate. So I split my emergency funds from UOB to another high interest bank account. Along the way, I’ve also discovered other alternative safe investments and I chose to put a significant position on silver. I found stacking a hobby and started my own savings blog @argentum.centurion on Instagram. I’m still in-progress in my financial literacy and it’s been great. Last update, I’ve changed my transport concession from $85 to $52 (bus only). Enjoying the ride and not the rush!:) haha Saving up for my goals. Still upgrading and learning new stuff!
Kenneth Lou
Kenneth Lou

15 May 2019

Hey friend! Really really awesome man. :) Looking forward to hear about your journey as well. If you can, you should help to share all your NSF savings experience with the community here as well by answering other's questions as you learn in your personal finance journey! You can click on this to find out more: https://seedly.sg/search?s=nsf
Zeeeee
Zeeeee
Level 4. Prodigy
Answered on 18 Sep 2018

It's hard to allocate it per month based for me cos my spending monthly are pretty diverse!

I've got about $1k a month as I'm a signal spec.

But well $200 will go to STI ETF/BOND ABF (half half). About $500 goes into POSB SAYE. About $200 goes to my parents

Once in a while I'd put $1000 in SSB if it looks good! Once in a while I'd also take a look at the stock market and get certain undervalued stocks which have pretty good returns.

I've got an amount of money parked in FS which I don't touch.. returns are re'invested' so guess that's great as well!

Some are placed in robo early on.

2 months to ORD and there goes my allowance hahahaha

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Jay Liu
Jay Liu, Diploma in Accountancy at KHEA
Level 6. Master
Answered on 18 Sep 2018

I'm a stay out driver. $80 on transport. Calculated from the website and found that I actually can spender lesser than concession. So stop buying it. $300 on STI ETF. $100 on REITS. Rest of savings in fastsaver and SSB. around $350 in food. I have some side income on top of my $616 ns allowance

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Lucas Ong
Lucas Ong, GreenBoii at GreenBoiisSG
Level 3. Wonderkid
Answered on 18 Sep 2018

Hi fellow greenboii!

With $560, I: 1. Transfer $200 to FastSaver 2. $100 in STI ETF 3. $100 in StashAway 4. $80 for transport 5. Rest in my normal savings account, and into SSB every $500.

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Nicholas Chan
Nicholas Chan
Level 5. Genius
Updated on 07 Jun 2019

Really good that u can save $300 out of the $580 as a stay-out personnel. You are way ahead of most nsfs!

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Leong Wen Fong
Leong Wen Fong

18 Sep 2018

I agree here! So disciplined!!
Gabriel Tham
Gabriel Tham, Tag Team Member at Kenichi Tag Team
Level 8. Wizard
Answered on 18 Sep 2018

When i was NSF, I just focused on saving. Save up a big amount to pay down the incoming student debt first.

If you are not furthering studies after that, then you can start to invest with it. Savings is key, reduce all expenses too.

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im going ns next year. Planning to spend $160 every month and save the rest. Once i reach certain amount in thousands, i will use it to invest like REITs and overseas ETF.

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