How do I save up money?

Oh you are pretty young! I won't worry about quantity of savings, its the habits that will help you in the future.

1) buy only term insurance that protects.

2) don't buy those insurance that saves money, you are better off with mutual funds, or those robo funds (seedly has a great article on robo advisors)

3) this is the one - Pay yourself monthly.

Every month, just put a fixed amount , say 20% of your income in that robo fund, or bank mutual fund, or those whatever.

PAY YOURSELF first, then you can go and spend.

That is the best way to save.

The good news is, you're young and time is your advantage!

First of all, figure out where most of your expenses are going.

Tips to save money:

1. Cut out taxis if you take them. The Singapore public transport system is efficient enough, and if you are going to uni, you probably get concession too. Make the most use of it!

2. Cut out expensive coffees, cakes, meals or generally anything at high SES cafes. Or even bubble tea at $5 a pop.

3. Drinking or clubbing sessions with buddies? Probably can cut out as well!

4. Buying the latest fashionable items? Time to cut down. Some of my well made clothes have lasted me a decade and counting.

In essence, for everything you purchase, look at the value you are getting per dollar spent. If you have that mindset, then you are on your way to being more prudent.