How do I start saving money as an undergraduate, given my circumstances? - Seedly

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Asked by Anonymous

Asked 2w ago

How do I start saving money as an undergraduate, given my circumstances?

Bank’s left with 1k till the rest of the year. No time to work part-time due to family. Got bursary but not given out yet. (App 3k/year) The laptop needs to change. Should I sign a credit card loan - to get a new laptop at comex? What should I take note of - instalment and int rate?

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Junus Eu
Junus Eu
Top Contributor

Top Contributor (Aug)

Level 8. Wizard
Answered 4d ago

Breaking things down from now till the end of the year: 1. Savings - $1k to cover 4 months. More information is required here, do you still take allowance from family? If not, $250 a month to cover all your expenses might not be feasible. 2. No time to work: If this is non-negotiable, then income till the end of the year = $0.

3. Bursary not given out yet: Cashflow issue, but I think it's good practice to inculcate good saving and investing habits from a young age.

4. Laptop - is a new one really required, and how will you finance it?: Is the need to change the laptop really a need, or more of a want? I agree with Gabriel that it does not make sense to get a loan if you are not able to pay it back. Additionally, as an undergrad, I believe you will have access to computer labs etc.

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Current laptop still working? If still working, then continue using. If not, can consider a second-hand laptop. If getting a new laptop, try to find a trade-in for the current laptop. Try not to sign a credit card loan if you have no means to pay back in the subsequent months. The interest rate will snowball out of control. If there are 0% instalment plans, you have to take note of extra fees and charges as well as any hidden increase in the price of the laptop.

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Your question is how to start saving money...

and you ended the question on a credit card loan.

I am not sure why no time to work, perhaps you can try to find work that helps you in flexi hours? Tuition for kids, small part-time creative work you can freelance at upwork or fiverr. Give yourself some motivation, work well for 3 mths and you can have a good laptop, no interests. And then extra money to keep and save.

If you really have to have a laptop, go to carousell and look for 2nd hand refurbished. Extremely cheap and value for money, especially those bought and refurbished by sim lim square shops.

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