I’m 21 years old and heading for my National service. I have no savings now, so where should I start?

NS has allowance too.

Follow this guide by Seedly Ming Feng to find out how much NS allowance that you will get :

​

https://blog.seedly.sg/national-service-ns-how-...

​

Next also follow the same link apply 50/30/20% for savings, investment and expenses.

​

That will give you a good head start than other NS man ! Cheers !

1. when you get your ns allowance pay yourself first -> better to get a separate account for this
2. budget your spending
3. relook at all your expenses and see if you can cut things that are not required
4. eat cook house

Rather than advising on what and where to save, I think the most important thing you can start on is to have the discipline to put away any amount of money you feel comfortable with per month. Slowly increase till you reach your monthly savings goal. After that, rainy day funds would be the most important thing you'll be saving for. High(er) interest savings accounts can be considered once you have a more substantial amount of money lying in your bank.

Incidentally, there is a posb save as you serve account that is catered for nsfs https://www.posb.com.sg/personal/landing/posb-s.... Can check it out. Other than that, try to avoid eating at the canteen to save money and don't go clubbing. Can save quite a bit this way. If you get approached to buy savings or investment plans issued by insurers, avoid like the plague. There are better ways to invest your money. Ideally you should save up first before venturing into investment