Living in Singapore is expensive, and as students with no (or minimal) income, we definitely feel the pinch. All those bubble teas, movies, and fidget spinners add up, and if you’re not keeping track of your budget, you can quickly find yourself with an empty wallet – not a good feeling!
Here’s some tips on scheduling your expenses to help you save for the things you enjoy most.
Setting A Budget
Set a personal budget by figuring out how much your allowance is, or how much you’re earning, and plan your expenses for the month. These include:
1. Meals – breakfast, lunch, dinner, and supper if you can’t say no to late-night jios!
2. Transport – consider getting a concession pass to save on bus and train rides.
3. Bills – phone bills, utility bills, and credit card bills (watch your spending on the last one)!
4. School-related expenses – textbooks, stationery, and tuition can be expensive.
5. Random expenses – snacks, drinks, tissue packets, and the like are little expenses that can add up.
6. If you’ve still got some cash left behind, congratulations – that goes into your savings!
Now, it’s hard to keep to a budget. In the spur of the moment, we may find ourselves tempted to break our budget plans. So how do we motivate ourselves to spend less, especially when we gain such sweet satisfaction from spending on impulse buys?
Scheduling is the most important thing in keeping yourself motivated. Remember that if you spend on lots of small things now, you won’t be able to spend on anything big in the future. Like to travel? When school’s finally out and school holidays roll by, you may find that while you now have the time, now you haven’t got the money! So, fight the urge to overspend, and put some money aside to make your future plans a reality – whether it’s that big house, big car, or that big trip around the world. Your future self will thank you for it.
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