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How to be a Money Savvy Teen in SG with these 8 Simple Tips! May 14, 2017 Source : http://accdenteach.blogspot.sg/2017/05/how-to-be-money-savvy-teen-in-sg-with.html Being a teenager in Singapore is no joke. Almost every activity on our beloved little red dot requires money! So many things to do but so little money - What should I do? Fret not! Want to “Yolo” without breaking the bank? Here are our eight great tips on how to manage your money in Singapore! 1 : Start habit of saving spare cash when young We have heard too many stories of fellow teens overspending their allowances – spending on whatever takes their fancy with nary a thought. I suppose you think that it doesn’t matter right? Since Mom or Dad will always 'bail' you out if you're short of cash. Such thinking is wrong and dangerous as your parents will not always be with you in your life to save you from your financial mistakes!. Cultivating a habit of savings is a good virtue and will set you on the right way in life. How to do this? Read on in our next tip. 2 : Establish a steady income We don’t mean to give up your full-time studies now but to find opportunities to gain a steady source of income. It could be helping out at your parent’s food stall. Or helping your siblings in exchange for some allowance from your parents. Or perhaps you could offer your services to help clean your neighbour’s car every week! If you have a bicycle or motorbike why not take up delivery (UberEats, Deliveroo) while you are at it. You can keep yourself fit while earning money! The point is to obtain a source of steady income so that you will rely less on your parents and be more independent. It will also set you well for adult life and help you to discover where your interests are! 3 : Set a budget and start a savings account Now with a steady source of income it is important for you to set a budget each month. Hopefully with this means of steady income you will understand that money does not come easily and has to be earned. And with this virtue you can perhaps resolve to set aside a fixed portion of your income every month. It also pays to set goals while setting a budget. Want to go for a bikepacking trip to Thailand? Start saving for it every month! 4 : Learn to recognize wants and distinguish them from needs. This is one of the most important virtues to learn at a young age. Sure that brand new Samsung S8 might be all so desirable. But a XiaoMi does the same functions for so much less money! Identifying what you need from what you want will help you save so much money! 5 : Make use of your student pass! You might not know this but being a student entities you to some great deals in Singapore. KFC for example offers student meals on weekday afternoons and evenings. Various restaurants such as Jacks Place and Manhattan Fish Market also offer special meals for students! Running low on mobile data? Make use of your student pass and sign up for the youth mobile plans to get free extra data at Starhub! Yes don’t hide away your student pass with the dorky photo. Your student pass is useful in Singapore! 6 : Have fun working together with friends to avoid spending! Peer support is the biggest motivator among teens. Instead of competing to see who can spend more – compete to see who can save more! Anyone can spend but it takes someone with real passion and determination to save real cash in Singapore! Pair up with your friends to get that one for one deal! Want to watch a movie? Go to Johor Bahru! You can watch 2 movies for the price of 1 in Singapore! 7 : Reduce, Reuse, Recycle! Wise old adage and still so applicable in our time. Don’t feel down getting those hand-me-downs from your older sibling. Rejoice for you can save up on those textbooks for your next big bike packing trip! Have some old junk lying around – don’t just throw them away. Put them up on Carousell! People might be willing to pay to offload your unwanted items off you! 8 : Start retirement savings as early as possible. It is never too early to think about retirement. The truth is that the earlier one starts saving the earlier one can retire. Starting a savings plan from young, even depositing small amounts each month can eventually lead up to a sizable and secure retirement amount well into your future!