Master your money: Budgeting and financial literacy tips!

Starting university is an exciting milestone, but managing your finances can feel overwhelming. Don’t worry – with a little planning and awareness, you can stay on top of your budget and make your money work for you. Here are some practical tips to get started:

1. Create a Budget

A budget is your financial roadmap. Here’s how to set one up:

• Track Your Income: List all sources of income, including allowances, part-time job earnings, or bursaries.
• Categorize Your Expenses: Separate your needs (e.g., tuition, rent, transportation) from your wants (e.g., eating out, entertainment).
• Set Spending Limits: Allocate a portion of your income to each category and stick to it.
• Use Budgeting Tools: Apps like Seedly, DBS NAV Planner, or OCBC’s Financial OneView can help you track spending and set savings goals.

2. Be Strategic with Your Spending

Small savings add up quickly. Consider these tips:

• Shop Smart: Take advantage of student discounts, buy in bulk, and look for sales.
• Cook at Home: Eating out in Singapore can be costly. Preparing your own meals is healthier and more affordable.
• Use Public Transport: In Singapore, buses and MRTs are highly efficient ways to save on taxi fares or ride-hailing apps. 

Avoid Impulse Purchases: Always ask yourself if you truly need something before buying it.

3. Build an Emergency Fund

Unexpected expenses can crop up. Start small by setting aside 10% of your monthly income until you have at least three months’ worth of essential expenses saved.

4. Learn About Financial Aid

Singapore offers numerous support schemes for students. Explore:

• Government Bursaries: MOE Tuition Fee Loan, CPF Education Scheme, or Mendaki financial aid.
• University Grants and Scholarships: Check your university’s website for programs tailored to low-income students.
• Community Support: Organizations like SINDA or CDAC often provide supplementary assistance.

5. Start Building Good Financial Habits

• Track Your Spending: Review your expenses weekly to identify patterns and areas to cut back.
• Use a Credit Card Responsibly: If you have one, only charge what you can pay off each month to avoid interest charges.
• Think Long-Term: Start saving for future goals like exchange programs or internships abroad.

6. Seek Guidance

Don’t be afraid to ask for help. Reach out to:

• Family Members or Mentors: They might have valuable budgeting insights.
• Financial Advisers: Some banks and universities offer free financial literacy workshops.
• Online Resources:
  • MoneySense: Singapore’s national financial education program, co-run by MAS and MOM, offers practical resources to manage money wisely.
  • MoneyOwl: A social enterprise owned by Temasek Trust that provides helpful articles and financial planning tools.
  • Institute for Financial Literacy: Conducts free and unbiased financial education programs in collaboration with MoneySense. Check out their Facebook page for updates.
  • MoneyOwl eBooks: Free eBooks like "12 Common Financial Planning Mistakes" and "MoneyOwl's Financial Planning Philosophy" are great resources (email signup required)

Pro Tip: Celebrate Small Wins

Reward yourself when you hit your savings goals, even if it’s something small like a treat or a movie night. Positive reinforcement keeps you motivated!