Being a student in Singapore comes with its financial challenges. Whether you're receiving an allowance from your parents or working part-time, learning to stretch your dollar is an essential skill. This article provides practical saving strategies specifically tailored for students in Singapore.
Setting Saving Goals
Before diving into specific strategies, it's important to establish clear saving goals. Having a purpose for your savings makes it easier to stay motivated.
Consider setting these types of goals:
- Short-term goals (1-3 months): A new pair of shoes, concert tickets, or a night out with friends.
- Medium-term goals (3-12 months): A new laptop, a holiday trip during school break, or a course to learn a new skill.
- Long-term goals (1+ years): Saving for university expenses, overseas exchange programs, or your first investment.
Write down your goals and the amount you need to save each week or month to achieve them. This simple act of writing down your goals significantly increases your chances of achieving them.
Transportation Savings
Transportation costs can add up quickly for students. Here's how to save:
1. Maximize Concession Cards
If you're a student in Singapore, you can apply for a Student Concession Card that offers significant discounts on public transportation:
- Secondary School Concession Pass: $27.50 for unlimited bus and train rides for a month.
- Polytechnic/ITE Concession Pass: $55.00 for unlimited bus and train rides for a month.
- University Concession Pass: $85.00 for unlimited bus and train rides for a month.
Compared to paying per trip, these passes can save frequent travelers hundreds of dollars per year.
2. Plan Your Routes
Use apps like SG NextBus or Citymapper to plan the most cost-effective routes. Sometimes taking a slightly longer route with fewer transfers can be cheaper.
3. Walk for Short Distances
Singapore is a relatively small and safe country with excellent pedestrian infrastructure. If your destination is within 1-2 kilometers, consider walking instead of taking public transport, especially if it's just 1-2 stops away.
Food and Dining Savings
Food expenses are typically the second-largest category in a student's budget. Here's how to eat well for less:
1. Make Use of School Canteens
School canteens are subsidized and offer meals at much lower prices compared to outside food stalls. A typical meal at a school canteen can cost $3-4, while the same meal outside might cost $5-7.
2. Bring Your Own Water Bottle
Singapore tap water is perfectly safe to drink. Bringing your own water bottle can save you $1-2 per day that would otherwise be spent on drinks.
3. Take Advantage of Student Meal Deals
Many eateries around educational institutions offer special student prices or set meals. Always ask if there's a student discount and carry your student ID.
4. Cook Simple Meals
If you have access to a kitchen, cooking simple meals can drastically reduce your food expenses. Even preparing just dinner at home can save $300-400 per month compared to eating out.
Some simple meal ideas include:
- Fried rice with vegetables and eggs
- Pasta with canned tuna and frozen vegetables
- Sandwiches with affordable fillings like egg or tuna
- Overnight oats for breakfast
School Expenses Savings
From textbooks to school supplies, educational costs can add up quickly. Here are some strategies to reduce these expenses:
1. Buy Second-hand Textbooks
New textbooks are expensive, but many courses use the same books year after year. Check with seniors or online platforms like Carousell for second-hand textbooks at half the price or less.
2. Share Resources
Form study groups where you can share resources. For example, one person can buy one textbook, another can purchase a different one, and you can share them.
3. Use the Library
Singapore has excellent public libraries as well as school libraries. Instead of buying books you'll only read once, borrow them. The National Library Board's mobile app makes it easy to reserve books and manage loans.
4. Digital Alternatives
Check if digital versions of textbooks are available, as they're often cheaper. Use free online resources like Khan Academy, Coursera, or YouTube tutorials to supplement your learning.
Entertainment and Social Life Savings
Having a social life is important, but it doesn't have to break the bank:
1. Student Discounts for Entertainment
Many cinemas, museums, and attractions offer student discounts. For example:
- Golden Village cinemas offer student prices on weekdays
- Museums like the ArtScience Museum offer up to 25% discount for students
- Singapore Zoo and other attractions have special student rates
2. Free Activities
Singapore offers many free recreational activities:
- Visit public parks like Gardens by the Bay (outside areas are free)
- Attend free events at the Esplanade
- Explore nature reserves like MacRitchie Reservoir
- Study or hang out at public libraries which offer comfortable spaces
3. Student Memberships
Consider student memberships for places you visit frequently. For example, a PAssion Card for Community Centres gives you discounts on various activities and services.
Technology and Gadgets Savings
As a student, technology is essential, but it doesn't have to cost a fortune:
1. Student Discounts on Software and Hardware
Many tech companies offer significant discounts for students:
- Microsoft offers Office 365 for free to students with a school email
- Apple has education pricing that can save you 10-15% on new devices
- Adobe offers discounted Creative Cloud subscriptions for students
2. Buy During Sales Periods
Plan major tech purchases around Singapore's major sales periods:
- Great Singapore Sale (June-July)
- 11.11 Sales (November 11)
- Black Friday/Cyber Monday (Late November)
- 12.12 Sales (December 12)
3. Consider Refurbished or Previous Generation Models
Refurbished electronics from authorized retailers come with warranties and can be 20-30% cheaper than new models. Similarly, previous generation models often see significant price drops when new versions are released, while still being perfectly capable for most student needs.
Banking and Financial Tools for Students
Using the right financial tools can help you save more effectively:
1. Student Bank Accounts
Most Singaporean banks offer special accounts for students with benefits like:
- No minimum balance requirements
- No or low monthly fees
- Free digital banking
Popular options include POSB/DBS SAFRA Youth, OCBC Frank Account, and UOB One Account.
2. Automated Savings
Set up automatic transfers to move a portion of your allowance or part-time income to a savings account as soon as you receive it. This "pay yourself first" approach ensures you save before you have a chance to spend.
3. Budgeting Apps
Use budgeting apps to track your spending and identify areas where you can cut back. Popular options for Singaporean students include:
- Seedly
- Spendee
- Money Manager
Part-time Work and Side Hustles
While saving is important, increasing your income can significantly improve your financial situation as a student:
1. Campus Jobs
Many schools offer part-time opportunities on campus, such as:
- Library assistant
- Administrative support
- Research assistant
- Campus ambassador for brands
These jobs typically work around your class schedule and understand academic priorities.
2. Tutoring
If you excel in certain subjects, consider offering tutoring services. In Singapore, tutors can earn $20-50 per hour depending on the subject and level.
3. Skill-based Freelancing
If you have skills in areas like graphic design, writing, programming, or social media management, platforms like Fiverr, Upwork, or even local Facebook groups can help you find freelance opportunities.
Conclusion
Being financially savvy as a student in Singapore doesn't mean you have to sacrifice your quality of life. It's about making smarter choices with your money and being intentional about your spending.
Start implementing these strategies gradually, and you'll be surprised at how much you can save without feeling deprived. Remember, the money habits you develop now will serve you well beyond your student years.
The key to successful saving is balance. Allow yourself small treats and celebrations of achievements, but keep your bigger financial goals in mind. With discipline and clever strategies, you can make your student budget stretch further than you ever thought possible.