From sharing upsized meals to scouting deals at warehouse sales, students are often resourceful in making the best of their limited pocket money. If you are a tertiary or university student in Singapore, you may identify with some of these simple yet fool proof money-saving tips but read on anyway, and join us in relooking at your current resources and ways to make better use of your money. Read on!
Bring your student card everywhere
Being a student has its perks! Your student card is your access to all-you-can-eat student buffets, lunch/beverages promos, discount tours, attractive tickets, etc. By saving on the daily essentials and entertainment, you can maximise the use of your allowance.
So, bring your student card everywhere to enjoy these student perks. Also, keep in mind the saying, “Ask and you shall receive”. Buck up your courage and ask nicely for student discounts, you may just be surprised.
Buy and sell your belongings
Make the most of your used textbooks by selling them if you no longer have need them. By doing so, you’d have some extra allowance to buy the books that you’d need for the new semester. Buying second-hand textbooks instead of new ones can help you to save yet another round!
Don’t stop at used textbooks though. It may be good to Marie Kondo your room occasionally to declutter and sell off items that you have outgrown (e.g. off-season clothes, bags, collectibles, etc.) for some pocket money. Some of the major online shopping marketplaces include Lazada, Carousell, Shopee, etc. Not convinced? This lady used Carousell to fund her wedding!
Earn on the side
For the fortunate ones, you’d probably be receiving monthly allowances from doting parents but who would not want more money? Getting a part-time job can earn you extra pocket money, gain experience and acquire life skills. If you enjoy visiting hipster cafes, why not take up a part-time job in a coffee place and gain barista’s experience?
According to job ads seen on Indeed, salary for part-time work are about S$8 to S$12 per hour on average, depending on industry and work scope. Presuming you earn S$12 per hour and work at least 20 hours per week during the school holidays, that would mean S$960 in a month!
Grow your money and get protection
An insurance savings plan like the flexible ELASTIQ^ can help you to grow your savings at 2.02% p.a. for the first three years. This means that if you save S$5,000 with ELASTIQ, you shall earn S$101 in the first year. That’s equivalent to 3.5 cups of bubble tea per month!
Unlike most some insurance savings plans that have a strong hold on your money, ELASTIQ whole life insurance savings plan by Etiqa allows top ups or withdrawals after 90 days with no penalty or interest clawback. This means that you can have easy and quick access to your money, and in the event that you need some cash (e.g. travel funds for overseas student exchange), you can make partial withdrawals without any penalty. The remaining funds in your account will continue to accumulate interests. It ELASTIQ also provides life cover with death benefit at 106.8% of account value.
What’s the catch? Well, the initial single premium begins at S$5,000. If you do not have this amount yet, you need to be more diligent in saving your pocket money. Also, there’s a service fee of S$5 every month if your average daily account value for the month falls below S$5,000. Learn more!
Don’t underestimate promo and referral codes
Making purchases online is quick, convenient and sometimes cheaper. A quick web search can help you to find promo codes that can translate to significant accumulated savings. Sometimes, these promo codes work offline as well. Just the other day, I was at a KFC joint and it suddenly struck me that I should look for promo codes before purchasing my dine-in meal from the self-service kiosk. A quick visit to the KFC website helped me to save S$2.40 (almost 50%!) on the Zinger burger and all I did was to use the coupon code!
In addition to cyber security, did you know that by clearing your web browser’s cookies and cache can ensure you to get the best prices on certain sites? This is because it will appear as if it’s your first time visiting these sites, and you’re likely to see a much better price.
#TiqOurWord Sharing has its perks. Making purchases in bulk or using referral codes can help you and your loved ones to get the best deals and savings. With ELASTIQ Referral Program, you can receive an S$50 Takashimaya Voucher for yourself, and your friend will receive Etiqa eWallet credits worth 0.5% of policy’s premium value as a sign-up gift! Terms apply.
The poor students’ money woes
Being a student has its perks indeed, but it is also very challenging. How can you not be broke and still have a fun and balanced life? At the end of the day, it boils down to maximising your resources, stretching your dollar and living within your means. So, good luck!
^As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid.
Information is accurate as at 17 May 2019. This content is for reference only. You should seek advice from a financial adviser before deciding to purchase the policy. If you choose not to seek advice, you should consider if the policy is suitable for you.This advertisement has not been reviewed by the Monetary Authority of Singapore.