Saturday 31st Jul 2010 12:14 AM
Welcome to Qotion.com!
Qotion.com is a website for you to browse and discuss financial products. Currently, we are undergoing further development, and hope to serve you when we relaunch the site with new features. If you are interested in our development process, do fill in the subscription box on the right for upcoming newsletters.
Fri, 09/18/2009 - 01:15
Well, let me do a self introduction of myself.
I am currently 17 years old, i'm from singapore, i'm from a relatively poor family,when i was young, i had no bank account, no savings, i could only buy things that fill my stomach.
Ever since i reached 16, my sister started working, my father increased my allowance. i just started saving money when i am 16, my allowance is around 50 dollars SGD per week, which was relatively average for my age group, i am now saving 40 a week only, which is around 160 a month. which was quite hard to mantain, but after few months i started to get used to a rather thifty life, my plan was to save as much as possible, to make sure i have enough money when i grow up and for my family, thats all. I have planned to save 4000SGD by the age of 18, which wasn't alot for everyone out there, but, better to have it than not have it right? however, i also hope that my savings could get a bit of good interest or investment out there, so i can save faster, and work out my future earlier. I want to get out of a family of poverty, and provide for my family, and help to give them a better life.
I need some advice on how to manage my finance to make it better, any advice will be helpful to me, ALL HELP WILL BE APPRECIATED=D thanks alot
Hi whackydoodle, it sounds like you already have a plan to save, that's a great start. As long as you spend within your means and have savings for a rainy day you should be OK.
At 17 you would probably think about school work and getting your degree or diploma to get a stable job. That will help you provide for you and some for the family expenses. You can also consider some government jobs that have scholarships, bursaries and assistance for lower income families if you qualify.
i hope this helps!
haha thanks, but i was thinking at my rate would it be good. cause i'm still a student with minimal allowance. any idea? or just wait till i finish my studies, haha
On that point actually, you could work out how much your studies cost you / your family.
Saving up enough for college fees is rare for any student these days. In Singapore, university education costs anything from $20k-$50k.
If you are thinking along the lines of investments, technically you don't have to start with a lot of money. Probably quoted too many times over, Mr Buffett bought some shares as a teenager. =))
My family background is probably similar to yours. I do not have any savings at all since young. Started my first posb account when i reached sec one. Most importantly is to be thrifty (which i was not and regretted very much!)... I think you are already thrifty... Next is to do part time jobs... You can try to do those temp jobs during your vacations... For me, I did tuitions, data entries, sales assistant... Extra income can boost your savings too...