Money and Finance
Today's post is a continuation of my previous post. You can read it here: The Truth About Polytechnic Students
So....knowing that polytechnic students face a higher level of expenses compared to their secondary school days, how much can they really save in a year? Or even a month for that matter?
By the way, I track my expenses with this app. Pocket Expense.
Tracking expenses is important because I can see what the bulk of my expenses are and where I can cut down on.
Moving on, what about the average polytechnic student?
I believe the average student gets around $250 -300. The allowance may be adjusted accordingly depending on their financial status / the need to pay for their own clothes, transport etc.
Alternatively, some students may work part time for their own allowance. But for this post, we shall assume the likely scenario that the average allowance is $300 / month.
Assuming, you set aside 10% of your allowance each month that's $30 a month.
That leaves you $270 to spend. $270/30 days = $9 a day.
Is that sufficient? Usually, $9 a day is enough if you're really the type that don't eat much or have a less active social life. Eg: Those that go home after school etc. But even the least active of us, would have to stay behind in school for project meetings. So...?
But moving on, if you do not have enough it means that you should find alternative sources of income. Eg: Part time jobs
$30/month x 12 = $360.
The average student can save $360 in a year!
I wonder how do others save / spend? Hopefully other students can share as well.
- Income Update - May 2013
May has now come and gone. It's hard to believe 5 months of 2013 has already passed us by. It was a solid month as far as budgeting is concerned. Despite not really tracking my expenses as they came during the month, I'm quite satisfied...
- Income Update - December 2012
December's income was lower than what I'd averaged through the first 11 months of 2012 but was still great at almost $6,500. It wasn't a great month for expenses but considering how much I went over budget on a few areas I'm happy that...
- Income Update - August 2012
August was a decent month for my spending with it being below my average so far for the year, but it was still higher than it should have been. My minimum expenses in August ended the month at $1,417.13. So far in 2012 my minimum expenses have averaged...
- Income Update - February 2012
February was right in line with most of my other months as far as expenses go. I'll start seeing the decrease in our cable bill since we dropped cable down to the most basic and have increased our internet speed and signed up with Netflix. This will...
- Saving During Your Growing Years
Everyone wants to be rich, don't they? This is especially true in Singapore, where the gap between the upper and middle class are increasingly widening and the costs of living are absurdly high. Everyone wants money. Some are content with having enough,...
Money and Finance
How Much Can A Poly Student Save In A Year?
Today's post is a continuation of my previous post. You can read it here: The Truth About Polytechnic Students
So....knowing that polytechnic students face a higher level of expenses compared to their secondary school days, how much can they really save in a year? Or even a month for that matter?
By the way, I track my expenses with this app. Pocket Expense.
Tracking expenses is important because I can see what the bulk of my expenses are and where I can cut down on.
Moving on, what about the average polytechnic student?
I believe the average student gets around $250 -300. The allowance may be adjusted accordingly depending on their financial status / the need to pay for their own clothes, transport etc.
Alternatively, some students may work part time for their own allowance. But for this post, we shall assume the likely scenario that the average allowance is $300 / month.
Assuming, you set aside 10% of your allowance each month that's $30 a month.
That leaves you $270 to spend. $270/30 days = $9 a day.
Is that sufficient? Usually, $9 a day is enough if you're really the type that don't eat much or have a less active social life. Eg: Those that go home after school etc. But even the least active of us, would have to stay behind in school for project meetings. So...?
But moving on, if you do not have enough it means that you should find alternative sources of income. Eg: Part time jobs
$30/month x 12 = $360.
The average student can save $360 in a year!
I wonder how do others save / spend? Hopefully other students can share as well.
- Income Update - May 2013
May has now come and gone. It's hard to believe 5 months of 2013 has already passed us by. It was a solid month as far as budgeting is concerned. Despite not really tracking my expenses as they came during the month, I'm quite satisfied...
- Income Update - December 2012
December's income was lower than what I'd averaged through the first 11 months of 2012 but was still great at almost $6,500. It wasn't a great month for expenses but considering how much I went over budget on a few areas I'm happy that...
- Income Update - August 2012
August was a decent month for my spending with it being below my average so far for the year, but it was still higher than it should have been. My minimum expenses in August ended the month at $1,417.13. So far in 2012 my minimum expenses have averaged...
- Income Update - February 2012
February was right in line with most of my other months as far as expenses go. I'll start seeing the decrease in our cable bill since we dropped cable down to the most basic and have increased our internet speed and signed up with Netflix. This will...
- Saving During Your Growing Years
Everyone wants to be rich, don't they? This is especially true in Singapore, where the gap between the upper and middle class are increasingly widening and the costs of living are absurdly high. Everyone wants money. Some are content with having enough,...