6 Money-Saving Tips for Singaporean Teens


Let us face it! Saving money as a teenager is challenging, especially when you have friends who are constantly buying new clothes or are going on yearly overseas trips. However, it is possible. Here are 6 tips on how teens can save money despite the temptations and less income.


Opening a savings account with the help of your parents or guardians is a good idea as it will train you to manage your money. It is a surefire way to boost your educational savings and to cover your other expenses. There are multiple junior accounts available in Singapore such as the CIMB Junior Saver Account, OCBC Mighty Savers Kids Account, and UOB Junior Savers Account. These banks offer about 0.05% to 1% interest p.a. and minimal initial deposits.


Organize your finances by separating the money for spending and the money for savings. Although you have stashed the money away in your savings account, it might be tempting to touch it when your cash runs out. Stop! Refrain from doing this.

Your savings are for emergencies and essentials, not for straightforward purchases like food and clothes. The smart thing to do is to have a direct deposit account which you can access on demand.


Keep track of where your money is going by creating a budget. You can either write everything down or have software that stores all the data. Be diligent when it comes to encoding what you spend in a week or in a month. Most of us tend to spend more cash on the weekends, so you can start encoding during this time.

Once you have an idea of where your money is going, you can set limits and targets next.


Your student ID is more than just a card that enables you to go to school. It is your means of getting discounts such as cheaper public transport or cheaper books. Many businesses and services offer student discounts throughout the year. Do your research to get more information.


There is no shame in asking your parents for help while you are starting to build your wealth. You can ask your parents to match your monthly savings by contributing to your account. If you put aside S$25 a week for a month, you can ask your parents to contribute S$100 at the month’s end. Do household chores in return for this favor.

Do not be afraid to ask! Once you have shown your parents that you are serious about saving money, they will reach out and offer their support.


For many young Singaporeans, having a part-time job is a rite of passage. Students can be able to find part-time jobs in the administration, hospitality, or retail fields. Investigate to see who is hiring in the area.

If these are outside of your interests, you can use your passion to create your own online shop. Use your extra income to grow your savings even more.

Sources: 1 & 2



Budget-Friendly Tips For Singaporean Teens

Saving money as a teenager is challenging, especially when your social media is constantly flooded with #OOTD posts. Online shopping is so tempting! Your peers may influence your spending habits too. It is important to note that while saving money is hard, it is not impossible!


They say that knowledge is power. This age-old statement highlights the importance of handling your own money smartly to make less financial mistakes. Educate yourself by purchasing books on financial literacy, by taking free money courses online, or by asking your parents for advice.

Parents and guardians play an integral role in shaping their children’s financial behavior and attitude towards money. May teenagers rely on their parents to set the right example when it comes to spending. Of course, it is not always easy to navigate the tricky waters of personal finance at this time. Hence, parents must teach their kids about the value of money and notice their spending habits.


Know where your money is going by downloading a software that can help you note down every single expense. I used to use either Mint or Spendee. Both apps are free.

While you crave for independence, you seek for your parent’s help when you run out of cash. Another way to keep track of your expenses is to allow your parents to view your transactions online. You may discuss meaningful ways to use your extra cash upon sitting down with your parent. Some financial apps such as DBS PayLah! allows the parents to monitor the teen’s digital allowance. It is safer as auto-debit is disabled. Furthermore, teens 16 and under will have a limit of S$999 to reduce the risk of fraud or theft.


Your student ID is more than just a representation of a less flattering picture of yourself. It can also get you discounts and promotions from different retailers. For instance, POPULAR bookstore offers student cards to teens. This will enable you to have a subscription of about S$8 for a year and S$20 for 3 years. This membership card includes birthday privileges, complimentary magazines, exclusive invites to members-only events, member’s discount, and more.

Moneys inside a pig

(Image credit: Anders Steen Nilsen, via Flickr)

Getting all the discounts or maximizing your privileges as a student can make saving a whole lot easier. It ensures you can put more of what you make in a safe place until you need it.