Starting your university journey is an exciting time – you can look forward to new experiences and opportunities for both personal and academic growth. As a second-year undergraduate in a local university, I’ve benefitted from newfound independence around planning my own schedule, organising school events and participating in various extracurricular activities. I’ve also met many new people – some of whom have become my closest friends.

Uni years – your first big wake-up call to pay attention to your finances

As with all new experiences, there will be the unexpected. If you’re just starting your university journey, you might be surprised (just like I was) to find that essential things and services like food and transportation are pricier than during your pre-university years. I have a few friends who resorted to packing food from home and cycling to school to avoid these high costs. It's probably your first big wake-up call to pay attention to your finances.

Personal tried-and-tested money tips for uni students

Money management doesn’t have to be hard. Just for freshmen like you (or more senior students seeking financial tips), I’ve decided to share my personal tried-and-tested tips so you too can get on top of your finances and thrive in uni.

1. Step up your transport game

As a university student, you have the option to sign up for the TransitLink Undergraduate Concession Card which allows you to purchase monthly concession passes for unlimited travel on basic buses (feeder buses, trunk services excluding Express and Premium Bus Services i.e. City Direct Services) and train services (MRT used for public transport excluding the Sentosa Monorail).

I’ve personally found this to be cheaper than paying adult fares using contactless bank cards when taking public transport. Do note that the cash payment mode incurs higher fares than adult fares. So, if you think using a single bank card for all your purchases, from food and leisure to transport, might be super convenient, the reality is you might be spending more.

Here’s a cost comparison between concession pass and standard adult fares (i.e. how much you’d pay via a contactless bank card).

I decided to purchase the Hybrid Concession Pass since I regularly take both the bus and train to school, allowing me to save a significant amount of money.

2. Look out for student steals

Whether you’re dining out, shopping for electronic gadgets or enjoying some R&R, take advantage of exclusive discounts for students at various establishments and don’t leave home without your student card.

While you could get a decent meal for S$5 at a school canteen during your pre-university days, you’ll pay S$6 to S$10 per meal in university. Food establishments on campus typically offer student prices and public prices, meaning you can save S$1 to S$2 by simply flashing your student ID upon ordering. It’s also good to know that places such as Jinjja Chicken, Monster Curry and Pepper Lunch offer student meals at less than S$10 – cheaper than the regular prices of S$15 to S$20.

Meanwhile, if you’re looking to chill with friends at the cinema, instead of paying about S$15 during peak hours (Fridays to Sundays, public holidays and eve of public holidays), I’d recommend modifying your plans so you can pay less than half that price – tickets for shows before 6pm on weekdays are S$7 for students. Want some bowling action on the cheap? Take advantage of student rates at bowling alleys such as Orchid Bowl, which offers student prices of S$30/hour during peak hours – lower than public prices at S$34/hour.

As a student, you can’t do without your gadgets, but you don’t have to spend a fortune on them either. I purchased my Apple Macbook Air at a subsidised cost of S$1,749 using my student discount and scored free Airpods worth S$263.80. That’s a whopping S$413.80 in savings!

Bonus tip: Join the @Student Perks telegram group to get first dibs on the latest student promotions.

3. Make money on the side

The luxury of receiving a regular allowance from my parents came to an end once I entered university. If you’re like me, you might decide that it’s time to start earning your own money to fund your daily expenses.

I opted for flexible part-time jobs such as tutoring and warehouse packing so I wouldn’t have to worry about clashes between my work and school schedules. When choosing these part-time jobs, I considered what I was interested in and could enjoy as “leisure” time.

I recommend tutoring as you can choose slots that best suit your schedule. It also pays well at around S$40 to S$45 per hour. Here are some popular telegram platforms where you can sign up for tutoring jobs:

• @Tuition Assignments Singapore
• @Nanyang Tuition Jobs Bot 
• @Astar Tutors 2.0

You can also consider taking up a teaching assistant role like I did in my university for a few semesters – it pays about S$20/hour and has allowed me to learn about facilitating a class.

Here’s a tip from my close friends studying in other local universities: use your school’s job portal to apply for internal job offerings such as research assistants and event helpers. 

4. Grow your savings

Earning my own money is one thing, knowing how to manage it and make it work harder for me is another. I learnt the importance of saving and growing my money. After researching the most suitable savings options for students, I ended up choosing Singlife Account which is an insurance savings plan that gives me a base return of 3%* p.a. on my first S$10,000,   and insurance coverage of 105% of the account value. I also get the flexibility to make top-ups and withdrawals any time I want, without any lock-in period.

5. Work hard, play hard (on a budget)

University life can be stressful at times so do make sure to reward yourself for your achievements big and small. As you’re fully responsible for your own expenses, however, it’s even more important to spend money prudently. Set aside a monthly budget for your expenses. If you’re not sure how, you can follow the 50-30-20 budgeting rule, which recommends putting 50% of your money towards your needs, 30% towards wants, and 20% towards savings.  (You can read more about this rule in How to thrive in your thirties)

It encourages a balanced approach to managing your finances, ensuring that essential needs are met, savings are prioritised, and there's room for discretionary spending on your wants.

Conclusion

These basic tips have helped me manage my finances so far and they’re a good starting point for any university undergraduate seeking to be independent of their parents’ financial support. Having said that, I’m always learning from others and figuring new ways to handle money better. With adulthood inching closer and closer, it’s good to continuously look for smart ways to grow your savings as much as you can.

^Notes

^{*The Singlife Account’s base return is 3% p.a. on the first S$10,000 and 1% p.a. on amounts above S$10,000, up to S$100,000. There are no returns for amounts above S$100,000. The applicable returns will be periodically declared by us. Any revision in the returns will take immediate effect.}

^{The Singlife Account is an insurance savings plan. It is neither a bank savings account nor a fixed deposit. For disclosures under the Payment Services Regulation 2019 for Singlife Account, please refer to [insert Singlife Account landing page]. This advertisement has not been reviewed by the Monetary Authority of Singapore.}