Managing money might seem daunting, especially when you’re just starting to earn your own allowance or juggling part-time jobs. But here’s the thing—building good financial habits now can set you up for stability and success. From saving smarter to avoiding money traps, these money management tips are here to guide young adults in Singapore towards a more secure financial future.

Here are nine financial tips for young adults. 

1. Pay Yourself First 

Before you spend a single dollar, pay yourself first. This means setting aside a portion of your income from your part-time gigs or side projects for savings right when it comes in. By doing this, you’re ensuring that your financial priorities come before any discretionary spending. Automate this habit by setting up a standing instruction with your bank to transfer a fixed amount into your savings account. Whether it’s $50 or $200 a month, consistency is what counts. This “future you” fund might go towards a bigger goal later—like travel, education, or even an emergency (see next!).

2. Build an Emergency Fund 

Think of an emergency fund as your financial safety net. It’s not for shopping or holiday plans—it’s for unexpected expenses like medical bills, a laptop repair, or a sudden trip. Aim to save enough to cover three to six months of essential expenses. 

If that feels like too much right now, start with a small goal—like $500—and build from there. Add to it regularly, even if it’s just a little each month. Having this fund gives you peace of mind and the freedom to handle unexpected surprises without derailing your finances.

3. Create a Budget with Categories 

A budget is your best friend when it comes to understanding where your money is going. Start by organising your expenses into categories like food, transport, entertainment, and savings. Assign a realistic amount to each category based on your monthly income or allowance. This way, you’re not just tracking your spending—you’re controlling it. 

Bonus tip: Use tools like Notion or Google Sheets to make budgeting easier. A budget doesn’t have to feel restrictive; think of it as a guide to help you spend intentionally and still enjoy life.

4. Track Your Subscriptions 

After setting up your budget, it’s time to check for sneaky recurring expenses. Subscriptions can easily pile up—Netflix, Spotify, gaming passes, gym memberships, or even random app upgrades. Ask yourself if you’re still using all of them. If not, cancel the ones you don’t need. Better yet, team up with friends or family to share subscriptions and split the cost. By tracking your recurring charges, you’re cutting unnecessary spending and freeing up cash for more important goals.

5. Set Financial Goals 

Financial goals keep you motivated and help you focus on what truly matters. Start by listing both short-term wants (like concert tickets or a new gadget) and long-term needs (like tuition fees or an overseas exchange programme). Remember the scene from Confessions of a Shopaholic where Rebecca tries to justify a scarf as an “investment”? Don’t fall for that trap! Categorise your goals and prioritise them. For example, saving for tuition should take precedence over a shopping spree. 

Visualise your goals—use a vision board or a savings tracker app to keep yourself motivated.

6. Manage Debt Wisely 

Debt can be a slippery slope, but managing it wisely can prevent it from becoming overwhelming. If you have a credit card, only use it for expenses you can pay off in full each month. Avoid carrying a balance to sidestep high-interest charges. 

For student loans, understand the repayment terms and start planning how to tackle them after graduation. If possible, pay off high-interest loans first. Responsible debt management not only protects your finances but also builds your credit score for the future.

7. Utilise your NTUC Starter Membership

If you’re just starting to navigate adult life, NTUC Starter Membership can help you level up your game. The membership offers perks like career guidance, networking opportunities, and access to exclusive workshops tailored for young adults. 

Whether you’re looking to boost your employability, learn essential life skills, or simply figure out your next steps, NTUC Starter Membership provides valuable resources to set you on the right path. Plus, you’ll gain access to discounts on dining, lifestyle, and transport—perfect for stretching your budget as a student or young working adult. It’s a small investment with big returns for your future.

8. Use Student Discounts Smartly 

As a student in Singapore, you’re eligible for tons of discounts—on transport, food, entertainment, and even shopping. Make the most of these perks by always asking about student deals or checking apps like ShopBack to find the best offers. Whether it’s discounted movie tickets or cheaper meals, these savings can add up over time and help you enjoy life without breaking the bank.

9. Learn to Cook Simple Meals 

Dining out is convenient, but it can get expensive fast, especially if you’re eating at restaurants regularly. While hawker centres offer affordable meals, even those costs can add up over time. Learning to cook at home can often be cheaper than eating out, particularly when you prepare meals in bulk. A simple dish like fried rice or pasta can cost a fraction of what you’d pay outside, and meal-prepping for the week can save both time and money. Cooking at home also allows you to eat healthier and customise your meals to your liking. Plus, the satisfaction of whipping up something delicious on your own? Priceless.

Building good financial habits doesn’t have to be overwhelming. By starting small—whether it’s creating a budget or cooking at home—you can take control of your finances and work towards bigger goals. Every step, no matter how small, gets you closer to financial freedom. The earlier you start, the more confident and prepared you’ll be to handle whatever life throws your way. So, take charge of your money today and watch it grow into opportunities for tomorrow.

Contributed by Sng Ler Jun

Note: The views expressed in this article are the writer's own and do not represent that of Young NTUC.