Financial Management for NS Men

Posted by admin
on October 21, 2014

For most Singaporean men, National Service(NS) is mandatory and there will come a time in your life when you will have to undergo basic military training (BMT) and go through many months of serving in the army. For many, NS is also where you earn your first allowance. While it may not be a huge sum, it can be quite exciting to finally earn your own keep.

When you receive your first earnings, many thoughts would be running through your mind. You will wonder how you should spend the money, maybe splurge it all at once since you do not really need it, being in camp most of the time.

Before spending it all because you think you have no need for it since you are taken care of in camp, perhaps you would like to consider saving most of it up for the same reason. Since you have no need for it, using it would mean you will be spending it on unnecessary items and wasting most of it. While it may not be a lot, saving it bit by bit can amount to quite a good sum by the time you complete your national service! Of course, a reward once in a while is good for you and you should not scrimp on that.

Here are some tips that can help you save money or get even more money to save:

  • You will be issued an NSF EZ-Link card which gives you concession when you travel via public buses or MRT trains. This really helps to save you a substantial amount of money. Try as much as possible to make use of your concession rates and not rely on cabbing everywhere you go.
  • Since you are already heavily training your fitness in camp, maintain it and surpass it. This helps you do well for you IPPT and it means that you get monetary incentives when you take your IPPT every year! This is quite a bonus and can come easily if your fitness is being maintained.
  • Weekends are precious because you get to book out of camp. Consider spending time with your family and loved ones at home rather than going out. This definitely saves you lots of money.
  • Always work around your budget and spend within your means.


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Financial Products

Posted by admin
on October 10, 2014

For some or most of us, financial products are essential in our everyday lives especially our bank accounts where we manage our money. Even financial products like insurance are fast becoming products that are must-haves in our lives, be it for ourselves or for our families.

It is wise to find out about the various financial products, their costs, risks and characteristics before making a decision to purchase or own them.

Below are some of the commonly purchased or used financial products that will be essential for you to learn about:

Banking and Cash:

Almost anyone would have a bank account or several bank accounts. This is the most convenient way to manage your money instead of keeping wads of cash at home. With a bank account, you can keep track and be on top of your cashflow, savings and know exactly how your money is being used and spent. This is usually through bank account statements that can either be paper statements or electronic statements.

Other than a bank account and cash, other banking services and products may include Overdrafts, Cheques, Credit Cards and Giro services.


What used to be a taboo product or topic is now so common that people are actively looking for insurance agents or financial planners to help them plan and purchase financial protection plans and insurance coverage. Many Singaporeans do realise the importance of having coverage against unforeseen or sudden events which may cause them or their dependants financial losses.

Credit and Loans:

Credit and loans may seem to be totally different products to consumers and users. However, loans, credit card usage and overdrafts are simply various forms of borrowing money. Whether it is taking out a loan or using a credit card, always bear in mind that most of these services come with interests and may be really costly to bear.


There will come a time or age that you will start looking at investing your savings. Investment itself is a skill and does not come overnight. Always do due research and make sure you learn about the various investing concepts and also the risks involved when investing. Whatever investment you are interested in doing, make sure you understand exactly what you are investing in and consider if you are able to sustain yourself financially if your investment were to fail.

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