What to do with 1k

[Terran5992]

I'm 18 and studying second year in poly , just received 1.4k bursary, what would be the best use of this money?

 

[zeroX26]

I'm 18 and studying second year in poly , just received 1.4k bursary, what would be the best use of this money?

Pay off part of your school fees.

 

[kehyi4]

Depends on what you want to achieve.

Have a good time? Fly to Bangkok and live it up. Impress a girl? Rent a yacht for the weekend

Emulate a stock guru? Follow a blogger to reach the holy land called Financial Independence? Sign up for a course or seminar

Start a journey towards financial stability? Put it in a high yield bank acct

Don't know what you want? No one can help you there ...

Sent from INO 3 using GAGT

 

[anfielder]

Put it in a fixed deposit.

 

[shared]

bursary probably means finances kinda tight?

Keep the cash for study related expenses

put in CIMB 1% fastsaver

But as someone who has been past 18, I would recommend using the money to travel, or to spend the money wisely going out with friends, gatherings, dating etc

 

[endlssorrow]

Get iPhone 7
Hehehehehehe
Or PS4

 

[havetheveryfun]

I'm 18 and studying second year in poly , just received 1.4k bursary, what would be the best use of this money?

the original purpose of a bursary is to help low to middle income families to pay off part of their school fees or living expenses while they are still studying. So use it for that purpose.

 

[frenchbriefs]

1k is practically nothing,like 1 months expense or 6 weeks if u really stretch it.can maybe buy a new laptop or pay for two weeks trip to australia on a extreme budget.$600 for plane tickets,$400 accomodation,everyday eat bread and water.

If u scrape together 2k u can buy some sg reit shares without the $25 commission eating too much into ur cost.

 

[fluxos]

1k is nothing. At 18, you should spend this 1k to broaden your exposure. Perhaps travel somewhere. You're only 18 once, live it up. You could potentially make 10x that amount in a normal job a month in 5-10years.

 

[Genosis]

Looking at some suggestions telling TS to spend on travelling.....

No wonder SATS huat!

 

[xersion]

1k just give to Ur parents lor... Say thanks for all their support

Sent from OPPO X9079 using GAGT

 

[LingBit]

If you do not have any urgent need to use this money, save it.

 

[sAVaGEmP5]

i find it amazing 18 yo asking what to do with 1k.

if 18 yo 100k cash, maybe my eyebrow will move.

16 yo i already have 10k from part time work.

 

[BBCWatcher]

What a great question! Assuming you don't need the money today, and assuming you can tap funds (parents?) for emergencies, I have two basic suggestions:

1. If you have a debt, and if you are paying or accruing interest on that debt, pay that off (assuming there's no prepayment penalty). That's a guaranteed return on your money equivalent to the interest savings.

Similarly, if you have a bank account that's charging you a monthly fee because your balance is too low, then find another bank (first) and then use some of that $1K, if you need to, to keep a small balance to avoid such fees. Fee avoidance is similar to debt interest avoidance.

2. I'm surprised nobody else mentioned it yet, but please consider making a voluntary CPF contribution if you can, probably into your Ordinary Account (OA) but maybe also some into your Medisave Account (to cover a couple years of MediShield Life premiums, for example). CPF pays some very good interest on your money. In the future if you need to reclaim the OA funds to pay tuition in Singapore then you can, but you'll have to repay those funds (plus any "missing" interest) after you graduate. That's a very reasonable bet to take, I think, because you're only borrowing from yourself at that point (if you do borrow from CPF OA).

If you don't think there's a chance you'll need the funds for education, housing, or MediShield Life premiums, then you could consider pushing some or all of the $1K into your Special Account (SA) right off the bat since that pays a higher interest rate than the other CPF accounts. But you won't be able to touch that SA money until age 55 at the earliest, so bear that in mind.

 

[dork32]

What a great question! Assuming you don't need the money today, and assuming you can tap funds (parents?) for emergencies, I have two basic suggestions:

1. If you have a debt, and if you are paying or accruing interest on that debt, pay that off (assuming there's no prepayment penalty). That's a guaranteed return on your money equivalent to the interest savings.

Similarly, if you have a bank account that's charging you a monthly fee because your balance is too low, then find another bank (first) and then use some of that $1K, if you need to, to keep a small balance to avoid such fees. Fee avoidance is similar to debt interest avoidance.

2. I'm surprised nobody else mentioned it yet, but please consider making a voluntary CPF contribution if you can, probably into your Ordinary Account (OA) but maybe also some into your Medisave Account (to cover a couple years of MediShield Life premiums, for example). CPF pays some very good interest on your money. In the future if you need to reclaim the OA funds to pay tuition in Singapore then you can, but you'll have to repay those funds (plus any "missing" interest) after you graduate. That's a very reasonable bet to take, I think, because you're only borrowing from yourself at that point (if you do borrow from CPF OA).

If you don't think there's a chance you'll need the funds for education, housing, or MediShield Life premiums, then you could consider pushing some or all of the $1K into your Special Account (SA) right off the bat since that pays a higher interest rate than the other CPF accounts. But you won't be able to touch that SA money until age 55 at the earliest, so bear that in mind.

xiao, got 1k only still want to put cpf. kena emergency, your cpf can save you?

 

[Mecisteus]

xiao, got 1k only still want to put cpf. kena emergency, your cpf can save you?

I really lol at some of the comments above.

Come on. It is 1.4k only. Not 14k or more.

Use the money to buy what is appropriate for school stuff. ie books, laptop, ezlink, etc. Give your family a good treat with some money.

 

[sg_investor]

Buy an Investment for Dummies and spend a month play with paper trade account.

 

[Average]

I'm 18 and studying second year in poly , just received 1.4k bursary, what would be the best use of this money?

if able to pool with parents to make 5k, put in FD. 10K and 20K have better rates. make sure FD able to exceed 1%pa

otherwise, CIMB fastsaver... 1%pa, risk free, no lockup period, no maintainance fee.

if u already have savings in bank and wish to invest this 1.4k (and dun mind losing money, and mght be stuck in loss for many months/years), go for posb investsaver RSP. maybe $200/mth.

Sent from peel peel juice using GAGT

 

[Average]

What a great question! Assuming you don't need the money today, and assuming you can tap funds (parents?) for emergencies, I have two basic suggestions:

1. If you have a debt, and if you are paying or accruing interest on that debt, pay that off (assuming there's no prepayment penalty). That's a guaranteed return on your money equivalent to the interest savings.

Similarly, if you have a bank account that's charging you a monthly fee because your balance is too low, then find another bank (first) and then use some of that $1K, if you need to, to keep a small balance to avoid such fees. Fee avoidance is similar to debt interest avoidance.

2. I'm surprised nobody else mentioned it yet, but please consider making a voluntary CPF contribution if you can, probably into your Ordinary Account (OA) but maybe also some into your Medisave Account (to cover a couple years of MediShield Life premiums, for example). CPF pays some very good interest on your money. In the future if you need to reclaim the OA funds to pay tuition in Singapore then you can, but you'll have to repay those funds (plus any "missing" interest) after you graduate. That's a very reasonable bet to take, I think, because you're only borrowing from yourself at that point (if you do borrow from CPF OA).

If you don't think there's a chance you'll need the funds for education, housing, or MediShield Life premiums, then you could consider pushing some or all of the $1K into your Special Account (SA) right off the bat since that pays a higher interest rate than the other CPF accounts. But you won't be able to touch that SA money until age 55 at the earliest, so bear that in mind.

lol, im desperate to spend my PSEA so that it doesnt go into CPF... put inside CPF is irreversible, no options embed. Future Flexibility/Options are always value adding to a decision.

Sent from peel peel juice using GAGT

 

[fluxos]

What a great question! Assuming you don't need the money today, and assuming you can tap funds (parents?) for emergencies, I have two basic suggestions:

1. If you have a debt, and if you are paying or accruing interest on that debt, pay that off (assuming there's no prepayment penalty). That's a guaranteed return on your money equivalent to the interest savings.

Similarly, if you have a bank account that's charging you a monthly fee because your balance is too low, then find another bank (first) and then use some of that $1K, if you need to, to keep a small balance to avoid such fees. Fee avoidance is similar to debt interest avoidance.

2. I'm surprised nobody else mentioned it yet, but please consider making a voluntary CPF contribution if you can, probably into your Ordinary Account (OA) but maybe also some into your Medisave Account (to cover a couple years of MediShield Life premiums, for example). CPF pays some very good interest on your money. In the future if you need to reclaim the OA funds to pay tuition in Singapore then you can, but you'll have to repay those funds (plus any "missing" interest) after you graduate. That's a very reasonable bet to take, I think, because you're only borrowing from yourself at that point (if you do borrow from CPF OA).

If you don't think there's a chance you'll need the funds for education, housing, or MediShield Life premiums, then you could consider pushing some or all of the $1K into your Special Account (SA) right off the bat since that pays a higher interest rate than the other CPF accounts. But you won't be able to touch that SA money until age 55 at the earliest, so bear that in mind.

Your first suggestion is decent enough but your second suggestion...Putting into CPF at 18 is just crazy.

It's only 1k, a working adult can spend that in a weekend. I know I do. With 1k, just keep it for a rainy day, pay any debts you have or just spend it to enrich or broaden your horizon by travelling or taking some lessons (driving lessons, guitar, dancing or whatever you fancy).