In a financial literacy poll among over 2,000 polytechnic students in 2006, 56% of respondents said financial planning should start during school days.
It is heartening to see that some students have begun to put these words into actions. Over 200 students from five polytechnics submitted entries for the MoneySENSible Youth Award. Launched on 15 July 2006, the Award aims to recognize and commend youths who have taken a sensible approach to managing their money.
On 13 June 2007, five MoneySENSible Youths, one from each polytechnic, were selected. Read on to find out how these youths have shown discipline and foresight in managing their money and planning for their financial future.
MoneySENSible Youths
1) Ms Lim Ying Woon – Singapore Polytechnic
Ying Woon learnt the importance of money management through the hard way. Before starting her business finance studies in Singapore Polytechnic, Ying Woon splurged almost all of her $3,000 savings on unnecessary expenses. Since then, she has made a it point to always spend within her means and spend only on necessary items.
“Control and discipline are my key success factors in money management.”
– Ying Woon
2) Mr Samuel Goh – Temasek Polytechnic
Samuel adopts a systematic process in managing his savings and investments with the aim of funding his university education. For savings, he adheres to his budget to ensure that he spends within his means and has $350 left for savings. For investing, he applies fundamental analysis to identify attractively-priced stocks, does his investment research and monitors the market on a regularly basis.
“Financial planning is essential in this modern society if one is to achieve financial success and independence.” – Samuel
3) Mr Lim Tern Poh – Republic Polytechnic
Tern Poh believes that if one fails to plan, one plans to fail. He has thus identified his financial goals. His short-term goal is to become financially independent while his long-term goal is to save up enough for university fees. He has worked out how much he needs to save and invest. He has also taken up a part-time job to help him achieve his goals.
“Do not chase after money, chase after the right skill and knowledge, and money will follow.” – Tern Poh
4) Mr Marvin Kang – Ngee Ann Polytechnic
Marvin’s main source of income comes from his yearly scholarship by Ngee Ann Kongsi. Although the money was given in two lump sums of $1500 each semester, Marvin exercises prudence and discipline in using the funds. To ensure that there would be sufficient funds for the whole of his school term, he apportions $250 each month for his usage.
“Youths of our generation should be savvier in the way they handle their finances as they receive much more allowances then their counterparts in the previous generations.”– Marvin
5) Mr Eddie Poon - Nanyang Polytechnic
Eddie adopts a disciplined approach towards managing his money. He maintains two bank accounts. The first account acts as his expenditure account while the second account acts as his savings account. Eddie also has a clear goal on what he wants to save up for – his school fees.
“Distinct your savings and spending will greatly aid you in your finance positioning.” – Eddie Poon
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To youths out there, we encourage you to take proactive steps to managing your money. You can start by acting on a few MoneySENSible tips:
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Draw up your budget and stick to it. Click here to get started.
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Do not be attracted to an investment based on the attractive offers of returns alone. There is no “free lunch”. The higher the potential returns, the higher the risk. Do not take on more risk than you can tolerate. Click here to find out more about personal investing
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Click here to find out more about the MoneySENSE programme.
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