Special FeatureFinancial Wellness
Among Generation Zs

Ivan:

1. Track your cash flow. Use simple apps like Google Sheets, or budget apps (e.g., Spendee, Mint) to track income and expenses. This will create a good gauge to our Financial Health and helps kickstart budgeting for our future goals.

2. Build a small emergency fund. Start with at least 3 months’ expenses as a start, and 6 months of expenses for a more ideal emergency fund. Park it in a high-interest savings account of your preferred bank so it grows a little while staying liquid in case the need arises. Separate this savings account from your spending account so that you don’t use it while doing your shopping!

3. Learn before you leap, educate yourself! Follow bite-sized financial content (TikTok, YouTube, podcasts) that explains budgeting, insurance, and investing. Knowledge compounds faster than money at this stage. This will also help in your decision towards reaching your financial goals.

Elijah:

Amidst all the temptations in the world — bubble tea cravings, Spotify subscriptions, and the occasional late-night Shopee spree, money may just simply slip out of our hands. But here’s the good news: you don’t need to be an investment banker or have top credentials to start building real financial wellness. After all, being from a humble financial background has taught me much about financial wellness.

Whether you’re still studying or just landed your first job, the best thing you can do is build awareness. Track your spending through the likes of Budgeting Apps, Notion templates, or even old-school spreadsheets. You’ll be surprised how much goes to food delivery or “small” treats that add up. I even have a friend that built his own telegram bot to conveniently key in his expenditure!

Ivan:

1. Use the 50-30-20 budgeting rule: 50% – Expenses, 30% – Wants, 20% – Savings/Investments. This is just a general rule and you can adjust accordingly to your lifestyle. But have some sort of framework or system that you can follow with discipline! In this manner you are not just saving whatever that is leftover but actually building the habit.

2. Automate your savings Set up a standing order/GIRO to move money into a savings or an investment pot the moment your paycheck comes in—out of sight, out of mind. This relieves you of the stress and you can focus your energy on what’s important like your family and friends!

3. Prioritize value, not just price. You don’t have to cut all “wants.” Instead, spend consciously on things that bring you joy and cut ruthlessly on things you don’t actually care about or things you pay for but don’t use; i.e forgotten subscriptions, etc. You earned your money, learn to enjoy it too. But of course, save and invest first! Keep that discipline!

Elijah

Aim for, at the very minimum, 1–3 months of basic expenses saved in a separate banking account. It’s your safety net when life gets unpredictable — and it will. There are two emergencies in life: Medical Expenditure and Retrenchment. The first of which will be handled by your health insurances with your trusted financial advisor, leaving the latter the only other worry we will ever have.

You don’t need to “eat grass” every month (though some grass can be costly). The trick is to automate what matters. A simple 50-30-20³ rule on your disposable income works well:

• 50% for needs (utilities, transport, food, insurance),
• 30% for wants (concerts, hobbies, shopping, indulgence),
• 20% for savings/investing.

If 20% feels too steep, start with what you can save — even if it’s just $50/month. The key is consistency, not perfection. Start that habit even if your income may be on the lower end.

With inflation on the rise, it is ever more so important to keep our habit of saving up to avoid a rude shock when we retire.

Ivan:

1. Start small with low-cost, diversified products. You don’t need thousands—start with SGD 100–300 a month. Look at something with global equity exposure. This will give you a good starting diversified portfolio that is investment in not only the US Market, but UK/EU and Asian Markets as well! Money is like water, it flows around the markets and having your foot in all of them will give a good balanced risk.

2. Think long-term, not short-term. Don’t chase trends (crypto hype, meme stocks). Instead, focus on consistent, boring growth. Time in the market beats timing the market. In this case, we are looking at Dollar-Cost-Averaging4.

3. Balance with your foundation. Only invest after your emergency fund is in place. That way, short-term market dips won’t derail your finances. Bonus Tip: It’s also good to see if you have sufficient Insurance coverage. The last thing you want is for your hard work of investing to disappear due to medical bills that arise from any illnesses, diseases, accidents, etc.

Elijah

Yes, you can start investing early — even with a small income or as a student. The magic word? Compounding. It’s like your school or office work that continuously pile up without your knowledge day by day.

Start with low-risk, beginner-friendly tools like:

• Robo-advisors (e.g. Endowus, Syfe, StashAway)
• Regular Savings Plans (RSPs) with ETFs, index funds, endowments, ILPs
• Singapore Savings Bonds (SSBs) for super-safe, flexible returns

Only invest what you don’t need in the short term (i.e. not your emergency fund or next semester’s tuition). And no, crypto doesn’t count as beginner investing — at least not yet.

Of course, when all else fails or you do wish for an upgrade in your lifestyle, seek opportunities that remunerate you better.

Even if you are a student, you can seek out internships, part-time jobs, teaching assistantships, or even participate in competitions to supplement your monthly income while building up relevant experience in the workplace.

I am also a beneficiary of a career switch that proportionately rewards hard work. You can then control your financial wellness by adjusting the amount of time and effort placed into your work.

The corporate world also seemingly encourages further development of skills through publicly available courses. By attaining more certifications and transferable skillsets, one may also rise to leadership or a more specialised role with greater responsibilities. And, with more responsibilities come greater compensation!