Sunday, 11 January 2015

How Much Can A Poly Student Save In A Year?

Today's post is a continuation of my previous post. You can read it here: The Truth About Polytechnic Students

So....knowing that polytechnic students face a higher level of expenses compared to their secondary school days, how much can they really save in a year? Or even a month for that matter?

By the way, I track my expenses with this app. Pocket Expense.

Tracking expenses is important because I can see what the bulk of my expenses are and where I can cut down on.

Moving on, what about the average polytechnic student?

I believe the average student gets around $250 -300. The allowance may be adjusted accordingly depending on their financial status / the need to pay for their own clothes, transport etc.

Alternatively, some students may work part time for their own allowance. But for this post, we shall assume the likely scenario that the average allowance is $300 / month.

Assuming, you set aside 10% of your allowance each month that's $30 a month.

That leaves you $270 to spend. $270/30 days = $9 a day.

Is that sufficient? Usually, $9 a day is enough if you're really the type that don't eat much or have a less active social life. Eg: Those that go home after school etc. But even the least active of us, would have to stay behind in school for project meetings. So...?

But moving on, if you do not have enough it means that you should find alternative sources of income. Eg: Part time jobs

$30/month x 12 = $360.

The average student can save $360 in a year!

I wonder how do others save / spend? Hopefully other students can share as well.


  1. I think the amount isnt significant but its the habit of savings which would be invaluable when he grows up.

  2. When your income is low, you should expend energy finding more ways to increase it rather than ways to reduce spending. Do some survey response to get some cash, tuition, side jobs, online buying/selling of things...these will boost your income and also highly educational in itself.

    Not saying savings are not impt, it's just that I see a lot more value in putting your energy to work in earning more, plus there's added benefit to learning how the real world works.

    1. Indeed , i resonate with la papillion's thoughts that revenue diversification is key to more options during the poly period

  3. Unless the student enjoy earning the income,
    Enjoy the poly years lah... You have a whole 40 yrs later of suffering to do this.