5 Money Habits Every Young Singaporean Needs to Break Before It’s Too Late

WealthDex
Apr 18
3 min read

"Why am I still broke?"

You’ve worked hard, landed your job, maybe even started building a family. Your income is way better than during your uni days… yet your savings don’t seem to reflect it.

The truth is, it’s not about how much you earn — it’s about how you handle what you earn. And like many young adults in Singapore, you may be stuck in one or more of these sneaky money habits that slowly drain your future wealth.

Break these 5 habits now, and you’ll put yourself years ahead of the curve.

🚫 1. Living Like You’re Still in Uni — But With a Credit Card

Back in school, we lived on cheap bubble tea, budget eats, and the thrill of payday. But now? That tap-and-go lifestyle has real consequences. From endless food deliveries to “little” Lazada/Shein/Taobao hauls, it all adds up.

Worse still — credit cards and BNPL (buy now, pay later) options make it feel like free money. But it's not. You’re borrowing from your future self, with interest.

Fix it: Set a spending cap on your daily expenses and track them weekly. Apps like Plenti, Monny, or OCBC Financial OneView are game-changers.

🚀 2. Upgrading Your Lifestyle the Moment You Get a Pay Raise

Let’s be real: You deserve nice things. But lifestyle creep is a silent killer of wealth.

The moment your income increases, your wants subtly do too — better gadgets, premium streaming, upgraded gym memberships, Friday nights out.

Fix it: Every time you get a raise, split it like this:

50% to increased savings/investments
30% to essentials
20% to “lifestyle” upgrades (if any!)

You’ll still enjoy more freedom — but without sabotaging your future.

📉 3. Ignoring CPF Until You Hit 45

Most people think CPF is “locked-up money” and don’t bother understanding it until it’s time to buy a flat — or worse, until it’s too late to optimise.

But your CPF is your retirement. If you don’t plan early, you could end up with a shortfall in your golden years.

Fix it:

Learn the difference between your OA, SA and Medisave accounts.
Top-up your Special Account (SA) for 4–5% interest growth.
Use CPF to your advantage for housing without depleting it entirely.

📊 4. Not Tracking Where Your Money Goes

Most people underestimate how much they spend by 30–40%. That $5 Starbucks habit? That adds up to $1,300+ a year. Add late-night Shopee scrolls and Grab rides — and boom, $5,000+ gone.

Fix it: Use simple expense tracking apps like Seedly, YNAB, or a good old Google Sheet. Make it visual. Seeing your spending categories will change your behaviour almost immediately.

💼 5. Treating Savings Like Leftovers

This is one of the biggest traps: waiting till the end of the month to save “whatever’s left”.

News flash — there’s rarely anything left. 😬

Fix it: Set up automated transfers to a high-interest savings account or investment platform on payday. That way, you save first — and spend what's left, not the other way around.