5 things I wish I knew about saving & investing while serving NS

Just the other day, I was having dinner with my cousin who is currently serving National Service (NS) as a National Service Full Time (NSF).

At the dinner, I was happy to hear about his experiences and find out more about how serving NS has changed over the years.

But, I couldn’t help but reminisce about my time in the army as an NSF.

As I served NS about 10 years ago, my memories of it are a bit hazy.

But I would say that overall, my NSF experience was rather positive even though I had my fair share of ups and downs.

And one of the downs I want to talk about today is the fact that I only saved a pitiful $1,200 after NS, and did not invest while I was serving.

This is in my opinion criminal. considering that I only saved 5 per cent of my NS allowance after I reached my Operationally Ready Date (ORD).

If I had a time machine, I would go back and tell my past self these things.

But since time machines have yet to be invented, I hope you can learn a thing a two about what I would have told my past self about saving and investing.

If you are an NSF or soon-to-be NSF who wants to learn more about managing your personal finance and/or investing; this article is for you!

1. Don’t eat at the canteen too often

Although the food served in the army has improved much over the years, it is not Michelin Bib Gourmand worthy fare.

And for the longest time, I was only allowed to eat at the cookhouse as I was still a trainee.

But once I passed out of my trainee course, I was able to eat at the canteen. This was a gamechanger for me.

Being able to go upstairs and buy my own meal was empowering as I now had the choice to pick my own meals.

Not to mention that the food served at the canteen was miles better than what we got at the cookhouse as everything was made fresh on the spot.

I still can taste the fried Maggi and the runny sunny side up which was such a comfort when the training got tough.

As a result, I went to the canteen to eat any chance I got.

This habit cost me quite a chunk of my NS allowance as I ate at the canteen two to three times a week and spent about $5 each meal.

In total, this habit cost me about $780 a year which is quite substantial considering I only saved $1,200 after two years.

I would think that indulging occasionally at the canteen is fine. But, don’t take it too far.

2. Resist peer pressure to spend

During my time as an NSF, I spent excessively on food.

I would head out with my detachment mates and indulge in a meal that on average costs around $20.

Every month, we would also go out for a buffet meal that cost on average costs around $50.

That’s $3,460 a year if you are counting.

This applies to any other activity or hobby you might have.

Unfortunately, I was not able to resist peer pressure and spent excessively as a result.

Of course, go ahead and enjoy yourself every now and then but don’t do it every week.

3. Stay in and take public transport

Truth be told, the allowance you are getting in NS is not a big amount.

If you are blessed with being able to stay out as an NSF, I would advise you to opt to stay in if possible.

This is because transport costs can add up if you are travelling daily.

Even if you use the PAssion NSF Concession Card, the amount you spend monthly can be quite a bit.

NSF concession pass price