I AM MONEY-SMART!

Participant Workbook

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March 2023
Disclaimer:
This course workbook is compiled and curated by GIC Private Limited (“GIC”). The contents
of this workbook (i) are for general educational purposes only; (ii) does not constitute
investment advice or specific financial advice; and (iii) is not to be considered an
endorsement of any of the companies or products listed in this workbook. If you require
specific financial advice tailored to your particular circumstances, please consult a licensed
financial advisor. GIC and the other parties mentioned in this workbook will not be
responsible for any loss or damage arising from any reliance placed on the contents of this
workbook. For the avoidance of doubt, companies mentioned within this workbook have no
affiliation with GIC.

March 2023 2
CONTENTS

1. Being Money-Smart

2. Knowing Your Money Habits

3. Planning & Budgeting

4. Saving & Spending

5. Your Action Plan

6. Staying Money-Smart

March 2023 3
 WHAT DOES IT MEAN TO BE
MONEY-SMART?

Habits – “What do I understand about my money habits?

How do I use my money? Are my habits helping me or
dragging me down in terms of managing my money?”

Planning – “How can I achieve my goal? Does my budget

work for me and am I keeping to it?”

Saving & Spending Wisely – “How can I get better at these

and how can I grow my money?”

WATCH: “IT’S A MONEY THING: BUDGETING BASICS”

By SchoolsFirst FCU

March 2023 4
“TODAY, I WANT TO LEARN…”

March 2023 5
ACTIVITY:
WHAT
WHATWOULD
DOES IT YOU
MEANDO?
TO BE
MONEY-SMART?
Exams are finally over (yay!) and you can’t wait
for the holidays to start.

You now have time to check out ______.

But… you'll need $___ for this, which you currently

don't have...

Think about it!

“The item/activity I’m interested in is __________________________________.”

“It costs $______________________________.”

“But I don’t have money for it. I would ________________________________.”

March 2023 6
HOW ARE YOU WITH MONEY?

Your Money Habitude tells you your money personality,

and helps you understand how you see and use money.

Which are your Habitudes?

Spontaneous Carefree

Security Giving

Status Planning

A Balancing Act:
• Each of us is unique! There is no perfect combination of Habitudes,
and no Habitude is all good or all bad.
• A combination of Habitudes means you are flexible and can adapt to
different situations.
• You may need more balance if you have a lot of any one Habitude, or
if you are completely missing any Habitude.

Source: Money Habitudes

March 2023 7
 Spontaneous
WHAT DOES IT MEAN TO BE
You use money to enjoy the moment.

MONEY-SMART?
How do those with this habitude see
themselves? How do others see them?
• Daring • Impulsive • Open-minded •
Unconcerned with consequences

How they are likely to behave:

• Go out and enjoy themselves
• Take risks
• Don’t need to wait to get what they want
• Enjoy the challenge of a dare or beating the
odds
• Feel they can’t stop spending, even if they want
to
• Often don’t have money for things that just
come up

Carefree
You use money if you have it, but you don’t care
to think about it.

How do those with this habitude see

themselves? How do others see them?
• Easygoing • Unfocused • Flexible • Irresponsible

How they are likely to behave:

• Have a positive outlook and believe things will
work out
• Don’t feel pressured by others’ expectations
• Share easily with others
• Often depend on others for help
• Lose track of money or possessions
• Avoid commitments or miss deadlines
Source: Money Habitudes

March 2023 8
 Security
WHAT DOES IT MEAN TO BE
You use money to feel safe, secure and in control.

MONEY-SMART?
How do those with this habitude see
themselves? How do others see them?
• Thrifty • Cheap • Organised • Inflexible

How they are likely to behave:

• Have money when they need it
• Avoid problems because they think before they
act
• Their possessions last a long time because they
take care of them
• Can’t enjoy anything where they need to spend
money
• Too cautious; avoid all risks
• Too focused on the future to enjoy the present
• Get things that are cheap instead of what they
really want

Giving
You use money to feel good by helping others.

How do those with this habitude see

themselves? How do others see them?
• Thoughtful • Enabling • Charitable • Sacrificing

How they are likely to behave:

• Enjoy making others happy
• Able to anticipate others’ needs
• Can forego spending on themselves to help
others
• Feel frustrated when people aren’t as generous
with others as they are
• Don’t like when giving is expected
• Feel pressure to solve others’ problems
Source: Money Habitudes

March 2023 9
 Status
WHAT DOES IT MEAN TO BE
You use money to present a positive image.

MONEY-SMART?
How do those with this habitude see
themselves? How do others see them?
• Generous • Superficial • Impressive • Insensitive

How they are likely to behave:

• Enjoy giving gifts
• Own high-quality items
• Enjoy when others return favours and are
generous
• Avoid people who they think have more than
them
• Spend unwisely to keep up an image
• Feel entitled to special treatment

Planning
You use money intentionally to reach your goals.

How do those with this habitude see

themselves? How do others see them?
• Responsible • Driven • Determined • Too
Cautious

How they are likely to behave:

• Look ahead; prepared for future wants and
needs
• Can set and accomplish goals
• Feel pressured to spend money on things that
aren’t important to them
• Intolerant or impatient when others do not
meet their standards or have different values
• So committed they can’t have fun or take
advantage of unexpected opportunities
Source: Money Habitudes

March 2023 10
 MY PERSONAL BUDGET
WHAT DOES IT MEAN TO BE
Use this simple budgeting template to plan & manage your money

MONEY-SMART?
WHAT DOES IT MEAN TO BE
Month:

MONEY-SMART?
My Income My Expenses
Sources of Amount (S$) Fixed Amount (S$)
Income Expenses
Allowance
______________
Job
______________
Others
______________

Total Monthly ______________

Income
______________

Variable
Budgeting Hacks: Expenses
• Keep your financial goals in mind
______________
• Know your needs vs wants
• Round all expenses up, not down ______________
• Build ‘treat money’ into your
budget for small splurges ______________
• Always ‘pay yourself’ first
• Find a savings buddy ______________
• Ask a friend or relative to keep
you accountable to your budget ______________

STAY DISCIPLINED! Total Monthly

Expenses

Monthly Net Cash Flow: Surplus or Deficit?

Total Monthly Total Monthly If income > expenses, you have

Income Expenses money left to save or spend.

If income < expenses, review your

budget to find expenses to cut.
Review your budget regularly
March 2023 11
THE POWER OF COMPOUNDING:
WHATEARLY
START DOES IT
TOMEAN TO BE
BENEFIT
MONEY-SMART?

WATCH: “WHAT IS COMPOUND INTEREST?”

By Canstar

March 2023 12
ACTIVITY:
WHAT CAN’T YOU RESIST
WHAT DOES IT MEAN TO BE
SPENDING $ ON… EVEN WHEN YOU
MONEY-SMART?
DON’T NEED IT?

Build ‘treat money’ into your

budget for when you feel like a
small splurge.

That way, you can still keep to

your budget while enjoying a
little treat!

March 2023 13
 MAKE YOUR BUDGET WORK WITH
THE 50/30/20
WHAT BUDGETING
DOES IT RULE
MEAN TO BE
MONEY-SMART?
Shopping

Housing Entertainment
Dining Out
Groceries.. 30%
Transport . Travel
Wants
Education.. . 50%
Bills/Utilities . Needs 20%
Savings
Investing
Long-Term Goals
Emergency Fund

WATCH: “IT’S A MONEY THING: BUILDING A BUDGET”

By GPO Federal Credit Union

March 2023 14
KEY THINGS TO KNOW ABOUT
WHAT DOES IT MEAN TO BE
SAVING & SPENDING
MONEY-SMART?

Save first, spend later

o Remember the 50/30/20 rule!
o Save for a rainy day – you
never know what will happen
in life

Make use of compounding –

money makes money!
o Start saving early, even if it’s
just $2 each week!
o Save money in a bank
account to earn interest

Spend smart
o Consider – is it a need or a
want?
o Don’t buy immediately – do
your research first.
o Wait for a few days – maybe
you won’t want it anymore!

March 2023 15
HOW DOES SINGAPORE PREPARE
FOR ITS NEEDS?
One way is by having & managing reserves, which are used to:

1
DEVELOP SINGAPORE
TRANSPORT
IN DIFFERENT AREAS

PHYSICAL
ENVIRONMENT

HEALTHCARE

EDUCATION

2
PROTECT SINGAPORE PANDEMICS
IN DIFFICULT TIMES

FINANCIAL
CRISES

CLIMATE
CHANGE

March 2023 16
 GIC IS ONE OF THREE ENTITIES
THAT CONTRIBUTE TO MANAGING
SINGAPORE’S RESERVES

HOW DOES GIC INVEST?

Find out more about LRSVP,
the 5 principles that guide
how GIC invests.

March 2023 17
MY ACTION PLAN

My goal is_________________________

_____________________________________

I plan to ___________________________
to achieve my goal.
Examples:
• I plan to save $X every week until 31
December 202x to be able to afford my goal.

• I plan to put aside $Y every month to be used

for investing when I turn 18.

March 2023 18
MY ACTION PLAN

My money habitude is

_________________________________________

This means that I _____________________

_________________________________________

_________________________________________

One immediate thing I will start

working on to better manage my
money is

_________________________________________

_________________________________________

_________________________________________

March 2023 19
STAY MONEY-SMART!
Check out more resources at the GIC Microsite of Educational
Resources.

Ready to play this game and take

on the debt monsters? Defeat
them by using your resources well
and learn money management
concepts along the way!

Are you savvy enough to catch

hidden costs when shopping?
Do you compare prices to get the
best value for your money?
Get tips to stay money-smart
while helping the characters in
this game tackle these real-world
Math problem sums!

March 2023 20