The skyrocketing prices of basic goods can affect every Filipino, and that includes students like you! You’ll feel it when the minimum fare in jeepneys is suddenly higher than usual or when your favorite merienda is now being offered in smaller servings. Don’t be surprised when the cost of essential learning materials, like notebooks and pens, also increases.
Your first instinct may be asking your parents or guardian for extra money. However, they might not be able to give it right away due to a range of reasons. Don’t fret, though, because there are still a few things you can do to save a bit from your allowance. Simply follow our advice!
Tips for Saving Money as a Student
The importance of saving money for students cannot be overstated. Everyone has their own reasons why they want to spend less and put away a part of their funds. Some may want to hang out with friends during weekends, while others may be saving up for a specific item. No matter your reason, as long as you heed these tips, you’ll surely be able to save enough funds out of your allowance.
Budget Your Allowance Properly
Do you receive your allowance daily, weekly, or monthly? Well, it doesn’t really matter much so long as you know how to budget it properly. Make sure to list down all your usual expenses, so you can get a bird’s eye view of everything you spend your money on.
When creating a budget, be sure to find the most cost-effective choices rather than the cheapest options. For example, you might think that being frugal on your meals could help you save but doing that might have a long-term effect on your health, too. Commuting to school may also be less expensive than renting, but traveling back and forth every day can definitely take a toll on your physical well-being.
Limit Your Online Shopping
We get it! Online shopping is therapeutic; filling your cart and checking out your orders can make you happy, but finally receiving your parcel brings nothing but pure bliss. But that joy only lasts for a few short minutes. What comes after is the realization that you’ve depleted your savings again and have very little money left in your wallet.
If you want to seriously start saving, you should cut down on your online shopping. It’s okay if you’re purchasing home essentials, like toiletries and groceries; what’s bad is when you’re buying for the sake of buying. Play the waiting game if you find yourself scrolling through online shops again! If you see an item you like, just add it to your cart but don’t check it out yet. Instead, wait for a few days before going back to that item because there’s a high chance you no longer want it after time has passed.
Buy Secondhand Gadgets
The educational landscape has evolved quite drastically over the last few years. Today, having a laptop and smartphone is almost a requirement for students because they have to go online to research different topics and accomplish their homework. If you don’t have enough money to buy brand-new devices and gadgets, it might be best to purchase pre-loved ones instead. They’re cheaper, and they usually work just fine.
When buying secondhand gadgets, though, check the item thoroughly. Ensure that it’s working before you hand over your payment to the seller. Additionally, try not to purchase online to prevent yourself from getting scammed.
Prepare Your Own Meals
Food at the cafeteria can be a bit pricey! Save your money by bringing your lunch and snacks to school. This entails waking up a little earlier and learning how to cook meals, but it’s definitely helpful if you want to spend less.
When preparing your own meals, it’s a good idea to choose food that won’t spoil quickly. Cooking pasta, for instance, might be a bit of a hassle for you because it might already go bad even before lunchtime.
Don’t Put Your Savings in a Piggy Bank
Now that you’ve saved quite a lot from your baon, be sure not to put it in a piggy bank. Saving money at home has many disadvantages, and one of them is the temptation to break the piggy bank once it’s filled and use the money to splurge on something.
Instead, what you should do is open a bank account and put your money there. This is a good way to monitor your savings easily and discourage yourself from using any of the cases you’ve set aside.
Advantages of Opening a Savings Account While You’re Young
Opening a savings account at an early age has many advantages. Here are a few examples:
Learn How To Budget Money at a Young Age
By developing a habit of saving while you’re young, you’ll quickly learn how to budget your money wisely. In most cases, you will prioritize your savings and other necessities over other items that you want to spend your money on.
Have Enough Funds for Emergency Cases
Another advantage of having a bank savings account is having enough money in case an emergency arises. During these unfortunate circumstances, you can simply go to the nearest financial institution and withdraw the amount you need.
Buy Anything You Want Without Asking for Money From Your Guardians
Sometimes you wish to buy something but are too shy to ask your parents for money. That’s why you must save your money in a bank! If you do that, you can simply withdraw the amount that you need from your account and purchase the item you want to have.
Where Should You Put Your Savings?
If you’re looking for a financial institution to put your savings in, Cebuana Lhuillier is here to help! We offer microsavings solutions to our customers, so you can place your hard-earned money in there to keep it safe and secure. It’s hassle-free because you can withdraw any amount anytime at any of our branches! Visit us today if you wish to learn more.
Even as a student with a limited allowance, there are still many things you can do if you want to save some cash. Just be sure to budget your money properly and follow the other tips we’ve listed above.
It’s also wise to learn about the advantages of having a savings account. If you want to open one, just visit the nearest Cebuana Lhuillier branch. Learn more about our microsavings services by speaking with our staff directly!