Saving money as a student can be difficult. Most college and high school students are living on a tight budget, depending only on the allowance they get from their parents.
As difficult as it is, there are still ways you can be smart about managing your money as a student. In today’s post we will be sharing saving tips for students.
- Record and Track Your Daily Expenses and Savings
It will be best if you learn to keep track of your finances early. Keep a record of where your allowance goes from transportation and lunch to school needs you have to pay. Having this record will help you determine where you can spend less in order to save more.
- Learn to be Frugal
Most students don’t think about frugality and saving money early. But living frugally is one of the best initiatives you can do as a student.
From bringing your own packed meals to your own water bottle to school. These actions will help you save more money. You can also do the same with your transportation expenses. Try walking the short distances instead of riding a jeepney or motorcycle if you can.
- Find Small Ways You Can Earn Extra Money
A great saving tip for students is to use your time wisely. Spend your summer breaks finding activities you can do which will let you earn extra money.
Try selling things you no longer need such as your old books and ask for school supplies or textbooks you need for that year or for the next semester. With this, you can have what you need for school without the use of money.
You can also use your talent such as writing, logo-making, or editing videos as a side hustle.
- Save Money on Your Prepaid Loads
Most of you are taking online classes right now and buying prepaid load for your cellphone or your internet connection. Try to search on ways you can reduce the money you spend on load through rebates.
- Avoid peer-pressure
Peer pressure is powerful influence in the lives of students. One of the best decisions you can make is to learn how not to give in to financial peer pressure. True friends will understand your position in terms of spending your hard-earned money.
- Study hard
Education is the most powerful investment you can make, and no one can snatch it away from you. Study hard so you can qualify for scholarships where you get to earn extra allowance and save more money. Even if you don’t get any scholarships, remember that knowledge is power. Just learn as much as you can, study hard.
- Open a savings account
Did you know that a student ID can now allow you to open your own savings account? Yes!
Having a savings account will ensure your savings are protected. It could also help you earn interest with the money you save. With CebuanaLhuillier’s Micro Savings Account, you can open for just Php 50 initial deposit and one (1) valid ID. You can also ask for your parents’ help in case you are nervous to open on your own.
See? You can definitely save money as a student. Take advantage of your student status and build good financial habits as early as you can. Try to search your peso further with the above saving tips.