There’s that familiar anecdote about kids wanting to mature and grow up, and adults hoping to turn back the time to when they were kids.
Now that you’re in college, you’re probably experiencing many new things that you may not be totally ready for.
As a college student, one of your responsibilities is to budget your money. However, the challenge lies in having enough money to put toward your savings so that you have extra cash in case of an emergency or you need to purchase something important.
Here’s how you can be good at budgeting and saving your daily or weekly allowance:
- Make good use of your school’s resources.
Your school tuition gives you access to various school resources such as the library, computer center, sports facilities, and medical clinic, to name a few. Check them out and see what you can use for free or a minimal fee and use them as much as you can.
For example, you could work on your case study in the library or computer center during your free time so that you don’t have to spend on books or computer rentals.
- Go for local brands.Go around your community and check if there are stores selling local products or services, as they’re likely to offer affordable food, fashion, or school items that suit your budget. You could also save on transportation fees since you don’t have to go far if you need to purchase something from them.
- Take advantage of your student discount.
Under Senate Bill 1597, you are entitled to a 20% discount on the use of public transportation and transport network vehicle services (TNVS). So, don’t forget to ask for a student discount when you take the jeepney, bus, shuttle van, metro transit, or TNVS to get to school and vice versa.
You can then place the amount you were able to save in your savings or bank account.
- Cut your costs on basic needs.
Your basic needs, including your meals, clothing, grocery, and cell phone credit make up the bulk of your expenses. However, with careful planning and proper allocation, you could save on these commodities and still live in comfort or style.
Have your breakfast or lunch at home, so you won’t need to order from a nearby fast food when you reach school. Stay away from branded clothing and go for neat, plain shirts if you’re not wearing a school uniform. A basic smartphone should be enough to keep you on the grid, too.
- Get a summer or part-time job.
Having a part-time job is a fun thing for students to do. Aside from earning money, you also get to take away school-related pressure off your mind and make new friends. This may also develop the proper mindset in you that you need to spend your hard-earned salary wisely.
A part-time job doesn’t necessarily have to be in a formal office. You could start looking for job openings right in your school as a student assistant and receive a daily allowance for helping during school enrollment.
- Make extra money online.
The internet is a free market that you could tap as your source of income. You only need to take time and organize your business ideas or personal resources to help you make money online.
Advertise your special skill or talent so that people who might need that kind of service could hire you. You can also create an online pawning account in PawnHero, as they have a marketplace where you can pawn your rarely used items and offer you good deals when you pawn your things with them.
- Apply for a scholarship.
Tuition fees can be quite costly, so getting a scholarship will be helpful not only for you but your entire family as well.
Check with your school if you’re eligible for a scholarship based on your academic performance or other special qualifications like if you’re a member of the varsity team.
College is an exciting yet challenging phase in life. You have more freedom to do things on your own, but it also means that you have more responsibilities in your hands now including budgeting and saving your money.
Nevertheless, taking small money-saving steps every day can result in bigger savings and achieving your financial goals easily.
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