Postive and Negative effect of saving money

A short story

MORE THAT JUST A SINGLE PESO

         This past few months, I've been a great spender. I'm used to save my money and even think more than twice if ever I want to buy something that caught my attention. But when I started working, I learned to waste my money even in small things.

But didn't you ever think how to spend much money without regretting it? Because I did. And to tell you honestly, being an accounting student is not easy if you, yourself didn't know how to save money. But as a trying-hard-thrifty-student, I need to balance everything if I am going to buy something. It should be something that I can still use even after 1 year. So here are some tips on how to spend money meaningfully.

·        Evaluate All of Your Purchases

Think if that thing you want to buy can be use more than five months. 

Never make a habit of buying things just because of the influence of other people.                  Buy it because it’s useful to you and not because someone urges you to do so.

 Question everything that it isn’t a necessity (like food and water).

         If you pull something off a shelf at a store, evaluate whether or not that purchase aligns      with    your financial values or your goals.

This might sound funny, but I question my smaller purchases as well. Why? Because     I don’t want to regret buying it.

If you’re grabbing a bunch of low-cost items to buy with abandon, then you’re probably spending meaninglessly.

The point is to spend meaningfully on everything – even that 1 peso chocolate bar.

·         Ask Yourself These Questions

·         * Will spending my money on this item bring me happiness for more than just a few days/months? – If the answer is no, put it back. Part of spending meaningfully is bringing things into your life that you want to stay there for a longer period of time.

·        * Can I see myself getting a lot of value out of this? – Similarly, you should make sure you’re going to be able to enjoy whatever it is that you want to buy, multiple times. This is partially why I don’t buy movies or books. I know I’m not one for re-watching or re-reading! I would prefer to borrow than buy one because I know after using it, it will be abandoned anyway.

·        * Is this purchase bringing me closer or further away from my goals? – If your goal is to be a healthy person, why buy canned goods and even stock many of it in your house, right?

·        * Will I regret this purchase a year from now? Will it just be collecting dust? – This can be difficult to answer, especially if you have good intentions. I have purchased a few things with every intention of getting the most out of them, only to find that it wasn’t what I was expecting, or that I didn’t have the time to dedicate to it. At least make sure you can sell that item even in a lower price.

·         *Do I want to buy this just to not feel bored? – Lots of people go shopping because they’re unhappy or bored. If you know you don’t need something, you’re probably just trying to avoid feeling bored.

·        Create a List

I’ve seen a few people say that creating lists of things they want and need is a great way to combat mindless spending. You just need to be sure you answer the above questions before putting an item on your list.

How can this help with spending meaningfully?

Let’s say you’re out shopping and see a nice pair of shoes on sale. They’re a great price, but they’re not on the list because you don’t need them. Just keep walking! My own process for determining if I want to buy something is a longer one – the more expensive an item, the longer I think about it.

·        Spend Intentionally

                  Another way to view spending meaningfully is to think of it as intentional spending. 

     Your money needs a purpose. Too often, people assume the purpose of their money is to     simply buy whatever they want at any given time.

               When you figure out your values, you’ll figure out a purpose for your money. 

    You want to spend a year backpacking across the globe, then the purpose of your money is to allow you to travel without financial worries.

You’re intentionally investing your money for the future, or intentionally saving so you can fulfill your dreams in the future.

This puts the focus on your values and makes it easier to resist spending on things that don’t matter.

·        Put Your Money to Work for YOU

        Spending meaningfully does require a bit of discipline and determination. It can be tough to ward off all the spending temptations around you. Save money but try not to think that you have saving to avoid from the temptations of spending it.

   Make sure your money is on your side.
           Spending meaningfully is one of the best ways to get your finances in order. When you do that, everything else tends to fall into place.

Make it a priority to create a list of your values, to track your spending, and then evaluate what you’re spending on. Make a habit of spending your money meaningfully.

Phobia na maubusan ng Pera

Words of Wisdom for you to save money

Tips on how to save Money

Budget! Budget! Budget!

A key tip for students is to always budget. If you budget, you’ll be able to survive, simple as that. Make a list and think about the things that you need most, the essentials if you will, and then think about how much they cost. Try to keep your budget small, but high enough for you to get by on. We recommend that you try to budget on a weekly basis rather on a daily budget - it's far easier and means that you can compensate if you go over. Perhaps consider keeping it all in a spreadsheet - it's a great way to see very quickly how well you are doing.

 

 

Other ways to save money as a student