HELPFUL TIPS IN SAVING MONEY

As a Student

 

 

With modern students racking up paying rent along with any other bills, it's important to save money any way possible. There are a number of small and often exciting changes you can make in life to keep your pockets full. Spending and saving money wisely is possible no matter who you are.

 

 

 1.) Cutting out Inessentials

 

Whether it's at fast food chains or upper-class restaurants, the cost of eating out is greater than that of cooking at home.

•Limit eating out to special occasions like birthdays and anniversaries.

•When you're eating out on a small budget, fast food is your best bet. Although it is less healthy than other options, you will get a lot more calories for each money you spend.

 

 2.) Quit the gym.

 

Physical exercise is an important and healthy part of everyone's lives. However, gym fees are not. Spend time running, biking, swimming, and doing floor exercises like pushups and curls. Invite your friends to join. This way you still get your exercise and don't have to spend a lot of money to use weight lifting equipment.

•Some gyms and yoga studios offer work-study positions. You can work a small amount of time each week in exchange for free access to classes and space use.

•Look on YouTube and other video streaming sites for yoga and full workout routines to follow along with at home.

 

 3.) Cut out impulse purchases.

 

Walking inside stores or down avenues full of shops can drive you to buy last second treats. These impulse purchases, if they become a habit, can slowly chip away at your savings. Stop before you buy anything and consider how many hours you would have to work to pay for it.

•Always consider the money you have and what you really need to be able to pay for, before going through with any impulse purchases.

•When you see something you like and want, make yourself wait at least one hour, then one day, then one week. Putting distance between yourself and your urges will often lead you away from impulse buying.

•Don't buy non-returnable items.

•Don't buy things just because they're on sale. It might end up being unused in just a few months if it's not really something you need and/or want.

 

 

 Changing Habits

 

1.) Don't shop on an empty stomach.

 

 If you go into a grocery store hungry, you may be more liberal with what you buy. "His eyes were bigger than his stomach...or his wallet," is a phrase that comes to mind.

•Eat a small snack if you haven't had a meal recently. This will make you less likely to buy everything that looks tasty.

 

 2.) Stay at home.

 Many students may want to go to bars, movies, concerts, and any number of paid events to have fun. While these experiences may be enticing, they are also a drain on your wallet. Spend your free time at home or with friends instead and save money.

•Instead of going to paid events, practice any creative passions or hobbies you may have.

•Read your favorite authors and the archives of blogs or websites you really enjoy.

•Take care of small responsibilities like clothes that need mending, organizing, writing letters, clean your house, look over your finances, and determine you’re most important goals.

•Write a gratitude list, go for a walk/hike/bike ride, volunteer, make gifts, play around with your look (hairstyle, clothes, etc.).

 

 

 Spending Smart

 

1.) Buy clothing from thrift stores.

 

Thrift stores sell used and donated items at prices far below retail stores. Going here to add anything to your wardrobe is an easy way to save money.

•It can take time to find the right clothes in thrift stores among all of the donations. Take time to peruse what's available until you find something you really like.

•Make an activity of it and go thrifting with friends so it is even more fun.

 

 2.) Buy frozen foods.

 Frozen food can keep for a long time and can also save you money. Research shows that you can save up to P10,000 a month by choosing frozen meats, fruit, and other foods over fresh.

•Snacks, vegetables, fruits, breakfast foods, deserts, and drinks are all available in frozen form.

 

 3.) Live apartments with roommates.

 Renting studio apartments as a student can be a huge expense. Look for people you would be comfortable living with and search for cheap apartments together. Splitting the cost of rent between two to four or even five people can save you a lot of money each month.

•Make sure that you choose responsible, trustworthy roommates.

•Talk to the landlord of any building you're considering living in and read over the lease. Look for any additional costs like security deposits or paying first and last month's rent.

 

Balancing your funds

 

1.) Pay yourself first.

 

Each time you receive income from jobs, put a portion in your savings account. It may not be more than P500, but over time it will add up.

•When it is time to pay monthly bills, rent, utilities, etc. consider writing a check to yourself as well, deposited in your savings account.

•Employers can set payroll up to deposit a portion of your check into an account every pay period. Making your savings automatic will help you stay committed to building up available money.

 

 2.) Make a needs vs. wants list.

 This will help with your budget. Wants are things you enjoy but that aren't necessary for your health or safety. So things like movies, eating out, nice cell phones. Needs are life essentials: food, clothing, shelter. Write out a list in two columns or wants and needs. Honestly breaking it down this way will give you a better appreciation of what you spend your money on.