We all know money is not everything. It is not responsible for paying our daily necessities, extravagant school projects, and over the top expensive canteen lunches… okay, maybe it is. But money is by no means “everything,” mostly if you’re gonna ask Earl Wilson about it. Still, it is undoubtedly essential for survival and development, especially for students.
Money should be used with high responsibility because it can lend us the power to extend our capabilities. If we have enough money, we could buy our needs such as food or even pay our bully’s expenses.
Mishandling it means a lack of discipline on our part, and the consequences of doing so are fatal for students. But yes, our parents are there to save us from the imminent doom of the financial crisis. However, we are neglecting another matter. We may have present support in providing our funds, but we lack the knowledge and practice to use it properly. Later in life, we might become a burden for ourselves.
Young people need to start knowing the value of money and the pros and cons of spending it. It may require a fully grown adult’s strong-will and a savvy lifestyle. But it can head straight into a rewarding experience of a school life away from the hassle and financial stress. Without further ado, here are the 5 ways to save money for students:
1) Bring estimated enough money for a day’s expenses
Remember how schools taught us to add and subtract numbers? Of course, you do, you’re a champ! Well, the thing is to make an estimation or identify the following expenses you will encounter in a day-to-day basis. They are transportation fees (if you commute on your way to school), money to buy snacks, and other miscellaneous stuff for aid in your studying. Add all of them and finally, you have identified the total expenses you will need for a day.
It will ease you the worries of spending too much because you already have the general evaluation of the things you need to spend money on. In addition, it will also help you measure how much money you need to carry in your wallet to prevent overspending.
2} Save at the start of the day
We sometimes save the remaining money we have left in our pockets at the end of the day. The same practice gives us times where we only have empty pockets as we go home and face our piggybanks. In the end, we drained all our money, and there are no coins left to save up.
We can avoid such circumstances when we start saving at the start of the day instead. As you received your money from your parents (if they ever give you because you maybe are doing great at school. Who knows, perhaps it is an extra tip for a “Good Job!” gesture. Sweet!), save automatically right after you get it.
Save at least a small percentage from it (Note: you decide the exact amount you wanted to save where you are feeling comfortable and confident about it. Be savvy but not too strict to yourself) so if temptation comes later, you don’t have to worry much since you already kept your savings earlier.
3) Put an end to your vices (if there’s any)
Yes, being a student is a part of adolescence where we sometimes get into activities we should not yet take part in. Oh well, I know you know for yourself if you have vices such as smoking or drinking alcohol. It’s not something to be ashamed of unless it’s being abused and affects your daily priorities.
A study of the Global School-based Student Health Survey showed that Filipino students 13 to 17 years old already smoke tobacco, drink alcohol, and take illegal drugs. Vices are not suitable for the overall health and also expensive. If possible, students should stay away from things that are not necessary for development physically and psychologically. It does not only affect yourself but also your parents.
4) Practice 50/30/20 Rule
It is a rule that even a senior high student should be aware of. What is the 50/30/20 Rule exactly? It is popularized by Senator Elizabeth Warren in her book, All Your Worth: The Ultimate Lifetime Money Plan. The basic rule is to divide up after-tax income and allocate it to spend: 50% on needs, 30% on wants, and socking away 20% to savings.
For students, let’s simplify it by expressing the rule as proper distribution of your money that addresses your needs, wants, and savings respectively. Remember to don’t go overboard with your expenses. Stick with the plan that relies on each section, and you will save up money in no time while not neglecting your wants and needs.
In saving, a proper balance is a key along with consistency. Don’t forget that because it also applies to be successful someday.
5) Don’t do impulse buying
This is a worsening problem since E-commerce is stronger than ever today. The potential to waste money is near irresistible with the ongoing offers and deals online. As a result, we tend to indulge ourselves in impulse buying.
An impulse buying is an unplanned decision to buy a product or service, made just before a purchase. It is a defiant move when you are setting a budget for yourself. Purchasing additional products that are not in your grocery list or budget plan even a piece of candy to giant ice cream is unacceptable.
You may ask why buying a piece of candy can ruin your savings. Well, it certainly does. The thing with impulse buying is if not being addressed, it will keep continuing as a habit. And if we add all of the extra products we have bought in a week, you may find a vast total amount you have wasted in total. That’s tragic.
This behavior could be avoided if you stick to your budget plan or practice a 30-day rule in saving money.
If you’re planning to buy a new phone or planning to get a new videogame, make the 30-day rule instead. Instead of impulse buying, store the potential purchase for 30 days in your piggy bank or bank account (if you have one). When you still find it relevant to buy the same product after 30 days, go for it. But if you find it not necessary, the money will still stay in your savings. This will help you avoid the effects of decisions in the heat of the moment or personal temptations.
Managing money is a responsibility
Saving up, planning a budget plan, and practicing discipline in spending money is plentiful for students. I know but we must exercise a mindset and a skill of proper management of money at young age. It will not only aid them in their present problems but also their future endeavors. Money is not everything, but it is important. If you lose control of it even as a student, you will eventually lose everything in your matter.
