June 18, 2018
The month of June signals one thing for Filipino students: it’s time to go back to school!
Thousands of elementary and high school students all over the country have gone back to school to start another year of adventure to make new memories with their classmates and friends. Welcome to a whole new season of may-I-go-out, goodbye-and-thank-you, and pahingi-ng-one-fourth-sheet!
While most of you may not be too upbeat about it—with the return of quizzes and school works—everyone of you would probably agree that the best thing about going back to school is the resurrection of your dead wallets. Comeback is real for your baon!
Before you get too excited about it and splurge your allowance away, consider these “Ten Tipid Tips” to manage your allowance wisely and responsibly this school year!
The first thing to do is to write down your possible expenses as you go to school daily. This includes your budget for food, transportation, and other school expenses. Discipline yourself to stick to your budget and muster all the strength and willpower to say no to milk tea, fries, and frappe!
On your daily budget, you may intentionally include a portion for daily savings. Keep it away from you—in a separate wallet or in a secret spot at home—at once so you won’t be tempted to spend it while you’re in school. In case your daily allowance leave you no room for savings, just commit to save up every time you have spare money at the end of the day.
The money you save will come in handy when you need extra budget for your school projects, photocopying readings, or other school needs.
In case your savings grow, consider opening a bank account where you could deposit your money for better safekeeping.
One of the biggest temptations for students is to spend beyond their budget in order to fit in with people in school. Don’t overspend on food, clothes, and other things when they’re beyond what you can afford. Don’t feel pressured to go out with your friends every time. You can spend time with them without having to spend money.
Remember: there’s nothing to prove and no one to impress!
Your most impulsive purchases happen when you’re inside the mall after school hours or during your break. Your spendings range from the little things (snacks or trinkets) to bigger things like clothes or your favorite frappe.
It’s best to stay out of the mall especially when you have money to spend. Better yet, go home after school to avoid spending unnecessarily. That way, you’ll get to save not just your money, but also your time and energy.
This is probably the ultimate life hack for students! That siomai and rice combo never fails to feed the hungry students on a budget.
You may also explore the school’s vicinity and check out nearby stores, cafes, and shops that offer discounts for students. Scout for the best deals and make friends with the store crew to get extra favor. You may never know when they might offer you free extra rice or an additional chicken wing!
If you live just a few minutes away from school, you may consider investing on a good bike to save money from your daily transportation allowance. That way, you’ll be able to save Mother Earth, keep yourself fit, and save money every day! Perhaps you may even try walking to school if you live considerably near your school.
Just take extra caution when you’re on the road!
There’s nothing wrong or baduy with making your own lunch and bringing your lunch box to school. This has multiple benefits! You don’t only get to save money, you also have the chance to eat healthy or even share extra food with your friends! While you’re at it, you may also bring your own snacks to school.
A serious word of caution, though: don’t lose your mama’s Tupperware! Or else . . .
Aside from bringing your own lunch, bring your own water tumbler, too! This saves you from spending on soda, bottled water, and other expensive beverages in school. Live healthy while saving a few bucks. Drink plenty of water or make your own juice!
At the end of each day, list down all your expenses to check which items are unnecessary and which items you overspent on. Hopefully, this awareness will help you curb your overspending on unnecessary stuff, activities, and habits next time.
Our spending practice is a result of our outlook and values. When you see money as a tool to invest on things that will help you grow as a person, you will invest on things that will help maximize your season as a student and help prepare for your future.
Also, when you grow in your heart a desire to honor your parents’ sacrifice so they can provide for your needs, you will be motivated to steward your money and resources wisely.
Remember: those who are faithful with little will be faithful with much, and those who are faithful with little will be entrusted with much (Luke 16:10)! You better start saving up, and manage your finances well! Who knows, someday you will be blessed with more resources to manage and to bless other people with!