How to Save Money as a Filipino Student

Are you a Filipino student? Do you want to learn some practical tips on how to save money? Being a student can be exciting but challenging at times, especially for Filipino students who may have limited resources. Read some insights below to know some smart ways on saving money while studying.  

Track your expenses and create a budget plan

1. Know your expenses. It’s time to track where the money is going to understand how to keep it. List down all the expenses that you have daily so you can properly identify what’s your biggest expense. If you have a smartphone, you can download a budget app to help you out. 
2. Create a Realistic Budget: Students should learn to create their budgets to manage their money properly. Prioritize the top things that students need to pay for such as fees, transportation, meals, and books. Be realistic about your budget and aim to save a portion of your income each month. Remember, even small savings can add up over time.
3. Manage your Spending: There’s an upcoming concert and you’ve always wanted to watch it. Would you go despite not having money? If you’re going to ask for money from family or friends just to see the concert. Think again. Learn to manage your spending. 

Which comes first, your needs or your wants? Nothing is wrong with watching your favourite artist perform. But you have to save up for the ticket first. Learning to discipline yourself and prioritise things will help you in the long term. 

What are Money-Saving strategies for students? 

Below are some of the tips you can take to save some money for yourself. You don’t have to follow all of them. But, it would be great if the majority on the list could be followed. 

1. Be on the lookout for student discounts. There are many restaurants offering discounts for students. Make sure to avail of them. It is not limited to food items only, there are retail outlets, entertainment centers, and others offering discounts. From movie tickets to clothing stores and local attractions, these discounts can help you save money on everyday expenses.
2. Avoid frequent dine-out: Learn to cook a meal or two. Avoid eating out too frequently. You won’t realize it but you’ve already spent half your allowance for coffees. Instead, plan your meals and cook at home or in your dormitory. Prepare your lunch in advance or join a communal cooking group with fellow students. Not only will this save you money, but it can also be a fun and social activity.
3. Welcome Second-Hand or Shared Items: Getting brand-new items is nice if you have the money. But consider buying second-hand textbooks, furniture, or electronics. Check online marketplaces or campus bulletin boards for students selling their used items. Do you live in a shared apartment? Talk to your roommates. Maybe they are willing to have shared expenses on the kitchen wares and other furniture. 
4. Embrace DIY and Thrift Shopping: Explore your creative side and try do-it-yourself (DIY) projects for decorations, gifts, or clothing alterations. Thrift stores and bazaars can also be great places to find affordable and unique items. In the Philippines, there are plenty of thrift shops you can visit. This will save you some money instead of buying new materials.  

How to save money on transportation costs as a student? 

1. Consider commuting. The public transportation in the Philippines may not be of world-class quality. But it is often the most cost-effective way to get around. Take advantage of student discounts on transportation passes or cards. Explore different modes of public transport, such as buses, jeepneys, or trains, depending on what is available in your area. Check which ones will not cause you so much hassle to take but would still enable you to be in class on time. 
2. Carpool or Share Rides: Talk to your classmates, and see if carpooling is possible. It is a practical way of saving money on transportation costs.
3. Get a bike or take a walk: If you are just going to be somewhere near, it might be better to take your bike with you. Not only will this save you money, but it is also a healthy and eco-friendly alternative. Plus, you get to enjoy the fresh air and exercise.

How to maximize your savings?  

1. Check out the free resources at your university. Take full advantage of the resources and opportunities available to you as a student. Visit the library to borrow books, access online databases, and study in a conducive environment. Make use of student facilities like computer labs, printing services, and study spaces. Participate in extracurricular activities and student organizations that offer free or discounted events, workshops, and networking opportunities.
2. Look for grants and scholarships: Use your research skills and start scouting for scholarships, grants, and financial aid programs that are specifically designed for students. These can help alleviate your financial burden and provide additional support for your education-related expenses.
3. Check for part-time work: Even if you are still a student, there is work from home. you can take it. Filipino students can earn while studying. This allows you to earn some income while gaining valuable work experience. Look for opportunities within your campus or explore online platforms that offer remote work options.

Think long-term and save money 

1. Set SMART goals: Determine what are your short-term and long-term goals as a Filipino student. Whether it’s building an emergency fund, saving for a study abroad program, or investing in your future, having clear goals can motivate you to save. Set realistic targets and celebrate each milestone, no matter how big or small.
2. Set an auto debit on your account: With this in place, there is an auto transfer from your checking account to a separate savings account. This way, a portion of your income is consistently saved without you having to actively remember or make the transfer manually.
3. Look for an accountability partner: Get a friend or a classmate to be your accountability partner. This person will be your support system in your financial journey. Having like-minded individuals around you can make the saving journey more enjoyable and successful.
4. Have a positive mindset: As a student, several things could test your discipline. Stay positive no matter what. You will eventually reap the rewards of your hard work after years of discipline. Celebrate your progress and reward yourself for reaching savings milestones. Treat yourself to small, affordable indulgences as a way to stay motivated and enjoy the fruits of your savings efforts.

Given the Philippine economy, saving as a student is still possible. If you’ve already started, share with us how your journey started. Let us all learn from each other.