Student Budget Tips For Filipinos

Introduction

Being a student in the Philippines is challenging. Learning practical student budget tips could make your academic life more enjoyable. Managing the allowance and other expenses at school alongside academic demands can be daunting. This is why it’s important to equip yourself with budgeting know-how. Financial strain can be stressful. Let’s walk you through some simple yet effective budgeting tips for Filipino students.

1. Monitor Your Expenses

Do you know where you’re spending your money? Are you aware of every penny that comes out of your pocket? If not, it’s time to track your expenses. Tracking your expenses can help you identify areas where you might be overspending. To help you in monitoring your expenses, download some free apps. Apps such as Monefy and Monny are designed to help you monitor your costs.

• Key Points:
  • Record all of your daily expenses, big or small track everything in your app
  • Categorize the needs from the wants. Your ‘needs’ could be items such as tuition fees, books, group projects, etc, and ‘wants’ can be categorized as movies, eating out, vacations, and clothes 
  • Set a schedule for when to review your expenses. If possible, make it a weekly habit to see where adjustments can be made.

2. Essential Expenses Must Be Prioritized

As a student, you have essential expenses that must be covered. These are the expenses that need to be covered first. Examples of crucial expenses are tuition, school supplies, laboratory fees, uniforms, and transportation. If you have identified your essential expenses, you’ll know how much you can spend on nonessential expenses.

• Key Points:
  • Before the month begins, you must have already identified all your major expenses. 
  • Make sure to cover your essential expenses before spending on nonessentials.
  • Avoid spending on wants until your essential expenses are covered.

3. Prepare a Monthly Budget

A monthly budget is like a blueprint of what your spending will be like. As the saying goes, ‘If you fail to plan, you plan to fail.’ This is another important student budget tip. A budget is a financial plan that helps you allocate your income to cover your expenses. Wouldn’t it be nice to have an overview of how much money you’re allowed to spend in a month? If you have this in place, you’ll avoid overspending. 

• Key Points:
  • Make sure to add all of your total income (allowance + part-time job earnings).
  • Set a budget for essential expenses first.
  • Set aside money for savings and emergencies.
  • Reduce spending on non-essentials.

4. Save Money When You Can

No matter how much it is. There is power in compounding. Start saving where and when you can. If you are receiving a regular allowance. Assess how much you can save from it. It could be challenging to save thus proper planning is essential. Saving shouldn’t be stressful but a natural habit. It may be difficult at first. But soon enough you’ll realize you’re not spending on unnecessary things.

• Key Points:
  • Check the ideal bank where you can open a savings account. 
  • Save a fixed amount each month. You can start small, even if it’s just ₱50-₱100.
  • Be on the lookout for promos, student discounts, and deals to reduce expenses.

5. Avoid Unnecessary Debt

As a student, it may be tempting to use your credit card to purchase online items. It could also be easy to borrow from your parents. You might also have friends or relatives ready to loan you money. An important student budget tips is do not borrow money to pay for a vacation or money to buy new clothes. Getting into a habit of borrowing money to sustain a certain rich lifestyle is not healthy. Relying on debt can lead to financial stress and make it harder to manage your finances in the future.

• Key Points
  • Assess if the situation requires you to borrow money as it is an emergency. 
  • Pay off any borrowed money as soon as possible. Do not wait for the lender to ask for their money back from you. 
  • Avoid using credit cards unless you can pay the full amount each month.

6. Consider Part-Time Work If Schedule Permits

If your schedule allows, consider taking on a part-time job to supplement your allowance. These days, being an online freelancer is a means for students to support themselves. There are plenty of websites such as Fiverr, Online Jobs PH, and Upwork where you can apply for work. Part-time work can provide you with extra income to cover your expenses and help you save more money.

• Key Points
  • Prioritize your academic demands but do not neglect your part-time responsibilities.
  • Learn skills that will enable you to have additional cash flows. You can try selling digital products on platforms such as Raket.ph.
  • Look for part-time jobs that align with your class schedule.
  • Consider freelance work or online jobs for flexibility.

Conclusion

These student budget tips are designed to help you overcome the challenges of a student’s life. Learning how to budget while young is an excellent preparation as you step into adult life.

There are more demands that you need to juggle every day. Budgeting is a habit that requires consistency and discipline. Learn to save up. Start with small amounts and gradually increase the money you’re saving.

Budgeting as a Filipino student doesn’t have to be complicated. By tracking your expenses, prioritizing essential costs, creating a monthly budget, saving money, avoiding unnecessary debt, and considering part-time work, you can take control of your finances and enjoy a stress-free student life. Start implementing these tips today to achieve financial stability and prepare for a brighter future.