Y’all know the struggle: Craving for that bananacue from the school canteen when you have already maxed out your baon; asking your parents for additional allowance to buy school materials; or upping those “pambobola” tactics so they’d give you money for a road trip with friends. The struggle is real!
As a student, there’s not much you can do about it. After all, you’re dependent on what your parents give you. But does that really have to be the case?
There are actually loads of ways for you to maximize your money. Here are five ways to be wiser with your allowance. Train yourself now to be financially savvy and we promise, you’d be reaping the rewards later in life!
1. Bring your own baon.
Baon is so underrated. Some of us think it’s less cool than buying lunch from the cafeteria or restaurant near campus. But the advantages of bringing your own baon just might change your mind.
First, it’s cheaper. You could get a home-cooked version of that 65-peso fried chicken and rice combo at the canteen for a much lower price (and a bigger serving!) if you buy ingredients from the grocery and cook it at home.
While you’re at it, why not ditch the soda for some water instead? It’s free and it’s a healthier option. Here’s a tipid version of bottomless iced tea: Bring your own water bottle that you can refill all day from the school drinking fountain. As you save money, you’re helping to save Mother Earth as well by ditching the plastic mineral water bottles and straws.
2. Keep the change.
Just ‘cause your allowance is P150 a day doesn’t mean you have to spend P150 a day. Got a 10-peso change from your baon? Keep it. Set aside that amount every day and you get to save P50 in one week! You can use that extra cash the next time you need to print a research paper or buy school supplies. Or add it to your savings for that fancy laptop or phone on your wish list!
3. Buy used textbooks or gladly accept hand-me-downs.
An old textbook gets the job done just as well as a new one. Got an ate, kuya or friend from a higher batch who has the textbook you need? Buy it from them at a cheaper price or, even better, ask them if they can donate it to you. This hack also works well the other way around: You can sell your old textbooks for cash, too.
4. Speaking of ways to earn money, sell other stuff you no longer use.
Today’s digital age has placed many selling platforms literally at our fingertips—from Carousell to Facebook selling groups that make it easy for you to find a new home for your preloved clothes and shoes.
5. Save yourself from huge expenses in the future.
That’s basically what insurance is for. Now, it may sound complicated and intimidating for a student like you who’s young, healthy, and living the dream. But there are several good reasons you might want to take this step towards adulthood and talk to your parents about getting an insurance plan:
- Be worry-free. If the unfortunate happens—say, you suddenly need hospitalization—insurance will save your parents from having to shell out a huge amount of money. A monthly insurance payment of, for example, 1500 pesos will definitely be much cheaper than that medical bill worth 100,000 pesos.
- Insurance is cheaper while you’re young. Being young and healthy means you’re a low-risk client for insurance. Low-risk means cheaper rates so the earlier you start, the better. Plus, insurance rates are generally flexible to your financial situation.
- The Internet is your oyster. With enough effort researching on the Internet, aka the young generation’s turf, you’d get a basic understanding of insurance. Pan-Asian insurer FWD Life Philippines makes it even easier by offering insurance services that are simple, straightforward and flexible to your needs.
You may not have the financial power yet but you do have access to information that can help your parents find possibilities. At the end of the day, you’re saving money for yourself while helping your parents in the process.
Being able to do that as young as you are now is truly an empowering feeling. With all the financial woes out of the way, you get to focus all your energy on enjoying student life to the fullest while saving money for your passions and bucket list, too!