SCHOOL season is about to start and students are excited for their return to the classroom. With the implementation of full face-to-face classes, many students are thrilled about the same thing– their allowance.
But post-pandemic times pose higher commodity prices, compared to previous years. Since everyone, including students, is affected by price increases, republicasia asked several students about how they budget their allowance and where they mostly spend it.
Students may vary in terms of the allowance they receive, but the common expenditures for many of them involve transportation and food. They mostly prefer affordable rides like buses, jeepneys, tricycles, or trains since these have fixed fares, making it easier for them to budget for these.
Between the two, food eats up most of their money. A common observation in students’ food expenditures is their preference for comfort snacks like flavored beverages or street munchers on top of their rice meals.
How they spend their money
Avin Dela Cruz, 21, an incoming fourth year communications student from the Pamantasan ng Lungsod ng Maynila, has a P4,000 weekly allowance, and most of it is spent on transportation and food.
Dela Cruz lives in Cavite, and his transportation to and from his school’s Manila campus consists mostly of bus and train rides. He spends around P1,000 a week for this.
The rest of his allowance goes to his food expenses. This Gen Z student admits to giving in to his cravings, which eat up a chunk of his weekly money. A self-confessed coffee lover, he said part of his budget is irrevocably allocated for his coffee cravings.
Gabriel Arevalo, a 22-year-old communications student, said he also spends his P1,000 weekly allowance mostly on food and transportation.
He allocates P200 per day for his train and jeepney ride to school. For food, he usually spends about P70 for his rice meals. Whatever is left is spent for his favorite budget beverages like lemonade, iced tea or sodas.
Whenever possible, he also allocates a budget for some “after school tusok-tusok” or student-favorite street food, which he enjoys with his classmates.
Savings are important
Things, however, are slightly different for 22-year-old Francis Ivan Edel, a communication major from the University of Caloocan.
He budgets his P1200 weekly allowance for his needs and still manages to put a part of the amount into his savings.
Unlike the majority of students, Edel brings his own transportation to school. He drives a motorcycle, and allocates P300 for his weekly gas expense. The rest of his money goes to his food and other expenses like night outs with friends and, of course,street dates.
But he said he does not push his expenditures to the limit and makes sure to save at least P400 a week.
Michelle Grace Henriche, a 21-year-old communication arts major from the University of Caloocan, can say that she is a master in the allowance budgeting game. This is because she successfully stretches her P450 allowance throughout the week and still manages to save part of the amount.
She makes this possible because she does not spend for fare going to school. Her campus is within walking distance from her home.
She only uses her allowance for food and other school needs like printing and photocopying of notes.
She manages to save at least P50 from her weekly allowance since she avoids buying sweet snacks, unlike most students.
How do you budget your allowance?
