Tipid Tips: Saving Strategies for College Students

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ONE of the major problems of college students is budgeting their expenses while trying to save money. More than half of the students’ allowance is meant for school-related needs; thus, personal needs are often set aside.

College life is not just about focusing on soaring dreams. It is also about paying for books, boarding houses, on-and-off campus expenses, miscellaneous expenses, and tuition—in short, it is a cycle of paying bills after bills.

With this, it is definitely hard to look for a space that can insert savings.

There are times when sudden errands arise but you cannot pull out some cash in your pocket because you only have enough budget reserved for essential things.

On the other hand, various reasons and sometimes temptations are hindering students from saving money.

However, there are always a few common habits that can be effective if they are practised consistently.

Gen Z experiences in saving money

Joanah Mae Leiandrea Plopenio, 20, 4th-year BA Journalism, shared her struggle of saving money as a college student.

“Challenge sa akin ‘yong pagtaas ng bilihin kasi nag-e-exceed sa budget, hindi ko expected na the price isn’t the same as before na. Hindi nasusunod ‘yong dapat na perang ilalabas ko, at hindi nasusunod yung dapat na perang matitira sa akin, kaya minsan hindi na lang ako nagtitipid,” she said.

Although she tried different ways to save money, she’s not very meticulous about tracking or monitoring money, which is why it always ended up failing.

“Sa isip ko talaga may hierarchy ‘yong dapat kong pagkagastusan, ang pinakauna talaga palagi sa akin ay school expenses. If I don’t have enough money for that, then I don’t really care if wala na akong social life,” Plopenio explained.

It is true enough that having a balanced mindset that knows what to prioritise can leave you feeling more than a little stressed.

While Mian, 21, a 4th-year journalism student, understands that being a college student is attached with responsibilities in terms of money.

Although enticement is just around the corner, it is important to have an initiative within yourself to save money and understand one’s capability to provide for your necessities, especially if someone is providing for you.

“For me, my biggest challenge ay ‘yong tempting thoughts ko,” he revealed when asked about the factors that contribute to his problem in saving.

He added: “I can eat budget meals and bring my own water para makatipid, but once na may mag-aya to hang out after class or matukso ako to buy myself a treat after a hectic day, doon usually nagiging hadlang for me to save a lot.”

Learning to distinguish between essential and non-essential sales is also a key to money management tips.

Tipid tips for saving money

In 2019, financial adviser Chinkee Tan released a blog about money tips that can help students, particularly college students, to save money.

Here are 4 simple yet effective tips about saving:

Bring packed meals.

One of the major reasons why students are having a hard time saving money is because they tend to spend it on food every time they don’t have pocket meals. The money that is supposed to be put on savings will be allocated with something that can be prepared at home.

Since foods in school or restaurants are expensive, college students must learn to buy foods from groceries and prepare them at home. It could help to lessen the expenses and save money.

This strategy does not only benefit students’ finances through savings; it could also assure a larger meal proportion, healthy food preparation, and promote proper nutritional needs.

Use your own water bottle more often.

Most of the students tend to buy drinks inside or outside of school because of reasons such as laziness to bring bottles of water or pure negligence.

However, by bringing your bottled water every day, you can not only save money but also make yourself hydrated during hot hours.

Be eager to set aside money for that piggy bank.

College students are mostly dependent on their parents’ money and practically do not pay for anything, so they have the chance to at least bring even a small amount of money to their piggy bank.

If students can practise this kind of habit, it will benefit them in the long run. This approach will be effective if the person has the right attitude and mindset in terms of saving money.

Choose to stay at home on weekends.

It’s probably hard to reject an invitation from friends or classmates for shopping or group dates, but it’s even harder to run out of money. Instead of going out for a costly lavish opulence, try to stay at home on weekends for some rest and dine in some home cooked meals made by your parents.

An average day spent outside of home can cost you a lot, but if you choose to stay at home for a month until it becomes your habit, you will have additional savings that you can use for future purposes.

Budgeting can be really hard, especially with low income and tight budgets. The practicality must come first before anything else to avoid owing money to someone that could possibly make you run into debt.

These ‘Tipid Tips’ would help college students to be financially literate; hence, it should be partnered with discipline with the awareness of knowing the necessary products and services to purchase.