There’s this meme that circulates around social media which says: “The best thing I liked about being a student was not worrying about bills.” Do you find yourself reminiscing about the good old school days when everything was stress-free and everything given to you always seemed enough?
There are actually habits that students do that prove helpful in boosting savings. And the good news is, everyone who wishes to improve their savings can likewise learn and practice them.
Bring Packed Meals
One of the major reasons why my allowance as a student was always enough is because I didn’t have to buy my own meals – my parents prepared them for me. Nowadays, a decent meal can cost P60-P150 if you’re on a budget. If you buy your food from the grocery and prepare them at home for the next day’s packed meal, you would’ve spent only P40 – P100 with plus bonuses alongside such as larger meal proportions and assured clean food handling and preparation.
If you think bringing packed meals is old school, think again. If we just save 150 a day x 20 days = P3,000 a month x 12 months = P36,000 per year. This strategy does not only benefit your finances by saving, it also promotes good health and proper nutrition because you can design your food menu according to your nutritional needs.
Use Your Own Water Bottle More Often
A 300-ml bottled water can cost P20 at average while a 5-gallon water refill at home can cost P50. Imagine how many 300ml bottles you can refill from that 5-gallon water refill? If you drink at least 3 bottled water a day, you’ll have a savings of P60 daily, that’s over P20,000 per year!
According to studies, food businesses actually earn more from their beverage sales rather than their food sales; this is because beverages are a must when we dine, hence, sales are guaranteed. Similarly, when you bring your own water bottle and refill it from home, your savings are also guaranteed!
Be Eager To Set Aside Money For That Piggy Bank
I can still remember when I was a student, I was saving 50% of my income. I said income because I started my sales career at 12. If an average allowance ranges from P100 daily and if they just save 50% of this to their piggy bank. That will be P10,000 per year.
Students are still dependent on their parents, they practically do not pay for anything, so they can bring in money to their piggy bank. If you practice this habit, you will realize that saving is actually a fun habit when approached with a right attitude and mindset.
Choose To Stay At Home On Weekends
I can still remember that I will stay at home to eat my favorite fried eggs, pork and beans meal and watched cartoons whole day long over the weekends. So I was practically not spending anything. We can also still do that, instead of going out over the weekend which is also costly.
An average day spent outside the home can cost you up to P1,000, and this amount is mostly spent on recreation such as food, coffee or movies. If you stay at home for 3 weekends for a month, you will have an additional savings of up to P3,000 x 12 months = P36,000 per year.
I hope I was able to enlighten you in this article and hope you will also share this idea to your loved ones.
If you want to know more tips on how to save and budget your money well. Please read my bestselling book “Diary of a Pulubi, My Ipon Diary and My Badyet Diary” now available at bookstore and Lazada.
Chinkee Tan’s Wealth of Advice appears Wednesdays on GoodNewsPilipinas.com
(Chinkee Tan is a top Filipino motivational speaker, wealth and life coach whose goal is to inform, educate, motivate, and disturb. His vision is to help people become financially-literate and debt-free. For more info about Chinkee Tan, please visit his fan page at FB, Twitter and Instagram. Also follow VIBER PUBLIC CHAT GROUP search chinkee tan, and VISIONCHINKEE on You Tube for more news and encouragements.)