Living on a budget is one adulting skill that needs to be learned by Filipino college students.
College life can be both demanding and fun. Academic activities such as attending classes, internships, and other school work require more time and effort. On the other hand, being in college may be an exciting experience for some students. It could be their first time on their own, and everything is possible. Whatever your situation, budgeting is something you have to learn and practice. Tuition has a cost, as do food, transportation, rent, concert tickets, movies, shopping, data load, and other extracurricular pursuits. In this regard, you need to allocate a certain amount to all your living expenses and activities.
Adulting simply refers to the act of behaving like an adult. It is a common word among Filipinos nowadays. On a deeper level, it means becoming mature and responsible, just as most adults are. Living on a budget is one adulting skill you need to learn because adults do budgeting. Here are some reasons why you need to live on a budget:
Save money for future use
There are those who are fortunate and attend college without paying anything. They also have sufficient allowance from their parents or guardians. However, some are less fortunate and struggle with their finances. Nevertheless, whether you belong to the blessed group or the underprivileged ones, saving money for future use is adulting. You cannot control the future or what will happen tomorrow, but you can prepare something today. Saving money can serve as an assurance against life’s unpredictability. These are some ways you can save money while studying:
- Cook your own meals
- Buy concert tickets in advance
- Use carpooling or public vehicles
- Don’t abuse your credit card
- Maximize use of campus amenities
- Limit eating out or food delivery.
- Avoid or cut out on vices
- Take advantage of student discounts.
- Share condo/apartment
- Buy and utilize value cards.
Budgeting is the foundation of financial literacy
The earlier you start budgeting, the greater your chance of developing the habit. Financial literacy is a good foundation for money management. It will make sure that you are on track with your goals and spending habits.
Control your spending and avoid debts or loans
Living on a budget will help you avoid paying interest on debts and loans that may be due to overspending. This practice will also push you to always be on guard against taking more loans that might incur interest and harm your finances.
Attending college is indeed quite demanding. Living on a budget is another difficulty. Adulting is even harder work. However, life is really difficult, and it is better if one is prepared for its realities.