These six practical money-saving tips for Filipino high school students can help them start saving early, and build that habit.
It is important for Filipino high school students to know these six practical money-saving tips so they can start saving early and build that habit.
Saving money when you are still in high school is never too early. It is the start of building a habit of sound financial management. According to the National Economic and Development Authority (NEDA), financial education should be the best tool to effectively come up with better financial outcomes. It is imperative, then, to develop that attitude toward managing your money at a young age. Here are some practical tips for you to start saving early and build that habit:
Maximize student benefits
Avail all the discounts that you can. School canteens usually offer budget meals. Other food stalls and even some stores also give 10% or more discounts. Likewise, you will only be charged a student fare on all public transportation if you present your student ID. For mobile use, register for student data promotions. Globe, Smart, and other networks offer data promotions exclusively for students on a regular basis. It is your privilege, so make the most of it.
Credits To: aboutcagayandeoro.com
Pack your lunch
It is usually allowed to bring lunch in both private and public high schools. So instead of buying food, why not pack your lunch or snacks? It will ensure that your food is well prepared and healthy, aside from saving money,
Buy and sell clothes and stuff
If possible, do not buy brand new clothes and other stuff for Instagram photo purposes. You might not want to wear these again. If it can’t be avoided, then try selling those that you don’t use anymore. Income from sold items can be used to purchase new sets of stuff.
Avoid vices
As teenagers, there are many vices that lurk around you, especially peer pressure. Drinking hard liquor and smoking are not only bad for your health, but they are also expensive. So forget about bars and their equivalents. If you can’t start standing your ground now, the same will happen in the future. It will only get worse, and medical expenses are a hassle.
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Find a side hustle
There are many freelance jobs available online. You can make it meaningful by looking for a side job, if you have idle time . For sure, you have a skill to offer. Or you can also take short-term online courses to be more competitive. With this, you get to earn extra money aside from your allowance. You will also be immersed in the workplace, and this can be your edge in the future.
Begin the habit of saving and investing
Even as a high school student, you need to start saving money. You cannot be sure of what will happen tomorrow. There are many Filipino rags to riches stories. But there are also testimonies of wealthy people who were reduced to poverty due to unexpected circumstances. You will have something to spend during emergencies if you have some savings. Time is also a big factor in growing your money. The earlier you start, the greater your chance of earning over time. Some banks and other financial tools accept one hundred pesos (P100) to open a savings account. You can check it out and choose the best option for you.
Final Thoughts
Filipino high school students are composed of varied economic strata. There are those who are receiving sufficient allowance from their parents. On the other hand, some students may not get much money if they belong to low-income families. Nevertheless, building a habit of saving money is not all about how much you save. It also depends on how early you start and how consistent you are with it. So begin with a plan, then take action, and keep on doing it.