In our school years, we are all so caught up with our academic goals and yes, it’s only natural that we prioritise it. However, this doesn’t mean that we should neglect the development of our personal finance skills.

Today, a guest writer shares money savings tips every Pinoy students should learn:

As students, we completely rely completely on our parent’s money. And at times we often feel like our baon isn’t ever enough. However, this shouldn’t stop us from saving early even just for a little. Saving money after all isn’t a race but a marathon. And the earlier you start the more you will thank your future self.

Often times we find ourselves spending on the minute things we thought we could afford but in summation we actually could have already saved a lot. Here are some tips for students to help us finally start saving:

1. Make a budget. A lot of people already have a mental budget at the start of the week but forget about it the next day. This is where most people fail. In actually sticking to their budget. It often helps if you write it down on a piece of paper or on your phone and allotting the money in each category from the beginning to avoid unnecessary spending.

2. Download a personal finance app. There are a lot of apps available that help you input your weekly or monthly allowances that also allow you to track where you spend your money. For beginner savers, these apps could help us see the big picture as to where our money really is going. And how much of it could be avoided.

3. Stay away from coffee shops. As students we often find coffee shops a sanctuary to be able to be in the zone while studying. If you feel you need to be in one, try to choose the cheapest drink and avail discounts for bringing your own personal mug. And if you feel it hurts your budget going to these stores its better to just make your own coffee at home.

4. Uninstall your online shopping apps. Online shopping at our convenience often times are at our disadvantage. It makes it so much easier for us to buy things we don’t actually. Uninstalling these apps help in resisting impulse buying and makes us double think if our budget can afford it or not.

5. Leisure. Every once in a while, students need to celebrate their little victories with dinner-outs and late-night partying. This is okay if you actually have budget for it then why not. Its okay to choose the not so fancy restaurant for as long as you know how to have a good time. Just stick to how much you are willing to spend on it then it will help you not overdo it. After all, everything in moderation is key.

To add, avoiding vices like cigarette smoking or any vices per se will help you save your valued Peso. Apart from the obvious of it seriously harming your health, it actually can also hurt your budget.

So there you have it! Some practical tips on how to actually be mindful on how you spend and actually help you start saving!

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One trick I know to curb unnecessary spending is the 24-hour rule. If you desire to purchase something, try to delay it for about 24 hours. You would less likely want to buy it the next day.

Do you have any impulse buying stories?  Please share your stories on impulse buying in the comments section below.

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For some, the hardest thing about saving money is just getting started. These step-by-step guide can help you develop a realistic savings plan and get you started with your money saving habits.

1. Decide what you are saving for.  One of the best ways to save money is to set a goal. Start by thinking of what you might want to save for—anything from a down payment for a house to a vacation—then figure out how long it might take you to save for it. Give your savings a purpose.

2. Decide how much money you will be saving. Your goal is to put away 10–15 percent of your income as savings. If you are making a monthly income of PHP 20,000, you should be saving PHP 3,000. To save anywhere close to this much, you need to avoid wasteful spending — which means making a budget.

3. Make savings automatic. Once you’ve got your budget in place and know how much you want to save for your savings goals, make the transfer of money automatic. Automated transfers are a great way to save money since you don’t have to think about it and it generally reduces the temptation to spend the money instead. Contact your bank to learn on how to do automatic fund transfers between your accounts.

4. Watch your savings grow. Check your progress every month. Not only will this help you stick to your personal savings plan but it also helps you identify and fix problems quickly. These simple ways to save money may even inspire you to save more and hit your goals faster.

There you have it, 4 step-by-step guide on how to start saving money. Now it’s time to put your knowledge in to practice, so choose and visit a bank now and open that personal savings account.

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How much money should you save and keep as your emergency fund?

Financial experts  recommend that you save at least 3-6 months’ worth of expenses in an emergency fund. So, if you spend PHP 5,000 a month, you need to have PHP 15,000 – PHP 30,000 in an emergency fund.

It may take time to build an emergency fund, but there’s no need for the process to feel stressful or overwhelming. To help you get started, we’ve listed down some pointers in starting your own fund:

1. Break it down.  Saving six months or more worth of expenses can feel daunting. That’s why it’s so important when figuring out how to start an emergency fund to begin with small goals and gradually work up to your long-term objective.  For example, you can start building up PHP 5,000 as your emergency funds, then PHP 10,000, then PHP 15,000 and so on until you watch yourself tracking to  three months or six months covered.

2. Decide a place to keep your emergency funds. When you start an emergency fund the purpose is to have quick, easy access to your cash. To accomplish this, consider keeping it in a high interest savings account with ATM access so that you can access it at any time

3. Make savings automatic. Once you know how much you can put into an emergency fund each week or each month, make it automatic.

4. Continue building and saving.  It’s important to remember that just because you might have reached your long-term goal to start an emergency fund, you shouldn’t stop there. Your circumstances could change through marriage or the birth of a child, for example, and your monthly expenses might increase as a result. When that happens you need to account for it. The six months’ worth of expenses you originally saved may no longer cover you.

Finally, setting up an emergency fund is more than just being practical, it’s being responsible. Aside from having access to money when you most need it, the peace of mind you get from knowing that you are financially secured when times get rough should be enough of an incentive.

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