“Money speaks only one language, ‘If you save me today, I will save you tomorrow.“
This quote states an advantage a person can get from saving money. Applying this to one’s life can help prevent possible financial problems in the future. The consistent practice of being wise in spending money will soon form into a habit which will be a huge factor for a person to be responsible for handling finances. This disposition, when accomplished at an early age, will help the young to realize the importance of decision-making when it comes to money.
For students who find saving money from their allowance a challenge, here are some tips to overcome these struggles:
1. Prepare your own food
Instead of buying meals in the school cafeteria that will cost more, bringing your own “baon” would be more economical. Through this, a larger amount of the student’s allowance can be saved.
2. Practice self-control when spending money
Refrain from buying unnecessary things. Ask yourself, “Do I really need this?” before spending money on something.
3. Be creative
When doing school-related tasks, use supplies that are available. Think of different ways on how to make use of the things around to make a good schoolwork. Do not buy compulsively.
4. Make walking as your main mode of transportation
If school is nearby, just walk instead of riding public vehicles. Walking will not only help in saving one’s allowance, but also in maintaining a healthy lifestyle.
5. Stay home
Avoid regularly going out on weekends or during holidays. As an alternative, spend time with the family or do something productive.
6. Make a budget
List all the necessary expenses in order to know the amount of how much of one’s allowance can be set aside.
7. Be with people that can help in saving money
Encouraging others to save their allowances would also be a good option.
8. Maintain practicing allowance-saving techniques
This is the most important part of saving allowance. If a student cannot maintain these, then setting aside money will not be easy.
Always remember this: We cannot control how much money we can get, but what we can control is how we spend what we have. Saving allowances will not only help students but also their families, for they can already depend on themselves whenever they need something for their studies (e.g. school supplies, unexpected school bills). Follow these tips with great determination to be able to achieve them.