Pinoy College Student's Guide On How To Manage Finances Better

Do you often wonder kung bakit parang laging kulang ang allowance mo? Well, it’s most likely because magastos ka … emz. But seriously, managing personal finances is one of the biggest challenges that Filipino college students like you face daily. Between all the academic requirements, extracurricular activities, and other stressful happenings, it would be hard to find the time to plan on how to properly spend your moolah.   

It also doesn’t help that most college folks like you (well, unless you’re a working student) don’t have to work for their allowance therefore, the importance of spending money wisely is not in the picture. Thankfully, knowing how to manage your finances correctly as a college student is something that can be learned. And that’s what we are here for.

Written below are some of the most useful budgetarian tips to help Pinoy college students like you manage your finances better.  

Create Your Budget  

You probably know this already, but it's true. Setting up a reasonable budget that you can stick to can help minimize your expenses and make your allowance last longer. When creating a budget, the first thing to do is list all your monthly expenses. This includes your rent (if you live away from home), transportation, food, school fees, and personal hygiene essentials. Once you have a clear idea of just how huge your monthly expenses are, you’ll be able to allot enough money to cover all of them. Keep in mind that you can still alter the budget as you go on ... it's not a fixed one!

Open a Savings Account

After creating your budget, the next thing you need to do is to open a bank account for your savings. Since you're a student, the requirements are faster to produce than when you open one as a working adult. Having a bank account is recommended because it's secured and easily accessible. You will also get an ATM card that you can use to withdraw money from whenever you need to. And besides, keeping your ipon in cash will only make it easier for you to spend it on unnecessary things rather than saving it for future emergencies.

Minimize Your Spending

Part of having a smaller amount of money to spend is making better spending choices, which is also a skill needed to learn how to properly manage your finances. Take a look at the list of expenses you created for your budget planning and see which ones you can work on to have lower costs. Some examples include opting for homecooked or karinderya food rather than your go-to Jollibee or McDo meal, making fewer trips to Starbucks to get your expensive drink fix, availing student discounts on the regular online services that you use, and buying second-hand books instead of brand-new ones especially if they’re only going to be used for reference. Tipid Tips is the way to go!

Needs > Wants, Always

Spending your money on things you actually need rather than those you can go on without is a good money management practice. This one is a bit more difficult than the previous entries on our list because you might feel like you're depriving yourself of the things that can make you feel good. However, it’s something that you must do if you want to keep your finances in check and have an overall better college experience. So yes, bawas-bawasan muna ang budol finds sa Shopee at Lazada and instead put your money on the things na kailangan mo for school or to make your living situation easier.

Use Money Management Apps

Sure, you can learn how to properly handle finances on your own. However, it would be easier to download and use apps made for money management. Just go to App Store or Google Play Store and you'll be able to find various apps that will suit your needs. Some of the best ones you can download include Mint, Ipon: 52 Weeks Challenge, Moneyfy, and Money Lover. On top of those, it’s also recommended to use your bank’s online banking system so you can easily monitor your funds and keep tabs on your expenditures.

Managing your finances as a pinoy college student is not simple, but the tips we just shared with you should make it a lot easier. Want to read more blogs that can help improve your financial management skills and overall college experience? Head over to CourseFinder’s articles section, where you'll be able to find other informative and entertaining blogs.