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How to Save Money As a Student in the Philippines

Last updated: December 30, 2022
Written by: Joshua Morales | Reviewed by: Mark Anthony

Key takeaways:

  • Have the plan to save money
  • Create a budget and stick to it
  • Find online work as a side hustle
  • Avoid spending too much on unnecessary food

How to save money as a student in the Philippines

The Philippines is a progressive country. Salaries are low, and students may not get much money from their parents. As a student, we are sure you want to save money for something—and we will help you do it.  This article will help you save funds by giving you ways to do it properly.  In the end, you will have a method to save money and achieve your savings goal. Lastly, you will realize why saving money is important for students.

How to Budget your money as student

The first trick to saving money is having a plan. There are two key components here. The first one is to set a savings target, and the second one is to manage your daily expensesBefore you can do both, you need to identify two things: your allowance and your necessary daily expenses. 

So, for example, if your allowance is ₱150 per day, you must know how much you spend in school. 

Here is an example:

  •       Back-and-forth fare – ₱30
  •       Food – ₱60

In this case, your total basic cost in the day is ₱90. If your allowance is ₱150, you still have ₱60.

The next step is to think whether that is really enough. Generally, you can add 20% of your total cost to your daily expense for miscellaneous expenses. 20% of ₱90 is equal to ₱18.

Now, your total cost is ₱90 + ₱18 = ₱108. From ₱150, you still have ₱42. Lastly, you need to set a savings target. If you go to school 20 times a month, your total allowance is ₱150 x 20 = ₱3,000. 

How much money do you want to save in a month? Typically, the ideal savings is 20% of your total money. In a month, you should save at least ₱600. If you can save ₱42 per day and multiply that by 20, it means that you can save ₱840. Since your goal is only ₱600, you still have ₱240 to spare.

Best Tips to Save Money as a Student in Philippines

In this section, we will share several tips that you can use to save money the proper way. Here is a list of our tips.

  1. Get student discounts – there are canteens and pantries that offer discounts for students; only buy from these canteens. Do not buy in full price. Take your time to find the best deals, as there are many stores that offer 10% or 20% discounts to students. Just show them your ID.
  2. Buy only what you need – do not get tempted to buy things you do not need. For example, do you really need a bracelet? Even if it is just a fancy one, an expense is an expense, and you must avoid it.
  3. Avoid vices – do not drink or smoke; vices are bad for your health, and they are also expensive. Vices can also make you sick, and you will pay for medical expenses.
  4. Do not buy luxury – even if your friends are wearing expensive stuff like jewelry or branded clothing, there is no reason for you to try to fit in.
  5. Buy pre-loved items – if possible, do not buy brand-new stuff. For example, if you want to buy a book, there are thrift stores you can find where you can buy second-hand books. It is cheaper to do this, and you can save more money.
  6. Sell things you do not need – if you have stuff you do not use anymore, like an old novel, you can always sell it. You can sell it on eBay Philippines. Letting these things go and earning money from them is better than letting them rot on your shelves.
  7. Swap stuff instead of buying – find a means to exchange your item for another. There are online forums where you can look for somebody who may be interested in your stuff. If he happens to have what you’re looking for, meet up and swap
  8. Buy wholesale – instead of buying retail, buy wholesale. For example, buy an entire ream of bond paper. It is cheaper this way. Of course, do not bring the entire ream to school, as your classmates will use it. Only bring to school what you need.
  9. Save on transportation – you must save money on transportation. If possible, cut costs. If your school is so close, you can always ride a bike. You can also take a jeepney instead of riding a taxi.
  10. Do not spend on hobbies – find hobbies that are free to do. Do not enroll in a gym or something. Today, there are many free things you can do online today if you want.
  11. Try to get scholarship – if you study well, you can apply for a scholarship. However, grades are not the only things that matter. You can be a scholar if you are part of the varsity team or the news publication team in your school.
  12. Negotiate on prices – always ask for a bargain; haggle with vendors if you have a chance. This way, you can save money by not paying the full price.
  13. Forget about bars and restaurants – If you want to celebrate a memorable date or spend time with a large group of friends, try to buy food and drinks in retail stores and relax at home. Then you don’t have to overpay in establishments, because the prices of food and alcohol in bars and restaurants are much higher.
  14. Shared Housing – The life in the dormitory is not suitable for all students, and independent rent of housing in the big city will cost a lot of money. But don’t despair: you can always unite with friends and rent an apartment together.
  15. Begin to observe regime of a day – Don’t spend your nights preparing assignments, try to do them during the day. It will save your nervous system from stress and save electricity.

As you can see, there are many ways to save money. The trick here is simple: do not spend money if it is not necessary. It takes a lot of self-control to discipline yourself to do this. 

Another mindset you must adapt is this: can you buy the thing at a cheaper price somewhere else? If you have the patience to look for bargain prices, then you are on your way to saving money all the time.

Learn useful info about
Tips for Budget Your Money

Online Ways to Save Money

You surely have access to the internet. In this regard, be glad that there are methods to save money as a student in the Philippines by buying online.

  • Use mobile data promo – if you are on prepaid, do not use data without registering for promotions. For example, for Globe, you can text GS50 to 8080, and then you will have 1GB of data for three days.
  • Use Apps – download free financial apps so you can manage your expenses
  • Order from China – there are many items you can buy on the cheap from AliExpress; you only have to wait longer than Shopee or Lazada.
  • Save in a bank – save money in a bank and do not get ATM, so you are not tempted to withdraw.

The last method is to join viral savings challenges online. There are many financial groups you can join on Facebook. Join them and get advice or participate in challenges.

All about
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Plan Your Meals

There are three main ways by which you can save money on food:

  • Bring lunch
  • Avoid expensive and unhealthy drinks
  • Do not eat fast food

It is cheaper to cook food at home and pack lunch with you. This way, you do not have to buy food from fast food chains like Jollibee or McDonald’s. In addition, do not buy expensive drinks like Starbucks coffee. You do not need these things. Bring water with you.

Find Side Hustles

There are many ways by which you can earn money as a student online. Surely, you have a skill that you can offer. Of course, you need a computer to do some jobs.

Below are some of our recommendations:

  • Be a freelance writer
  • Be an affiliate marketer
  • Offer graphic arts

You can publish your profile and offer services on Fiverr or Upwork. We also recommend that you take an online course. For example, you can take an online course for freelance writing, so you know what clients expect and how to compete.

Summary

You must invest in your future. Even as a student, you must save money, so you have something to spend in times of emergency. One of the benefits of saving money for students is that you are also building a habit that you will take with you as you get older.

Read about
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Authors

Joshua Morales
Author pages:
Joshua Morales is the head of Customer Care Dept. and Online Sales Dept. of Digido Finance Corp. creating articles, blogs, and other learning mediums that helps Filipinos struggling on their financial literacy. Joshua also loves Cycling, Photography, Cinematography, Online gaming, Fine Arts, and dreams of becoming a Doctor of Veterinary Medicine.
Mark Anthony
Author pages:
Mark Anthony is, the Finance and Accounting Manager. of Digido Finance Corp., monitoring and controlling the flow of cash that comes in and out of the company to meet the company’s business needs, preparing the financial reports and analysis of income and expenses, and monitoring tax compliance.

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