Saving More Money and Investing for College Students

Saving money is an excellent habit, something you’ve undoubtedly heard from your parents or other adults. But are you truly aware of what saving entails? A hidden piggy bank in your closet or beneath your bed where you used to deposit 10 or 20 pesos each day? A sentiment from the past that only the older generation cares to worry about?

Nowadays, saving is more than just stashing cash in a piggy bank, and it’s not just something that employed people or college students should do! Take note that once you step into college, you are preparing yourself for the future work you will be doing and the position you will be assuming in your dream corporate company. Saving is all about managing your money and allowing it to increase rather than decrease. For young people, this may be really useful because the earlier you start saving, the more time you’ll have to build your money. So, lads and girls, the greatest time to start saving is right now!

Student Financial Tips to Save Better

Here are some useful financial tips to assist you in being frugal as a student and being smarter about saving:

Student Tip (or Life tip!) #1: Be imaginative

There are many more enjoyable activities available than weekly trips to the store and supper. Money spent does not always equate to enjoyment. If you’ve heard of TikTok or Smule, you can sing with pals without karaoke equipment like YouTube! Together with friends and family, cooking or baking at home may be a whole new type of joy. So, use your imagination and try new things. You’ll understand that you don’t have to “pay” for happiness.

Student Tip #2: Answer the question, What are Your Savings Goals?

List all of your monthly revenue sources, including any allowances or pocket money, part-time employment pay, etc., and minus any required expenses (like lunch, bus, and jeepney fare). What portion of the leftover money would you set aside for savings and what portion of spending?

Set a realistic savings goal for yourself since that’s what maintains your savings plan viable, especially if you’re a student. The excessive promise that you would first save 90% of your money just serves as a justification for giving up quickly. If you find it easy to save 20% of the money, wonderful work! If not, establish a larger target for next month.

Student Tip #3: Control your everyday spending

Are there any costs you can really avoid paying for? Your cellphone data might serve as an example because it is so basic. Do you typically spend all of your allocations on mobile data? Even if free WiFi is increasingly prevalent these days, have you thought about utilizing it more frequently rather than paying for it on a monthly basis? Always seek out the cheapest choices if an expenditure is inevitable.

Student Tip #4: Buy, exchange, and sell

Every class doesn’t need you to use brand-new textbooks with glossy covers. Because you probably won’t read them again after the semester, you can purchase secondhand textbooks. But hold on, sell them instead of just throwing them away! This isn’t limited to school supplies; you may trade items with your friends and classmates, or you can sell them online!

Student Tip #5: Avoid/Eliminate your debt

Pay off your credit card as soon as you can if you have one. Avoid borrowing money for anything that isn’t necessary for your schooling. Students shouldn’t carry credit card bills, loans, or other debts unless they want to carry them forever. After graduation, you won’t want to start your first job with debt!

Student Tip #6: Know Your Discount

Without a question, student discounts are among the top benefits of being a student! Bring your student ID with you wherever you go, even when you’re outside the school, not just for the savings but also for safety. Go to a store that gives students discounts and proudly displays them.

This is true for internet shopping as well. Look for discount codes and see if there are any student offers available before clicking “Add To Cart”!

Final and Last Student (or Adult Tip!) is to Invest in Yourself and for YOUR FUTURE GOALS

Yes, you are making savings for the future, and making plans now is one of the finest ways to aid the future you. Students and millennials in particular should start saving early so that their money can increase over time through compound interest. Why are you holding out? You may improve your daily life by taking the first step with our assistance at Cocolife Asset Management. To help you plan out your money for the remainder of the year, start a savings plan or consult with an Investment Specialist. Give yourself the gift of finishing the year strong and starting the next one with more knowledge.