Smart budgeting for college students

MANILA, Philippines - Most college students are living on a budget. If not, they are likely the students who have enough to survive the whole year without worrying about their allowances running out or the students who are simply just getting themselves into a cycle of debt.

You can become smarter about the way you consume your money. Be wary of your spending and keep yourself away from getting tangled up on the debt web. Bear in mind that the key to financial success is to be well aware of how you are spending your money. Know that there is a certain line between being cheap and having spending savvy. There is nothing wrong with living within your means, rather than beyond them.

Now that school has started, the dreaded allowance budgeting is once again here. Stretch your peso further with the following money­saving tips:

1. Rummage through your home. Before purchasing anything from the store, search for treasures in your own home. Stash of pens and pencils may be hidden in your dreaded junk drawer and perfectly clean notebooks and papers may be stuffed in your cabinets. Take note of what you already have at home and consider what you will really need before hitting the stores.

2. Look for hand­me­down books and other reference materials. Instead of buying a new book or photocopying handouts that you need for your classes, ask your friends who already took up those classes if they have kept theirs. You may ask them if you may buy or rent the materials for a much cheaper price or better if they may lend it for free for the whole semester.

3. Do not make impulse purchases. This goes out to school supplies and other personal belongings. Before wasting a ridiculous amount of money on anything, you must always ask yourself first if you really need it or you just want to have it. Impulse purchases can quickly and massively blow your budget. Aside from creating your shopping list, set a spending limit, and stick to both.

4. Shake off your cravings and do some meal planning. Your body needs food to withstand the stress that come with being a college student, but that does not mean that you have to eat plenty to stay healthy. Do not eat more than what your body needs. It is important to oversee what you consume, because a healthy diet is a key to a strong body and sound mind. Aside from the health benefits that you can get from eating just enough, this may help you reduce your daily spendings. Meal planning is your road map. Once you are in the grocery store, this will help you stick to the task of eating enough and not spending way too much. In addition, you may also try to make dinner with friends and split the cost of groceries. Making your own coffee is also a way to save money. While coffee shops are convenient, they charge hefty prices that really add up over time.

5. Cut out vices. While the personal indulgences provide momentous sheer visceral pleasure that can make up for the stressful and dragging day, these vices surely drain out a big bulk from your savings. There is nothing wrong with having fun once in a while; just make sure that you are mostly zeroing in your money on the necessities rather than on your personal indulgences.