How to Manage your Allowance as a Student?

 

Budgeting and Books: My Frugal Life as an ABM Student

Hey everyone! I’m Loraine Camille O. Biñas, a Grade 12 student at Tandag National Science High School. As an ABM (Accountancy, Business, and Management) student, I’m all about numbers and making smart decisions—especially when it comes to money. And let me tell you, living on a 100-peso daily allowance isn't always easy, but it's definitely teaching me a lot about financial literacy!

My Daily Routine: Lunch Box and Learning

So, how do I make my 100 pesos stretch? Here’s a peek into my daily routine:

• Transportation: 20 pesos (back and forth)
• Lunch: Homemade (thanks, Mom!)  I bring lunch everyday.
• Water: Refillable bottle from home
• Snacks: 10 pesos (a small treat to keep me going)
• Contingency: 50 pesos (for unexpected school expenses or savings)

The ABM Connection: Real-World Financial Strategies

Bringing my own lunch and water isn't just about saving money; it’s a financial strategy! Here’s how it connects to our ABM lessons:

1. Cost Savings: By bringing my own lunch, I save around 50 pesos each day. Over a week, that’s 250 pesos! This is similar to how businesses look for ways to cut costs and increase profits.
2. Opportunity Cost: Instead of buying a 70-peso snack, I can save that money for something else, like a new book or a school project. Understanding opportunity cost helps me make smarter financial decisions.
3. Risk Management: Having a contingency fund helps me prepare for unexpected expenses, like needing to print documents or buy school supplies. It’s like having an emergency fund for a business.
4. Value for Money: Packing my own lunch ensures I get a healthy and satisfying meal without overspending. It’s about getting the best value for my money, just like businesses aim to provide quality products at reasonable prices.

Frugal Tips for Students on a Budget

Here are some extra tips I’ve learned to make the most of my allowance:

• Bulk Buying: Buying snacks in bulk can save money in the long run. Share with friends to split the cost!
• Library Resources: Instead of buying books, borrow them from the library. It’s a great way to save money and expand your knowledge.
• DIY Projects: Get creative with school projects and use recycled materials to save on supplies.
• Walk When Possible: If the weather is good and the distance is manageable, walk instead of taking transportation to save money.

Final Thoughts

Living on a budget as an ABM student teaches me valuable financial lessons every day. By bringing my own lunch and water, I’m not just saving money; I’m practicing financial responsibility and preparing for my future. Remember, it’s not about how much you have, but how wisely you use it!

Thanks for reading! Share your own money-saving tips in the comments below!