How I Saved 100,000 Pesos Savings at the Age of 20

It has always been my goal to save a huge sum of money before I graduate in college.

To be clear, I am not born with a silver spoon. My parents are not rich, nor we have a business that provide for our basic needs. My father is a farmer, and my mother is a social worker.

Being born in a poor family has opened my eyes with the reality that you cannot live a good life without having money. That is why as early as 6 years old, my parents have inculcated in my mind to save money because it will save myself when the rainy days come.

I have been saving since I was a child. And saving is one of my hobbies, especially now that I am a young adult.
I noticed that there are a lot of students here, so I am going to share to all of you my Top 10 Tips To Save Money.

These are the tips that I used to save P100,000+ at the age of 20.

Tip #1: SET A SAVINGS GOAL

Before you start your savings journey, you have to set a goal first.

Ask yourself the following questions:

• What are you going to do with the money you are saving?

• Are you going to use it to buy a cellphone, or laptop, or use it for your travels?

• How much are you planning to save for it?

• Til when do you plan to achieve your goal? Set a realistic timeline for it.

Write down your answers in a notebook, or even on your phone's note. This is what I do, not just with my savings, but also with my other goals in life.

Tip #2: OPEN A SAVINGS ACCOUNT

Opening a savings account is helpful because you will be able to monitor your money. It also provides excitement especially when you see that your money is growing. There are a lot of banks that offer savings account that is good for college students. I recommend BPI, BDO, Landbank etc. There are good banks out there, and you just have to decide on what bank you are entrusting your savings with.

Tip #3: HAVE A SMALL BUSINESS

Having a small business will help you get additional income.

Personally, I have E-loading business, where I sell cellphone load to my classmates. I use the coins.ph app as it gives 10% rebate for all the load I sell. In a month, I could sell 5,000 worth of load. That means I have 500 pesos profit for it. It is already huge for me as a side income.

(This was before the pandemic came. Now I don't have a side business. XD)

Tip #4: BE THRIFTY

There are a lot of ways to be thrifty especially as a student. Learn to say no to your friends or classmates when they ask you to go out and eat at fastfood restaurants. Instead, just eat at "karinderya" or just cook your own food.

Avoid buying bottled water outside as they charge it twice the original price. Also, if your school is just nearby, walk to get there instead of renting a motorcycle.

Tip #5: MONITOR YOUR EXPENSES

Before I spend my allowance, I set aside my savings first and then budget my remaining allowance for the week. Cut out expenses that are not needed. When buying something, think not just twice or thrice, but a lot of times, especially if it is not something you need. Simply put, be frugal.

Tip #6: TREAT YOURSELF, BUT USE IT AS AN OPPORTUNITY TO SAVE.

I treat myself with food/clothes when I reach a certain goal. However, this does not mean that you have to blow away all of your savings. Instead, just take a portion of it as a reward for your hard work. This way, you will be more motivated to save again for your next savings goal.

Tip #7: APPLY FOR SCHOLARSHIPS

There are a lot of government scholarships out there, you just need to ask about them. I have one existing scholarship that gives a stipend amounting to P20,000.00 per semester. I have been a scholar since 1st year. Scholarship stipends give a huge portion to my savings.

Tip #8: UNSUBSCRIBE AND UNINSTALL

There are a lot of Facebook pages that awakens your thirst to spend money. That is why you should unsubscribe to their pages to avoid misspending.

I must admit, samgyupsal is my weakness, and every month, I set a date where I eat out with my friends. Luckily, I have removed this weakness already.

Also, if you really want to have savings, it is time to say goodbye to Lazada and Shopee apps. (I'm still guilty with this. 🤣)

Tip #9: DON'T ENGAGE YET INTO A RELATIONSHIP.

This may sound bitter to you, but I will say it anyway, don't engage into a relationship if you are still a student, especially if all you know is following the trend of #Relationshipgoals. It is a good thing if your boyfriend/girlfriend motivates you to save money, but if not, it's time to let him/her go. Haha! 🤣

Kidding aside, isn't it better to go out on a date with that special someone using your own money and not by using the allowance you got from your parents? I'll leave that to you.

Tip #10: CULTIVATE SELF-DISCIPLINE AND SELF-CONTROL

Having self-discipline and self-control is the key to achieve your savings or all of your goals in life. Be dedicated with your goals. Work hard to achieve it. Don't be easily tempted to spend money over unimportant things. Have some discipline and control to yourself, and you are already ready to achieve your savings goals.

That's it! These are my personal tips to save money. I hope you were able to learn something from it. Happy Saving! :)

"Mahirap Mag-ipon. Pero pagtanda natin, di ba mas mahirap kapag walang ipon?"

("It is not easy to save money. But when we grow old, isn't it harder that we don't have savings?")