How To: Save and Budget Your Student Allowance

Alright, guys and girls listen up!

Being young and free is such a favorable circumstance in this broad world we live in. No huge responsibilities, no stress for unpaid bills and taxes, no decision making difficulties for future career, and being unprepared for life doesn’t matter that much at all — YET.

No, I’m not yet working. But I’m in my senior year in college and hopefully I am graduating next year.

Yes, I’ll be on the “adulting” stage and I’m not yet prepared emotionally but financially? I can say I have the confidence.

And before I enter that new chapter in my life, I’d like to share how I save and budget my allowance to inspire you youngsters to discipline the way you handle your money.

Soon, you’ll be thanking yourself for doing so.

Let’s start? 🙂

My first step is to budget.

In budgeting, comes discipline. Let’s take for example, I have a weekly allowance of $20.00 (P1000), I’ll make sure that equal or more than 30% goes to savings. That is, $6.00 (P300.00 ) per week. I’ll stick to that weekly. 

Remember, discipline is the key!

In a month, you can save up to $24.00-40.00 (P1200-2000.00). And that is “YOUR” money. Imagine if you can stick to that savings for a year?

Open a savings account.

Once you have saved up at least $40.00-$100.00 (P2000-5000), open a bank account. Trust me, it will be much easier for you to track your withdrawals and deposits (expenses and savings).

Not only that, your money will be safe in a bank. It won’t be in your hands so there will be lesser temptations to spend on immaterial things.

Whenever possible, deposit your savings weekly. And make sure to track any withdwals you made, like for example, you made a withdrawal of $10.00 (P500) this month, make sure you know where did you spend that $10.00.

Keep on saving.

Just keep on saving, if you didn’t get the 30% of your weekly allowance then at least save 5% of that.


Do not dare to do that, do not exercise that.

Besides saving on your bank account, try to keep a piggy bank and save the coins that’s left on your wallet everyday. Let your piggy bank be the “keep the change” hoarder.

You have to set your mind that you have to save up because no matter what happens, you have at least YOUR OWN money you can depend on.


Repeat after me, save and save and spend and save.

Your main goal is to save money. You are not saving because you WANT to buy that MAC make-ups or Nike shoes once you’ve reached your target $$$ goal.

YOU ARE SAVING FOR YOUR FUTURE. So just save, and save, and spend a little or treat yourself something nice then you save again.

You’ll be trained not to depend on anyone but yourself. Yes, I’m talking about the expenses you’ll encounter soon. This will serve as your training to the adulting stage in life, in which I think will be really hard. So, SAVE AND SAVE AND SPEND AND SAVE.

Know the difference between a WANT and a NEED.

You saw that cute pastel shirt from Uniqlo and you WANT to get it. Think again, do you really NEED that? Is that a necessity? Let’s say you still have shirts on your closet, some of them are new and unworn.

Will you still buy that?

Now think again, is that shirt will matter after a week or two? Or you just want to buy that because you find it cute the moment you saw it?

Now you know, needs vs wants. Keep that in mind.

Be practical and reasonable.

As per Merriam Webster dictionary defined “practical”,

: likely to succeed and reasonable to do

: appropriate or suited for actual use

You should know how to be practical in life. Know what is applicable to you, what is reasonable and appropriate.

Do not go broke trying to look rich.

Don’t spend $300 for a bag to only have $40 inside it, instead spend that $40 for a bag and have $300 inside.

There’s nothing wrong if you’re just an average and you don’t come from a wealthy family. It’s not something to be ashamed of!

Reward yourself.

After long months of hardwork, discipline and control in saving money, don’t forget to treat yourself. You can buy what you want on your birthday or go to a fancy restaurant for a nice meal to keep yourself motivated.
If you keep on doing all these, you won’t actually notice how your money will grow until it’s the time of your life that you’ll be earning money because you are now a working adult.

It will be very useful, I know, in a sense that you can save more when you get a job and not spend it like a crazy, wild and free adult who first got his paycheck.

You know how to budget and control, so I know you’ll make the best out of it. You’ll be a great adult too when responsibilities come in your life because you know when to save and when to spend. I believe in you!

But for now, start with your student allowance. Let’s take one step at a time. Slowly but surely. I promise you, it will ALL be worth it.


See you on my next post, ALL LOVE!


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