Tightening a Student's Belt

Within just one day, another 500 peso bill slips off my pocket...

Well not literally slipping off but spending off 500 peso bill. As a student in the Philippines, 500 pesos is a big deal. For an average guy, 500 pesos is worth a week allowance. And that's too much for me, especially when a supposed-to-be 1 week allowance turns-into-a 1 day expenditure. Not just that, I more than often spent 500 pesos in 1 day. And I don't like that feeling of losing so much.

I have these ideas (unfortunately not all of them are put in action):

1. Get a Job

Yeah, sure. Get a Job. That really helps. But the hard part is, where to find a job, what job fits me, what if I don't like the job, and more what ifs. Most people like me have those what ifs stuck to my mind. A friend of mine here took an online English tutoring for four hours a day, and earn much money. I don't like the sound of tutoring someone, especially since I have this feeling of not being able to express what I'm truly saying. I'm pessimistic towards tutoring, especially when it's English. I suck at vocabulary (there, I said it now.) I'm looking for something I ideally like to do, like surfing the net, playing games, or do some simple programming. Yeah, that's what I like. Ideally. But somehow I haven't found one yet.

2. Ask for More Allowance

No way that's gonna happen.

3. Tighten My Belt

Yeah, that's it. That's the reason why I'm posting this anyway. And that's the reason why I'm making it the title.

These steps may not be arranged in order, but just read them accordingly anyway:

Step One: Check Your Expenditures

This is a very nice step to follow. Especially because there's a good chance that you'll be psychologically affected. This affection (if my choice of word is not mistaken), well, won't actually help if you just do step one.  Like what they say, actions speak louder than words.

Write in a notepad (or paper, but more preferably a notepad) your expenditures. You may write it in a summary form were you'll see the common expenses that occur (like fare, food, etc.), or write a journal of your expenses on for a given period of time. The longer period of time, the better. Look at it very closely. LOOK AT IT! FEEL THE BURN! IMAGINE ALL THOSE MONEY SLIPPING AWAY FROM YOUR POCKET. "No, please, no!" ~End

Note: Accounting helps. Really.

Sample (In a Week, Disregarding Charges for the Dorm):

Fare Php   105

E. Food Php   150

Sunday Food Php   120

Grocery Php   200

Laundry Php     75

Internet Load Php   300

Ticket Php   200

TOTAL Php 1150

NoOoOoOo!!!!

Step Two: Encircle Unimportant Ones

I'll use the strikethrough (like this) to show those that I can consider unimportant. I'm gonna tell the details later so you could understand.

Sample (In a Week, Disregarding Charges for the Dorm):

Fare Php   105 35

E. Food Php   150

Sunday Food Php   120

Grocery Php   200

Laundry Php     75

Internet Load Php   300

Ticket Php   200

TOTAL Php 1150

Fare is deemed unimportant and optional because the places are walkable, but not all of it. Thus I am able to cut off Php 70 from my expenses. E. Food (which refers to extra food, or food purchased outside just so I could eat something) is also deemed optional because I can bring snacks bought from my groceries. Now that Dilnet is available in our dorm I can also cut off my expenses of Internet Load, though not fully because I could still spend whenever I needed it. Ticket by the way is a school-requirement, hence important.

What I did here was that I circled those stuff which I can basically remove from my expenditure list. Now that I found these things out I must put these in action.

Step Three: Action!

This action by the way, not only requires you to stop these things from being spent but also requires you to put signs to remind you not to spend money on these things. Basically, stick notes to places where you can actually see them showing those expenses encircled in Step Two. Best places would be the point of view from your position of sleep, mirrors, doors, refrigerators, cellphones, and much more. You can stick it to your pet if you often play with your pet actually. I remember my teacher told me about this type of motivation and it does help, if you often see it.

You must also learn to say "NO" to expenses. No, NO, NO! When your friend asks you to buy drinks with him or food with him, No! Say yes, and you better find a job instead.

Step Four: Save in Smaller Denominations

People usually say "I'd keep a 1000-peso bill rather than fifty 20-peso bills because not only is it lighter to my wallet, it also helps me not spend it on anything. I don't think so. Why don't you rather save on smaller denominations than in big ones? Remember when you were still a little kid you would put coins in a piggy bank and save it? We're gonna do that, and we're going to make it work.

• Choose a small denomination, but not too small. In the Philippines, a 20-peso bill is enough, I think a 10-dollar bill is also enough for people in US. Just try looking at the correct ratio. 20 pesos is enough to buy most snacks.
• Get another wallet to put those bills, or a piggy bank, if you really want to.
• Find yourself another reason as to why you're not going to spend that. For me, I would not spend that 20-peso bill because it's new, it's fresh, it's crispy, and it's signed by our new President. Find yours too.
• Slowly find a way to have those bills come to your hands. You may want to exchange your money to those bills. I sometimes spend a 500 peso bill and ask the cashier that if possible I could get 20 peso bills. It works most of the time.
• Here's an important part. Make sure your budget is enough to make that cut happen. Else fail.
• Another important part. Pretend you never had that money, or say you're going to have that money, but in a later date.
• Another important part. Don't look at that wallet. And don't let anyone find it.
• Last important part. Say NO!

So there's my four-step plan to tightening my belt. I hope it could work for you. If not, consult a finance specialist, or ask help from thrifty elders. Surely they could help. This is a student's guide (by me) to having a thrifty career. Should there be a problem, consult a professional.

If you ever succeed, please post a comment here. Thanks! :D

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