Starting good financial habits early can make a huge difference in your future. If you’re a student who is just trying to stretch your allowance, save for that next big purchase, or find ways to earn some extra cash, there are simple steps you can take to set yourself up for success.
Navigate the basics of budgeting, saving, and even earning some extra money on the side. Here’s your go-to cheat sheet for making smart financial decisions now, so you can enjoy peace of mind and a brighter future later.
1. Set financial goals every year
Set your goals before the school year starts or during the academic break. This will help you build a financial roadmap before you get busy with school activities. Your goals will guide you in taking steps and making decisions that impact your financial status.
By making this a habit, you create the foundation for your personal finance management. Set S.M.A.R.T. goals to ensure your objectives are clear, attainable, and meaningful.
What is a S.M.A.R.T. goal?
S – Specific: What outcome are you aiming for with this goal?
M – Measurable: How will you track your progress for this goal?
A – Achievable: Can you achieve this goal given your current situation?
R – Relevant: Does this connect to your overall goal in life?
T – Timely: How long will it take to achieve this goal?
Bright Tip: Post your goals where they are most visible, whether on the computer screen or the wall of your room. This will help keep yourself accountable and constantly reminded of your financial goals.
2. Budget your allowance and expenses
If you are new to budgeting, then you should make a list of how much money you currently get and how much you usually spend in a week . Make it a habit to monitor your spending. Plan out your budget for the next month and be sure to save some money for emergencies. And before making a purchase, go over these questions before you decide to buy something:
Is this something I will use for future school projects?
Does this directly help benefit my future goals?
Can I purchase this at a later time?
Bright Tip: Sun Life has a free expense calculator that you can use to manage your money and find out where your money goes and see how much you can save and invest.
3. Earn extra income from gigs or side jobs
For students of legal age, there are many part-time and freelance jobs that students can consider during their academic break or free time. If you find it hard to set aside time for a job that requires you to be there in person, you can try online work like being a virtual assistant, social media manager, or even a financial advisor.
Bright Tip: Doing part-time jobs not only provides you with extra income but also helps put work experience on your resume. Just remember that your education, health and safety always come first. Talk to your parents or guardians about what jobs can be suitable for you as a student.
4. Take advantage of student discounts
Use student discounts wherever they are offered, like in restaurants and public utility vehicles like buses, jeepneys, tricycles and some trains (LRT or MRT). Useful apps such as Microsoft Office Suite, Adobe Creative Cloud, and Canva can also be availed at a lower cost for students.
Educational websites like Coursera and Skillshare also offer student deals. There are also great note-taking apps such as Evernote or Notion that allow you to share class notes or other templates to improve your studies.
5. Actively seek financial education
Learn as much as you can from reliable sources on how to manage your finances. Attend financial workshops or seek advice from trusted mentors to help you obtain the necessary knowledge and habits to build your long-term wealth.
Bright Tip: Attending financial workshops is like consulting personal finance mentors! These sessions can unlock a world of knowledge, from budgeting basics to investing for the future. You also get the chance to meet people with similar goals and are on the same journey as you. Sun Life Advisors also offer free Financial Needs Analysis to everyone, you can set an appointment here.
Now that you are aware of your financial goals, you can start to take the first steps in a lifelong journey of financial education that will help you accomplish your personal goals. It’s important to remember that wealth isn’t just about how much money you save, but how it can help you live your passions and take care of your loved ones.
By building these core habits early on and being consistent, your future self will thank you for all your hard work and diligence. You can also talk to a Sun Life Advisor to know more about the financial options that can prepare you later on in life.
If you are a student who aims for financial freedom, consider Sun Life’s affordable life insurance. SUN Safer Life is a low-cost, life insurance plan with flexible payment options to help you achieve your life goals and have a brighter future.
Want to start investing? Sun Life Prosperity Peso Starter Fund is the option for you. With just 100 Pesos, you can have a mutual fund designed to provide potential higher annual returns than your standard savings account.
ALSO READ: Five Part-Time Jobs for Fresh Graduates
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SUN Safer Life
Coverage until age 75
- Low-cost protection plan
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- Hassle-free conversion
Sun Life Prosperity Peso Starter Fund
An alternative savings vehicle that potentially provides higher annual returns compared to traditional bank accounts.
Pro Student
Coverage is yearly renewable
- Protection for students
- Insurance coverage 24 / 7
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