Most people say: " I have nothing to save - I have nothing left at the end of the month! ". This is a wrong way of thinking! Those who save simply make a transfer to a savings account (or save in any other way) immediately after receiving their salary.
86% of students philippine cell number regularly put money aside, even if the amounts are small (source: Student's portfolio. Edition VIII September 2023 , Report of the Warsaw Institute of Banking in cooperation with the Polish Bank Association).
That's why you have a budget, to plan in advance what expenses you'll have this month and how much you can realistically save. After writing it down in your budget, immediately transfer the set amount to the sub-account .
This money doesn't exist for you - it is not included in the amount designated for expenses (to mark this in the budget, create an additional category: "Savings") and you can only use it in situations related to its purpose (more on that in a moment!).
Remember that the most important thing is habit – it is better to save modest amounts regularly than larger amounts of money only when necessary.
There is also no point in denying yourself everything – don’t go crazy with the amount of payments, because you will quickly lose motivation. In time, you will certainly manage to increase your income, and then your savings will skyrocket!
To ensure your financial security, have money for unexpected expenses as well as for pre-planned purchases, divide your savings into four categories (you can create separate sub-accounts or divide the money only virtually, e.g. in an Excel sheet):
safety cushion – should allow you to survive at least a month without your current income (e.g. after a sudden job loss),
budget for unplanned expenses – this is money for situations that you do not expect and will require smaller or larger financial outlays, e.g. an emergency visit to the dentist or computer repair,
budget for planned expenses – are you saving up for a new phone, a vacation or a great professional course? Or maybe you know that you have a college tuition or other financial challenge coming up? Thanks to the savings, you won't have to strain your monthly budget. You can also pay for gifts for your loved ones, a website domain, car insurance and other annual obligations from this pool,
long-term savings – thanks to this category, in a few years you will have money for your own contribution, starting a business or another investment!
Hey, but what if after planning my budget and cutting most of my expenses I really have nothing left?
According to a study by the Warsaw Institute of Banking ( Financial situation of young Poles , 2023), every third student plans to limit their expenses to the necessary minimum due to the difficult socio-economic situation in the country, but we will not persuade you to live an