A Saving Tip to Save Your (Fangirl) Life

We already know by now that Astro is about to release their new Japanese album in a couple of weeks and this means another expense for Arohas (ummm, 9 versions, hello?). On top of that, a lot of us are also trying to buy tickets to their concerts and buy merchandise in order to complete our Astro collection. The thing is, a lot of Arohas are finding it difficult to save up for these purchases mainly because most of us are students with limited allowance and most of us don't know how to spend our money properly. As practitioners in the financial industry, Sheena and I will be giving you a tip on how you can bulk up your Astro fund and afford the merch that you want.

Budgeting and wise money spending are skills that we have already practiced since we were young. Sheena's mom used to give her a monthly allowance when she was in highschool and she managed her expenses properly for her allowance to last until the end of the month. I, on the other hand, have been taught wise spending by my parents and sister when I was very young. As I grew up, my sister, who is a CPA, gave me better tips on how I can manage my money well. Although Sheena and I came from different families (no, we're not twins nor sisters haha), there seemed to be a common technique that our parents have taught us in terms of managing money. And that is what we call “The Sheena Challenge”.

This name was coined by our officemates who got so amazed at Sheena's revelation that she only brings Php 80 per day as her allowance. That's approximately $4 USD or ₩4,000. With their amusement, they decided to call this as "The Sheena Challenge" and tried it for themselves.

Basically, "The Sheena Challenge" is a money saving technique wherein you will only bring a specific amount of money per day so that you will not be tempted to spend your extra money on things that you don't really need. This technique have worked for us for years and hopefully, this will work for you too. Here's how to do it:

Determine your daily budget.

The first step of this challenge is to assess your expenses and determine how much is enough for you in a day to day basis. Remember, it doesn't have to be 80 bucks per day like Sheena. My budget, for example, is Php 100, since I tend to eat 5 times a day. No, we are not urging all of you to settle on Php 80 or $4 if it’s not really enough for you. It is still different strokes for different folks. So what you can do is to take a look at the things you usually spend money on daily then account for the essentials, such as food, transportation, school expenses (photocopies and contributions) and emergencies (to make sure you can go home in case you run into any trouble). Ask this question, “How much do I spend daily for this specific thing?” Once you have accounted for everything, determine the total and you will have your daily budget.

Stick to your budget.

This challenge will take a lot of discipline and self-control so better prepare yourself. Just spend for the things that you really need to get through the day. Do not be tempted by that yummy milk tea or that Starbucks caffe mocha no matter how tasty they look. Do not buy things that you really can’t afford. Be practical.

Use your emergency budget for emergencies only.

Do not use it to offset your milk tea splurge because your thirst for milk tea is not considered an emergency. Trust us, having an emergency will really pay off once you encounter messy situations. Who knows, you might have a school contribution that you forgot to pay? It’s really beneficial to be ready at all times.

Save the extra.

If you have any extra money, do not splurge it. Put it away or add it to your Astro fund so you can buy that album you have been wanting to get.

Think of other ways to save money.

For example, you can lower down your food expenses by packing a meal or a snack. For students, you can ask your mom to include some snacks during her next trip to the groceries so you can bring that instead of buying in the canteen. For uni students, you can share food with your friends and splitting the cost rather than buying food individually. For working Arohas, you can also carpool with officemates who will pass by your route to save on transportation costs or even walk the way home if it’s just a walking distance from the office. There are lots of ways on how you can cut your expenses. It just takes a little creativity and some practice.

These are just a couple of basics tips on how you can save up for this year. Hoping these will help you bulk up your savings and create the habit of wise spending in you.

Are you ready to try The Sheena Challenge? Comment down below if you are willing to try this or if you have more money-saving tips that you'd like to share.

Tita Tip: As advocates of wise spending, we still encourage everyone to be smart with their merch purchases. Think a gazillion times before you buy anything and think whether or not it is worth the precious moolah.

Happy saving, Arohas!

Are you up for The Sheena Challenge?