Living in a dorm is a good way to save money; however, daily necessities can be really expensive, especially in Metro Manila. Here are 5 tips to help you fill up that alkansya.
Make a Budget
The first and most important thing to do is to make a budget. List the money that you regularly receive and split it into portions according to your necessities like food, transportation, and utilities. Do not forget to include to portion the amount of money that you want to save. After establishing your budget, make sure to track your expenses daily.
Cook Your Own Meals
Food and delivery prices have inflated lately so cooking your own meals can save you a lot of money. This will also allow you to avoid fast food and control your calorie intake. However, the reality is, you won’t always have enough time to cook your meals so meal plans might be the best way to go. There are meal plans that start at PHP 2,300 per 5 days and already include 3 meals per day.
Look for Discounts
Looking for discounts may be time-consuming and confusing. Dormy has made this easier for you by partnering with merchants through our Dormy BLUE program. Get up to 10% off from laundry shops, study hubs, meal providers, cleaning services, and water-refilling stations! No need to worry about your daily necessities anymore.
Stay tuned for Dormy BLUE’s release! 💙
Make Your Own Coffee
This one may be a hard pill to swallow but store-bought coffee is really expensive and can eat up your whole allowance. Instead, buy roasted coffee beans, ground coffee, or even 3-in-1 coffee as an alternative and observe how much more you are able to save. If you go to coffee shops to study there, consider going to study hubs with free coffee instead. You will also get free wifi and snacks there so it’s a lot more worth it.
Use Public Transportation
Hailing taxi services may be tempting, especially with Metro Manila’s heat and pollution. But with a little sweat and some hassle, you can save up to 90% by using public transportation. Study MRT and LRT routes, and look up Jeep and Bus schedules. You can also ride a Point-to-Point (P2P) bus which offers more room and convenience but is a little more expensive.
Moving out and living in a dorm is a lot of people’s first step to adulting. With it comes a lot of new-found responsibilities including managing finances and saving money. It may be confusing at first but just keep trying, stay consistent, and do your best to resist all temptations. Good luck on your financial journey!