Here in the Philippines, we call allowance – baon.

Now that school’s already started, I thought I’d share with you some few tips on how to save and stretch your baon. You can either use the savings for gaming (buying stuff at the Item Mall) or maybe you’re saving to buy a new collectible toy, gadget or perhaps even a model kit. (like my hobby)

The choice is yours. What’s important is the experience and the discipline you’ll learn from the process.

How to Stretch Your Allowance

1. Have a goal – the first step is to put into writing what you want. Is it to buy a new cellphone, more money for your character? Write it down and then put a cost to it. That way, you’ll have a target and determine if you’re “already there”
2. Know your BASIC needs – Most students get their allowance weekly. But some get it monthly. Whatever. The trick here is to list your basic needs. Stuff from the top of my head include transpo, food and other necessary supplies for school or projects. Once you list them down, you’ll know how much you can save.
3. Don’t be an impulse buyer – having money is not a license to spend. Since you have a goal, stick to it (see rule number 1 above). If you see a nice shirt, just convince yourself that whatever you’re saving for is more important (not unless it IS that shirt). Discipline yourself. The best word to use for these occassions is spelled with two letters N-O.
4. Save at least 10% every month – Let’s say your baon is P3,000 a month. Put 10% of it in a bank or ATM and don’t even think about getting it for anything save your goal. Again, the keyword here is discipline.
5. Bring packed lunches – the bulk of your baon will go to food. You can save a LOT if you bring packed lunches and a sandwich for merienda to school. Huwag mahiya! In fact, I bring lunch to work and the more money I save, I can use it for my gadgets, games and gundams (hehehe. no girls, the missus will beat the hell out of me). Also, if you can eat dinner at home, so much the better.
6. Transportation savings – if you can, walk. If that tricycle ride will cost you P15 and the distance is “walkable”, then do so. Doing some quick calculation, you can save around P500 per month on this! You could also talk with your classmates and plan a carpool.
7. Do it with a buddy – convince a friend and plan your goals together. Having a partner and saving for something with a buddy will mean that someone will stop you if you break the above guidelines. Besides, it’s more fun.
8. Tell your parents – inform your parents that you’re doing this “experiment”. I’m sure they’ll be glad and even help you.

If you follow the tips above, you’ll be piling in the cash in no time. Consider it as an MMORPG quest and you’ll be challenged further.

Once you do get your goal, bask in the reward and enjoy!

You earned it! Post it in your Friendster and Facebook for all to see. If my tips above helped, feel free to spread the word to your friends and tell them to visit my blog while you’re at it. Thanks.

Best of luck and I also hope that you guys do good in school, k?

Strength and Honor,

GM Tristan

Photo credit here