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Smart Saving & Spending

Updated on February 1, 2013

Once you've saved a hefty amount of cash, what should you do with it?

1. Save it in the bank

Ditch the good old piggy bank and store your money somewhere safer. Visit your local bank and inquire about starting an account. Some banks have special privileges for students under 18 years old. Remember to choose a bank that will match your needs. This is a good way to control your expenses and manage your savings.

2. Invest in mutual funds, stocks and other alternatives

Do a little bit of research and look for an investment that is worthy of your time and money. Ask help from your parents or your local bank with this one. Tell the, you wAt to learn how to grow your money and ask them for financial advice. Start out small and keep an eye out for great opportunities. Just be wary of scams. Don't forget to read the documents throughly beforing closing the deal.

3. Invest in fun and memorable experiences like going on a trip

It's time to take "following" travel blogs to e literal sense. Satisfy your wonderlust and get a taste of life outside the city. Go ahead, bring out your trusty backpack and get yourself out there. When you're old and gray, you'll be telling stories and showing pictures of your out-of-town adventures to your grandchildren - not your daily (not to mention, costly) trips to the mall.

4. Watch a concert

Treat yourself to once-in-a-lifetime opportunity and grab front-row tickets to your favorite artist's next concert. Nothing can ever beat the rush of watching a performance live and interacting with the stars (most concerts hold meet and greet programs). A loyal fan like you definitely deserves one unforgettable night of music and laughter.

5. Take a class.

Ever dreamed of winning Project Runway or becoming the next Master Chef? Instead of bumming around the house waiting for episodes of your favorite shows, why not enroll in a class of your interest? You'll be able to hone your natural talents and developed skills you may eventually use to start your own business. Think of it as a productive and enjoyable way to invest in your future.

6. Buy a gadget.

You don't always have to follow the latest technological advancements, but be sure to invest in something you will use for a long time. Canvass for student-friendly prices and asses the quality of the gadget.

  • Is it a trustworthy brand?
  • Is it essential to your daily life?
  • Does it have a lot of functions?

If you answered yes to all, then it's time to hit the stores and start the journey to becoming tech-savvy.

7. Start your own business.

Learn from these young entrepreneurs who've made it big.

! Anna Gonzales (Anagon Collection,

  • Her Humble Beginning: Anagon Collection started when she was in college. Before that, she was already selling tie-dyed tank tops and flip-flops with beads. Later, a friend suggested that she sell smaller items like accessories. She 's really into arts and business - Anagon Collection is a merging of these two personal passions.
  • Her Starting Capital: P500 for making basic accessories (including pliers, wires, earring, holders, beads, and packaging)
  • Average earnings: P30, 000 to P50, 000 during peak season (usually by the end of the year)

Tips for young entrepreneurs:

  1. Find your passion. Don't start a business just for the sake of it. Do something you're really into, so you'll never give up no matter what obstacles you face.
  2. Think of different ways to sell your products or services. You may have the best products in the market, but you have to bring them out there so people will know about your brand. Market, market, market!
  3. Be of service to your clients. serves your market by providing them with what they need. It's not just about money, but also about making clients feel good when they use your products.
  4. Don't stop learning. If you want to put up a food business, try enrolling in classes that will improve your cooking skills. If you want to have a fashion business, take up course on pattern making and sewing. A background on entrepreneurship is also helpful in the long run. Plus, there's always the Internet where you can read up almost anything!
  5. Keep your eyes open for new opportunities. It's all a matter of being creative and open to whatever learning options life may present you with.
  6. Learn to separate the personal and professional.
  7. Take calculated risks. Risk is part of every venture but as long as you take time to get to know the business environment, it will pay off. Don't be afraid to make mistakes because will grow through them/
  8. Learn to make sacrifices.


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