Money Saving Tips: 5 Ways To Save Money Even If You Are A Student

Everyone has money issues, that's not just for people with families, or married couples, even students do. You see, we've been taught to save but as children, we get used to the idea that we get everything we want just by asking from our parents. Now that we are more responsible and grown up, we shouldn't just depend solely on our parents for something we need or want. You wouldn't want to go asking your mum for money to go out on a date right? Or to buy that iPod you always wanted. You must learn to save yourself and spend your own money.

Okay, still being in school, you are running on a tight budget. but that's the key, budgeting. When you are given your allowance, how do you manage it? To help you out with savings, here are 5 simple ways for students to save money:

1. Stop buying on impulse- especially to the girls. You go to the mall, you see these cute heels, you are tempted, you want it- but do you need it? The problem with going out to the malls and shopping is you might end up buying stuff you don't actually need- and even stuff you don't really want. So ask yourself "do I need this?" before you buy something, make sure that it's necessary if not then resist the temptation and walk away.

2. Hide your credit cards Many students are given the plastic, thus having the urge to buy now pay later. That's a bad spending habit that you should get rid off. if you think that you are not responsible for the card yet, and with the payments then hide it.

3. Give up the bad habits. Students, especially in college can often times get into bad habits. Alcohol, smoking, partying like it's the end of the world, indulging in expensive luxuries and things, keeping up with the Joneses. Whatever it maybe, cut it out. It's not doing you and your wallet any good.

4. Keeping up with the Joneses. This is related to the last, if your roommate or your friends seem to have an endless allowance, it doesn't mean you have to. What good does it do is you just bust your allowance on all manis and pedis then have nothing to eat just as long as your nails stay pretty. That's just not worth it. Stay true to yourself and stay true to your budget.

5. Stay in your dorm or in your home. When it's the weekends, it's tempting to go out clubbing, shopping, hang out at the "in places", but think about it, do you really need to hang out there when your house is just as comfortable- and you don't need to spend a dime. Why not invite some friends, watch movies, play games, gossip and have fun indoors.

Now those are just five simple tips you can use to save money, there are tons more, be creative and think outside the box. Smart people try to save money early, they will try to learn early so that in the future they know how to control themselves. And very much be well on their finances and budgeting.

Savings Account or Term Deposit: Where to Invest Your Extra Money

A time deposit is a bank product that put deposit of money to be on holding period so the depositor can only get the money after that period without penalty. If, for instance, you want to check out the money in a term deposit, you will be charged a penalty for withdrawing it prior to the maturity date. In term deposit, the longer the holding period, the higher the interest and so the profit from it. In US, a time deposit is called certificate of deposit or CD.

If you have an ample amount of excess money, say, , 000 it is advisable to invest it in time deposit or certificate of deposit rather than on normal savings account.

Keep in mind the money deposited in a time deposit or term deposit cannot be withdrawn before the maturity date on the other hand you can get your money on a savings account any moment you want.

There is a certain charge or penalty you must pay whenever you like to withdraw your money in time deposit prior the maturity date ends.

Therefore, it is advisable to finish the holding period before withdrawing money from term deposit except you desperately needed the money.

If you are thinking to put some of your money in term deposit, make sure that you have still adequate money in your bank account to cover for unexpected needs. The excess money can be deposited to term deposit for higher profit.

One advantage of investing money in time deposit or CD is that it earns higher interest rate than regular bank account.

If you put your money in time deposit, it is insured by the bank and the government up to P500,000 in the Philippines. In the US, certificate of deposit is also insured by FDIC or NCUA.

You can choose where to invest your money, in savings account or term deposit. Bear in mind that money in term deposit earns bigger interest with lock-in period while money on savings account gives low interest with high liquidity.

In order to apply a time deposit account, you should visit the bank of your choice or you can apply in the Internet. One bank that gives good interest rates in the Philippines for term deposit is BPI.