College Finances: How to Save Allowance Without Dying in the Attempt? Expert Answers

College life comes with many challenges: surprise midterms, late nights, a degree, and... surviving on an allowance that sometimes isn't even enough for coffee. But saving isn't mission impossible.

With organization and a few adjustments, it's possible to stretch your budget and even save some for emergencies, cravings, or future plans. Antonio Daza, a financial planning expert, explains how to improve your college finances today.

1. Know your reality: how much you earn and how much you spend. Recording every expense for a week or a month, from lunch to that sweet treat after school, can give a clear picture of your habits. Apps like Fintonic, Mobills , or even an Excel spreadsheet can help you stay on top of things.

Before talking about savings, you have to know where your money goes.

2. "Make a budget, but a realistic one." If you know your allowance is $300,000, you can't afford to spend $350,000. Divide your money into categories: food, transportation, school, outings, and an item for unexpected expenses.

Setting a time limit for each one is key. And remember: "A budget is only as long as you stick to it, not just if you write it down," says the expert.

3. Apply the 50-30-20 rule (student version): Although this rule is more commonly used by wealthy adults, you can adapt it to help you stay financially organized during college:

4. Learn to say "no" (without guilt): Sometimes, the biggest expense isn't what's necessary, but rather social pressure. Learning to say "I'll pass this time" can help more than any financial app.

"It's not about isolating yourself, but rather about choosing wisely when to spend, where, and with whom." This is where a difficult decision comes in, and it's knowing how to choose your friendships and, above all, the plans surrounding university life.

Alcohol, cigarettes, and vaping devices are a major source of money waste among college students.

Bogotá: A study by Manuela Beltrán University revealed that 43% of young people in Bogotá have used vapes at some point in their lives.

Medical Students: A study of medical students in four Colombian cities found that 18.5% had used e-cigarettes at some point, and 7.7% used them daily or almost daily.

5. Look for extra income: from selling desserts to freelance work, teaching classes, or participating in paid research. This can also diversify a student's financial situation.

There are always creative ways to add income without neglecting your studies.

6. Have a goal that motivates you: Saving for the sake of saving is boring. But if you're saving for a trip, a new laptop, or a course you're interested in, every peso you save will have a purpose. "That will give you more motivation and consistency."

7. Make saving a habit, not a punishment: Saving shouldn't feel like torture. You can start with small amounts, use digital piggy banks, take the 100-day challenge, or save your spare change. "It's the consistency that matters, not the amount," says the expert.

Saving money as a college student is possible if you're organized, make conscious decisions, and understand that every penny counts. You can live on an allowance... without dying in the attempt.

The key is not how much you earn, but how you manage it.

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