By Maria Portari

I still remember the moment my card was declined!

I was so embarrassed. It was the first time I realised that money is not unlimited…

Growing up in Cyprus, money had never been an issue for me. I considered it merely worthless paper. And saving? Well, I (and many of my peers) believed it was simply too hard.

My first contact with savings had come in elementary school. Every Monday, we deposited a small amount into our account, which we would receive when we turned 18 years of age. We called it ‘savings’, and it was a habit we learnt at a young age.

When, just before the summer of 2025, I had my 18th birthday I was very excited. I was going to get my ‘savings bank’! It was a large amount, and I felt financially free, able to manage my money as I wanted.

And so, I filled my first summer as an adult with going out, travelling and unnecessary purchases. In short, I spent as if there were no tomorrow!

But then, at the end of August, I went to buy a shirt that cost €15…

I didn’t have any cash with me, so I went to pay by card – as I usually do. And I got a huge wake-up call.

​My card couldn’t be processed – there was simply no money left!

I was embarrassed. I didn’t know what to do. Suddenly, I realised that my money was not something that could remain uncontrolled.

When September came, I moved to Nicosia for my studies. The expenses were countless: rent down payment, furniture purchases, moving expenses. And my parents had to take out a loan because my costs were higher than their monthly income.

It was at that moment that I felt remorse – huge remorse for the way I had spent my savings over the summer.

I knew I needed to combine my studies with work. So, I found a flexible job with a good salary; started working weekends and holidays. I began contributing to my parents’ loan, started saving and covering basic expenses myself. I stopped making unnecessary purchases; limited my outings.

Now, I appreciate every euro. Working made me see money very differently. And it taught me to start saving.

​The lessons I learned? Don’t spend your money unnecessarily when you have an excess. Create an emergency fund. And don’t wait for the mistake until you start saving!

‘Cyprus’ Youth Talk Money’ is a Cyprus Mail series developed in collaboration with the University of Cyprus as part of the Financial Literacy Initiative, supported by XM. New student articles are published every Tuesday.

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Maria Portari is a first-year student in the Department of Accounting and Finance, University of Cyprus