Never spend your money before you have it. -Thomas Jefferson
Emergency Fund, Savings Account and even a few bucks in a piggy bank is a rare find in today’s young professionals. We often have this “purita on the last few days until the next payday” scenario. But when payday comes… “Let’s go out!” “Shopping – I deserve a reward for my hard work” and eating out on a new restaurant. Then minus the bills, bills and bills… the next thing you know you’re thinking of bringing your own baon to save. Sounds familiar, right?
If your answer to every situation is yes then, you are a victim. (don’t worry you’re not alone as we’re on the same plate). Thinking now, don’t you think that its time to review your spending habits and change something? Well I do, and If you agree with me then let me help you.
I’d gathered the most suitable tips there is on most saving websites online and added some of my ideas too.
TIPS TO SAVE YOUR HARD-EARNED PESO:
1. The correct saving formula is: SALARY – SAVINGS = EXPENSES
We do exactly the opposite of it. Saving of what’s left.
But then think of it this way, As if your savings (usually a 10 to 20% of your salary) is a BILL that you have to pay every payday. A BILL that needs to be paid on time and consistently. And if you missed paying it, then you have to pay double the next payday.
2. Necessities first before Luxuries
The top example here would be when you do your grocery, you tend to buy too many luxuries (i.e: lotion, nail polish, moisturizer, chocolates, sodas, cookies etc.) that usually ends to you not buying the important items for the household. or if not, resulting to you being over the allotted grocery budget.
3. Do It Yourself
Hair color, Hot Oil, Manicure and Pedicure, Car Wash – These things can all be done in the house by yourself or ask someone for help. Buy the materials needed then do the service yourself, you get to do it in your free time in the comfort of your own home. Ask your kikay friend for that hair color – you get to bond and look good at the same time. (Saving you a 150 bucks if you’re used to hanging out at a coffee shop).
The old saying: Hitting birds with one stone (classic) 🙂
4. Withdraw money only from your bank’s ATM
Balance Inquiry (I usually look first before I withdraw, so If you have the same habit then yey!) Imagine the fee for a balance inquiry, you can use that as fare, reload etc.
5. Walk to wherever you’re going whenever possible
You need this. To be fit and to sort out your thoughts.
You can save tons of cash without the overrated gym membership that you rarely attend to. you can take the time to think about anything while walking or just enjoy the beat of your music. (I make this habit of counting the number of songs i’ll be able to listen to, and with that add on the minutes – let’s say every song is around 3.5 minutes so if I played 4 songs then that’s about less than 15 minutes travel time. (but if you think its too much then drop the math 🙂
6. Eat at home more often
Eating together with your family is important and you also get to eat as many as you like (unlike the limited serving in the restaurants). and of course, your mother’s cooking is still the best.
7. Have your stock of food at work and bring your own water
Every pay day, buy some food to stock in your work so when you feel the urge to munch on something then there’s no need to go to a mini stop or 7eleven to buy that expensive chocolate or cookie.
Also, try to avoid buying coke and soda’s which will increase your risk of diabetes. Just buy that cute tumbler that you can use everyday, not only had you save your money but you helped Mother Earth too by lessening the trash from the bottled drinks.
8. Go 3 in 1 (Coffee wise)
If you are a coffee person, then this will save you big time as you still get the same caffeine but at a very low cost. With just the correct combination you’ll be able to perfect and match your favorite flavor in your over the hundred cup.
9. Restrain yourself from impulsive buying
Most girls are guilty of it. Had it ever happened to you wherein you buy a certain item because it looks good in the store but when you got home, it looks different and you regret buying it.
Why not just look at it first and when you still think about it after a week or more, then maybe it really is worth it. Most of our buys are just impulsive because it looks nice but in reality it really is not needed.
10. Stop that Magazine Subscription
You can read online. You can borrow from friends.
Really, after you read it once or twice, what do you do with it? It just piles up and eventually become trash. Personally, I find beauty magazines too commercialized as everything in it are edited. Nothing is printed without undergoing an editing software (believe me I am a designer).
11. You’re never too old for a Piggy Bank
Consistent saving at any amount will lead to a sum of money in the future. May it be of coins or whatever amount you can keep will eventually pile up and can be use for whatever purpose you may need.
So there you have it… This list is very suitable for me, I find it all applicable and I hope this does the same for you too. Just think about it and if it works for you let me know 🙂