HOW TO SAVE MONEY
Part of being single is spending all the money in your paycheck after receiving it. And the aftermath of your too much spending left you reeling when you check your bank account again. Based on my experience it really pays to have money in your savings account. Who knows we might need it if emergencies caught on us. Here are some tips on how to save:
Start young.
Managing your own money can teach responsibility, why not start to invest in trust funds, time deposits, special or regular savings and Treasury notes as early as you are already earning. These bank options can make your money grow with interest rates given time as it matures.
2. Set goals.
Goal setting requires determination and discipline. if you want to save for your future then stick to it, avoid being fickle-minded about it. It also helps if your goal is specific. For example, say you want to save 5 thousand pesos every month or every payday not around 1 thousand to 5 thousand pesos. Goals should also be based on your priorities in life and should be time-bounded.
3. Curb spending.
No unnecessary spending please, that should be a motto for every saver. A money-wise person is always on price watch and knows the value of spending wisely. Keeping track of day to day expenses and then monthly expenses can be of help in saving.
4. Develop good spending habits.
When your being a shopaholic kicks in, stop and think before you act on your impulse to buy. Is the object of your desire, just wants but not needs? Would I die if I don’t buy this right away?
5. Go easy on credit cards.
Treat credit cards as cash because it’s easy to overspend using it. Better yet pay in cash rather than swipe cards so you can stick on your budget.
6. Do some cost-cutting.
You can cut lunch-outs and instead bring food (baon) to work. You can also spare carbonated drinks and opt for water which is a healthier option. There are many parts of your expenses wherein you can trim yet still not deprive you’re self of your needs.
Do you think you too can do this? Let me know if you can add on these tips.
