It’s our habit to reward ourselves of something after being able to save a significant amount of money. We always think we deserve a little treat for a deed accomplished or after a week’s hard work. At the end of the day, we suddenly realize that we spent too much, and we don’t have enough until the next payday. Back to zero! Need to start saving again.
Do you have this type of mindset? It’s like a never-ending cycle most especially if you don’t change your spending habits. Stop fooling yourself into spending more money. At first, rewarding yourself feels good, but in the end, your wallet will suffer the consequences. It is better to fool yourself into saving.
Here are 5 things you can deliberately do to strategically and effectively save money:
Put Sentimental Bills on Your Wallet
Most Pinoys are extremely sentimental. We keep things that remind us of something or someone. Even tiny things like candy wrappers or a bus fare ticket provides a sentiment to somebody.
Why not use your trait of sentiment in saving money? Put all the sentimental bills in your wall, even include the old bills of you want. This can help stop your urge to buy impulsively because the money in your wallet will hinder you to spend it.
Spend Less, Earn More
Every 15th and 30th of the month are the usual dates for employees to get their salary. Those are the most anticipated dates among blue-collar workers. It’s the time they feel “rich”, but after a day has passed, they feel “broke”, especially when they use their money to pay bills or buy some stuff.
You don’t have to live from paycheck to paycheck. If you can control your expenses, you can definitely earn more by spending less. How to do it? Easy! Just create a budget plan that includes your income, allotted money for necessities, bills and target amount of savings. Try to evaluate your cash flow. Are spending less than you earn? Build your wealth by putting some of your money into a savings or retirement account before you have the urge to spend it.
Cut Unnecessary Expenses
You may not notice it but you have a lot of unnecessary expenses daily. Even if you decide to save and don’t have the intention to buy any luxury items, the things that make up your basic necessities may be the ones that keep you spending too much.
There are some things you include in your grocery list that turns out to be unnecessary. A good example are the items on big discounts at grocery stores. Because it’s cheaper, people tend to buy more than enough. If you buy items in bulk, there’s a chance that it might go to waste especially if you and your family cannot consume all those food items you bought.
Make a grocery shopping list and evaluate the items that you regularly buy. From there, you can cut out unnecessary items you often buy.
Save Coins and Money from Holidays
Filipinos love it when holidays come. Whether it’s the yuletide season, regular New Year or Chinese New Year, most people try to be merry by spending money on foods and other items. It has become a tradition not just to the Chinese but also to Filipinos to scatter money for good luck.
Instead of spending the money you got from those events, it is better to save those by placing it in a motivational jar. Seeing money from the jar will motivate you to start saving even small amounts of cash. It is better if you’ll constantly put money in it or provide a schedule such as weekly or monthly that you’ll put a certain amount on your jar. You’ll be surprised how much you have saved through the month or year.
“One man’s trash is another person’s treasure”
You’re in your 20s. You are in a generation where fashion trends come and go. A lot of desirable things such as shoes, clothes, accessories and other trendy items may entice you to make a purchase. Chances are, you have a lot of items that may have bought throughout the years that you do not use anymore.
Instead of throwing away the items you do not use anymore, you may sell them through a garage sale or make a mini “ukay-ukay” of your clothes. Filipinos love the idea of second-hand items because they can purchase imported items in low prices. There are also a lot of online marketplaces where you can post these items and get customers fast.
Pinoys can do a lot of ways to save money. The tips mentioned can also help especially when finances becomes a problem. The biggest challenge is to stop procrastinating when saving money. Filipinos have a Mañana Habit where they prefer to do things they can do now for later. Even in their finances, this habit is applied. They have the ability to save now but they are held aback by their expenses. Start by changing your spending habits and then motivate yourself to save now. No, not tomorrow and definitely not later.
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