It’s easy to declare that you’re going to be more financially responsible from now on. But once you start going down the right path, you’ll find out that it’s not as easy as it sounds. In a country like the Philippines, money isn’t as easy as working hard. Sometimes, you have to keep reminding yourself with small nuggets of money-saving tips.
And luckily, that’s exactly what we did. We made a list of formidable financial hacks that can help inspire you to lead a healthier financial life, one step at a time.
1. Make a budget for everything
You need to set financial limits for yourself to avoid overspending your money on a single purchase. Whether it’s your daily expense or a special occasion, don’t spend a single peso without following a certain budget.
2. Practice comparing prices
Whether it’s a pair of sunglasses or a car insurance policy, have more patience in comparing prices and searching for better alternatives. This will help you find better deals and prevent you from overspending.
3. Build your emergency fund ASAP
While saving for the future is important, saving for the near future is equally as important. Your emergency fund will shoulder you from unexpected expenses like medical fees, car damage, house restorations, among others.
4. Add purpose to your saving goals
Saving money and saving for the future are two different things. To effectively save money, you should add a purpose to it. Save money for future use, like buying your first home, or funding your first car.
5. Find daily inspiration
Just like the slogan of that famous coffee commercial, reflect on why and who you are waking up in the morning for. Then take a sip of that coffee and start your day right. That should motivate you to continue living the frugal life.
6. DIY techniques can help you save
You can make gifts instead of buying them, cook meals instead of ordering out, or fix torn clothes instead of buying new ones. Aside from saving money, you’ll also acquire new skills for future reference.
7. Open a digital bank account
Or better yet, open an account from any digital bank in the Philippines. Aside from their convenience, digital banks also offer high interest rates up to 6 percent so your savings could grow quicker.
8. Don’t be afraid to apply for a personal loan
…but only when the need arises. It can help you fund your daily expenses or an emergency that needs immediate funding. As long as you’re responsible in paying back your debt, a loan won’t make your financial woes worse.
9. Get yourself a credit card
…but be responsible in using it. If you can’t afford to pay it in cash, never pay it with your credit card. It’s just that credit cards allow you to access discounts, promos, and other perks. They are more ideal for daily transactions compared to cash.
10. Follow the 48-hour rule
Whenever you’re about to make a big “want” purchase, sleep on it for two days. After that, decide whether you still want to buy it and that you’re ready for the consequences of buying it. That’s how you make an informed decision.
11. Look for ways to earn extra income
There’s nothing wrong with living the hustle life. You can start setting up a business at home like loading stations, online buy and sell, home-cooked food delivery service, among others.
12. Join viral saving challenges online
Challenges like the 50-Peso Challenge or the 52-Week Money Challenge are fun ways to learn the importance of saving money. This will further develop your money-saving habits, plus you’ll get to be part of a trend.
13. Hang out with frugal and money-savvy people
Avoid toxic people and choose friends who are more frugal and money-savvy. This will inspire you to save more money, plus you’ll get to learn more money-saving tips from their experiences. Just don’t borrow money from them.
14. Learn more about your company’s benefits
Ask your human resources representative about it and find out how you can maximize them. You might find benefits that will help you save a lot, especially in medical expenses.
15. Save your bonus and 13th month pay
Instead of spending it on lavish items or Christmas gifts, deposit them in your savings and emergency fund. Why not explore other investments as well? Or better yet, pay off your debts so you can make way for more savings.
There you have it, a collection of money-saving tips you can always use in your everyday lives. If you feel like the list wasn’t enough, feel free to explore more tips on saving money out there. After all, you will never stop learning and that’s totally fine. Keep going and keep growing your money until you live the life you deserve.
Ricky Publico is a senior content writer at Moneymax. Save money on car insurance, credit cards, and loans when you compare and apply at www.moneymax.ph! Visit Moneymax to know more.