You can earn a lot of money, but if you do not know how to deal with it, you risk to never become rich. First of all, we must learn how to manage the amount of money that we have now. And only after that we will be ready to receive more money. So, how to save money from salary? First of all, it is necessary to abandon all payments made by credit cards, since cash payment requires less money than a credit card. It is highly recommended not to make any debts, and to divide your monthly cash income by 50 × 50: try to spend half of your money for life and repayment of debts, and save the second half. When you are going to buy something, ask yourself several times: “Is it really necessary for me?” In your life, you should not give up either your savings or your desires. You just need to intelligently manage your income. Money should be split in such a way that some of the money goes to the bank at interest, and another part is sent to the piggy bank to fulfill your desires – buying something, traveling, etc. You should split money depending on what your purposes are. For example, there is not only one answer to question “how to save money from salary every month?” If you want to have a lot of money sometime, then you should save quite a lot- not less than 50 percent of all your incomes.
Approximately 40 percent is preferable to be put aside in a piggy bank and only 10 percent to spend on daily needs. Of course, this is just an approximate scheme of how you can economically manage your incomes. As a result, everyone decides for themselves how much and where it’s better to save money for him and how much he can afford to spend. Here everything depends on the amount of your income and on your desires and needs.
Small secrets of big savings
Everyone knows that big changes start from the small things. Here we will consider main secrets how to save money in Philippines in our daily life.
The financial and economic crisis has forced many people to tighten their belts more tightly and learn how to save money. Some are good at this task and do not have any difficulties in denying themselves the pleasure of buying something superfluous. For others, this task becomes a real challenge. To tell you all secrets of happy life with wise money saving, let’s start our list of money saving tips in Philippines:
- Tip #1. Learn how to keep track of money
A useful habit for everyone will be the maintenance of their financial statements. At the end of each day, try to write down all your spending in a special notebook or create a separate file for this on your laptop. Nowadays there are also many programs and applications that will help you keep records and don’t miss anything important.
- Tip #2. Start planning your expenses
Thus, you will see what amount of money will remain after all your expenses. At the beginning of each month, make a list of mandatory expenses (utilities, gasoline costs, renting an apartment, etc.), and add a “reserve” amount for unforeseen expenses that may appear (going to the doctor, a friend’s birthday, etc.). Thus, you will see how much money remains after all the expenses, and you can plan the budget.
- Tip #3. Give up credits and credit cards
You can’t rationally correlate income and expenses if you live in debts. The presence of a credit card in your purse only aggravates the desire to buy an unnecessary thing, but note that after this all the funds borrowed from the bank will have to be given away sooner or later, and this is another blow to your budget.
- Tip #4. Do not spend your salary on the day you receive it.
This is one of the most important and simple tips of how to save money wisely in Philippines. After receiving the long-awaited salary, do not go to the supermarket or any other store. In such places, marketers come up with a variety of ways that “help” you to spend as much money on unnecessary goods as you have in your purse. Come home, make a shopping list and clearly follow it when you go to the store.
- Tip #5. Pay your attention to the actions and sales
Buying products at a low price is a very good way to save money. There are people who manage to save on the discounts and sales a lot of money from their budget, knowing in advance about the conditions and venue of the action. However, in many cases the price is reduced for the poor-quality or overdue goods. Therefore, carefully follow the date of manufacture (if it comes to food) and carefully check the tightness of the package.
- Tip #6. Save on bad habits
Do not waste money on useless goods. This will help you save not only money, but also your health. For example, if you give up smoking, you can save you a lot of money, especially if you count how many packets of cigarettes you buy for a week, a month or a year. And this is a very good motivation.
- Tip #7. Try to save on housing
Set the meters for water and gas, buy only energy-saving lamps and do not forget to turn off the lights in rooms if you do not need it. Also remember that a fully loaded washing machine consumes less water and electricity, and the refrigerator consumes less electricity if you do not put hot dishes in it.
- Tip #8. Buy goods in bulk
This is the last tip in our list how to save money in Philippines. Wholesale is a great way to save money. Today, in supermarkets wholesale purchases start at three units, and the price will be much lower than buying them in retail. For any family, this way of buying goods will be beneficial.