Saving money requires a different level of discipline. It is a challenge most especially if you are weak enough to resist craving and fight temptation to purchase another item from your cart. Try to look back on your previous purchases and identify which ones are unnecessary and are just products of impulsive buys. If you are going to compute your previous expenses, you will probably get shocked at how much you’ve spent.
Saving money is such a general and broad idea that is why we lose track sometimes. Many of us have some trouble saving money because we do not know where to start or how to begin. Lacking idea often leads us to the trap we were once caught into – and that is the endless cycle of spending and wasting money. So, whether you have financial goals or just want to save up for future expenses, these tips on how to save money are helpful to achieve your saving goals.
1. Fight your cravings and temptation
Milk tea, fries, samgyeopsal, flash deals, and big monthly Shopee sales – these are just some of the things that steal your money from your wallet. “Walwal now, pulubi later” is the mantra of some of the excessive spenders who do not mind spending weekly on food at cozy cafes and restaurants. Why don’t you try skipping your weekly hangouts that compromise your budget and realize how much you can save from resisting to allot money for your weekly expenditures with friends? It is okay to say “no” sometimes.
Resisting to eat overpriced meals will pay off once you notice how your savings are growing because of keeping your money instead of allotting it to your restau-hunting sesh. Maybe some of you, aside from food sessions, are on standby for the much-awaited big sales on your favorite online shopping platforms. You might want to try uninstalling those online shopping applications for you not to be tempted to open them every day to check on sales.
2. Try cheaper alternatives for your expenses
If spending money is inevitable, look for cheaper alternatives to avoid spending too much. We should be innovative and resourceful if we want to be thrifty and lessen our expenses. For instance, if you are buying new clothes, buy in cheaper stores instead of heading to shopping malls to buy branded ones. Sometimes, you are just paying the brand name when actually, the signature clothes almost have the same quality as those that are sold on online shops and at your local boutique. The same goes for other items such as office and school supplies, home decorations, bags, and shoes. There are local department stores where you can purchase items at their wholesale price.
Aside from the purchase of material things, one thing that you might can’t remove from your system is your weekly food trip with your friends. It could still be possible and saving money at the same time. Rather than hunting down the newest restaurants in town, you may cook or bake with your friends using cheap but delicious recipes that you could find from hundreds of cookbook on the Internet. This is also an enjoyable bonding and learning new recipes as well. It is also a great time to break away from your mobile phones in the meantime.
3. Consider investment plans for beginners
As a young employee starting his/her career, investment plans may sound a bit overwhelming. The good thing is there are investment plans that you could try which is not as complicated as you think. You might want to invest on stock markets where you can gain profit if the company performs well, join mutual funds where an expert would be there to guide you to your investments, or apply for a savings program where you can earn higher dividends in the long run. Nowadays, investment plans offer lower starting price. For as low as P1,000, you could invest be a shareholder of publicly listed companies that have big names in the market. You just have to choose which one is the best option for you. To know more about investment plans, you may read the WeInform article regarding this topic.
4. Look for side hustles aside from your regular work
Do you have a skill or hobby where you can gain profit out of it? Well, it’s time to turn your skills and hobbies into a business. You may offer commissioned work from your crafts such as paintings, own made or hand-painted clay pots for plantitas out there, photography, video editing, baked goods, and anything you can name of that you could actually do. You may also use your skills such as copyediting and proofreading academic papers, graphic designing, and offering virtual assistance. You could save money from your commissioned works and if luck is on your side, your small business out of your skills and hobbies may grow into something bigger once it becomes a hit.
5. Track your monthly expenses
There is a possibility that your lash out is getting out of hand. To still keep you in a normal range of spending, track your monthly expenses by listing them down. You may use a traditional pen and paper or use a mobile application that can track and compute your monthly expenses. By inputting your expenditures, you will be able to monitor how much you’ve spent. This will help you slow down your lavish living. This will also serve as your guide to know what are the least important expenses that you could cross out from the list.
6. Do not bring money more than what you need
Whether you are hanging out with your friends or doing running errands for your groceries, do not bring money more than what you actually need. Not having spare money will help you hold back from spending on expensive or unnecessary purchases. Your spending will also be controlled because you have to stick only to what you intend to buy at that particular time. It is an effective strategy because you will learn how to budget or go for cheaper finds because that is the only amount that you brought with you. It will also help you compare prices that will hone your budgeting skills. Bringing extra money will just tempt you to buy things that you do not actually need that is why it would be better to bring some just enough to cover expenses on the things you really need.
7. Reduce your monthly subscriptions as much as possible
It is not the toxic relationship that you need to cut off but also the costly monthly subscriptions that add to the weight of your expenses. Spotify, YouTube Music, Netflix Premium, online magazines, and postpaid plans are some of the subscriptions that you are subscribed to. If you think that you do not maximize their uses every month, then it is better to cut them off. Do not pay for the service that you do not use that is why you have to check which ones are not used frequently and which ones can be replaced by cheaper alternatives. For instance, instead of paying monthly for your postpaid plan, why not buy load cards so you only have to pay when you needed them the most.
8. Bring pack snacks and lunch at work
This is also a helpful tip for those employees who want to avoid costly meals at the canteen or cafeteria. Bringing pack lunch and snacks makes you save a lot of money because you cook and prepare your own food. You could also bring leftover foods from last night’s dinner or bring some stocks from your fridge. You may also plan ahead of time on what foods you are going to pack for the whole week. Through weekly planning, you will be able to estimate how much you will spend on your food allowance. It is easier to budget your funds if you can anticipate the prices of the foods that you are going to purchase.
It is not too late to cut off your toxic habit of burning your money and repeat your spending cycle until it becomes an addiction. From the tips mentioned above, you could keep the money you saved instead of using them up to the things that you can live without. Remember the adage “Kapag may tinabi, may huhugutin” because it is better to come prepared than to deal with possible financial troubles in the future. Being thrifty and being disciplined enough when it comes to spending are the two traits that you need to practice if you want to grow money in your savings.
Even though at a young age, you can save money. Whether you have your bank savings account or just a piggy bank, it does not matter as long as you are feeding it with coins and bills that you saved from your wise spending.