Not many people can save up most of their money, especially those with low-income. But that does not mean that you can still save your money. Sure it may not have a savings account, but you have an “alkansya” that you can start with, Every Filipino can have his/her own way to save up if they put thier mind to it.
Here are some must-try way for you:
1.Have a positive mindset
You may have done financial mistakes in the past that have caused your current financial problems. By forgiving yourself, you’ll get a healthier attitude towards money.
Stop comparing your misery to other’s fortune – What you see in the lives of other people does not define their real financial status. This will make you feel miserable and lose focus on your goals.
No matter how much you earn, a positive money mindset will keep you to stick with financial discipline.
2.Keep a budget
Of course, how else are you going to save up without making a budget. Write a detailed budget and make sure you balance your income and expenses. This way you will not overspend.
Do not forget to pay yourself first. Every time you get your salary, set aside a certain amount of your savings. It does not have to be much.
Any amount will do as long as you will be consistent.Keep it realistic budget. If you need to spend P700 on electricity and you kept on paying higher amount despite doing electricity saving measures, then face the truth and pay the amount. Revise the budget from time to time. There is no such thing as perfection on the first try. Adjust the budget realistically without sacrificing your basic needs.
Cross out the wants which you can survive without. You may sacrifice your wants now, but it will surely pay off in the future.
3. Always pay the bills and loans on time
Experiencing cut electricity and water supplies degrades your self-worth. You will also be charged with reconnection fees. Late payment fee applies and this only increases your expenses.
4.Buy in bulk
“Tingi-tingi” makes you spend more little by little. You will realize that if you buy in bulk you can actually save more. Also, shop in places which offer discounts if you buy in bulk. These places are usually where people with “sari-sari” stores usually go to.
5.Do not deprive yourself
Allot a small budget to treat yourself at least once a month. Too much self-deprivation may stress you out. There are times when you’ll feel down when you don’t get the things you used to enjoy.
You may not get them as much as you used to but do not totally take it out of your life if it can take away your stress. However, never do stress shopping. This will pose danger to your budget.
6. Learn basic skills
Save money by learning home repairs and maintenance. There is no need to pay the plumber if you can handle the simple clogged sinks or toilet. These skills can also be used as another source of income.
Learn skills from an expert you personally know, from video tutorials or from blogs.
And there you have it, you will now be able to survive this weird but wonderful world. Tinubdan: www.cashmart.ph. Photo from the web. (Sinulat ni Jose Miguel Danao STC Intern)