Many of us Filipinos have difficulties saving money due to several personal reasons and factors. As a student, I am oftentimes torn between saving up or spending my monthly income as a part-time writer for food and online shopping especially during sales. I mean, the deals are enticing, the next thing I know, I had already added to cart and placed the orders.
All of us vary in means of saving, either by opening a bank account, investing, or simply keeping the physical cash in a piggy bank or somewhere secure ad safe. But the real dilemma here is how will you able to sustain that specific amount in case events suddenly go haywire. Below, I have compiled basic tips to help you start saving this year.
1. Do not brag on social media.
“Work hard and achieve success in silence.” Yes, it’s fulfilling to post milestones in your life, either finally building your own home or acquiring a brand new car, but remember, not everyone will be delighted of your achievements. It can also lead people to borrow money from you.
2. Avoid emotional buying.
Abstain from shopping spree. Etched in mind that you are not a one-day millionare. When you are emotional you tend to buy things you don’t even need in the first place. As they say in Filipino, “Kinabukasan, nganga.” Do not let your emotions get ahead of you.
3. Avoid emotional giving.
Consider your own welfare sometimes. Imagine this: one of your relatives asks the exact amount you stashed in case of emergency because her son is in the hospital. Out of empathy, you give her the money but weeks after you got sick. See the point, the toll is on you.
4. Avoid being conned.
Modus operandi. Scammer. Fraudster. Human trafficker. Illegal recruiter. Different terms yet they are all after one agenda- your hard-earned money. May that be personal, via text, or through phone call, do not engaged if you already find it suspicious, ask help from an authority or someone knowledgeable.
5. Enjoy things the inexpensive way.
Making yourself happy doesn’t need to be expensive. Why travel to province or abroad if you can stay at home with your family or friends. Do movie marathon, food trip, picnic, or anything under the sun that are cost-efficient.
6. Avoid debt.
Debt is a frustrating cycle. You borrow money from a person or organization, then lend money from another to pay your previous loan and so on. As much as possible, restrain from loaning especially if you don’t have a stable source of income to return the amount.
7. Choose who you trust.
Know who’s just using you because of your money and who’s gonna be there for you when you are in dire need. Well, there are instances where people only treat you nicely because they are gaining something from you. A leech. Learn the difference.
8. Remove big amounts from your budget.
Do not be a bandwagon. Just because everyone is buying a high-priced new released phone, you’ll be doing the same thing to keep up with the trend. Having a baby out of temporary pleasure is also a big no especially if you are not financially and mentally ready. The baby will surely take 90% of your budget and time which is a painstakingly difficult if you are a low-income worker.
9. Save more. Spend less.
You might not know what will happen next. The day after you could be fired from your job, got addicted to gambling or forced to close down your sinking business. Make sure you have at least 1 to 2 years worth of savings to expense in case emergency comes.
10. Be generous in non-financial help.
Money is not the only thing you can offer most especially if you only have just enough. You can give others non-tangible things instead, like time, effort, love, support, and such if they ever need any. It’s not being stingy, it’s kind of a mindset because once and for all, in the end, you only have yourself.