In the Philippines, people are seeking ways to save money from their salary and prevent living from paycheck to paycheck. No matter how hard they try, it becomes too difficult to have some savings. They cannot seem to escape the impending promise of a ‘petsa de peligro’ or that period in the month where you find yourself with the tightest of budgets, one that does not allow you to breathe sometimes. Many factors come into play regarding budgets and savings like the fact that many Filipinos live on minimum-wage salaries that affects the spending habits. The Pinoy style of going about the day can promote a new attitude in generating ideas for saving money which reflects in their well-known resilience and creativity.
Being too occupied with the problem of how you can save your money and make it through the next payday, you probably cannot think of ways on how to formulate proper saving habits right this second. Thankfully, the Online Loans Pilipinas team has come up with these money-saving tips for you which you can use to avoid being too constricted in the budget. Check them out here.
1. Stop Spending More than You Have
Admit it; there are times when you make a promise that you are going to pay money for particular product or service even when you do not have that money on-hand. Whether it is for online shopping or an essential utility, do not spend more than what you have. Usually, this applies to most luxuries that can put you at risk of a tight budget. In the Philippines, there is that precise attitude which people call the ‘mañana habit’ which means putting off today’s tasks for tomorrow. Filipinos also tend to use this habit on their savings and spending which ultimately hurts their earnings, so the best way to avoid this is to stop spending more than is needed in your budget.
2. Plan your Meals
A simple way to save money on food. Make a list of the meals that you are going to eat for next week or the whole month so that you will know the ways you can balance out your budget. It will encourage you to shop earlier on and save for expenses for food. Planning your meal will also help you avoid impulse purchases in fast-food restaurants and snacks. You can also take this money saving idea into a wellness motivation by stocking up on ingredients for healthy recipes which you can get for lower prices than popular meals containing more ingredients.
3. Be a Picky Consumer
Do not think that you should always be loyal to brands because the reality is, they are the ones who are seeking loyalty for you. If you are one of those people, who like to purchase products or services from a particular brand no matter the cost, then chances are that you would not save much from your salary because you will be plagued by the mindset that you have to maintain your patronage of the brand. Be a picky consumer by sticking to a tight budget. Let them court you into buying their products and this should not imply that you will spend money on them. Do not be overly emotional when it comes to purchases. Allow yourself to be meticulous especially if it goes over your budget. Know when to indulge in purchases and when to stay away from them.
4.Keep Track of Your Spending
More than having a budget, you can do more to spend by keeping track of your expenses. Start by determining your income, identify the figure that you are going to get as a salary then list all of your costs as you go along. It is one of the hidden spending habits that most people have no idea. They list everything that they buy then compare it to their balance which is their overall income and savings. When you think of listing everything, it means everything and anything that you spend on. List every purchase down to that 1-peso candy that you buy from the store. It promotes the idea that every penny is worth it so you should know better and save.
5. Avoid Visiting Online Shopping Sites
When you are studying, you want to prevent a rut in your productivity by staying away from distracting websites such as social media sites or video-streaming applications. Same thing with saving, you can get easily distracted by seeing the latest sale and those great deal at online shopping sites so if you are the type to be like the moth to a flame in these situations, you should just block those sites altogether and you can also do this whenever you want to stick to your budget.
With this money-saving habit, you are allowing yourself some space from those sites that tend to draw you in for some little online retail therapy. There are many website blockers that can help you maintain your self-control and keep your budget steadily reserved for those basic necessities apps like Self-Control, StayFocused, and LeechBlock.
6. Search for Digital Loan Providers
There are instances when you cannot help but be short on your budget especially in times of emergencies or contingencies. When you arrive at this situation, digital loan providers can help you ease your money problem if not reduce it to a minimum. Surviving on a tight budget is not an easy task, so digital loan providers recognize this with the goal of helping people in the Philippines to request for loans that serve as the answer to everyone’s question, “How to save money from our salary?” It will be a great way to save money on a tight budget. Search for reliable digital loan providers today and reap the benefit of having a great spending habit.
Saving money is best for people who are thinking of long-term benefits when it comes to their income. Aside from your salary, it is better to have additional sources of income so that you can also set aside more for unexpected expenses. Be smart with your money and your budget will thank you.