How to Save Money in the Philippines
Most people would see thriftiness as a series of sacrifices made in the expense of enjoyment in life. However, nothing is further from the truth as saving money is not merely just begrudgingly done for practical reasons, but a complete lifestyle decision. There is no need for depression as one can live a full and exciting life without having to resort to complete self-indulgence. The many ways on how to save money in the Philippines are actually quite simple and nearly effortless with practice.
The golden rule in personal finance is to earn more than you spend and invest the difference. If your salary is proving to be insufficient for your current expenditures, then it stands to reason that you reassess the things you spend on and cut back when necessary. Of course, the most important thing is to have income in the first place. If there is nothing coming in, then there is nothing to save in the first place.
Be humble and have self-control
Living well within or even below your means is the most obvious part of saving money. This is where you mostly have to power through as there is no other way to do this other than instilling self-control and discipline. There are various things other people do with their money that are totally unnecessary like showing off. If there is one thing that capitalism has done wrong to society is propagating the need to show off your social status. Such an act does not make you a better human being, so there is no need to flash your wealth around. Being comfortable in your own skin is not only a good way to maintain your self-confidence, but it helps you curb your expenses as well.
Saving your earning
Another effective way you can save money is to make sure that you can save at least 10% or more of your salary every month. No one else must touch that money, no matter what. In fact, a very good thing to do is to make sure that the salary from the first hour of every single work day goes into a savings account. Time deposit is a good option for those who are familiar with it, so you can save as much as you can.
Watch out your expenses
Keeping control of your expenses means that you are always in control. You can list down all of your most common expenses and categorize them. Organizing this information should let you make sense of where your money is going and how you can reduce your expenses. Having this intimate sense of your expenses also lets you know what limit you can set in order to control it. That list will also let you pick out which areas can be improved, like shopping for groceries in a different store if they have lower prices.
There are plenty of other ways you can utilize in order to save more money. Just remember that it is a decision which involves changing your current lifestyle, personal behaviors and financial (earning and spending) habits. Conservation and thriftiness don’t mean stinginess and deprivation of your personal freedom, but they only mean living as a wise human being who makes the right personal financial judgments and decisions.