1) Admit that You Need to Save
Acknowledge the fact that you’re spending more than what you’re supposed to. You’re spending your hard-earned money for things you don’t even need. Once you’ve accepted the fact that your spending habits are eventually going to lead you into a downward spiral of debt or bankruptcy, and that you should do everything in your power to stop it, then you’re taking a step in the right direction.
2) Forget the Rich and Famous
It’s not a bad thing to have famous people you look up to. Unfortunately, these “idols” may influence your buying decisions (every Filipino knows there are certain faces in the industry that constantly compel you to buy products and services they advertise).
However, if you need to save money you have to turn a blind eye on these people. Treat them as if they don’t exist. Who cares if you can’t buy the same clothes they wear? Who cares if you don’t own the condo they live in? Who cares if you can’t tweet with the same pricey gadget they’re using?
3) Think Long Term
Right now, you’ve got to think of the future. This means you need to think BIG. You’ve got to be ready with sudden changes that may happen to your life. What if you suddenly lose your job? What if a member of your family gets sick? Your savings will ease the burden of these unexpected misfortunes.
Also remember to avoid using your savings for unplanned purchases. Your savings is not your pocket money, and shouldn’t be treated as such.
4) Use Public Transportation
When you’re squeezed in between people in the MRT or just stuck in traffic while you’re in a jeep or bus, sometimes you can’t help but wonder how nice it would be to have your own ride. You’d no longer have to wait for the bus or FX and you’d get home faster. Right?
Sadly, the traffic, the soul-crushing traffic, in this country isn’t going to change any time soon, whether or not you’ve a car. Also, paying for a car can prove overwhelming and draining on your salary if you need to pay for it on a monthly/ yearly basis.
The answer? Leave your house early every morning so you won’t feel the traffic so much and you can always clock in at work in time. This will save you money too since you won’t suffer any salary deductions for being late.
5) Enjoy the Little Things
Pinoys love to go out of the house and spend their weekends (or for some, even weekdays) going out with friends and family. Pinoys love to have fun, and they know it. However, regular trips to the mall (or anywhere else), lead to impulsive shopping. For example, what seems to be a harmless food-trip around manila or makati could result in a huge bill that costs as much as eating in a lavish restaurant.
To avoid this, eat before you leave the house.
