Saving Money
Before we talk about how you can save money, it is equally important to know why we are saving money in the first place.
To help illustrate the value of savings let me show you how regularly saving money can grow over the long term.
A weekly savings of P250.00 per week is a thousand per month (P1,000.00) and P12,000.00 per year. If you start saving that amount at age 21 and do it regularly it will become P360,000.00 when you are 50 years old. Now a days a big portion of 50 years old does not have that amount of money.
It even becomes better if you have invested your savings in an instrument that yields interest. See for your self. Before we go deeper on where to invest your savings, lets deal first on how you can have a regular savings.
I've learned a lot of these from Vic Garcia's Unleash the Highest Potential of your Money seminar/book.
Here are our top expense category:
Education
Food
Utilities
Transportation
Clothing
Children
EDUCATION
Exhaust all possibilities to study for FREE. (Scholarship programs from the Government, Companies, Schools, Athletics and others).
Encourage your children to study very well by showing them the benefits and value they can get.
FOOD
Create a menu for the week and support it with a grocery list. Stick to that list.
Go to the grocery with a full stomach.
Buy the food not the brand or label.
Refrain from buying processed food, they are more expensive. Decide to live healthier and Wealthier.
UTILITIES
Check your bills every month.
Get only services that you really need and use.
Get only appliances and equipment that you really need and use.
Use them wisely.
TRANSPORTATION
Ride Fx instead of Taxi, Jeep, instead of Fx or better yet WALK.
Don't get a car if you don't need one. If you really need a car and you have limited budget, get a good 2nd hand car, if you have the budget (lots of money) it's better to get a brand new car.
CLOTHING
Buy clothes during SALE and off season.
Buy the clothes not the brand.
Wash and iron clothes properly so it will not easily look old.
Learn to recycle unused gifts.
CHILDREN
Do not be a crowd-pleaser and a child spoiler.
Agree not only on the item but also on the price when buying toys.
Teach your kids how to save and the value of savings.
Lastly, STAY OUT OF DEBT particularly bad debts, if you do not know the difference between a good and bad debts, the more you have to stay out of debt. This includes revolving credit card dues, personal loans and the like.
Next topic is the correct mindset in saving money.
Let me know what you think about this blog post. leave a comment. If you find value in this, kindly share to reach more and help spread this awareness.
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