5 Money-Saving Tips That Work For Everyone

January 19, 2018

Before we start, I would like to ask you two simple questions? First, is saving money easy for you? Second, do you like swiping your credit card even if you do not have enough money to pay for your purchases? If your answer is a “No” and “Yes” respectively, then you are a SPENDER. What does this mean? You love spending money. If you are this type of person, then it would be difficult for you to start saving. Why? Because whenever you have extra money, you get excited on how you are going to spend it. So, how do we help “Spenders”? We need to cut down your expenses and target to be debt-free by end of 2018. List down all your payables then see how much you can set aside for your savings. Remember, “Sacrifice now and enjoy later”.

Here are some suggestions on how you can start saving.

Open a passbook account - Every payday, set aside at least Php500 from your salary then deposit it to your account. Do not think you have extra money in the bank. At the end of the year, you can make Php12,000.00 plus .25% interest per annum (interest may vary depending on the bank). Don’t be tempted to withdraw unless you have an urgent need!

Join a Money Lending and Saving system – How does this work? There should be at least 3 members. The more, the better. Employees mostly come up with this system, at the start of the year, to encourage easy way of saving money. Each member should decide how many share/s he or she would like to avail. Let us say:

Per share = Php250.00

If you choose 4 shares: Php250.00 x 4 = Php1,000.00
Therefore, you will give Php1,000.00 per payday (a total of Php2,000.00 per month)

Pooling of money may be on a weekly, bi-monthly or monthly basis...In this case, bi-monthly. The money collected may be lent to members or non-members (as long as guaranteed by the members) and will earn 5% interest per month.

Now, let us compute how much you will receive by end of November.

Php2,000.00/month x 11 months (until November 30) = Php22,000.00 plus earned interest (interest may vary)

Interesting, isn’t it? Why don’t you propose this to your colleagues and enjoy the reward later?

Piggy bank – Buy a piggy bank and put all your 5-peso or 10-peso coin each time you have them. Total savings depend on how big your piggy bank would be. Don’t break or open your piggy bank unless it’s already full!
Php50 bill – Set aside whenever you have a Php50 bill. You may start anytime but it is advisable to start on January 1. What you may actually do is, make a record of your savings per day. For example:

January 1 – Php50
January 2 – Php50
January 3 – Php50
January 4 – Php50

…so on and so forth

by the end of the year, you will have a total savings of Php50 x 365 days = Php18,250.00

Health Insurance Plan – It is important to have a health insurance plan, so that when something happens to you, your life savings won’t suffer. Here are 2 different health insurance plans should you decide to get a protection for you and your family.

HealthCare Cash Plan – For individuals from 20 to 50 years old, ten (10) years to pay and with 20 years coverage. For as low as Php191.00 per month, receive cash benefit amounting to Php1,000 per day. Some of the benefits include Daily hospital, ICU and surgical cash assistance. Click here to know more about this product.

Hospital Cash Benefit – For individuals from 20 to 64 years old, payment and coverage until the age of 70. For as low as Php137.00 per month, receive cash benefit amounting to Php1,000 per day. This product provides doubles your cash benefit once confined due to cancer, poliomyelitis muscular dystrophy, cirrhosis of the liver, multiple sclerosis and emphysema. Click here to know more about this product.

Which do you think is easy to follow? Actually, you can do all at the same time. It is just a matter of self-control and discipline. Don’t start tomorrow, start today!

For more tips on how to have a wonderful year ahead, click here: 3 New Year’s Resolutions to Include Your List

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