Wednesday, July 19, 2017

15 Unexpected Ways to Save More Money Today

Save your money. One day, it'll save you.  

Tired of personal finance tips that advise you to save money, without actually telling you how to save money in the first place?



In this short but packed blog post, we talk about 15 ways on how you, my fellow millenial, can save more money, starting today:

Easy Hacks 

1. Whenever you get the chance to, simply collect all your P5 coins. Don't spend them. Put them in a jar and wait for it to get filled up before you count everything.

Last April-October 2016, I saved up for my pocket money to Japan this way. (I used 5 jars plus my piggy bank!)


2. Designate a nickname for your savings and investment accounts so you're more motivated to save up for them. Putting more money towards Account Number 0485269782 is boring. But, seeing your balance grow at "Have Fun in Tokyo April 2018!" is more exciting, no? 

3. If you know you have a problem with impulse spending, use cash instead of a credit card.



4. Automate your money transfer from your payroll account to your Emergency Fund (Safety) Account every payday. This removes emotional barrier (you!) and sets up an objective system that can help you reach your target safety fund faster.

Start with P200 every payday. That's the rough cost of one gourmet coffee, or two milk teas! At the end of the year, that's still P4,800 saved.

5. Sometimes, the simple act of separating your savings account from your payroll account works wonders. Whenever you see your balance rising, it becomes pretty addicting. :)

Work, Work, Work 

6. When possible, walk. My office in Makati City is roughly 300 meters away from Greenbelt/Glorietta, so whenever I have meetings there, instead of spending money, I just leave earlier to walk. It makes my pocket (and body) feel better!

7. Need clothes for a special event, but your wallet doesn't want to cooperate? Borrow clothes from your friends/family instead. You can try planning "Swap Parties" with your friends/family members.



This way, you can get rid of clothes that you don't want anymore and give them to someone who does. Plus, you can get that feeling of something "new" once again, even if you didn't spend money for it.

8. If you can, take public transport. It's 5x cheaper than taking the taxi or Uber/Grab.



9. If you're not a fan of the bus, MRT/LRT, the jeepney or the tricycle and you prefer to take Uber or Grab, use Uber Pool or Grab Share instead. 

Get your FREE Uber ride here.

Source: Buzz Feed Philippines

For example, in my case, an Uber from our house to our office in Sun Life BGC (The Fort) is around P120, whereas Uber Pool is P80. It's an extra savings of P40.

If I take Uber roundtrip (2 trips/day) and I do this 3 days/week, it's a total of 24 trips/month.

24 trips X P40 = P960 saved

If you invested P960/month for 10 years, assuming 8% growth rate per year, that's roughly P175,000+! 

How's that for more money?

10. Consider adding a second source of income. One of my clients who drives a Grab car is also a part-time virtual assistant online.

Food is Life

11. When you're eating out, just drink water! You're paying for the food, the experience and the bonding with your loved ones, but the drinks are usually over-priced and over-sugared concoctions anyway.

12. Want to treat yourself on a limited budget? Try out the lunch menu. Usually, they're cheaper compared to dinner meals.


For example, a lunch set (usually 11 AM to 3 PM) costs less than P200, complete with drinks already, compared to a meal which costs P200+ with no additional value.

13. Never order appetizers, if you're ordering an entrée. 

Appetizers are usually fried food with dips, anyway. Just drink your water and save the P200!

You can talk with your companion (or read a book, if you're alone) while waiting for your food, anyway. 

14. BUT, if you're not ordering an entrée, it's cheaper to order an appetizer as your main meal. This is suggested, especially if you're not feeling too hungry, and you're in the restaurant for a meeting or for a social event. 




15. Desserts will drain your wallet. I'm sorry, call me crazy, but I'm not spending more than P200-P300 for a "decadent, exquisite, rich, yummy, out-of-this-world" dessert that'll make you feel like you just found your reason for living. 



Why do that, when you can just buy a filling ice cream - in your favorite flavor! - in the grocery for less than P100? 

If this blog post helped you, please SHARE it with your friends! :) Have any tips you want to add? Comment in the section below!




Live fully and financially free,

Lianne