How to Save MONEY

New Year na at tiyak ako, dun sa kakabalik lang ng trabaho ay ubos na ang budget bago dumating ang unang sweldo ng 2013 ;( how sad di ba?  kaya ngayong taon isa sa mga new year's resolution ko ay matuto kung paano magsave ng hard earned money.  Tamang-tama lang na nakita ko ang articel na ito kaya isishare ko din sa inyo.  Malay mo makapulot kayo kahit isang tip man lang at ng makasave kahit papaano kesa magising ka na wala pa rin. ;)

Saving money is important. We all know that.  But knowing is not the same as doing.

For some people, saving money is like going on a healthy diet.  You get inspired and start to do it, but after a few weeks, self-pity creeps in and you begin hating it.

If you usually fail at saving money or you think it’s really difficult to do, then here are some money saving tips that could help you.

1) Save first, then spend the rest.
At the instant you receive your income, immediately set aside a portion and put it in your savings account. After that, you can now spend the rest of your salary without guilt. This is what they call paying yourself first, which is easier and more fun to do than scrimping on your expenses so you’ll have money left as your savings until the next pay day comes. Try it, this really works.

2) Make saving money automatic.
How do you make saving automatic? There are several ways. One is to go to the bank that handles your company payroll account and ask if they have an automatic savings plan or if you can have one arranged. What this means is that whenever pay day comes, the bank will automatically deduct a fixed amount from your salary and deposit it to a separate savings account.


3) Make your savings NOT easily accessible.
When your savings account is just one ATM withdrawal away, then you’re more likely to touch it.  Make it inconvenient for you to get cash out of your savings.  Simply having a pure passbook bank account is a good start.  As for me, I have a BDO Optimum Personal Savings Account which only allows you up to three over-the-counter cash withdrawals a month (but unlimited deposit transactions).

The Filipino Paluwagan System provides a similar inaccessibility to your savings.  In fact, many Pinoys have recently started and joined paluwagans to “force” them to save money in light of the recent global financial crisis.


4) Always use cash.
When you always use cash, you’ll be more aware of your budget.  This will help you avoid accumulating debts and encourage you to live within your means.  Simply put, pay yourself first then always use cash.  Do this and you’ll end up with no credit and a savings account that you don’t have to touch to pay your debts.

5) Set a benchmark and a reward for saving money.
They say that you should save money for the “rainy days”.  Personally, I believe that’s a pessimistic (and vague) reason to encourage yourself into saving.  I find myself more motivated into saving money when I set a reward for myself whenever I reach a certain amount.

For example, I allow myself to guiltlessly splurge P2,000 on anything I want whenever I am able to increase my savings by P10,000.  Other times, I reward myself with a fancy dinner in a restaurant after every three No Spending Days.

If you like this article, please subscribe to Ready To Be Rich so you won’t miss the next article here. Thanks.
 Below is a way to earn more and invest your money wisely.  Just click on it.;)

Be Truly RICH Work from HOME