Hello everyone! Today I'd like to share with you how to save money. At the back of my mind, I laughed because I also have struggled with how to save money, that's why I come up with this topic.
Savings is very important for every family because we know that seasons come and go and then we don't know until such time we have a job or a source of income or a situation like a pandemic.
Do you want to buy a new phone, a laptop, a new car, or a house and lot? If you want something. You should have the following:
1.Budgeting
Set a budget for every aspect of expenses, don't spend too much, more than your income, allocate the right amount for food, travel allowance, snacks, and a lot more. Don't spend money if it is not planned. Developed the attitude of discipline by following the budget.
2.Minimize your expenses
You want new shoes, or a new dress or a new phone, but come to think of it maybe you can still use your shoes or dress and you don't need to buy a new one. We have to prioritize "what we need" and "what we want". Maybe we have to lessen the things we want like Netflix, a new phone when there is no need to buy for it.
3.Seek an additional income
Yes, it's hard to save money when you have a very low income, maybe we can say that I had just had enough. But when you have the determination and what we call 'strategy'.You don't need to be intelligent or lots of money to earn, all you have to do is to discover your skills and talents or explore more online to find ways to have additional income. During this time, I learned we need to learn to multitask strategy to earn money, the more income we have the more we can save money. Sari-sari store, online selling, sideline with online, or offer services online. Or this another one, by using our skills to earn through the use your hobby, if you like cooking, flower collector, baking, even being a writer is a good way to add income or even E-Sports, there are a lot of gamers that earn a lot of money, or a YouTuber, if you are adventurous you can upload your videos. If you have a talent like singing or dancing, you can make a video and post it online.
4.Avoid the habit of impressing the people around you
Live a simple life, you don't have to eat what they eat, you don't have to travel when they travel, you don't have to buy a new phone when they have bought a new one. During lockdown I realized, life is so simple the most important is we have food on the table and we have our loved ones with us. The new shoes are no longer be useful when you are in a lockdown situation. Life is simple, we eat and we go to sleep, then we rise again, and keep on repeating over and over again.
5.Avoid being envious
When your neighbor buys a new flatscreen tv you don't need to buy it too. When they go on a trip then you don't need to go too.
6.Avoid being luxurious
This means that we need to identify the essentials and non-essentials. When ate are making things complicated just to achieve what you want is not good.
7.Donot imitate the lifestyle of other people or with what you see online
See to it when they have 50k a month and you have 15k and you go along with them, what's left with your wallet, will become empty or zero.
8.Learn to be content
Don't let yourself to crave something which you cannot afford or that can absorb your money too much. Learn how to live in simplicity, it means if we can eat or drink, enjoy life, don't make anything that will destroy your focus, and achieving things that are beyond your capacity.
9.As as long as possible, avoid debt.
I don't say, that we will not engage in debt but only when it is needed or when you are using it to earn more. But if you just want to buy something that's why to lend 10,000 to buy the latest phone model, that's not valuable.
10.Set a goal
It's just like an athlete, you keep on practicing every day just to win. Just like saving money, if you have a certain goal, let's say a new house, set it as a goal and motivation to work on so that you will not just like chasing on the wind.
We have to consider it. and evaluate our decisions if we spend our money or we want to buy something to prevent being unreasonable spending.
A. Determine between two or more choices before purchasing stuff.-It good to have a choice so that you can pick one which is more convenient and beneficial.
B.Identify the advantage and disadvantages of that certain item
C.Decide what are the favorable options
You need to ask yourself the following questions:
Do I need it?
How long will it make me happy?
What do gain when I buy it?
Saving money needs determination and so that you can achieve your goal. Of course, it is helpful during emergencies like when there are calamities that we encounter, it's much better than you have something to use for the family and yourself.
Save money because money will save you.
Daghang Salamat!
Additional should consider the needs vs the source. Because our wants keep on changing depending on the present living condition. Keep on adding Assets, or portfolio. It will be found sooner.