Friday, July 29, 2011

Money Saving Tips

Being the 'gastadora' (shopaholic) that I am, I am constantly fighting with myself to not buy things that I find pretty or shiny. Though I still haven't mastered the art of managing my finances, I am learning each day. I hope that I can help you to with my experiences.  Below are some tips to save a couple of pesos/dollars/yen/yuan that I use personally to satisfy my 'cravings' while keeping some money for my next venture.

1. I allocate my income/money in a series of categories. This way I am limited to a certain amount for a specific category, reminding me not to overspend over my budget. I learned this technique from a seminar conducted by John Calub, others call it "envelope method". Below are the categories that I currently maintain:
    a. Never ran out of Cash - I maintain a certain amount of money that I will never touch or use. Its just there for my 'comfort'.
    b. Living - This is for my daily expenses like food, clothes, gas, massages, etc..
    c. Yearly Income - I maintain a certain amount of money that I think is sufficient to sustain me for a year in case of sudden emergencies.
    d. Travel - I love to travel. I maintain this amount of money so that I can fund my trips within and outside the country. As much as possible, I try to separate this with my 'Living' budget during trips.
    c. Tithing - God deserves something back with all the things He gave me. I allocate a certain percentage of my monthly income to His works.
    d. Safety - Change is constant. Things won't always be what they were before. This account is for any emergencies that may happen.
    e. Giving - Giving is a pleasure and a privilege. I use this account for sharing my blessings to others. It can  be thru a form of a gift or a service i can provide with the money that I have.
    f. Misc/Education - I had a teacher once who said he aims to learn at least one new skill a year. I intent to do this too. I will also post my different experiences and journey with this as I go along with LIFE.
   g. Financial Liberation - This is used for my investments. It can either be to fund a future business venture, go into stocks or real estate or insurance. Just about anything.

     ***The effort does not end there. I use my Budgets app (very cool app, I suggest you use it) in my Ipad to keep track of my expenses. From there, I compare my total 'categorized' expense to my allocated budget. Then if ever there are excess expenses, I take note of them and try to 'pay them off' in the next month or the next month after that. hahaha. The goal is to keep all expenses within budget.

2. Leveraging on Promo's provided by different groups. My personal favorite is MyBistro (group of companies: TGI Friday's, Italianni's, Fish & Co., Flapjacks, Pig Out, Billy Rock, Krazy Garlik and The Stock Market Cafe) , because I love FlapJacks and their seasonal promos help me save a lot. If you are interested in signing up, let me know so that I can refer you. You can get a PHP250 GC upon signing up, no strings attached.

3. Deal sites! There are a lot of deal sites coming out and they offer a variety of deals that will surely cater to someone. I suggest you visit them cause what you might need might actually have a current deal. $_$ save money. Refer to Deal Sites in the Philippines

4. SALE - Mall or Factory or Bazaar. These events actually saves me money since the things that I used to like are now sold for a cheaper price. A very recent example of this are my SCHU shoes... They used to be PHP3000 a pair, but it was on sale PHP 800 a pair. So I was able to get 2 SCHU shoes!!! I love them so much! Now i have three boots of the same kind but of different colors.

I will be updating this as soon as I discover more.


abs said...

nice money saving tips! :)

KikaysiKat said...

nice tips! :) masunod nga


Jeatte Go said...

:D one step at a time