By: Maia Castillo
Since I was in high school, I have an obsession on saving money (At least that’s from my point of view). For at that time my family was facing a huge financial problem. I realized that I need to save up in order to never face this kind of problem again. Since then I became this money guru of our barkadahan. I felt that I have this obligation to educate my friends on money handling for they may never have to face huge debt in their future.
By reading this article, I assume that you my friend need my advice or just here to re-evaluate your budgeting skills. I hope that my fool-proof money saving tips for the struggling millennial will help you.
Cliche as it may sound but the only way to handle your finances is to list down your expenses. Me, I’m a classic gal, I prefer the old pen and paper on budgeting if this is also your thing start to jot it down. Start your budgeting from your monthly expenses from there you’ll see the most essential expenses that you can’t live without that will be the basis of your monthly budget – “the blue print”. The point of listing those down is to stick to it. That means if the sale on friday isn’t in the list, don’t make it happen. Being faithful to the budget is hard but after a month or so you’ll sure to have a savings guarantee. Just live within your means.
Abstain on a few of those guilty pleasure you usually do. Like eating out on a regular basis. It’s OK to go eat out twice a month but know your limit. If your budget allows you eat out more than twice a month, then good for you. Just cut-off those unnecessary expenses.
3. Making budgeting and abstaining happen.
This is the hardest part, sticking and making this two happen. First 3 months is always the hardest on any new routine you are starting but once you’ve got the rhythm you’ll be noticing the difference of living within a budget and without. You’ll be surprise of the amount of money you have saved by just doing two things.
4. Always pay in Cash.
Want to save? Then avoid owning a credit card. I see a lot of people using their credit card no matter how small or huge the amount of their bill. By using the card it only makes you want to swipe for more because you can’t feel the effect of the money you are losing. Paying in cash allows you to budget your money more efficiently and you’ll know how much exactly you are willing to pay for an item.
After saving the money, how would you be able to make it grow or double it? Try to invest your money on some Unit Investment Trust Fund or UITF. If it’s to complicated for you, join some seminars regarding on it. Philippine Stock Exchange – Ortigas offers free seminars every Tuesday. All you need is to sign-up. If that is still too risky for you, try an insurance with investment kind of plan. There are a lot of Insurance and Bank Company that offers a good deal just pick the most applicable payment terms you can afford. You may not feel the benefit of paying for something like that today but doing some investment, ensures that you have something in the future.
Just remember, it’s ok to YOLO just budget things before doing something you love, you don’t want to grow old without saving something for your future.