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Posts Tagged ‘saving money’

Saving money is important. We all know that But knowledge is not the same thing done.

For some people, saving money is like a healthy diet. You get inspired and begin to do so, but after a few weeks, self-pity creeps and you begin to hate it. If you do not usually save money or you think it’s really hard to do, then here are some tips for saving money that can help you.

Save first, then spend the rest.
At the moment you receive your income immediately put aside a portion and put it in your savings account. After that, you can now spend the rest of your salary, without guilt. That is what they call pay yourself first, which is easier and more fun to do than scrimping on your expenses if you have money in your savings and left until the next pay day is. Try it, it really works .

To save money automatically.
How do you make automatic savings There are several ways. One is to go to the bank where your company has payroll and ask if they have an automatic savings plan, or if you can have a place. What this means is that whenever it comes to pay day, the bank will automatically deduct a fixed amount of your salary and deposit it in another savings account.

A few months ago, a blogger friend, writing on the Marhgil BPI Direct Save Up plan that does for him. Personally, I have a somewhat similar UCPB Insurance Cocolife automatically charges a fixed amount on my credit card each months – a “payment” that goes to savings and personal insurance.

Make your savings not readily accessible.
When your savings account is an ATM withdrawal in a row, then you’re more likely to touch. Make it inconvenient for you to withdraw money from your savings. All you need is a simple book of account Banking is a good start. As for me, I have a personal Optimum BDO savings account which allows you up to three over-the-counter withdrawals per month (but not limited to filing).

The Filipino Paluwagan System provides access to your savings. In fact, many have recently started and joined Pinoy paluwagans to “force” to save money in light of the recent global financial crisis. hate-saving-money

Always use cash.
When you always use the money, you are more aware of your budget. This will help avoid the accumulation of debts and encourage you to live within your means. Simply put, pay yourself first and always use cash. To do this, and you end up without credit and a savings account that you do not have to touch to pay your debts.

Set a baseline and a reward for saving money.
They say you can save money for “rainy days”. Personally, I think that is a pessimist (and vague) reason to encourage you to save. I am more motivated by saving the money when I put a reward for myself every time I reach a certain amount.

For example, I would guiltlessly dive P2, 000 for what I want when I am able to increase my savings by P10, 000. Other times, I reward myself with a desire for a meal in a restaurant after every three days expenditures.

money-saving-tipsIn summary, if you have trouble saving money, then try to pay you first. Find a way to make automatic and be sure your money is not easily accessible.

Then you can spend the rest of your income, without guilt, but remember to always pay cash and avoid debt. And finally, give you a reward for passing the savings. Make it as often as you can afford.

Wriiten by Fitz @ Ready To be Rich

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If you’re a parent, then I’m sure one of the things in your mind right now is your budget.

When I was a kid, I would always notice how stressed my parents were during the opening of the school year. They’d go through their finances over and over to check if they’d have enough to cover for the tuition, books and school supplies of me and my brothers.

And now, it’s just a few days before the start of another school year. And for the parents out there, here are some back to school money saving tips that could help.

back to school Back To School Special: Money Saving Tips For Parents

School Uniforms

  • Take inventory of what you have in the closet. Determine which ones can still be used.
  • Consider having some of those that don’t fit anymore tailored or altered to fit.
  • Trade uniforms with other parents. Maybe their kid’s old uniforms would fit yours and vice versa.
  • Buy good quality clothing so they’d last the whole year and maybe even more, same goes for those leather shoes.
  • For college students who don’t have school uniforms, then maybe you’d like to read this article on how to save money on clothing.

Textbooks

  • Ask the upper grade students if they are willing to sell or maybe even give you their old textbooks.
  • Likewise, you might be interested to sell your kid’s old textbooks to those who might need it.
  • It might help to ask the school which of the textbooks are required and which ones are supplementary or optional.
  • Go to second hand bookstores for old textbooks. Search in online auction sites or maybe post inquiries in parenting forums for used textbooks.

school supplies Back To School Special: Money Saving Tips For Parents

School Supplies

  • Make a list of the required school supplies. Remember to prioritize and buy the necessities first.
  • Consider recycling or using old supplies.
    • Take an inventory of what you already have at home choose which ones are still okay.
    • “Jazz up” old school supplies which are still in good condition to give it a fresh look. This works best for backpacks.
    • Go through your office cubicle and give those extra pens, pencils, memo pads and other supplies that you don’t use to your child. I know these things tend to accumulate on your desk and inside drawers, specially those given by colleagues and clients.
  • Buy the plain and simple designs becaue they’re usually cheaper, but also consider durability. Give it individuality by customizing with your own design. I used to do this for notebooks.

Other Back To School Savings Tips

  • Be honest with your children when it comes to your budget. Make them understand the situation.
  • Be on the look out for back to school specials and sales in your area.
  • Hunt for scholarships. Not all of them are based on your financial capacity or your child’s intellect. For example, some organizations give scholarships to children that show good leadership skills.
  • It may be good to consider enrolling your child in a school near your home to lessen transportation expenses.
  • Prepare packed lunches for your child to save on food expenses.

That’s all the back to school money saving tips I can think of. Maybe you have some more things to add? Please share them below as a comment.

Written by Fitz @ http://www.fitzvillafuerte.com/

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