Learning how to save money and managing your budget are both very important if you’re focused on reaching a specific money goal. The more you save, the faster you’ll be able to reach your financial goals—may it be paying off a debt, building your financial portfolio, or even buying a house.
If you want to learn how to save money, check out these 5 money hacks. Tried and tested by and for Filipinos like you and me:
Download Money-Saving Apps
Let’s be real here: you use your phone for almost everything. So why not use it to save money as well?
There are a lot of apps that can help you with your everyday expenses such as Shopback and PayMaya. You can also use Eatigo and Booky for food discounts and coupons.
Make the most out of these deals to save money everyday.
Have a Cash-Only Daily Budget
One amazing way to save money is to use cash for your daily expenses.
Why? A lot of people tend to overspend when using debit or credit cards. Paying with cash lets you be more aware of the money that you let in and out.
Set a certain cash budget for your daily expenses, and only withdraw extra if there’s an emergency. Also, try to leave your cards at home to avoid the temptation of using them for shopping or other unnecessary spending.
Avoid Buying at Convenience Stores
Items at convenience stores tend to cost more compared to groceries and markets. For example: a cup of instant noodles has an SRP of P30. But in convenience stores can sell them for up to P40 each. That’s more than a 30% increase in cost!
To save money, try to buy your supplies in bulk in groceries weekly. Not only do you save money, but you also can manage your expenses better this way.
Purchase Used Items
Buying used instead of new items is a great way to save money. This may not apply to all things like appliances, but for others like clothes and accessories, you can find quality items which are almost as good as brand new.
There are various websites you can visit, or even check out marketplaces on social networking sites for accounts, pages, or groups that sell used items for a fraction of their original cost. Yard sales and consignment shops are also good options.
Wait for Sales and Price Drops
This might be the most basic, but it’s easily the most surefire tip: be on the lookout for price drops, instead of buying what you want on the first day of its release. This applies to most things such as appliances and clothes.
Almost all shops have “Sale” days to reduce their surplus products. Just be patient and keep an eye out for upcoming sales and events.
There you have it, five simple life-hacks that can help you save and manage your money better. With these tips, hopefully you can reach your financial goals faster.