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xtine1101
Guest
I believe that kind of question is a cliche. I mean, we do also ask ourselves the same kind of question. Though even if its being heard and asked everywhere, lots of people are having a rough time to figure things out on how to save money. For me, saving money is not just getting a portion of your income and placing it in a savings account, vault, or piggy bank for example. It's actually more than that. We save money for so many reasons. We save so that in case of emergency, we have something to dig out and pay for the bills. We save because we want to buy something. We save for the matter of tuition fees, projects, allowances and other stuffs. We save to invest in our future. The common point is we save money to use it in our expenses.
Now, how do we save money? First, all I could say is that it's all about in your mindset. Everything starts in the brain so if you're not eager to save, then probably you'll be spending most of your hard earned money into buying commodities which most of it are just wants and not needs. Consumerism says it all! Second, make a monthly budget plan with regards to your expenses. List down the cost of some of your monthly expenses that you've regarded as fixed (allowance, food, rent) and as well as your estimated amount of your bills (light and water). Then sum it up. Third, divide your income into: monthly expenses, emergency fund, and savings. Lastly, place your savings into the right basket. I highly advise that you should not put your free money into bank accounts because you don't want your money to just sit there and wait for a very little amount of interest. Instead, invest it! You can invest it in the stock market by simply using the peso cost averaging. If not, you can just try saving your money in a cooperative because their rate of interest is higher compared to the banks. All in all, just don't let money control you. You're the earner so be the boss of your own money.
Now, how do we save money? First, all I could say is that it's all about in your mindset. Everything starts in the brain so if you're not eager to save, then probably you'll be spending most of your hard earned money into buying commodities which most of it are just wants and not needs. Consumerism says it all! Second, make a monthly budget plan with regards to your expenses. List down the cost of some of your monthly expenses that you've regarded as fixed (allowance, food, rent) and as well as your estimated amount of your bills (light and water). Then sum it up. Third, divide your income into: monthly expenses, emergency fund, and savings. Lastly, place your savings into the right basket. I highly advise that you should not put your free money into bank accounts because you don't want your money to just sit there and wait for a very little amount of interest. Instead, invest it! You can invest it in the stock market by simply using the peso cost averaging. If not, you can just try saving your money in a cooperative because their rate of interest is higher compared to the banks. All in all, just don't let money control you. You're the earner so be the boss of your own money.