These past few days I’ve been overspending my money for you know.. “undeserving things”. I actually promise myself that this coming semester I’m going to be very strict on my expenses since I need to save money and pay my liabilities. BUT! ever since the class starts I have not been saving money but ceaselessly spending them.
Last year, I’ve successfully saved money to buy a phone. After that, I’ve tried saving again but failed. Since I have lost my self-control *trying my best to regain them*, I Googled for ways on how to save money.
But first I want to share the formula that I’ve used to save money last year which I found very helpful.
Savings – Tithes = Expenses
I learned about this through our church and my Financial Management professor during my freshmen year in college. This simply means that after getting your salary or allowance, you have to deduct your savings and Tithes first then whatever’s left will be use as your expenses.
So going back to the tips about savings, here’s what I found that I think might work for me and might work for you too.
The 50-peso challenge. What you do in this challenge is everytime you were given or have a 50-peso bill you’re not allowed to spend it. You can spend other amount of bill but you have to keep the 50-peso unused or in one piece. You can change the 50-peso bill to any other amount depending on your preference.
*This is what me and my friends have been doing to save money and so far I’ve been doing fine so… if you’re a student I recommend you do this one.
The next one would be the 52-week challenge. I found out about this challenge through Pinterest and I find it interesting because at the end of the challenge you’ll save big amount. You’ll do this challenge for a year. So basically you choose your starting amount and you add that amount to your savings every week. For example you start this week with P20 next week you’ll save P40 then the week after you’ll save P60 then so on and so forth. Here’s the link for the more detailed explanation of the challenge if you wanted to try it.
P.S It’s in dollar since I can’t find the peso version but it’s basically the same.
*I wouldn’t recommend this one to students because after ilang weeks you’ll have to save almost a thousand peso per week which might be too much for a student.
The last one is the cash envelope system which I found in YouTube. I would say this one is more of a budgeting tip but it also does help in saving money. In this system you need different envelopes for different expenses. So you have an envelope for savings, food expenses, travel expenses, beauty expenses etc.
*I would recommend this one to those people who handles money in a family usually mothers, since you can have an envelope for utility bills, school expenses, cleaning expenses etc.
Well, that’s all for the tips that I found on the Internet. I hope you found this post useful.