Darvin Tocmo
Saving doesn’t start anywhere, it starts with ourselves and in our home, but saving is not easy as others think, it requires effort, time and discipline to make savings successful.
Saving is one of the most basic bits of financial advice out there. Despite the importance of saving money, many of us aren’t following through on that tip. When it comes to doing the right thing financially, just knowing you should save isn’t enough.
In this article we share our 7 saving hacks to make saving easy and successful.
1. Set a savings goal
Setting a savings goal can be crucial. You might want to set a super-high savings goal that you yourself doubt on reaching it. You savings goal should be measurable, achievable, realistic and timely.
When deciding on a savings goal, think of a specific purchase or benchmark you could realistically reach in 12 months.
Then, find family member who can write the goal down in a place where you’ll see it every day, this will be your everyday planner.
2. Cut the cable
Yeah, I know. Cable shows are fun, but you might miss much more enjoyable time with your family rather that just watching TV. Try more interacting activities in your home like reading, walks, or family game nights. You will end up saving 2,000 pesos a month or more by just cutting your cable.
3. Recycle for Cash
Keep your plastic bottles, cans and unused electric wires. You can go to junk shops and exchange your plastic bottles into some pretty nice cash. You’re not only making your house clean, you’re also making money out of it; It’s a win-win for you!
4. Buy bulk with your friend
You know your needs.
Bulk items are only worth buying if you can use them before they expire. Try shopping with a friend and buy bulk products to save big, then split the products after. Win-win!
5. Make your own when you can
Before I tried it myself, I thought making homemade bread would just be a complicated waste of time. But after I tried it, I found that it was pretty easy and it was actually much cheaper and tastier than buying a loaf from the store.
Filipino’s rarely explore things on their own, we usually buy ready to eat products without knowing we can make exact things with bigger savings.
Figuring out what you can make it home is a great way to save some money – and learn new skills along the way.
6. Become more energy efficient
Saving energy through simple measures, such as turning off lights in unused rooms and turning down your water heater, can provide you and the environment with a wide range of benefits.
Each time you turn on a light or take a shower, you use energy, which your utility company keeps track of with meters installed on your home. By using less electricity, you can expect on having lesser bill in each month.
Reducing your electrical use can also benefit your health. For example, turning off the television may encourage you or your kids to go outside and play or do something more active. Choosing to play board games instead of video games–saving electricity in the process–helps increase the health and happiness of your family by providing time together.
You can also try installing solar energy here in the Philippines where sun is abundant, this will help you get much bigger savings on your monthly bill.
7. Stock up your fridge
This may sound strange but it really works!
A full fridge regulates temperature better than an empty one. Open space in your refrigerator fills with warm air whenever you peek inside, making your poor appliance work overtime. Your grandparents’ fridges were smaller and easier to fill, so it wasn’t an issue for them. But today’s larger fridge/freezers can waste significant energy.
If you can’t fill it with usable food, place pitchers of water in your fridge to take up the space. And set your fridge between 36 and 38 degrees Fahrenheit for max efficiency. This will help you get the most of your fridge with lesser cost.
Conclusion:
Saving is all about moderation, but not completely cutting out shopping and spending. Make sure your spending is not just for the sake of appearance, but instead is for things that truly matter. In the end, our savings helps us secure our emergency needs in the moment where money is really important.
