Marge Serrano
Yes. I am one of those millennials in the workforce who have to endure a four-hour daily commute—back and forth—because I live far from my office. I also have to brave the typical Manila traffic, which they say is two hours depending on where you live.
Aside from traffic, I am forced to stretch my wallet in order to carry on with a lot of daily expenses. On top of them is my food allowance and on second spot is my transportation expenditure (I know, I am that type of girl who is always hungry).So, how do I budget my money and save up when I have to travel long hours just to go to work?
If you will ask me, this needs a little bit of talent and some serious calculation skills. But you don’t have to be a genius just to succeed on budgeting. I’m sure you’ll adjust to these money management tips real quick.
Keep a Journal
Maybe you are now thinking, “what does a journal have to do with budgeting?” It does magic. If you make it a habit to just list down your expenses and track everything you spend, you might get a one-in-a-million chance of making things work.
It’s not just a traditional journal that I’m talking about. If you are tech savvy, you can use a smartphone app to track your finances. At least you can carry this around if you are not fond of bringing a journal, an organizer, or a planner in your bag.
But I try to do everything all at once. I keep a separate journal to record my monthly expenses—these include large amounts of bills and shopping expenses—but I don’t bring this notebook everywhere I go, it just stays on my shelf at home. Then I use my planner and smartphone to record my everyday spending. You might think I have OCD, but journaling really helps.
Have a Weekly Budget
If you have a monthly budget, you should also allot for your weekly expenses, and then trim it down to your daily costs. It’s like using the inverted pyramid to organize information. You start from the biggest part of the pyramid, which is the bottom, down to the most specific and detailed part, which is the tip. That’s how I budget my monthly savings. And again, it’s all in my journal.
Here’s the thing, your daily expenses determine your weekly budget. It doesn’t have to be an exact amount. As much as possible, include an emergency fund to your daily expenses.
Let’s say I spend 100 on transportation and more than a hundred on food. That makes it 250 or more a day. Then your emergency fund should be on top of these daily expenses. It’s up to you to go cashless or not. But I prefer cash.
Cut Costs on Commute
Sometimes, I try to break the mundane of the daily commute by going to work via different routes. There are three routes I could take, one requires a more expensive fare and the other two have the same rate. So when I feel extra rich I would choose the first route, which rarely happens. I usually take the two others where I get to spend an average amount for transportation.
Thing is, I could still cut costs in that second route. I just have to ride the type of vehicle that has a lower fare than the other—an ordinary vehicle (like a jeepney) or an air-conditioned one. Since it is summertime already and I work mid-shift, I am only left with the second option. Way to go for cost-cutting!
Bring Packed Lunch
Although I am not an expert at preparing lunch, I could say that this tip helped me a lot. Too bad it was only until my first year at work that I decided to be consistent in bringing packed lunch. I never thought that I’d save a lot—almost half of my daily budget.
This is where the journal comes in handy, too. Before I prepare my lunch, I create a meal plan for the whole week. The preparation includes researching recipes, listing down the ingredients, and grocery shopping. If you do all these on your own, you’ll get to manage your money better.
Follow the Three-Day Rule
Then here comes the universal three-day rule. I’ve heard this from my colleagues and relatives. They say that if you want something, don’t buy it. Unless three days have passed and you still want it, then you should go buy it. I do this when I crave something. Yes, we are talking about food here (I told you I love to eat).
Say, I want to eat in a particular restaurant today but I already brought a meal for lunch. Maybe I’d still eat there for a snack but no for a meal because it would be a waste of time and money if I’ve already packed a meal and would still go out for lunch. If the craving doesn’t go away for three days, then I’ll schedule the fourth day as my cheat day.
Same goes with material things. Since my daily commute is kind of stressful, sometimes I would drop by the nearest mall and unwind before I go home. Transport terminals are also located on the mall grounds so it’s really tempting to spend on something. If in case I see a thing that I want while browsing racks of clothes, makeup, or art materials, I’ll try so hard to convince myself not to buy it. Impulse buying is also the reason why I avoid bringing my card or a lot of cash.
BASICALLY
Saving when you need to spend a lot on transportation is really hard. The key here is to organize, keep track of your expenses, and to have self-control. Try doing these tips for a month and I’m sure everything else will follow.
And always remember that, if money is the name of the game, discipline is always the best trick you can have up your sleeve.
