Maricor Bunal
Have you accumulated too much debt that you think it’s high time for you to save up and manage a turnaround but don’t know where to start?
The principle to not incur more debt is actually simple – SAVE, SAVE, SAVE, PAY. However, the problem is how to save enough to pay? To get you started, here are the six habits to develop to control your spending habits:
#1 Create a realistic budget
Be true to yourself and determine the expenses you can’t live without. Ditch those expenses that are just luxuries to have some extra cash you can use to make extra payments to your lender or start investing.
#2 Take the public transport
Taxis will automatically charge you PHP40 the moment you step into the vehicle. And the cost can go higher, especially if you’re living too far from the office. But the thing is, transportation doesn’t have to eat up a huge amount of your budget. You can take the bus, jeep, train or any public transport options available to reduce your expenses. It’s only just a matter of getting used to and waking up early.
#3 Minimize the specialty products
Should a cup of coffee, slice of cake or a bowl of soup that costs more than a hundred pesos really be a part of your daily expense? If you think not, you might like to consider grabbing a meal that starts at PHP 50 at the nearest convenient stores and fast food chains.
#4 Monitor your expenses
Get into the habit of expense monitoring soon and you’ll realize how enjoyable it is to control your money. You’ll know when and when to splurge a little and treat yourself. At the same time, it makes you more adept at anticipating unexpected expenses and sourcing money for these events. Besides, knowing the fact that you’re in control of your expenses is reward enough to encourage you to continue the habit.
#5 Cook your own meals
Dining or lunching out can drain your budget more than you think. At restaurants, you’re more likely to buy additional drinks and desserts impulsively. Whereas if you cook your own meals, you shop at the wet market or grocery store. You’ll have the chance to choose the ingredients you like. Plus, you’ll feel compelled to eat what it is you’ve cooked.
#6 Just stay out of malls, really
We all have our own needs. And we seem to remember each one of them when we’re inside the mall. So if you don’t have any plans to buy, just avoid hanging out in malls. This will prevent you from seeing those inviting promos and pretty items that will trigger your impulsive spending.
All these tips will certainly help you save and free up some cash, which you can use for investments or loan repayments. Need more info on loans and other related financial matters? Contact our advisers here at LoansolutionsPH for assistance and tips.
