You’ve been working for so many years yet you don’t have savings?

This is the most common issue that Filipino workers face every day. When will this job reward me with a good salary? Until when will I work and save enough money? If you’re having difficulty saving your hard-earned money, here are helpful tips to save them:

Tips to Save Money

Follow 50, 30 and 20 rule.

Just like your agreement with your employer or landlord, you need to follow your own 50, 30 and 20 rule. What is 50, 30 and 20 rule?

• 50 means 50%. It means that 50% of your salary or income will go directly to your expenses. These expenses can be electricity, transportation, insurance, communication.
• 30 means 30%. A total of 30% of your income will go to your needs and wants like recreational, etc.
• While the remaining 20% will be your savings. These savings should fund your future needs.

If these rules are too hard for you, these are quick and easy tips:

• Prepare 3 envelopes
• Envelop 1 is for expenses or 50%.
• Envelop 2 is for recreational or 30%
• Envelop 3 is for the savings or 20%.
• Spend money from each envelope strictly. Don’t spend recreational fee from the expenses envelop.
• At the end of the month, if there’s money left, put it into the savings envelop, keep it or deposit it to the bank.

Image source: ABC

Avoid being a one-day millionaire

Being a one-day millionaire can lead to bad consequences like:

• Losing track of your expenses.
• Withdrawing your savings.
• Can lead you to borrow more money.

Calculating your daily, weekly, and monthly budget

Using your mobile phone’s notepad as a planner can be of great help in budgeting your daily, weekly, and monthly budget. It is best to list down all your expenses per day so you can manage which items are too expensive for you. Given this, you’ll be able to remove unwanted expenses for your weekly and monthly budget.

There is also a lot of mobile application that tracks your budget and expenses. These are few examples of application:

• Monthly Budget Planner – Expenses Manager: This app will show you where your money is going.
• Budget – Money Manager & Expenses Tracker: This app keeps track of your expenses easily, and manages how much money you spend on each item.

These applications can be downloaded through the App Store for Apple users and Google Play Store for Android users.

Image Source: The Dough Roller.Net

Keep in mind the 30 day rule.

If you’re planning to buy that dream shoes, bag or clothes, it is best to wait within 30 days and figure out if you still need that item. Remember, “mall sales” and “e-commerce app’s free shipping” are still expensive. If you don’t need the item, then it’s a waste of money.

Pay off your debt before Saving Money

It is still best to pay off your debt first before putting all your salaries into savings. Remember, whenever you withhold things or money that doesn’t belong to you, the flow of your money will be stressful and complicated.

Image Source: Philippine Star

Bring your own lunch to work

Have you ever computed your lunch expenses when you purchase it from a cafeteria or fast food? Did you know that it will cost you a lot if you keep purchasing from these food stalls? Bringing your own lunch box at work is never a bad idea. In fact, it’s way more healthy than eating fast food. You don’t only save money but you maintain yourself healthy.

As of Next Steps

Saving money isn’t stressful and complicated at all.As long as you know how to handle your finances properly. Remember, in this life, nothing is permanent. It is best to save money and ready yourself for the future. If you’re planning to open a Savings Account, read this article: Best Banks for Opening a Savings Account