I am a single girl, middle class and minimum wage earner. If you are like me and you want to save and earn more, try these tips and make them work for you :)
1. Make a budget.
Income- Expenses= Savings. On the first month list down ALL your expenses, transportation fare, food, dates, hehe...Try installing the Expense Manager app on your Android phone or making a pocket paper organizer (Pocketmod) that you can place on your wallet so you can list down your expenses whenever you pull your money out of your wallet or even install this free expense tracking sheet on your computer and be organized. After that month, you can now see where you are spending most of your money and then make a plan on how much you are really allowed to spend a month. All that is left will be placed on your savings account, hopefully at least 25-50% if you can every salary cut- off.
2. Avoid debt, or slowly pay off your debt.
This is self- explanatory, start paying off your debt to add more to your savings. Make sure you are not spending more that what you are earning.
3. Open a separate savings account.
Even though how small, placing your money in a savings account can make it earn interest which a payroll account doesn't have. It also a good thing that you can withdraw a constant amount of money and deposit it to your savings account. Just make sure that you keep in mind that the money in your savings are for emergency purposes and long term goals only. If you are saving for new gadgets or a future wedding :) this free savings goal tracker can be very useful.
4. Cut off with your old habits.
If you're smoking and spending 34 pesos for a pack of cigarettes a day and cut it down to spending only 3 packs a week, you can save 136 pesos a week x 4(a month) that's 544 a month you are saving! not only that, you are also saving your lungs :)
Another example would be spending 80 pesos for a pedicure every week, that would be 320 pesos a month. If you cut back and have a pedicure every two weeks, you'll be saving have of your 320 peso budget. Better yet, buy a nail cleaning set and your favorite polish colors and place all your pedicure budget money to your savings! :)
5. Have an alternate source of income.
We might not have those hundreds of thousands of pesos yet to invest in stocks or properties but we can start with what we have right now. Take a look around your house or your room. If you have stacks of old magazines, collectibles or slightly used clothes; open an Ebay account and auction them all off! Not only you are making money out of it, you are also making room for new stuff!
If you know how to make crafts or make cute websites, make money out of it. You can also try opening an ODesk account start working from home and add dollars to your savings.
6. Learn something new.
We might be professionals but you must accept that what we are earning now is not enough. If you have other interests like dressmaking, hair and make up, web design or doing crafts, learn more of them and who knows, you might earn more from it than what you are earning now from your day job.
7. When shopping, Identify if it's a "want" or a "need"
To avoid impulse buying, leave the mall and go back to the item after a week; if you still want it, buy it. If in doubt, don't get it. Identifying if the item is a necessity or just a "want" would make you think of the more important stuff that you have to spend on.
8. If you have to shop, make sure you have a great deal.
Get great deals for as much as 35-70% by subscribing to verified groupon sites here in the Philippines. Recommended sites would be, Metrodeal, Ensogo, Beeconomic, Buyanihan, DealGrocer and CashCash Pinoy. For deals on restaurants, spas, pastries, workshops and summer getaways; Shop online, at flea markets and in vintage stores for unique and cheap finds. Yes you can spoil yourself once in a while,. just make sure you're not ruining your budget.
9. Educate yourself.
Read more about financial planning, attend seminars and workshops to be updated with new investment opportunities.
10. Research for what you can have for free.
May it be software, lessons, audio books and ebooks; you can get it online for free! Pay a minimum amount for shipping if you want free make up samples from Ellana mineral make-up.
Stay tuned girls and I'll be blogging more money tips soon! :)