8 Easy and Simple Ways to Save Money

We wake up every day for the sole purpose of getting to work, do our job, then get our pay which often ends up allocated to paying the bills, the rent, food, and other expenses. Yet no matter how long we’ve been working, we always end up broke. We get it. That’s why we’ve made a list for you to help you save money.

No matter how small you’re saving, it will grow to a huge amount if you do this often. Most times the hardest part of saving money is by starting. You just need to have that determination to achieve your financial goals and a solid money-saving plan. See for yourself below the list of 8 ways to save money.



1. Compute all the expenses.

The best way to know how much money you can save after accepting that pay is to have a list of all your expenses. You can start by listing all the expenses that are supposed to be paid monthly. Bills, Rent, Taxes, SSS, Philhealth, Pag-ibig, loans. List all things that have to be paid every month without delay. Then list down expenses that you spend every day including gas, toll fee, or if you are commuting write down your daily commute expense, food, coffee, and others.

You can categorize them into food, mortgage, bills, and transportation. Then compute everything by category, and after that, total everything on the list. You will get the total amount of your expenses. If you find out it’s actually higher than your salary then that is alarming. Consider cutting out expenses or minimalizing it.

2. Plan a strict budget rule.

After you’ve compared your expenses and income, the next step is to plan a budget. Be strict about this as this is important in saving money. If you notice you’ve always bought the extra-large coffee, try opting to make your coffee at home. It could help lessen the expenses since your mostly paying for the brand name rather than the actual worth of coffee.

Lay out your daily budget plan, including where to get food and your daily commute route. This way you can really specify where every cent goes. Include also the things that occur often but not daily. Like gas allowance or car maintenance.

3. Follow the budget plan.

Some stop at planning the budget but not actually doing it. You’ve got to be serious in saving money, you do know how hard it is to earn it. So you’ve got to actually enforce your plan. Once you’ve set a budget you could determine how much you can save every day. You can compute your financial goals now that you’ve seen the big picture. Once you’ve received your monthly pay, you have to aim to save at least 10% of it. If you could do it higher the better. If you could cut off more expenses like dining out or impulsive buying, then that is much better.

4. Plan out your financial goals.

You now actually have an amount that will end up in a year of saving. Now to give you some determination, you can have a plan on where and what to spend it to and also plan the time frame of the amount you want to achieve. You can have short-term and long-term goals for your money. Here are some examples of your goals.



Short-Term (1-5 years)

  • Vacation
  • Cellphone installment
  • Car down payment
  • Long-Term (more than 5 years)
  • Retirement
  • Insurance
  • Future house
  • The educational plan for your future kid
  • Future Investment Plans

You can have plans to invest your money too. You can invest in different businesses in the Philippines by applying for a Philippine Stocks Exchange account. Or maybe invest in a local business venture by a family or a friend. If you’re wanting to be more secure, you could get an insurance or if you’re planning to start a family someday, you can save for your kid’s education.

5. Prioritize your goals.

Now that you’ve got a long list of plans in the future, you can use this as your motivation and determination to save every cent you can have. Make sure your retirement plans will still be your priority on where your saved money goes. Plan out how much you would put into each, or prioritize which goal can boost you to achieve your financial goal. Will investing help you with it? Prioritize it. Wanting a new car? Allot money for it. This way, you know what you’re saving for.

6. Choose where to put your money.

Now that you’ve got a solid plan on your financial goals. This time, you’ve got to pick the right tool to help you save. For one thing, leaving money on your piggy bank won’t give you any assurance that your money is safe, nor locking it on a vault. Better open up a savings bank account so that you can monitor your savings and allot them according to your goals.

7. Maintain your money saving habits.

Life may be short, but it does not mean you have to spend all your hard earned cash. Maintain your momentum of saving money. Once you try to break it, it is hard to start all over again. Once you get used to it, saving money will be automatic for you. So try to maintain it, you can leave your credit card at home when you really have to go to the mall. Impulsive buying is hard to get rid of, so you need to discipline yourself in such a way you won’t ever be tempted.

8. See the fruit of your success.

It’s a good feeling to see your money growing. Best to check your money every month so you can identify if your money is growing fast or is it not. This way you’ll see if you are getting sidetracked or if your money is growing slowly.

It is rewarding when you get to finish a goal. You get to enjoy life and it becomes so much worth it. So start saving, and have fun seeing your money grow.



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