How to save money? – 10 practical things I do!

If you are someone who’s having a hard time saving money, I’ll share to you some of my saving techniques that I practice regularly and consistently. Please note that these techniques may or may not be applicable to you. You are welcome to tweak my techniques to create your own saving style.

How to save money? – 10 practical things I do!

Quit smoking.

If you average five sticks of Marlboro cigars that cost PHP 5.00 per stick, you are spending PHP 9,000.00 annualy. Quit smoking and start living healthy. I quitted four years ago and I feel healthier now than before.

Use expense management apps on your smartphone or tablet.

It is easier to keep track of expenses when you take note each time you spend on something. There are many expense manager apps available to help you keep track of things. One app I use is Expense IQ from Handy Apps. You just need to find one that best suit your needs.

Set a budget on everything.

Now that you can keep track of expenses using an app, you now need to set budgets for the type of expenses you have. In my case, I set PHP 50.00 a day for food allowances, PHP 600.00 a month for cellphone prepaid load, and PHP 200.00 a week for gasoline expenses. I pretty much list everything from personal care to medicine expenses to keep track of areas where I spend high.

Stay at home during weekends.

Instead of going to the mall or somewhere else, my girlfriend and I love spending our weekends in the comfort of my home just cuddling and watching movies all day. We just buy snacks to live off the day. Sometimes, we spend mornings in a park and bring packed foods to eat while strolling. By doing so, we avoid overspending the day but still have quality time with each other.

Use LED lights.

In our home, I changed all the fluorescent bulbs we use into 5 Watt LED bulbs. They cost PHP 150.00 each but they are more durable and energy efficient than fluorescent bulbs. It can reduce the cost of your electricity bills by a slight difference.

Drink water.

Ditch the softdrinks, Gatorade or any cool beverage you drink when taking your lunch at work. Not only you save the money that is spent on this stuff, you also make yourself healthier.

Avoid excessive mobile data charges.

WiFi is everywhere, Facebook is free on some mobile networks. Use that to your advantage.

Walk.

You don’t need to ride a tricycle or a jeepney or a bus if your destination is just a few yards away. When I walk, I see more of the community around me. It removes tension and stress deep within me.

Get a piggy bank.

Whenever I accumulate coins, I make it a habit to place them in a piggy bank. The 5-peso and 10-peso coins when accumulated can reach PHP 1,000.00 in just a few months.

Pay yourself first.

This is the most important thing in my list. By just making this a habit, you can be rich. When you recieve your salary, get a nice chunk of it and use it for investment opportunities. The percentage depends on what your future goals will be. Mine is 20%.

Happy saving!