10 ways to save a million pesos
Achieving goals like becoming a millionaire is no easy feat. With economic changes, it seems almost impossible for many millennials to live comfortably, let alone be able to save up in large amounts.
But with the right kind of attitude and commitment, you too can be on your way to achieving your first million-peso goal.
1. Keep track of spending Nothing’s worse than looking at your wallet or bank account and thinking, “Where did my money go?” There are a number of mobile apps that allow you to log your spending and even categorize them, so you can track where your money goes. Seeing your expenses laid out will help curb any excessive spending. 2. Note down “needs” and “wants” Let’s face it - you’ll have to spend at some point. Another important skill for saving is knowing what to spend on now and what can wait. Make a list of all the things you plan on buying or paying for and then categorize it as either a need or a want. Needs are immediate and important for your day-to-day life, while wants are just nice to haves.
3. Make easy goals It’s intimidating to think of saving such a large amount of money, let alone how to go about it. Creating easy and realistic saving goals will make it easier for you to commit and will still leave you with enough to spend and use. A daily goal of setting aside P100 may seem small, but it’s a fairly manageable goal that’s easy to achieve.
4. Plan out expenses Saving money doesn’t mean you have to live on the bare minimum alone. You can still treat yourself to a good meal, or even get tickets to your favorite artist’s concert. What’s important is that you prepare for these expenses in advance. That way, you’ll be able to make the necessary changes in your spending to accommodate them. 5. Cut down on impulse purchases Impulse purchases are your biggest enemy. While impulse buying may seem like a good idea at the time, oftentimes you walk away with something you’ll later regret getting. The next time you find yourself considering to buy something that caught your eye, try to think of at least five good reasons why you should get it and what you would gain from buying it now. If you can’t come up with any or you are unsatisfied with your answers, walk away. 6. Find cheaper alternatives Have a daily coffee habit? Do you take Grab to anywhere you have to go? Evaluate your spending and find more cost-effective options, if you can’t outright do away with them. It will take some effort to adjust, but your bank account will thank you later. 7. Make full use of your kitchen Eating out or ordering takeout are both more convenient, but in the long run, they aren’t very healthy and cost-efficient. When preparing your meals at home, set aside leftovers to pack. Need snacks? Ditch the cookies and chocolates and opt for easy-to-eat fruits like bananas and apples. 8. Embrace the bargain hunting lifestyle Getting into the mindset of shopping for deals can be a big factor in saving money. Compare prices and don’t be afraid to get down to computing costs. Buy needed items only during sales, and take advantage of discount offers when you can. Purchases can’t be completely avoided, but you can make sure to get your money’s worth. 9. Explore the secondhand market The secondhand market is a great place to score good items for a fraction of the cost of their brand-new counterparts. Nowadays, with sites like Carousell and OLX, it’s easier to buy secondhand items and sell items you no longer need. Not only do you save money, but you also save items from being thrown out and contributing to waste. 10. Make your money work for you Idly saving money can only get you so far. Putting your savings in investments allows you to grow your money over a period of time, making it easier to get to your million-peso goal. Special investmentlinked products, like Sun Grepa Power Builder from top life insurance company Sun Life Grepa Financial Inc. (Sun Life Grepa), even provide life insurance coverage alongside your investment for as low as P100 a day. You can grow your savings and become a millennial millionaire, and you can rest easy knowing that you’re protected in times of uncertainties.
Call 8499633, drop by a Sun Life Grepa branch, visit any RCBC, RCBC Savings Bank or CTBC Bank branch or email wecare@sunlifegrepa.com to learn more about achieving your million-peso goal.