HOW TO SUCCESSFULLY SAVE MONEY
Edralin F. Nanquil
Are you having a hard time saving money from your salary?
You wanted to save but it seems impossible because of your small income. When eventually you started saving, it suddenly turns into nothing because you need to use the money and ended up spending all the money you saved.
I wanted to share with you my thoughts on HOW TO SUCCESSFULLY SAVE MONEY even in with a low income.
Others might think that saving money is only applicable for the rich, or to those people who earn a lot of money. But they are wrong.
Saving money is not based on how much you earn or how much you have. It is based on having the right mindset and applying the right habit.
A high earning employee may have an income of P100,000 a month but spends around P98,000 which leads him with only P2,000 in excess. Compared to a low income earner who has a salary of P10,000 a month but only spends P5,000 of his salary, having an excess of P5,000.
Who do you think have more money by the end of the month?
Here are some of tips I can share with you to successfully save money. 1.SPEND within your MEANS.
Don`t go overboard. Only spend money you have. In this way, you can also prevent having debts.
2.Prioritize your NEEDS.
Only buy things that you NEED and not what you WANT. NEEDS includes your monthly groceries, medicines and other monthly necessities.
3.CUT OFF your EXPENSES.
If you are earning but only have a little to save, it is better to cut off your expenses.
4.THINK of having an additional INCOME
Think of ways on how to have additional income. In our times today, the internet has been very helpful in many ways. The internet has paved way to the development of different social media flat forms, online freelancing and many more.
Here are my recommended sites where you can earn more:
Selling flatforms: Facebook, Instagram, Twitter
Become a Virtual Assitant: Upwork, Freelancer, Guru.com
Skill Developer/ Vlogging: Youtube
5.Right MINDSET. Savings is not an option but a NECESSITY
Don`t spend your money on anything if you don`t have any savings. If you want to buy a bag, a shirt, a cellphone, a car or even an expensive coffee save for it first. 6.Savings is not an issue of MONEY, but of HABIT.
If you are earning, always think of keeping a part of it as savings. When you received your monthly salary, set aside a portion of your earnings for your savings. After you have allotted your funds the remaining amount can be used in spending your necessities.
The keyword here is consistency. If you are able to consistently do these tips you will develop the right habit and eventually win your way of saving your money. It does not matter how much, what matters is that you have SAVED.
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The author is Administrative Officer II