5 Ways of Saving Money Now

coin placed in piggy bankDo you often find yourself in a situation where you simply say “hi, hello, goodbye” to your salary every payday? For many people, their salary simply seems to slide off their hands within just a few days. Within a week, they are left bewildered, wondering where did all that hard-earned money go? 

Saving money is actually not as challenging as many people think. Here are just five simple ways how to start saving money today.

1. Set Aside Your Savings First

Financial advisors agree that the best way to save money is to first set aside a certain amount each payday before you begin to pay off  bills and other financial expenses. It doesn’t have to be a big amount if you have a lot of bills to pay.

It is also advisable to open a separate account that will be just for your savings. If you know that you cannot resist the temptation of withdrawing this using your ATM card, have your funds placed in a time deposit instead. Time deposits are accounts offered by banks that have rather high penalties if you withdraw them before their maturity dates so it helps you stay away from this and work on whatever money you have available. Another benefit of opening a time deposit is that the money earns a slightly higher interest rate than a regular savings account. If you do not touch the money after the maturity date, it goes through another cycle where the interest rate is now applied onto the amount of what’s in your time deposit.

2. Use Your Points

Each time that you use your credit card, you earn points that you can use to pay off your annual membership fee. This can help you cut back on how much you are paying each year.

You also earn points each time that you use your cellphone. You can use these points to also pay a certain portion of the charges you incurred, lessening the amount that you will need to pay.

3. Quit Smoking

Smoking is not only bad for your health, it can also dry up your wallet easily. A smoker that consumes a pack per day can save more than P10,000 a year just by kicking the habit.

4. Bring Your Baon

Another way how to save money is by bringing your own baon to work. The average employee spends around P250 a day on meals. Taking your lunch and snacks will not only help you convert this amount into savings. You don’t also have total control on just how much you eat.

5. Drink Water

Skip the soft drinks every now and then and opt for a glass of service water instead the next time that you go out to eat. Not only is it good for your body. Restaurants do not charge you for it, no matter how much you take.

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