Based on data from ING Think, the recent inflation rate in the Philippines is pegged at around less than five percent. It may appear pretty low for some, but this still makes it a challenge for Filipinos to save for their future, such as getting a good education or traveling abroad for leisure.
So, what should Pinoys take as steps to save up money for their aspirations? This guide from Toph10 will delve deeper into various ways to make this possible.
Top 10
Anticipate Incurred Expenses
Even if you do the Math or you don’t, anticipating incurred expenses is crucial when saving money for yourself or for your family. Managing your family finances in the most effective manner requires you to set aside an amount for expenses within the month, or maybe even in a fiscal year. Save, save, save.
Top 9
Open A Bank Account
While there are now more “practical” ways to save money, such as entrusting your savings to a government agency like the Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industriya at Gobyerno or PAG-IBIG, it still pays off to open a bank account as savings here can go a long way.
Top 8
Listen To Financial Influencers
Following what’s popular and trendy may also help you grow your money. Aside from fashion, beauty, education, or food influencers, among various others, there are also now financial influencers that can help Filipinos strategize on saving up.
Top 7
Treat Yourself Occasionally
It may sound contradicting, but treating yourself occasionally can help minimum wage earners grow their money. Based on some data the Toph10 team found over the Internet, occasionally treating yourself, especially if you’re just starting in your career, can help prevent impulsive buying by satisfying small desires, encouraging you to realize the importance of mindful spending. Yet, there’s nothing wrong about enjoying the fruits of your labor.
Top 6
Learn To Say ‘No’ To Unwanted Expenses
According to Manulife, one of the leading insurance providers in the Philippines, those looking to save their income should also learn to say “no” to unnecessary expenses.
Clear short-term and long-term goals are important. This will help you allocate your expenses well. Let’s illustrate an example. If you plan to send your child to get a good education abroad, experts from Manulife are saying you should reduce your spending on luxuries. In other words, keep your goal in mind.
Top 5
Invest In Portfolio Managers
This might seem surprising for the average Pinoys since investing in portfolio managers may seem costly, but speaking with them from time to time, if you’re not yet ready to commit your finances with them, will help. Portfolio managers are guides to a more fulfilling future.
Top 4
List Your Goals And See What To Prioritize
It may be the Kanban method or the fishbone approach, listing your goals and identifying what to prioritize are steps to saving up for a bigger future. Various individuals have distinct top ones, such as their dream cars or their ideal destinations. Keep learning.
Top 3
Plan Your Shopping Spree
It’s not everyday that you’ll have the resources to shop for what you want. While the temptations are there to splurge on what you want for yourself, it follows that having self-control in visiting malls or opening your favorite eCommerce apps is key to achieving your aspirations in life.
Top 2
Think Of A Business
Thinking of a business is a surefire way to save money as it encourages a strategic approach to spending. Entrepreneurs are knowledgeable about assessing costs, prioritizing investments, and seeking ways to maximize efficiency.
Implementing this mindset to your personal finances means viewing every expense as your investment. Evaluate purchases for long-term benefits and cut down costs, over other means.
Top 1
Think About Your Family’s Spending Habits
Financial experts also agree that considering your family’s spending habits is a step to deciding whether to save or spend more money. Draft a plan and carry it out. Check your weekly spendings to find which you overspent on to adjust your spending right. Check on their spending habits from time to time to stay ahead.
With these expert tips from the Toph10 team, every Filipino will learn saving their earnings for the future they are dreaming to have. Keep following us on social!
