Money Saving Tips

A saying goes, 'save something so you can eat during the rainy days.' It is a life metaphor. Saving money is an excellent start to becoming financially independent. If you want to have enough funds when you grow old and retire, it is best to practice some money-saving techniques that are already proven effective.

When saving money, most people need help to start and where to get the funds. These challenges are acknowledged as the primary hindrances that keep people from taking the initiative to manage their finances well. However, with good tips and a saving money ultimate guide, you can earn substantial money for emergencies and investments.


30 Money Saving Tips for Filipinos this 2023

Here are 30 tips to follow to save money that you should check this 2023.

1. Get a bank account dedicated for savings

This is very basic. You want to save money, get a bank account dedicated for it. The idea is you won't touch this account for a long period of time. Find a savings bank account that yields higher interest rate. 

Here are some savings accounts with higher interest rate.

Savings Accounts

The basic requirements to get started are pretty simple. Most of the time, you must go to the bank of your choice and personally open an account. You need to pay an opening fee and make an initial deposit. 

However, the corresponding amount for these two depends on the type of account you want to open. Usually, for a basic savings account, you must prepare at least PHP 500 for the initial deposit. To ensure you have the right amount ready, call the bank first and inquire.


2. Use a piggy bank

This traditional method may be very known in the country, especially in teaching kids how to save money.

Having a piggy bank teaches you the value of saving at an early age, but you still need a bank account. It is still advised to have one for security.

On the other hand, there is a proposed bill about anti-coin hoarding in the Philippines. Save only a few coins. Putting them in a bank can be better after reaching a certain amount.

3. Avoid impulse buying

Impulse buying is an unusual urge to buy something you do not need. It is more of a 'want' than a 'need.' When you do impulse buying, you are forced to get out of your usual budget, which could be more helpful.

While it is true that you sometimes need to reward yourself for all the hard work, doing it always is no anymore a form of 'rewarding yourself.' That is where you should draw the line.

The next time you get inside a mall, make sure you need it before buying it. Instead of paying money for your unnecessary 'wants,' deposit it in the bank.


4. Rethink your need for a credit card

Aside from savings accounts, banks also offer credit cards. This is where the concepts of debit and credit cards came into the picture.

For those confused about the difference between the two, a debit card is your savings account. You do not owe an amount to the bank. Using your debit card in shopping or paying for groceries means using your saved money.

On the other hand, a credit card means 'debt.' Once you use it, the amount deducted from it automatically becomes a debt under your name, specific to the issuing bank.

A bank issues a credit card based on your current income, credit history, and other criteria. You need to physically apply for it at a branch, although there is already an option online.

There are pros and cons when it comes to having a credit card. The most prominent advantage is that you can avail yourself of products or services, even if you need more funds. 

When booking tickets, you have several options available, but if you need more money to pay for it upfront, you can use a credit card. Also, it gives you access to more merchants, especially abroad.

However, one disadvantage is the interest earned for the debt you owe. Most of the time, it will overwhelm you. That is why you must reevaluate if you need a credit card. It can indeed be a lifesaver, but if not managed properly, it can make your life miserable.


5. Make necessary investments

There is nothing wrong with having investments. But you should only have the right ones. Do not fall for 'too good to be true schemes since most of it is proven to be just scams.

If you want wise investments, go for franchising a business, building your brand, or buying real estate properties. You can also invest in stocks, bonds, and insurance for your family.

6. Record expenses

Please keep track of your expenses by writing them down in a notebook or using a tracking app. This will guide you in monitoring costs and evaluating if you are already above your set amount for the week or month.

7. Set savings goals

Saving money must be part of your goals. Set short- and long-term goals so you can have a direction to follow. Remember that with the purpose, it will be easier for you to achieve your savings goals.

8. Learn how to budget using envelopes

Use cash and put it inside empty envelopes with labels. This helps track expenses and ensures you only spend the amount you put on that envelope.


9. Save regularly

Use a savings tracking app on your phone or set automatic savings goals on your bank app. This ensures that you regularly save a set amount of money in your savings account.

10. Get a retirement plan

You can only work for a while. The time will come when you need to stop already and relax. That is why you need to get the best retirement plan available. It helps you prepare for your future without burdening your family once you retire.

11. Lessen your subscriptions and memberships

Cancel all your unnecessary subscriptions and memberships, such as Netflix, Spotify, WatchGang, or even your gym membership. There are already plenty of other alternatives available than getting premium subscriptions. 

In terms of a gym membership, you can exercise at your house. If you do not have the equipment, you can find some alternatives, such as yoga, kickboxing, or Zumba.

12. Save energy and water

Make sure to leave unused appliances plugged into your power source. Check the energy efficiency of every device you have. Change your light bulbs to lower wattage, especially if you do not need a particularly bright room. 

Moreover, learn how to save water. For one, water and electricity are considered utility bills. You pay for them. Imagine if you can further cut your usual usage, and you get to save a few bucks.


13. Unsubscribe from promotional emails

Make sure to unsubscribe from any promotional emails to avoid the temptation of availing of their services.

14. Avoid online shopping sites

Nowadays, people are so immersed in online shopping sites that they end up spending much on these sites buying stuff that, sometimes, they do not need. You do not want to be like them. So, kindly avoid installing any shopping apps on your phone or browsing their sites on the internet. 

15. Bring your lunch

Instead of eating outside at a fancy restaurant or fast-food chain, why don’t you bring your food? It will save you money, and you will be confident to eat nutritious food only. 

16. Follow the 30-day rule

Instead of making an unplanned impulse purchase, save that potential purchase for 30 days in your savings account. If you still want to buy that item after 30 days, go for it. Otherwise, the money stays in your account.


17. Invest in quality products

Do not buy cheap things just for the sake of it. Instead, purchase something costly but can last for a long time. This will save you money in the long run.

18. Switch to a cheaper phone plan

If your current cellphone plan is taking a toll on your budget, ditch it and look for an alternative. You can switch to a basic plan, especially if you do not need data but a call and text plan.

19. Plan big purchases

If you are planning to upgrade your appliances or buy a new one (aircon, television, etc.), it is recommended that you schedule it ahead of time and check for possible sales or discounts.

20. Take public transportation

If you do not have a car, it is best to take public transit rather than a cab. Also, if you plan to buy a car, consider its advantages and disadvantages. Most of the time, having a car becomes a liability rather than an asset.


21. Ditch your vices

If you are smoking, drinking alcohol, or gambling, ditch those vices immediately. Those will not help you save money. Instead, you will get sick and spend more money on hospital bills.

22. Sell unused items

Get rid of the things in your home you do not use or are willing to let go. Try to check the things you have in the attic or basement and evaluate if some are still useful. 

You can only be surprised to see how much clutter you have in your home. Include as well your pre-loved clothes, bags, and shoes. All the money you get from those can be put into your emergency fund.

23. Use coupons or vouchers

Try checking Groupon or Metrodeal for legitimate coupons for your important purchases. Getting some discounts can already mean a lot in your finances.


24. Practice Do It Yourself (DIY) hacks

Before buying anything or asking someone to fix things for you, think about doing it yourself! This will save you money. Practicing DIY hacks are helpful if you want to save extra bucks.

25. Avoid coffee shops

Let us admit it. Coffee shops are expensive. It is okay to reward yourself with a good cup of coffee once a month, but do not make it a habit.

26. Look for a side hustle

Do not rely on one source of income. You can save more money if you have more than one income flow so it is best if you can have a side job.

27. Cook food instead of ordering online

Instead of eating out, learn to prepare meals at home using fresh ingredients. Even partially cooked items are far less expensive than dining out. Additionally, you may better manage your meals at home than in a restaurant, which helps you avoid overeating.

28. Learn how to haggle

Sometimes, you need to haggle with prices of goods and services. However, do this only when appropriate. 

29. Invest your 13th month pay

In the Philippines, employees are entitled to 13th month pay and if you want to get the best outcome of this hard-earned money, it is recommended that you invest it on business or other ventures where you can grow the money over time.

30. Plan your trips accordingly

There is nothing wrong with relaxing or traveling abroad or locally. You just have to save up for it to avoid unnecessary debts. Start by saving little by little every payday, and you will realize the magic of it.


These are just some of the common money-saving tips you can try now. Remember that it is important that you learn how to save money as early as you can. These tips will help you achieve your financial goals.

Happy saving!

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