If you follow my facebook fan page you will notice that I post a lot of memes. This is because I love funny stuff from pictures to videos and also to share with you that saving money can be fun, right? Life is too serious as it is plus even thru hardships life is still wonderful. So today I will be sharing with you tips on how you can save money if you are having difficulty in doing it from a reflection I made today.
Having Fun While Sharing My Passion
Earlier, I posted a meme on my Facebook fan page about petsa de peligro feels just like what I always post every 15th and 30th hehe. I included the link below so you may check it out.
Back to the story, I shared it on one of the well-known investment group on FB and someone left a comment saying, “paano makaka-ipon kung maliit lang ang sahod?“.
I was taken aback for a few seconds because this is a topic discussed over and over again.
And I hope you will all agree when I say that saving money has nothing to do with how much you make in a month.
2 Tips to Save Money
My answer to his question is simple and straight forward. It is just like choosing between a yes or no. It’s either you cut your expenses or increase your salary.
I learned it from one of the seminars I attended before. There are basically two choices you can take side to save money for your life goals.
So if you don’t pick one then saving will definitely not follow. And you don’t want that right?
Decrease Money Coming Out
The most common thing you do on saving money is by cutting some expenses. But before you can cut it out you must be able to distinguish if the expense is a need or want.
In order for you to save money, you must not fall into the trap of overspending on the things you don’t really need. Just like buying an artisan coffee or a sweet cup of milk tea.
Increase Money Coming In
There are times that even if you cut your expenses it may stilll not be enough to save a decent amount of money to finance your dreams.
So this is where the increasing the money coming in your household becomes a choice.
If you think your current income is not enough on your needs alone then you may consider getting a new job, starting a small business, offer your services, or take a sideline.
I can totally relate to the scenario. Back then when I was just starting as an engineer my salary was only Php 12,000 per month.
I know some of you might be getting a little less but as a breadwinner of a family that’s just simply not enough.
I cut down expenses. No parties. No bonding with friends. Oh yes, and even dating because it will cost me money and I don’t have anything to spare. Those days were tough but I was still able to save money.
Now, the choice is yours if you will cut down on your expenses and live below your means. Or you want to live the same lifestyle you are enjoying now because you can afford it by increasing your cash flow?
Federico is an electronics engineer, financial blogger, insurance agent, and a certified investment solicitor. A multi-awarded Sun Life financial advisor with clients ranging from lawyers, doctors, engineers, accountants, business owners, company directors, and OFWs to minimum wage earners had sought advice from him in achieving lifetime financial freedom.