Here are my effective strategies that helped me save money:
1. Every payday, save at least 30 to 40% of your earning to your bank account. It is even better to save it all in your bank account and just allot your weekly budget and withdraw. Saving it in the bank will lessen your temptation to spend it but it will also help your money grow with the regular interest bank rates.
2. If your company is offering salary loans, grab it. Apply for a loan with a monthly or semi-amortization that you can handle. Instead of going to a shopping spree with the loaned money, go to a bank then apply for a TIME DEPOSIT. Time Deposits are savings that are bound with a certain period. The longer the period, the better. You cannot withdraw your money unless it has reached its maturity. Time Deposits will ensure that you will not be tempted in withdrawing the money because if you do so, you will need to pay the bank with tax and other charges for terminating it before maturity. This is very effective for me!
3. Do not spend more than what you earn. It is just common sense that if you cannot afford it then don’t buy it. Many are burdened with paying their credit cards with non-sense shopping sprees. Just buy the important things. Think of long term.
4. Do not depend on your paycheck. Find other outlets that can help you earn money. Aside from selling cell phone prepaid cards and doing electronic loads, I am also earning from blogging. Be proactive instead of pitying yourself that you don’t have money one week before the payday.
5. And lastly, once in a while pamper yourself with the things you like, it could be food, clothes or movies. A consolation prize that you have worked hard.
If you like this post, buy me a cup of coffee.