Is the Peso Sense Ipon Challenge 2018 a little too much commitment for you? Maybe what you need to start your money saving journey are a few easy-to-follow hacks that you can do everyday.
Which one would you try?
1. The Peso Bill Savings Plan
Save every piece of whatever type of bill you decide upon (e.g. P20, P50, P100, P500, P1000).
Think of it as a game. If you can’t spend the P50 in your wallet, it encourages you to make use of loose change to pay for something, or to avoid making unnecessary purchases during the day!
Save the bills in an alkansya, jar, or deposit them to the bank in bunches to remove the temptation to spend them!
2. The Envelope System
Create envelopes for Savings, Disposable Cash, Transportation Allowance, Food Allowance, Bills, etc. and distribute money among them immediately on Payday.
Photo courtesy of The Budget Mom
“Out of sight, out of mind,” they say.
If all you keep in your wallet is the money for your transportation, food, and disposable cash (read: the cash you can freely spend as you wish), you can’t accidentally spend the money that’s supposed to be for bills or savings!
Plus, setting aside money for savings before you spend on anything else is a good way to ensure you have a portion of money saved per month.
3. Journal all your expenses
Take note of your daily expenses in a pocket notebook or on your phone.
Photo courtesy of I Know Today
Have you ever looked into your wallet and wondered where your paycheck went? Odds are, it all went to nonessential expenses like coffee or snacks.
The solution is to write down every single expense, no matter how small, from the P10 you spent on taho to your P120 lunch. If carrying around a notebook is too much of a hassle, you can always keep a running list on your phone!
4. Match your bad habits
For every peso you spend on cigarettes, alcohol, sweets, and other indulgences, keep an equivalent peso for your savings!
We all have bad habits we’d like to keep in check. That makes this hack a two-in-one strategy.
On one hand, it pushes you to increase your savings with every purchase of cigarettes, sweets, Starbucks drinks, and other “bad habit” purchases.
The double expense also encourages you to spend less money on those types of products!
5. Set up a change jar at home
Save all your loose change at the end of the day in a jar.
This hack is similar to the “Peso Bill Savings Plan,” but it has to do with all the loose change you have at the end of the day.
Every time you come home, separate the excess change from your commute money and save it in a spare jar. Spare change you find around the house counts too!
You’ll be surprised by how quickly your savings grow.
How did you do? Share your money saving journey with us by tagging @PayMayaOfficial on your Facebook posts, Tweets, or IG posts!
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