5 Smart Saving Tips for the Goal - Oriented You

SMART-SAVING TIPS FOR THE GOAL-ORIENTED YOU

Always wanted to have that dream vacation you’ve been waiting to get to? Or that car you’ve been eyeing for years now? Or maybe that house you’ve been planning to have.

Whatever it is, we all have different goals in life. And as we get older, these goals get bigger and bigger.

In order for us to achieve these things, we must start working towards it now. It’s never too late to get moving and start saving.

Saving money not only helps you accomplish your goals, it also develops discipline and responsibility.

With these practical tips, you should be able to have what you want, within your reach.

1. Set Up Your Monthly Goal.

Looking at your monthly paycheck, ask yourself how much you want to save. That should be your goal for the month. When you already have a number in mind, stash this amount in a place where you can’t easily access it, as they say out of sight out of mind.

Cash Envelope from Storage Solutions, Php 300.00.

2.       Establish Your Savings Fund.

Categorize your savings. It is suggested that you divide your Savings into three categories: retirement, investment, and emergency fund. You can still add more, but keep in mind that these should be your priority. Keep a bill organizer handy, it can aid you in segregating your savings goals successfully.

            Bill Organizer from Storage Solutions, Php 300.00.   

3.      Cut back on your expenses.

Whenever possible leave your car and opt to walk instead. Gas is one of the highest expenses that uses up one’s budget. Walking not only saves your hard-earned money, it's good for your health and the environment as well.

Another great tip to help cut back on your expenses is to bring packed lunch or snacks with you in the office or at school. This will spare you from eating in fast food or restaurants which is less healthy and way more expensive.

Lastly, refrain from going to the mall during payday. Payday translates to tons of SALE events in resulting to unnecessary purchases that you may perceive as a good deal but not necessarily something you really need. 

4    4.    Give Up Expensive Habits.

Think about it. Do you really need to play on arcades when you could just play on your phone? Give up beer. Give up sodas. Swap them for water. Quit smoking. Try. Try really, really hard. Practice a healthy lifestyle.

Avoid cheat days as much as possible. Cheat days such as all-night pizza binges may be a comforting idea on a stressful day, but this comes out as an avoidable expense.

5.       Be organized in tracking your expenses.

Make it a habit to record your expenses. Jot down your everyday expenditures. Keep your receipts organized in a receipt wallet. This will help you keep track of actual expenses vs. your planned expenses. At the end of each month, make an evaluation on how successful you were in sticking to the budget you had set.

                                       Receipt Wallet from Storage Solutions, Php 300.00