5 Tips to Empower Your Saving Habits

Everybody is saving for something.

Be it a brand new car, a trip to Boracay, or a business capital. The problem is, most of us have no discipline for saving.

Here are the top 5 tips to empower your Saving Habits.

The first one is, SET YOUR GOALS. 

View the bigger picture. Ask yourself, what you want to achieve for your life. If your answer is somehow general like “I want to be happy”, “I want to help my parents”, or “I want to live comfortably”; then that is great!

The next thing we need to do is to break that into smaller and more specific goals like "I need to earn 1 million pesos each month to make me happy" or "I will pay for my parents' grocery every month to help them".

Consider what is needed to change or develop.

Identify if it is a SMART Goal.

Have you heard of a SMART Goal? A SMART Goal is: Specific, Measurable, Attainable, Relevant, and Time-Related. If it qualifies then let us list that in your journal or your dream board.

Name the specific goal you want to attain, plan the necessary steps on how to achieve it, and set a date on when you want to complete it.

If you are done then let us move on.

The second one is, COMMIT TO SAVING.

Just do it! 

First thing you need to do when you receive your paycheck is feed your piggy bank or your saving account.

It does not matter if it is big amount or small amount. What is important is your action towards your commitment.

Better something than nothing, right?

But keep in mind that the smaller you save, the longer it will take you to reach your goal.

The third one is, TREAT SAVINGS AS AN EXPENSE.

The first and last thing you need to do is save. Learn to budget properly.

You have money because you work for it so the first thing you need to do is to secure your future with that hard-earned money.  

That is why I always suggest to my friends to place around 30% of their money into their savings account. If you cannot do 30% then start with 10% then move up to 30% when you have adjusted comfortably. The idea is to start saving. 

No excuses.

After you have eliminated all your needed expenses whatever is left place it in a different saving account or your Change Jar.

Use that money to buy something for yourself or for your family as a reward for being thrifty.

The fourth one is, CHANGE A HABIT.

Just because you earn so much does not mean you need to spend so much.

One common reason why people cannot save is they have so many things to spend something on.

Change your spending habit. 

Pack your own lunch instead of eating in a restaurant in between work try to pack your own lunch. 

Walk or cycle to work, it will not only help you with your spending habit but also your physicality only if the environment you walk or cycle is safe and clean otherwise you will have much more expense on your medication. 

Cut down your drinking and pack up smoking. If you spend an average of 50 pesos a day for smoking, that would be 18,250 pesos in a year; and if you spend 500 pesos per week in drinking, that would be around 26,000 pesos, summing it to 44,250 pesos. This amount can feed a few families for a month.

Turn off your television and read a book. It will not only reduce your electric bill but will also enhance your mentality.

Lastly, keep in mind that a sale is not an emergency. If you start buying things you do not need, then you will start selling the things you need, either now or in the near future.

The fifth one is, HAVE A GOOD COMPANY.

Surround yourself with people who will motivate you to save and achieve your goals.

There will be times when you feel disoriented and giving up is the only way to go. Your friends will be your backbone to support and motivate you when you are losing hope.

Love and be love. That is our way of life.