Personal Finance

Tips on how to save money in the Philippines

By: - September 14, 2021

Recently, Kisses Delavin’s statement on Boy Abunda’s YouTube Channel about spending P100 per week even though her parents give her P1,000 daily allowance, has been making rounds online. During these times when we are in a pandemic, saving money is a must.

Here are some tips on how to save money in the Philippines.

Cut Out Unessential Bills

We know we like to subscribe to apps or services such as Netflix, Spotify, and the like. As much as these services bring us the convenience of watching our favorite shows and hearing our favorite songs without interruption of ads, these subscriptions could affect our savings and are unessential bills that can be cut off for the meantime. Anyway, you can subscribe to them once you have extra cash.

Cut Down on Transport Costs

There are times when we are in a hurry hence we tend to ride taxis to save time but this could take a lot out of our budget. Riding a taxi would cost you at least P200 when you could save P175 if you ride a bus or a jeepney. We should try to find other modes of transportation whenever possible.

Start budgeting your food wisely

We love having fast food deliveries and take-outs. However, these are only momentary convenient and take up almost 40 percent of our paychecks. Having a set budget for food and buying it in your local wet markets instead of from malls can really help you save. 

Quit your bad habits

We all have a bad habit or two and we need to cut it down if we want to save money. Most of us are either into online shopping, or have a bad drinking habit or maybe being a chainsmoker. Although these things give us momentary pleasure, they are quite a headache in the long run, healthwise and budget-wise. 

Create a financial plan

Having a financial plan is one of the most effective ways of saving money. Setting a goal within your calculated income is very important in order to save money efficiently. Once you’ve created a financial plan, it’s important to check on it frequently so you can adjust your spending accordingly.

These are just a few tips on how to save money in the Philippines. With the pandemic crisis and the rising prices of consumer goods, it is important to know how to effectively manage your finances. 

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