Top 4 Ways to Save Money on a Modest Income

There are many ways and possibilities to save money from your payslip even your income is not that big. Here a few tips from us on you can save money, even if just a little at a time, but at least regularly:

Be More Realistic

Once you have made the decision to start saving money, set aside ‘wish lists’ and ‘resolutions’ and instead set yourself actual goals. Sit down for a day and workout (to as high a degree of accuracy as possible) exactly how much you need to save on a daily basis in order to achieve the overall savings goals of each month. Any additional notes that you can make here in terms of benefits that will allow you to live within your new monthly budget are more than welcome.

Cut Excess Spending

This one should be the most obvious, but it also often the one that we hold onto the most. When it comes time that you realize you need to be saving money, the simplest way to cut out as much unnecessary spending as possible is by making a list of every single “unnecessary” item that you want to buy (whether it be a gourmet coffee, an expensive lunch, and so on) with the item’s cost, and then at the end of each week you can add up the total value and remind yourself of just how much you have managed to save.

Improve Your Rates

Living from paycheck to paycheck, which is actually a very common lifestyle here in the Philippines, is never going to allow for much room (if any at all) for genuine savings. If you have a carefully crafted budget that you adhere to strictly, as well as a high level of persistence and the knowledge of how to effectively put your plan into action, many rates offered by the various service and utility providers you pay each month aren’t necessarily absolute, so any negotiated decrease in rates – when factored into a 12-month plan – can go a long way when it comes to improving upon your overall yearly savings.

Rethink Your Banking

It might seem like the easiest way of storing your cash, but instead of a regular savings account, there are a wide variety of other financial products out there – such as high-yield online savings accounts – that offer attractive interest rates along with no annual fees. Open such an account as soon as possible, and then make it a goal to check back in in 12 months to see just how much savings momentum you have achieved that year.

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