For average earners it is really hard to save something for the future. This is true to most Filipino people. If you are going to ask an average employee how much he saves in his 5 years or more from working eight hours a day he will surely say, nothing enough for any circumstances like emergency.
Since savings is a taboo in our family, at this age, I am doing my best to have a savings of my own. Even though it is a little bit late to start and my salary is just enough for my daily needs it does not mean I will make it an excuse not to save. We can always find a way to make a little difference from the usual. I have read a lot of articles regarding managing money as well as investments and I just tried what best fits my financial capacity right now. We are different people with different responsibility choose the ways of saving that will not burden you. I hope the following list can help you.
1. Know Your Monthly Income. Take time to know your exact salary every 15th of the month or every 30th. Do not overlook on your other income focus on your regular income.
2. Pay your debt. If you still have pending debts pay them first before you start saving. Admit it; saving when your credit record is fully booked is really a suicide on your part.
3. Pay your bills. This is a regular routine for people who pay monthly electric bill, water bill, phone and internet plans. Monthly bills are already fix expenses you cannot avoid.
4. Know your daily and personal expenses within that month or until your next salary. Do not under estimate your budget, it is better to have more than less since this will avoid you from debts. If your personal budget does not include unplanned event then you are close to fail eliminating your debts.
5. Start saving. For the meantime that you are not yet fully paid with all your debts, you can save from what is left from your salary. A little savings is better than having nothing at all. I tell you, it will become a habit when you do it every salary. When you’re cleared with all your debts from small to the biggest one you can start saving 10% from your salary.
The secret of saving is not a secret at all. It is just a matter of simplifying things within your means. Stick with your budget, live a simple life. Because sooner or later, when you succeed in saving and eventually investing, you will savor the result of making money work for you. And by the way, saving should not be stressful on your part. Reach for a saving goal that is possible to reach and just fits your capacity. Never neglect to live life to the fullest while doing it. If you will not, you will just get frustrated and eventually failed.