Many people are in the habit of earn and spend-it-all attitude. Saving money is not really an important part in the financial allocation of their salary.
I admit I’m one of them before but now I realized how important saving money is. Learning how to save money is difficult if you don’t have the discipline but as the saying goes, if there’s a will, there’s a way and there are easy ways to save money.
I believe many people will agree to me that it is difficult to save money especially if you’re the type of person who earn and then spend it all. If you’re an ordinary employee, you may say your salary is not enough for your expenses so you can’t save money because there’s no money left for you to save.
I agree that’s true, but I believe you can still save money as long as you have job. If you don’t have job, its obvious you can’t really save since there’s no cash coming in. Here are the three easy ways to save money even if you have a low salary.
1. Live below your means
Start to live below your means in order for you to save money. In other words, don’t spend over what you earned. For example, if your monthly income is P10,000, you should not spend above P10,000. Live below P10,000. How can you do this? By controlling your expenses and self-control. Don’t be a show-off to other people. Live your lifestyle to your true earnings.
2. Pay yourself second
I give my tithe to the church we’re attending in the Philippines. That’s why I said pay yourself second. Give to Caesar what is due to Caesar, Give to God what is due to Him. It is the tithe that we should pay first nothing else since it is not really our money.
This second tip is very effective way to save money. You need to set aside at least 10% of your monthly salary and you should faithfully put it in other savings account so that you will not be tempted to spend it. Try this one and you will be surprised that you are able to save money even if you have many expenses. Remember: pay yourself first at least 10% of your salary every time you received it. If you have a bank account with online banking, you can apply for an automatic transfer of 10% of your salary. In this way you can save money automatically. You may visit your bank if you want to apply for this service.
3. Control your expenses
How to control expenses? First, monitor where you spend most of your money. Second, cut your spending on the things you don’t really need. Third, set a limit on your expenses. Controlling your expenses will surely give you power to save money.
You can use spreadsheet or anything where you can put all your spending information so you can monitor all your expenses. As a rule, don’t give in to instant gratification. Think first if you really need that thing or you just only wanting it for your own pleasure.