Based on latest surveys, only a third of Filipino households have savings. The economy might be thriving, but Filipinos still find it hard to save. There are valid reasons but there are also many excuses. The three basic reasons for saving money should be for an emergency fund, purchases, and wealth building. As for the excuses you make every month for not setting aside any money, here are some tips on how you could change for the better.
January: Cure your post-holiday hangovers first.
You just came out from a series of festivities so you think a cure would be is just one more party. After all, it’s too early to start as there are still 11 months before you.
Pro-tip: Take advantage of the fresh start a new year has to offer. Start a 52-week 50 peso or 100 peso challenge. Start small then increase along the way.
February: This is the time for lovers.
You want to use all your extra money for your loved one, like expensive gifts and a fancy dinner. It is a good excuse since love is the most important thing to celebrate.
Pro-tip: It is alright to celebrate Valentine’s Day but spend within your means. Be original. Time and effort spent is more appreciated than how much.
March: Time to go places and have fun.
The weather is perfect to go up to Baguio or Boracay. Some might stay at home to observe their religious practices, but others are just excited to do outside activities.
Pro-tip: Extravagant vacations are now passe. It is better to build up your fortune and have a very comfortable life later on instead of a brief experience that will bleed your finances dry. Try a simple but memorable vacation.
April: It’s summertime!
Summer is the best time to go out of the country, as you want to see the cherry blossoms of Japan or walk on the beaches of Phuket, Thailand.
Pro-tip: Don’t forget that the Philippines has so many world-class tourist destinations. Why not go mountain climbing or beach swimming near your place? This way you will spend a negligible amount and even support the local economy.
May: Time to enroll the kids in school.
Going back to school requires a lot of expenses. It is hard to save money now because of the tuition fees, school supplies, new clothes, and shoes.
Pro-tip: Look at the thrift shops for books, clothes, and other supplies. Everything does not need to be new. There is nothing wrong with borrowing, hand-me-downs, or recycled things.
June: Back to School
Everyday expenses such as lunch, snacks, fare, and others are pocket draining. Saving seems to be a hopeless cause.
Pro-tip: Prepare your kid’s lunch and snacks, it will not only be cheaper but nutritious and safe to eat.
July: Rainy days are here again.
You might end up spending money like water when your house will be damaged by strong typhoons and floods.
Pro-tip: Set aside an emergency fund for possible damage to your property due to natural calamities. Also, learn to do repairs for your house and do it before the rainy season like repairing leaky roofs or securing your house against flooding.
August: The month when hungry ghosts visit and wander around.
When this Chinese belief comes into play, it is best to follow it and avoid making any financial decisions.
Pro-tip: It is always best to apply caution in making any financial decision whether or not you believe in the ghost month. Do your research before making an investment.
September: Holidays are here again!
This is the start of the BER months where people seem to come alive and raring to party. It is more excuse to spend especially when sales start to sprout around.
Pro-tip: So as not to have that feeling of being left out or hard on yourself, try the 50-30-20 method. 50% of your income should be allotted for your necessities, 20% for your savings, and 30% for your heart’s desires.
Some Filipinos use All Saints Day to visit and remember their dearly departed but others see this as an excuse for a vacation.
Pro-tip: Better to stay at home and remember your departed by having a simple family get-together.
November: Month for early shopping
If your bonuses have not arrived yet, there is no problem because bonuses will shower you next month, hence shop early to avoid the holiday shopping rush.
Pro-tip: Make a list and buy what you need first and stick to it. Buy those needed items that become expensive during Christmas time. And don’t spend money you still don’t have.
December: This is the time to be jolly
The highly anticipated season has come, the 13th-month pay is on hand so there is no reason not to be generous to oneself, loved ones, and friends.
Pro-tip: Use your 13th-month pay to increase your emergency fund, pay off debt, invest, and other useful initiatives. End the year financially healthy and await the new year hopeful and ready.
If you are in dire need of cash, visit Robocash official site: robocash.ph/articles/travel-loan As long as you meet its three basic requirements, you will be granted the loan that you need upon filling out the online form and presenting a valid government ID. Just remember that loans are only for emergency purposes and must be returned on time.