And then I save..
Let’s not go back to the years when I spent my money on expensive mocha frappe, cellphone loads and splurging on branded clothes. It was unpleasant. I don’t know the worth of money back then. Not until I graduated, started looking for a job, and had the politeness not to ask for extra allowance from my parents. I went for a job that pays me Ph150.00/day as a volunteer Nurse for around a year and a half. I paid for my own health benefits (PhilHealth) and SSS. I honestly wouldn’t have survive if not for my parents.
I decided to pass my resignation and leave even if I do not have a back up job. CJ is always supportive and he encourage me to put up a business again. I re-opened my online shop, sell selfie sticks, coin purses, artsy stuff, even some of my pre-loved clothes and dresses. What I earned was enough to aid in my application and pre-employment needs. It took me around three months before I got a decent job with a satisfying wage. On my first six months, I splurge. AGAIN! Until I saw my savings account no longer growing and my parents getting old. And then I save. I realized that every peso counts. A friend once talked to me about financial literacy and freedom. At first I was hesitant, I never knew it could turn me from being a spendthrift to thrifty person. Here are some of the budget saving method I use.
SAVINGS ACCOUNT BEFORE EXPENSES
I made sure that right after receiving my monthly wage, I take a certain amount of money from it and place it in my savings account (RIGHT AWAY!!) I emphasize the ‘right away’ part because if you are a type of person like me, a one day millionaire (before), easily spends thousands a day unknowingly. If I see money on my wallet, I eagerly spends it. So yes, to prevent this, I assure that I’d be able to deposit it in my account the same day I received it from payroll. Aside from savings account, I also save money for my emergency fund. So my financial equation is
SALARY – (SAVINGS + EMERGENCY) – EXPENSES = BUDGET
SET A DAILY BUDGET
As for me, I work either 8 hours or 12 hours per day. If I work on 8 hours, my budget is Php 100.00, for 12 hours, Php150.00. The amount is just enough to allocate my food and transportation. You can set your own budget depending on your monthly income and expected daily expenses. If you have a budget, you stick on it! If not, you call it cheating! If I spend more than the said budget for the day, I easily make up for it the next day by bringing foods from our house instead of buying at the cafeteria.
This really works on me! I have my main wallet, where I place my ATM cards and excess money; then I have another wallet or coin purse that contains my daily budget. I always bring WALLET #2 at work to guarantee that I won’t spend too much. WALLET #1 is for emergency purposes only.
DATE ME IN 1K or below
Earlier this year, I got engaged. Since then, CJ and I decided to lower down expenses but not compromising our date nights. So we made a pact that we are only allowed to go on date with a budget of Php1000.00. I guess it’s pretty much a good amount of money to watch a movie and eat on a restaurant and still have coffee afterwards.
SAY NO TO DEBT
Never ever! Remind yourself how much money you have in your hand and never ever spend more than that. I’m always a victim of peer pressure. Never be one! Learn to say no! Even if they’d volunteer to lend you money for going out, say no! Use your credit card wisely! It’s okay to go out sometimes but make sure you still have enough money to last until the next payday without getting some from your savings account.
I hope these help! I worry less since I started all these methods. I am proud to say that this time, I no longer ask for extra money from my parents. My personal expenses all comes from my monthly wage and now, I don’t have to go from paycheck to paycheck.