Here we are again. It’s the start of a new year and you’re hoping to improve your financial habits. You might be thinking, “Well, I have my New Year’s resolution to help me out on that.” That would have been a great mindset, if it weren’t for the fact that (according to a recent worldwide study) 92% of people who formulate their New Year’s resolutions usually fail to implement it within the first 3-6 months. Ouch! That’s a large percentage to keep in mind, and you might even be wondering now whether you’re part of that big number or you’re just one of the few (around 8%) who manage to stick to their resolutions until the end of the year. Well, worry no more, as we had enumerated a few effective ways to save money this 2018:
1. Set up a separate fund for emergencies.
First things first, always remember that there are always unforeseen circumstances. They occur when you least expect it, thus leaving you with unexpected fees and expenses. Storms and road accidents are a perfect example of this. In such case, you should set aside a separate fund for emergencies. If you happen to accomplish this, not only would you be prepared enough for any sudden occurrences, but you would also avoid touching your savings in the long run. It is important to remember that an emergency fund should have enough to cover four to seven months’ worth of expenses. Experts recommend starting your fund with small goals, such as saving small amounts first, and then accumulating it as time flies.
2. Take note of your spending.
Be mindful of where you spend your money. Which is expensive? Which is affordable? You would be able to answer these and make adjustments along the way. Just always remember that your money doesn’t just disappear all by itself. If you happen to spend more than what’s needed, then it may very well be your own fault that you fell short from your budget. Speaking of which…
3. Make a budget list.
List down all of your expenses, your needs, your wants. Cut down on things which you don’t really need and focus on those which you would be using every day, like water and electricity. You don’t always need to sip in that expensive café, go for a cheaper alternative, like a ready-mix coffee or convenience store quick brew. The choice is yours, as long as you reduce your spending, practice the process of elimination and see your savings flourish along the way.
4. Take advantage of shopping promos.
There are countless ways to avail items without paying for the full price. Aside from the usual “sale” that they implement in malls during the holidays, you may also:
- Accumulate rewards by signing up for loyalty programs.
- Join a warehouse club and buy in bulk.
- Make use of shopping coupons.
- Plan your shopping/grocery trips during sales and holiday deals.
- Compare prices online.
And a lot more…
5. Make use of money-making/saving apps.
If you ever want to sell a few unused items at home, you may use an online buy and sell app to auction them off. You can also book a much cheaper restaurant or travel price via various discount apps. Feel free to discover via your local providers and networks and save a lot.
Be a master of your savings and hard-earned money with a trusted name that offers only the best service possible. If you’re a resident of Bacoor, Cavite, then the Cebuana Lhuillier Rural Bank is your one-stop spot for opening your own savings account. All transactions are real time, erasing all the hassles that you may experience in other establishments. So what are you waiting for? Visit the Cebuana Lhuillier Rural Bank now – we assure a fast, easy and secure transaction.