When you get your first job or go off into the world on your own, there are many things you have to start doing for yourself. One of these tasks is learning how to manage your income and ensure that you can pay all of your bills on time while saving up for the future.

Managing your own money is one of those things that can seem intimidating at first, but it is not that difficult once you’ve learned all the ropes. Sure, you may stumble at first, but you’ll eventually find your footing and a unique way of handling your money that works best for you. While you’re trying to think things over, here are a few things you can keep in mind to ensure that you aren’t spending more than you can earn:

Create a Budget 

The first step in creating a budget is to calculate your current income. You can do this by going through your most recent payslips and taking note of the total amount you’ve earned after the deductions for your taxes have been made. Afterward, calculate the amount you spend each day, week, or month on food, housing, and other necessities. It would also be best to estimate how much money you can allot for sudden expenses, such as gifts for your family or outings with your loved ones, to ensure that you have enough to work with if anything unexpected comes up.

Finally, subtract the amount you have to pay for your expenses from your total salary. This will leave you with the sum you could put into your savings account. If you aren’t content with it, you can go back to planning and look for the areas where you can afford to lessen the amount you have to spend. The key to a successful budget is being organized and realistic, which is why you always have to double-check your figures and ensure that nothing is amiss.

Track Your Expenses 

There are many reasons why it is essential to track your expenses. For one, you will be able to see where your money is going—maybe you spend too much on clothes or restaurants, or perhaps you are spending too much money on gas. Tracking your expenses can help you cut back on certain things and help save money.

Moreover, if any mistakes were made with the transactions, like accidentally charging the wrong amount of money or forgetting to deduct some expense (like a haircut or a sudden purchase), then tracking your payments will help you find the discrepancy.

It is important to note, however, that tracking your expenses is not just about spending less. It’s also about investing time and energy to write down what you paid for and how much it cost. If you prefer writing things down, you can use a notebook and pen to list down your finances. There are also applications online that you can download and utilize for a more automated process.

Take Note of Recurring Payments 

Recurring payments result from an agreement between a merchant and a customer. It entails a service or product provider automatically taking a specific amount of money from an individual’s bank account in regular intervals. When you are taking note of recurring payments, you might want to remember to include the payment details, such as the date and amount. This way, if ever you decide to cancel it, you know the exact day you can do so.

Although the concept of recurring payments can be intimidating to some, they actually present you with various benefits. You can avoid late payments and fees since everything would be automated, and you’ll also be able to cut down the cost and effort associated with manual invoicing and payment processing.

Some of the more common businesses that have such arrangements are those that offer subscription-based services, such as streaming platforms. However, the amount you need to allot for the home appliance or electronic device that you decided to pay for in installments can also be considered as such.

Pay Your Bills On Time 

Timely bills payment in the Philippines is extremely important. Many people make the mistake of thinking that a late bill is a small matter. However, it can have a huge impact on your life as there are penalties and fees associated with doing so, even if it is just a day or two.

For example, if you miss a payment on your credit card or home loan, there will be an interest rate hike. And if you miss payments for other services like your phone bill or insurance, there may be termination charges.

Additionally, if you’re having a hard time saving up because of the number of bills you have to cover, you should take a step back and consider your expenses. Some of the things you can ask yourself include: Do you really need a premium account for a music streaming service? What are the ways you can lower your electricity bill this month? Would it be wise to invest in a new phone or laptop when you already have other things to cover?

Find a Convenient Bills Payment Online Platform

The world is becoming more and more digital, which means that paying your bills on time has never been easier. You can access your statements of account via email or web portal, making it easy to check how much you need to set aside so you can pay it within the month. Currently, there are also various electronic bill payment methods online that allow you to pay your bills with just a few clicks instead of having to go to payment centers.

At Cebuana Lhuillier, we have the eCebuana app, which enables you to access our wide range of financial services. This includes Micro Savings, money remittance, e-load, and bills payment in the Philippines. Although various features will still be added in the future, this bills payment app has had a total of more than 1,000,000 downloads ever since its launch. Make sure to get it today on Google Play or Apple’s App Store.