Bilang madaming interesado magpayaman/ yumaman, please share naman your tips on how you save
(Try natin mag flood )
Turo sa akin nuon, pag nagka-increase ka, huwag gastusin ang increase. Automatic na ilagay sa savings, at huwag i-adjust ang mga luho
This year, nakita ko sa IG yung isang artista (forgot sino, yun kapatid ni Rhiann Bonifacio) na nag s save ng 20, 50 and 100 notes. Nakaipon daw sya ng 40K. Ginaya ko rin siya to the point na pasukli ako ng pasukli para magka-bente
I always pay myself first. Pagkasweldo may percentage na derecho na sa investmend funds. Yung tira pambayad ng bills and pagkakasyahin para sa daily expenses. Parang salary - savings = expenses.
Nagbabaon rin ako ng lunch sa office.
I save at least 60% of my salary - something I won’t be able to do back in the Philippines. The rest I spend on food mostly, but even that has stopped dahil sa WFH setup. So for groceries and emergencies (knock on wood) na lang.
My entire salary goes to our savings account and investments since my husband’s income is enough for us to survive. When we receive our bonuses, bibili lang kami ng luho then the rest goes to our savings account.
Everyday akong nagluluto. Kakain lang kami sa labas pag family day. Mas nakakatipid pag nagluluto kesa bibili ng food sa labas.
+1 sa nagbabaon. Unusual sya sa Europeans pero common sa Asians. Wala akong ginagastos sa work everyday kasi I have my annual transport card tapos nagbabaon pa ko.
60% of my income napupunta sa savings.
I downloaded the Wallet app to monitor my expenses. That way, nakikita ko saan ako naga-under or overspend in a month tapos ina-adjust ko sa susunod na buwan. Kapag nakikita kong malapit ko nang ma-reach iyong alloted budget for the day/week/month, tinitipid ko na para ma-reach iyong target savings na 60%.
ECQ induced savings = 80%
Forced savings sa eating out dahil sa COVID/WFH.
Also, natuto na akong wag patulan lahat ng naka-sale. I don’t even shop for clothes here. Only when I travel. Sa Pinas ang lala ng every two weeks may sale. Dun ata nauubos sweldo ko noon.
Yung app ng bank ko may spending meter - I always try na nasa green (below average spend) yung meter. Tapos it allows you to set spending limits for various categories: groceries, shopping, entertainment etc.
Yung sa actual savings naman, may nakaset aside na sa budget: meron petty cash, retirement savings, investments, educational fund ng unico hijo.
Mahirap magstart sa simula, pero pag nasimulan na, it’s easier to maintain. Kasi alam mo na may fixed amount of cash ka lang to spend.
Oh, +1 sa pagdadala ng baon sa work. Malaking tipid din vs. eating out/buying fast food.
Having a list din while doing groceries, also don’t go on an empty stomach - mas prone mamili ng kung anu-ano.
Dito sa Canada (and sa US) - although di common ang tumawad, may price matching naman. Like if, you’re in Store A buying item X, the same item (or its equivalent) has a lower price sa Store B. Store A will lower the price of item X to match Store B’s pricing. Saves you time and money. The savings add up.
If you are a regular employee, I strongly suggest increasing your contribution sa PagIBIG 2. So far, the last three years eh above 6.5% ang dividend rate niya, no taxes, at guaranteed pa ng National Government. I suspect na ititigil din ito eventually kasi nga it is not sustainable–imagine giving out above 5% interest rate in a low-interest environment. Lalo pa ngayon down ang market.
Every time you buy something above 1K, compare it to your daily compensation so it gives you reference at mapapaisip ka talaga kung worth it ba yang splurge mo sa pagtratrabaho mo kada araw.
And have a set daily budget of say–200 pesos per day. I think this helps a lot.
At huwag magpautang ever. Never go into a money lending business. LOL. Someone owes me money for over 3 years na at di ko pa rin siya mapakawalan at sinisingil pa rin kada buwan. Hahaha.
Related to this, I think of the amount in terms of something I really care about. For example, if I see a gadget worth 3k, that thing’s worth about 2 Switch games. Is it worth two Switch games? If not, I don’t buy it. The hard part is not splurging on those Switch games though
Magjowa ng matipid
May spending meter din kami! And I would really recommend taking note of your expenses. Pero since old-timer kami, excel sheet. HAHA and separate excel sheets kami ng asawa ko. The excel sheet also has infos on our respective and joint investments, tapos nagcocompete kami kung sino mas mataas ang tubo sa investments. So far, I’m winning.
So according to our needs and lifestyles, we set a monthly limit for our respective spending categories: house expenses and grocery contribution per month (we contribute equal amounts into our joint account for these. And then pag may month na nag exceed ng limit ang grocery money, we discuss — usually it’s because I NEED to eat maarte food. hindi ako happy sa patatas lang at hindi ako kumakain ng sausages ano ba — and we figure out ways on how to deal with that for the succeeding months), travel and leisure, membership fees (yes, may ganyang category kami), clothing, etc. Pero hindi yung super gipit na limit kasi hindi naman namin madadala sa hukay bank account namin diba. So, the excel sheets provide for travel expenses and eating out expenses too. And while he has a (very) low clothing expenses limit, I have a high(er) one para hindi ako mukhang basahan sa office. He has high transportation expenses (which includes insurance, etc) limit since he drives to work, while I can bike or take the subway.
So summary: based on my excel sheet, I allocate 50% of net income to expenses (housing expenses, health care, child care, food, travel, etc.), 30% to retirement contributions and investments, and 20% to short-term savings/liquidity buffer/emergency fund.
Sa pilipinas, lahat ng allowances while studying and sweldo thereafter pupunta savings and travels, since sa poder ng tatay ko ako nun nakatira and lahat ng expenses ko, pinapareimburse ko sakanya. Pero after going abroad to study, na appreciate ko talaga maging financially independent and a free elf! But I also valued money more, since mahirap pala magtrabaho ano?
+1 din ako sa baon to work. Sa previous office ko, ako lang and mga non-legal staff nag babaon to work. Although mga 3x a week lang ako nagbabaon, para hindi ako i-bash mashado. Pero I get to save mga 20euros a day if I bring my own lunch vs. eating out. My colleagues found it weird na I’m concerned about such an expense Until I told them that that way, I spend less time thinking about where to go for lunch, actually getting/ordering/sitting down somewhere for lunch, etc. And less time wasted, means more time working (i.e. more billable hours). Ayun, nagbaon na din sila. Sa present work ko, hindi na ako nagbabaon kasi mura naman to eat out (I moved to a bigger city and our office has affordable restaurants nearby.)
Buy clothes na will last you years (avoid trends, go for classic cuts; also masakit sa paa ang louboutins and YSL heels na yan. Mamili ka ng sapatos na hindi makakapatay ng kuko o makakabali ng toes).
Grow your own food (may sense of fulfilment pa)
Eat local (yan na ginagawa namin now: local products are fresher and cheaper. So minsan nalang ako Pumupunta sa asia shop para bumili ng katsuobushi )
Harina is life (make your own pasta, dough, bread, lahat na puwedeng gawin with flour)
These are a few tips that have worked for us over the years. Family of 5, 3 kids, US based.*
It’s important to be on the same page with your spouse on financial goals and to revisit them together at regular intervals. We are debt averse so we didn’t worry about any high interest loans to pay off in our 20s. We established a 6 month emergency fund by automating our savings early on in our marriage.
Prior to our recent move due to my job, we were initially worried about my husband staying at home with the kids and going from two incomes to one. Surprisingly we’ve been making it work. I pack my lunch when on duty. He’s taking charge of all household chores. Before, we used to have cleaners come in every 2 weeks so that’s a few $ saved. Child care used to be our biggest monthly expense too, but now that he’s home we don’t have to put our kids to full time day care. Cooking from home is also a huge money saver. Buti na lang mahilig siyang magluto lol. Pasta, bread made from scratch. Fast food, eating out, & coffee runs can add up pretty fast and we just don’t do that as often compared nung nasa US kami.
We avoid buying new cars as we tend to run them into the ground. Our previous vehicles were an 18 year old Lexus sedan and a 12 year old Mazda crossover SUV. If we didn’t move, hindi namin ibebenta kasi reliable pa rin kahit luma na. We don’t finance cars as much as possible, or if we do, close to 0-1% APR and we pay them off as fast as we can.
We don’t upgrade our phones/gadgets every year.
We don’t buy nice furniture dahil baka masira lang during change of station military moves (and also kids). Our dining room table was bought when I was still single 17 yrs ago.
We allot funds for travel since ito lang ang luho namin. I travel hack using credit card reward points and sign-on bonuses to get free flights/free hotel stays. We pick hotels that have free breakfast or AirBnB na may stove top/basic kitchen applicances.
I’m old school so I still use Excel spreadsheet for budgeting. I also use a financial app tool Mint to analyze my spending and cut back on things that don’t bring me joy anymore. Also it keeps track of my investments and net worth. There’s also Personal Capital I keep hearing about, just haven’t had a chance to play with it since I’ve used Mint for over 10 yrs.
We automate retirement fund contributions every month. I have been maxing tax-advantaged accounts for several years (401K and both of our Roth IRAs). We also contribute to a taxable brokerage account.
By doing all these things, I save about 58% of my gross income towards retirement funds. When @Whims was working, 100% of his salary goes to his 401K.
I’ve always been frugal sa money. So now, I manage both funds naming mag-asawa. The bills are predictable so mga 40% ng monthly expenses dun. Another 30% for others and then the last 30% goes to savings. I use my bank’s online app to see my spending and saving and I try to always spend less. Hubby and I balance our personal expenses as well.
So far, mga tipid moves:
- Home cooking, bringing food to work, less delivery for us
- Bike or walks to work for me, hubby takes the subway (he didn’t memorize the name of the area of his workplace so he would avoid taxis)
- We both buy classic and tailored clothing that lasts. Actually, we have half our wardrobe made by a tailor. We are taking advantage of the cost of living where we are.
- Hindi kami maluho sa gadgets. If we do change usually we do trade-ins.
- I don’t go out as much since my son was born so laking tipid nun.
- Pag travel, we take advantage of frequent flyer miles and good accommodations na hindi 5-star hotels.
- Yung mga memberships in places like groceries help stretch your budget.
- Hindi kami nangungutang. Better walang utang talaga.
I live by my late father’s principle na you live simply even if your income increases. Ayoko ng mo’ money mo’ problems.
I read they call this the Parkinson’s Law
Oh, so Parkinson’s Law on money? Lifestyle inflation lang alam ko. Haha.
On topic: A tip I learned from the Your Money or Your Life book is to convert your purchases into life energy. To convert it to how much time you spent to pay for it. Because at the end of the day, time is that one currency we can’t replace. Is that purchase really worth that much of your life?
^ Pag mataas suweldo mo, not really an issue. Actually mapapagastos ka pa kasi mura lang siya
Relatively matipid din ako, though I kinda “splurged” when I was overseas. May allowance kasi, and relatively Malaysia has first world amenities at third world prices.
However, I save as much as I could. Kapag di kailangan, di ko bibilhin. Since ako ang breadwinner ng family, and am lucky that at least I don’t pay rent, I set aside a part of my salary (kahit mga 30%) for my savings.
When I make a big ticket purchase (ie. gadgets), ilang beses ko syang pag-iisipan. I have been known of running my gadgets to the ground, na no choice na talaga ako kundi palitan. And when I do buy gadgets, kaya ko syang bayaran ng cash. Sa clothes, inaabangan ko talaga pag sale. And even pag sale, I have a certain price point kung bibilhin ko sya or hindi.
I don’t mind buying something expensive, basta its of good quality. This goes with shoes, bags and those I use frequently.
Sa grocery, mas tipid minsan if you buy in bulk–or you buy the big products like shampoo, laundry detergents, etc., compared to sachets.
When I was living alone, I stock up these things in my pantry - pasta, olive oil, tuna, bread, garlic and canned tomatoes. Para just in case, I can easily whip up dishes.
Also, do not forget to reward yourself. Useless kung magtitipid ka, pero di mo ineenjoy kahit konti. Yung rewarding yourself is also a way of telling yourself na para ma-enjoy mo yung mga rewards na ganito, you should save.
I totally agree with this. When you think about it, yung pinakamalaking life/financial decision na gagawin mo eh kung sino ang magiging asawa/life partner for a long time.
Dapat pareho kayo ng vision kung sang estado niyo gusto dalhin ang family niyo so both of you work towards that goal. Ang hirap kung yung isa eh matipid/masinop sa pera tapos yung isa eh di man lang marunong magtipid. Recipe yan ng away talaga.