Best tips to save effectively - Marvin Germo

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Best tips to save effectively

By: Marvin Germo | April 9, 2021

I’ve written a lot of articles about saving effectively. In case you need more, I have additional things to say on top of prioritizing your savings, removing unnecessary expenses, and paying your debts on time. I know saving is hard and I’ve experienced that one when I was still earning as a full-time employee.

When you are receiving a salary that is only good for a month of bills, it’s really hard to save. What more if your bills or expenses are more than what you earn? Let’s talk about real situations in this blog.

Fight the urge to buy your wants

Let’s be honest. What keeps most of us from effectively saving is prioritizing our wants than our savings. Most people save money to buy and satisfy their vices. Some even prioritize those that are least needed than the most ones. It’s hard to manage actually, especially if you are used to this practice. However, if you really want to save effectively, you need to fight the urge to buy your wants. List down your priorities—from your essentials down to the non-essentials. From that list, start removing the non-essentials. Prioritize your essentials and if there’s money left from your income once you paid and bought all your essentials, set aside that money and put it in your savings account.

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Choose the cheapest alternatives

Choosing the cheapest alternatives is the next strategy. This can be applied when you are shopping or doing your errands. When buying your groceries, choose the cheapest if it’s possible to opt for the alternatives. Don’t shop in supermarkets if there’s a near wet market in your area. Wet markets are still cheaper compared to supermarkets. Considering that basic needs are getting more expensive every day, you need to look for a place where you can save more effectively. The same applies when you are also shopping for your clothes, shoes, and other essentials in life.

Always pay in time

If you have outstanding loans, pay in time. You will save money if you pay on time since you will have to pay for the interest and penalties when you delay your payment or don’t pay at all. Paying your debts on the due should be a part of your budget management. Since loans are there already, you can’t avoid them unless you pay them in full or you comply with the payment schedule. If you want to save effectively, always pay in time so you can avoid unnecessary charges.

Avoid online deliveries

I believe this is applicable today. Since we are still in quarantine, many of us are asked to stay at home. The best tip to save effectively during these trying times is to avoid online deliveries, be it Grab Food, Food Panda, Shopee, or Lazada. Just get your essentials but never make it a habit to order online the things you don’t actually need. It’s a waste of time and money. Cook at home. Reuse your stuff. Don’t buy a new one if the old one is working fine.

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