Managing your cash is very essential but it seems like most people are forgetting how to budget their money because of various spending temptations. There are a lot of luxurious things around waiting to be bought. Traveling promos always show up when you just got your paycheck. Your co-worker is telling you to upgrade your phone since it is the trend today and you shouldn’t be behind of fashion. Now the question is, are these temptations avoidable? Can you still budget your money despite the lousy spending noises you hear? Yes, you can and these are some tips to help you out.
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Avoid what you hear from your co-workers and stop spending on unnecessary things. One way you can preserve cash is to spend moderately. Spend only on your basic needs like food, some clothing, and shelter if you are renting. Pay the bills that need to be paid first so you can avoid penalties as these charges will only add up to your expenses. Plan your spending on your wants. If you want to buy a brand new phone, see to it that you have saved enough cash for it. It’s okay to buy it next month if you don’t have sufficient money. It’s better to save gradually so you can buy what you want than to spend all your salary on something that will decrease in value.
As much as possible, cook your food at home and bring it to work. Pack your lunch or dinner as it is more thrifty than a lunch or dinner out. Avoid eating in restaurants and try to spend on expensive food if there are occasions that need to be celebrated. Cooking at home can do good for your health and for your pocket. You don’t need to spend a lot on food, you only have to think of efficient ways so you can still eat something good while saving your money.
One of the effective ways to preserve your cash is to set an amount for your petty cash fund. This is proven and tested already. When I am spending, I always see to it that I withdraw the cash I am going to use for the whole month, say 10,000 pesos. When this budget has been exhausted, that’s the time I tell myself that I should stop spending. Avoid using credit cards when you go out as this can only make you spend more. As much as possible, use cash when you’re buying something.