Have you ever considered searching for a salary loan application for the simple reason that your monthly budget isn’t cutting it? Chances are what you need isn’t an increase in income but a decrease in expenses.
Here are some tips on how to spend your money wisely with lesser expenses at home:
Cut the Vices
The vices are usually the first thing to go – and for a very good reason. Fact is that vices aren’t only destructive on the wallet; they’re destructive for your health. This is in reference to vices such as cigarettes, alcoholic drinks, and even prepaid load. Take a good look at your monthly expenses and figure out – how much of those is going to your vices? In my case, it’s that 2 to 3 times a week Starbucks drink. Cutting them off completely is usually best, but if this isn’t possible, the best thing you can do is assign a small budget for vices and make sure you don’t go beyond that. This could mean going without cinema or new leisure purchases – but that’s a price we all have to pay.
Electricity is one of the most expensive parts of living in the metro. It stands to reason that unplugging all items when not in use would help decrease energy consumption – especially the television. Switching your lights to compact fluorescents is also another way of cutting back on electricity. CFLs are known for requiring only a fraction of electricity to provide sufficient light at home.
Do you have cable? An internet connection? What about a postpaid plan? All these are great – but the Philippines is a country of choices. Don’t settle for the same plan you’ve always had when chances are there are equally good but cheaper options out there. Do a review of your fixed expenses every month and do a little weeding until you’re completely sure you’re paying for what you really need and use. Don’t stop with monthly plans though! Be circumspect with groceries as well and swap out items you can afford to buy at a cheaper cost. For example – do you really need a brand name dishwashing liquid when a store brand will do just as well? Always be on the lookout for a sale!
Cook and Pack your Meals
Eating out in Manila – even in small canteens – can be expensive. Try cooking and packing your own meals at home and just bringing those to work. Now, this might seem like additional work, but you’ll be surprised at how quickly this can be accomplished by just waking up 30 minutes ahead of your usual time. Stick to cooking simple meals and if this just isn’t possible, then simply bring with you some rice! This way, you can have your pick of dishes while making sure you eat your fill for lunch.
Of course, those are just few of the strategies you can use to cut on your home expenses. Remember: savings should be at least 10% of your monthly income. Save first before spending what’s left. No need to apply for a BDO personal loan or borrow from your coworker – a little adjustment on your budget would be enough.
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