7 TIPS ON HOW TO SAVE MONEY FOR A HOUSE ON A LOW INCOME
Are you earning a small income but you want to buy a new house for your family. Do you want to discover a fastest way to save as much money as possible.
Tips No.1 START SAVING EVEN A SMALL AMOUNT
If you want to start saving money for the future you have to start somewhere most Filipinos say I’ll see when I earn this much believing or not there’s the right amount of salary to start saving there are people who earn so much but haven’t saved anything you need to with what you have it could be 20 pesos 50 pesos which ever amount you’re willing to save everyday or every week in the long run it will add up and it will be a substantial amount.
Tips No.2 APPLY THE 7 2010 RULE
This is the basic allocation of your income 70% is for your expenses 20% is for your savings 10% is for your life if you follow this simple division of your income you’re building a mindset that a portion of your income is automatically allocated for your savings thus you don”t think about how much to save every pay day also you will be able to create your budget for the 70% just in case if 20% it’s too much for you at this time you can start at 5% and increase it later on for now your goal is to build your savings no matter how much it is.
Tips No. 3 BRING YOUR OWN LUNCH FOR WORK
Dining out is one of the highest expenses among Filipinos every lunch break we tend to dine out through fast foods or restaurants without realizing how much money we are wasting away if you’re spending around a hundred pesos or more for your lunch.
Imagine you’re spending thousand of pesos per month assuming is it twenty workdays just for your lunch alone that’s twenty-four thousands pesos per year. It may cost your time to prepare your lunch but imagine how much you can actually save number.
Tips No. 4 DO A CREATIVE MONEY CHALLENGE
Saving could be a hard , but if you make it creative it would be fun too.
You can start by doing it and peso challenge. For example; what does it mean every time you are handed with a ten peso coin you would spend it will automatically go to your savings as simple as that you can also increase it according to your preference you can also follow other money challenges too. Other examples are the 52- week money challenge the invisible 50 peso money challenge or you can also follow a page called pesos sense and they challenge their subscribers every year with her upon challenges. The latest challenge was having a coin bank where you could share them out you have saved already all of which are fun ways of saving money.
TIPS NO. 5 READ PERSONAL FINANCE BOOKS
Saving your money alone isn’t enough in order to increase your savings you should know also to grow it you start by reading some personal finance book this could help you learn more from experts again you can only earn and save proportion to what you know so keep on growing and investing first in your self education.
Step No. 6 USE AN EXPENSE TRACKING APPLICATION
Tracking your expenses is also one way of sticking to your budget you can write it in a notebook or if you want to keep it handy anytime you can also use the downloadable expense tracking app your smartphone you can search a lot of free budgeting apps both in iOS and Android.
Tips No. 7 BUILD A SIDE BUSINESS
There are times really when your money isn’t just enough no matter how much you budget there are unexpected expenses along the way that you could not really avoid the best thing to do is to have another source of income or side business this will keep your mind at peace even if something happens unexpectedly, disciple is the key to getting out of your depths and being able to start saving money for the future it may be hard at first but if you want to commit doing this things you can make it a good habit all I have to do is to start an app so choose the ways which are most applicable to you.