Monday, March 23, 2009

Big Money Wasters and Money Savers

Amidst economic crisis, one can't help but find means to earn extra or save extra from what we receive as pay check.

I was an impulsive buyer before especially on bags and shoes. I could mention more than 15 pairs of footwear and more also for bags.

But having to work and at the same time, send myself to masteral schooling in a private university, I want every peso earned well spent.

So, let me share these tips to you:

1. Reduce your electricity bills by keeping all your laundry and ironing by batch and turning off unwanted use of appliances.

2. Refrain from eating in malls or resto. You can save much by bringing your own food or your groupmates may share for the meals and cooking schedules.

3. Walk instead of riding. This is also good not just to your pocket but also to your health. You may share a ride too with your groupmates having the same job-home routes like yours.

4. Use Internet sites for your communications like email or instant messaging or internet phones.

5. Download free songs/movies/applications instead of buying them.

6. Learn a new skill like sewing, cooking, baking, handcrafting and others. Not only that you get to prepare and style for your unique needs, you may also use this as an avenue to earn extra by selling your products or services to friends, family or acquaintances.

7. If you have your backyard, even just a small area, you may grow your own vegies. You can save from this and at the same time, be assured that they are pesticides-free.

8. Do away with paying extra for insurance.

9. Skip the gym and its registration. You can buy an educational CD and try this at home instead with your friends.

10. Keep your credit card away from your impulsive - buying behavior. Leave this at home if needed unless you have a pre-scheduled purchase to make.

11. Should you need to use your credit card, pay right away what you purchased or pay bigger than the minimum amount. This will reduce the outstanding balance, and thereby, reduce interest.

12. Buy a cellphone load that will run over a month or so instead of buying the retail rate like Php 50.00 or 100.00 which only lasts for a week due to expiration. Use the landline phone of the office or home instead of using your cellphone to communicate.

13. Keep your clothes look new over the years by drying them away from direct sunlight, most particularly, the colored ones. Through this, you don't have to buy new ones regularly.

14. Wait and buy on sale schedule. But, beware, you might be tempted to buy more than what you should making the original intention of saving vain.

15. Recycle whatever and whenever you can.

16. Keep a 10%-20% of your salary as savings. Do this before you use your pay on bills and other expenses. You will never know when these savings go handy.

17. To save on vehicle gasoline, prepare your itinerary a day ahead, this will save you from unwanted trips.

Lastly, saving is good but totally depriving yourself is not at all fun. So, you can have a day or two to treat yourself but not to the extent of draining your savings.

Should you have an added tip or two, let me and the others know.