What prevents you from saving?
Is it because you don’t have money left to save? Or do you feel like you’re still too young to save and think of the future?
Whatever your reasons are, step back and assess because you may be just using those as excuses.
According to a survey of Bangko Sentral ng Pilipinas in 2014 cited in an article 5 Reasons Filipinos Don’t Save Money by ABS-CBN News, “Philippines has one of the lowest savings rates in Southeast Asia.”
In this Beyond Small Talk webisode Best of 2019, hosts Marvin Germo, Randell Tiongson, and Peter Kairuz give you practical tips on how to save your hard-earned income and more.
1. Write down your expenses.
“Every peso should have a name,” says Marvin.
Don’t let your money control you. Listing and naming your expenses will help you track where your cash goes.
According to Miriam Caldwell in her article Why You Need to Track Expenses to Control Your Finances, tracking your expenses is useful because it creates financial awareness. It makes you conscious of your bad spending habits and allows you to budget wisely.
2. Change your bad money habits.
What are the bad money habits you need to give up today?
Unless you discipline yourself and give up impulse buying, personal vices, or overspending, you will never achieve your goal towards financial freedom.
3. Increase your income.
“God is our source. He can bless you through so many channels to bring the money to you,” Marvin said.
Aside from your 9-to-5 job, maximize your leisure time by finding other sources of income such as selling online or taking home-based jobs. But, take to heart that it has to be fused with the right skills and hard work in order for you to see the fruit of your labor.
Let God give you wisdom and direction on ways to earn through other means.
Do you need prayers for your finances?
Our hotline is open for you 24/7. Give us a call at 8-737-0-700 or go to CBN Asia Prayer Center.