November 1, 2010

WHAT'S YOUR PIGGY BANK? Creative and Fun Tips on Saving

Photo taken from: BGN Enterepreneur
Good Monday morning! It's November 1st here in our part of the world and it's a holiday (for them, at least) as the entire country celebrates All Saints Day.  Families will be flocking to cemeteries to visit their departed loved ones, sharing stories, laughter and food - basically just enjoying each other's company.  I miss these trips to the cemetery.  My mom's sick today (Get well soon Mom!), and I have work. I hope we'll do it later this week though.

On another note, I'm busy fixing our financial worksheet and doing some planning for 2011. I wish scrimping and saving didn't have to be this hard LOL! Well, like they say, discipline is the key.  

I've been reading on some interesting and creative tips and tricks on saving financially. I really liked Miriam Quiambao's Magic Jars which was taken from Robert Kiyosaki's principle.  It's a fun way of saving!  I also found some cool stories from Yahoo! Finance. The article is about getting out of debt. A couple of families shared how they got out of debt and saved up for their dreams.  I especially liked Jaimie Tardy's story as it fit into my plans for next year.

There are a lot of tips out there but I'd like to share those that I practice myself.  Here are a few:

1. Save every cent.  I used to see a lot of coins lying around our room.  I decided to put them in a can / jar and what do you know, I've saved up quite an amount doing this.  Sometimes we tend to disregard the cents forgetting that, combined or saved up, it will eventually amount to something big.  "A penny saved is a dollar earned" - B. Franklin

2. Open a bank account open per category. I have categories for the things that I want to save up for (e.g. Fun, Trips, Dream Car, etc.),  then, when my salary arrives, I divvy it up per category depending on the percentage I pegged.  This way, I get to save up for everything all at the same time.   It's up to you how much percentage you put on your categories.  It really depends on your priorities. Do what works for you.  One tip is to have a category for the fun stuff too like eating out or buying a pair of jeans so that you don't spend all your paycheck on just the fun stuff and you don't really deprive yourself at the same time.  This is similar to Miriam's Magic Jars.

3. It's either I bring my own lunch or I eat before I go to work.  It's cheaper than buying food outside.  Plus, not only do I get to save, I get to lose extra pounds as well. Hitting 2 birds with one stone!

4. When buying groceries, I choose a generic brand over those expensive branded stuff.  Same quality, less the price. 

5. I commute.  I take the bus instead of riding a cab.  Brings me to my destination and costs me less.

6. Don't forget to Share. Remember the principle of giving. Enough said. :)

There are many more ways for you to save.  Be creative and make it fun so it doesn't feel like you are depriving yourself.  If you think about it, you're doing it for your future.  Have fun saving! If you have your own tips about saving, leave a comment! :)

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