TIPS: Creative ways to save money and become more financially responsible this 2024
Don't want to be the "magastos" friend anymore for 2024?
As the new year rolls in, it's time again to start trading old habits for new ones. Apart from the usual fitness journey people would add to their new year resolutions, one thing you can do to ring in some change is by cutting back on your expenses.
Now, it's undeniably hard to save, especially with the price of food and transportation rising, but there are some ways to curb your spending. Here are some creative ways and non-traditional tips to help you become smarter with your money this 2024.
Change your mindset. You don't always "dasurv" to splurge
After working hard for a couple of hours straight, doesn't treating yourself to a tall cup of milk tea sound like the best way to spend your break? Sure, instant gratification will give you that dopamine hit, but it will eventually break your piggy bank to always seek instant rewards.
For this year, try delaying your gratification and maybe this can give you a bigger reward later on. Build financial discipline and you can give yourself a something nice when you reach milestones. Instead of getting milk tea twice a week, save those pennies up. When you finally reach a certain amount of savings, a treat would be well-deserved.
Cancel unused subscriptions
The new year is a great time to reevaluate where all your money is going. In the age of streaming services and e-wallets, you can easily subscribe with just a tap on your phone. However, there may be some of these apps that you don't use as much anymore—it's a sign to let them go.
Additionally, if you don't want to let go of these apps but want to spend less on them, you can try switching to a family or group subscription. Spotify, Netflix, Disney+, and more offer these types of subscriptions which you can split with friends, your family, or your significant other.
Plan your meals in advance
Instead of always ordering out for your lunch break, try cooking at home and bring packed food so you won't shell out cash every day. It's also a good practice to plan your meals for even breakfast and dinner so you won't be tempted to order in.
Limit your time on shopping apps
The best way to avoid temptation is to get rid of them. But if you can't totally delete those shopping and delivery apps, you can always offload or set a certain screen time.
Alternatively, you can disconnect your credit/debit cards and e-wallets from your apps so it won't be as easy to check out items. If your payment method is cash-on-delivery, you might think twice first if you have enough in your wallet.
Set a no-spend weekend each month
When you're outside, it's difficult to not spend on anything—there's always food, drinks, and other items to buy. Sometimes, it's unavoidable to go out because of work and other responsibilities, but for weekends that you can just be at home, try setting a day of no spending.
Make a date with your partner to watch movies at home or call up your buddies for a chill hangout and cook for them, too, instead of ordering takeout. There are many things to do from your humble abode without taking out your wallet.
A no-spend weekend each month is a fun challenge for you and your friends but you can do it gradually. Start by not spending for a day first each month, then a weekend monthly. Take it one step at a time.
Be smart about using your credit card
It's easy to use your credit card to pay for your wants all the time, but you could end up with more debt than you can handle. It's a huge responsibility to have a credit card so for 2024, find ways to be smarter and more responsible about it.
One user on X made sure to reap the benefits that come with having a credit card such as earning miles for trips. He used it to pay for everything—groceries, shopping, rent, bills, and more—to rack up rewards.
"Don't use it to make utang! Use it like a debit card. Gamitin mo lang na pambayad yan IF MAY PERA KA NA TALAGA NA PAMBAYAD TO BEGIN WITH," he wrote.
Like he said, be sure to pay your credit card bills on time and don't maintain balances so interest won't pile up.
Different credit card providers will have other terms and benefits so it's best to do your own research and check all the rewards you can enjoy when you use it.
