Best Practical Savings Tips that everyone should learn

Like anyone, we tend to have spending habits and daily expenses. To have a comfortable life is what everybody desires. Money is an instrument to trade in exchange for goods and services. The question is, how you can do practical savings?

Consistency in saving is definitely the leading key. Covering the very basics which you can apply in your daily lives. You can check out these amazing practical savings tips. Pretty much applicable to us struggling law students and to everyone. You can also read this powerful tips for your additional income.

Below are the most practical savings tips you can learn. Easy, cost-efficient and no sweat at all. Try this and you’ll never that you have saved enough for you to buy a pair of shoes!

Convert debts to zero

Bills and debts are two different things. Bills are those miscellaneous that we tend to pay each in every month or every due date. Such as rentals, utilities, gas even credit card bills, this is being compared to a one of obligation. Debts, however, are different things, these are the amounts you owe to a specific person or company. Usually pertaining to owed money. You can also check out debt’s legal definition.

Debt Management

Converting debt to zero is not an easy thing to do especially if you are earning a mediocre amount of money. Learning to prioritize the needs versus wants, and self-discipline over the important things.

Cook your meals

Probably, cooking your meals is one of the most practical savings tips ever existed. Not just ensuring your food being prepared well but you have the leverage to choose a healthy meal. Just an example of ordering pasta at a restaurant one platter meal will cause you 250-380 PHP. Whereas preparing your pasta will cost the same price but with much more quality, healthier and more serving of course!

Have a no-spend day

You may think that this is an absurd idea and way too impossible to have a no-spend day. You can perform this kind of challenge and most likely on your rest days. List your expenses in a week and probably shop your grocery items per week. In that way, you can have it scheduled, and you can monitor the expenses per week for your daily needs.

no-spend day

For your no-spend days, you can have a timetable perhaps twice a month every Saturday. Just try not to spend nothing, and keep the amount that you usually spend on leisure these days.

Use the digital mode of payment

The Philippines is a cash base country especially if you plan on traveling in remote areas. Cash is absolutely accepted anywhere. For you no to overspend, try to keep a little cash and instead convert to QR mode of payment. Not every establishment accepts digital mode of payment, this way you can control your spending to the less important thing.

This is practically convenient as well since you don’t need to bring an excessive amount of cash. With a click of your phone, Wi-Fi or data, and QR code you are all set for your payment.

digital payment

Start saving your penny

Be conscious of every penny you spend. Always remember a 1000Php cannot be completed without a single penny. Saving your penny this way can help you during tough times. Try setting aside 10-peso coin and treat it as an invisible every time you have one. Place it in a jar or in a piggy bank, do it for 4 months and let us see how many 10-peso coins you save!

To sum it up

These things are absolutely achievable, you just have to be consistent. Being practical in monitoring your spending can help you buy the extras in the form of delayed gratitude. To all law students out there I challenge you and urge to perform these simple and practical savings tips!

Leave your comments for additional life hacks!

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