Financial Advice: Strategic Ways to Save Money

Do you feel challenged to find ways to save money no matter how hard you try? You strive to spend less, but something always comes up? We can relate to that. Life gets in the way sometimes – your car needs new tires, family medical emergencies, unexpected house repairs, and more. However, sometimes we tend to overlook that our spending habit also gets in the way.

Learning how to save money is a vital skill everyone should have. Saving is easier when you know how to do financial planning, so here are some money-saving tips and guides we made to assist you in developing a clear, simple, and sensible saving strategy for your short and long-term goals.

Record your expenses

Keep track of your expenses. This may be tedious, but recording is the first step in saving money. You need to record every coffee you order, online subscriptions, online gaming spends, and monthly bills. This way, you can see how much you’re spending in a month and classify what should be cut, prioritized, or deprioritized.

Include savings in your budget

Now that you have a clear view of what you are spending, you can now allocate the cut expenses to your savings. It doesn’t need to be big at first, what’s more, important is you are creating the habit of saving. You can start by cutting 5% of your total monthly income as your savings and let it grow as you adjust your lifestyle and spending habits.

The ideal is 80-20, 80% expenses and 20% savings. You can achieve that if you learn to live according to your means. Keep your money in the bank, especially now that everything is online. It’s easier and safer to open an account. Check out our Easy Savings Account (link); the opening balance is 5,000 only.

Practice good spending habits

If you can’t save as much as you’d like, it might be time to cut back on expenses. Find ways to cut your spending and cautiously practice good spending habits.

Check out your online subscriptions and memberships and unsubscribe from those you’re not actually utilizing. You can also cut back on non-essentials such as entertainment and dining out. It is important that you don’t deprive yourself. The right amount of leisure is important in life too.

Lastly, whenever buying something, ask yourself many times if it is a want or a need. This practice will help you control your impulsive buying habit.

Read more: How to cut your monthly expenses without losing your mind

Set your Saving Goals

Saving without a goal is not motivating. You need to fuel up your savings drive so you need to think about what you want to save for. It would be best to establish a short-term plan (1-3 years) and a long-term (4 or more years). Estimate how much money you’ll need and how long it will take for you to save it. You can compute ahead so you’ll know how much you should save on a monthly basis to achieve your goals.

Below are examples of saving goals you can set for yourself:

Short-term goals: Emergency funds, vacation, or down payment for a Car or a gadget.

Long-term goals: usually for retirement, your child’s education, buying a house/extensive house renovation, or anything high value and achievable for years.

You can start reaching smaller goals so you can enjoy the reward of what you’ve saved for. It can give you a psychological boost and a feeling of fulfillment.

Read more:  How to Save for your Retirement in your 20s

Know your Priorities

After all the first steps you’ve done, it’s time to plan what saving goal should I prioritize first? This is the time to allocate your savings in different set goals you have.

For Example, suppose you’re in your 20s and not retiring anytime soon. You may allocate more savings on a house or a car down payment or emergency funds rather than putting a lot into your retirement plan. Learning how to prioritize your savings goals can give you a clear idea of allocating your savings.

Choose the bank account that suits your needs

There are different types of bank accounts offered by the banks and they are tailored to fit your needs. There’s for easy savings, investment savings, money builders, all accounts in one, and more.

Opening an Easy Access Savings Account (ATM with online banking) is the best option for short-term goals. This kind of savings account allows you to access your money conveniently and faster. It is good for emergency funds, paying utilities, and more.

It is designed for your everyday use. You should learn ways how to invest money. You may opt to invest in securities like stocks and mutual funds for long-term goals. These investment products are usually available in a universal Bank through investment accounts. In the future, you may also choose to open a bank account with a higher balance requirement and higher interest rate for your long-term goals.

Seek financial advice from a registered financial consultant

If you’re unsure where you want to invest, a financial advisor will assist you in selecting specific investment possibilities for your savings. They will guide you in choosing the best financial instrument based on your risk-return criteria and matching it with the right financial instrument. They will also help you monitor the performance of your investments and more. Seeking professional advice will increase the possibility of achieving your financial freedom.

Money management is vital for your future’s survival. This is what the pandemic taught us the hard way. Emergency funds are important for it provides financial security and flexibility. Remember that having a savings account can save you from debt and future financial crisis.

“Do not save what is left after spending, but spend what is left after saving” by Warren Buffett

Read more: Break Your Bad Money Habits: 4 Science-based Solutions to Saving More



AllHome - Agro
AllHome - Antipolo
AllHome - Bacolod
AllHome - Bataan
AllHome - Butuan
AllHome - Cabanatuan
AllHome - Cauayan
AllHome - CDO
AllHome - Cebu
AllHome - Dasmariñas
AllHome - Evia
AllHome - Gapan
AllHome - General Santos
AllHome - General Trias
AllHome - Global South
AllHome - Iloilo
AllHome - Imus
AllHome - Kawit
AllHome - Koronadal
AllHome - Las Piñas
AllHome - Libis
AllHome - Malolos
AllHome - Mintal
AllHome - Naga
AllHome - North Molino
AllHome - Pampanga
AllHome - QC
AllHome - QuickFix Camella East
AllHome - QuickFix Farm
AllHome - QuickFix M1 Annex
AllHome - QuickFix Masibay
AllHome - QuickFix Springville
AllHome - QuickFix Symphony
AllHome - QuickFix Venezia
AllHome - Salawag
AllHome - San Ildefonso
AllHome - Santiago
AllHome - Shaw
AllHome - Silang
AllHome - SJDM
AllHome - South Molino
AllHome - Sta. Maria
AllHome - Sta. Rosa
AllHome - Sto. Tomas
AllHome - Taguig
AllHome - Tanza
AllHome - WCC
AllHome - QuickFix Citta Italia

  • Aerophone - Ayala Center Cebu
  • Aerophone - Cybertech Quezon City
  • Aerophone - SM Cebu
  • Aerophone - SM Manila
  • Aerophone - SM San Lazaro

This will close in 0 seconds

  • CYA Industries Inc - Bacolod
  • CYA Industries Inc - CDO
  • CYA Industries Inc - Cebu
  • CYA Industries Inc Showroom - Shangrila
  • My Homedepot - Baliuag Tangos
  • My Homedepot - Alabang Zapote
  • My Homedepot - Angono
  • My Homedepot - Barrera
  • My Homedepot - Batangas
  • My Homedepot - Cabanatuan
  • My Homedepot - Calapan
  • My Homedepot - Caloocan
  • My Homedepot - Candelaria
  • My Homedepot - Candon
  • My Homedepot - Daet
  • My Homedepot - Dasma
  • My Homedepot - Fairview
  • My Homedepot - Guagua
  • My Homedepot - Gumaca
  • My Homedepot - Iba
  • My Homedepot - Imus
  • My Homedepot - Los Banos
  • My Homedepot - Malasiqui
  • My Homedepot - Marikina
  • My Homedepot - Mayapyap
  • My Homedepot - Nayon Nova
  • My Homedepot - Niog 3
  • My Homedepot - Novaliches
  • My Homedepot - Pasong Putik
  • My Homedepot - Olongapo
  • My Homedepot - Palanginan
  • My Homedepot - Pilar
  • My Homedepot - Paranaque
  • My Homedepot - Pulilan
  • My Homedepot - Roxas
  • My Homedepot - San Jose
  • My Homedepot - San Marcelino
  • My Homedepot - San Rafael
  • My Homedepot - Santiago
  • My Homedepot - Silang
  • My Homedepot - Sorsogon
  • My Homedepot - Sta Cruz
  • My Homedepot - Tarlac
  • My Homedepot - Taytay
  • My Homedepot - Urdaneta

This will close in 0 seconds

  • Petbuddy Antipolo
  • Petbuddy Bataan
  • Petbuddy Dasmariñas
  • Petbuddy Evia
  • Petbuddy Malolos
  • Petbuddy North Molino
  • Petbuddy South Molino
  • Petbuddy Springville
  • Petbuddy Sta. Rosa
  • Petbuddy Taguig

This will close in 3 seconds

  • Allbikes Evia
  • Allbikes Sta Rosa

This will close in 0 seconds

  • Allsports Bataan
  • Allsports Evia
  • Allsports Malolos
  • Allsports Nomo
  • Allsports Sjdm
  • Allsports Taguig
  • Alltoys Bataan
  • Alltoys Evia
  • Alltoys Malolos
  • Alltoys Nomo
  • Alltoys Sta. Rosa
  • Alltoys Taguig

This will close in 1 seconds

  • Finds - Bataan
  • Finds - Dasmarinas
  • Finds - General Trias
  • Finds - Iloilo
  • Finds - Las Pinas
  • Finds - Malolos
  • Finds - Naga
  • Finds - NOMO
  • Finds - Shaw Blvd.
  • Finds - SJDM
  • Finds - Sta.Rosa
  • Finds - Taguig

This will close in 0 seconds

  • Market Liberty - Evia

This will close in 0 seconds

  • No Name - Bataan
  • No Name - Dasmarinas
  • No Name - Pampanga
  • No Name - Sta. Rosa

This will close in 0 seconds

  • The Athlete'S Foot - Bataan
  • The Athlete'S Foot - Evia
  • The Athlete'S Foot - Sta Rosa

This will close in 0 seconds

  • Pull And Bear - Cebu
  • Pull And Bear - SM Megamall
  • Pull And Bear - Trinoma

This will close in 0 seconds

  • Zara - Cebu
  • Zara - Glorietta
  • Zara - Greenbelt
  • Zara - SM Megamall
  • Zara - SM Mall of Asia
  • Zara - ONE BHS, BGC
  • Zara - Rockwell
  • Zara - Shangrila
  • Zara - Trinoma

This will close in 0 seconds

  • Massimo Dutti - Greenbelt 5
  • Massimo Dutti - Rockwell

This will close in 0 seconds

  • Bershka - Cebu
  • Bershka - Glorietta
  • Bershka - Megamall
  • Bershka - Mall of Asia
  • Bershka - Shangrila

This will close in 0 seconds

  • Stradivarius - SM Aura
  • Stradivarius - Glorietta
  • Stradivarius - Megamall
  • Stradivarius - Shangrila

This will close in 0 seconds

  • Mandaue Foam - Butuan
  • Mandaue Foam - Cebu
  • Mandaue Foam - Banilad
  • Mandaue Foam - Bohol
  • Mandaue Foam - Cebu
  • Mandaue Foam - Quimpo
  • Mandaue Foam - Shaw Blvd.
  • Mandaue Foam - (Philfoam) Cainta, Rizal
  • Mandaue Foam - (Philfoam) Las Pinas
  • Mandaue Foam - (Philfoam) Lipa, Batangas
  • Mandaue Foam - (Philfoam) Quezon Avenue

This will close in 0 seconds

  • Our Builders Warehouse - Bocaue
  • Our Builders Warehouse - Guiguinto
  • Our Builders Warehouse - Mabalacat
  • Our Builders Warehouse - Malolos
  • Our Builders Warehouse - Tagaytay
  • Our Builders Warehouse - Dasmarinas

This will close in 0 seconds

  • 158 Designers Blvd - Pasay

This will close in 0 seconds

  • Anne Klein - Rockwell

This will close in 0 seconds

  • Armani Exchange - Rockwell

This will close in 0 seconds

  • Bobbi Brown - SM Mall of Asia

This will close in 0 seconds