Having extra funds that you can readily access is very important especially for emergency expenses. For you to successfully build your savings or have an emergency fund, you have to be committed to placing some of your hard-earned money (no matter how small) to your savings account every payday. Simple, isn’t it? But if you want to reach your financial goals sooner and increase the amount of money you set aside for your savings, you need to make an extra effort and a little bit of sacrifice each day.
One of the easiest ways to do it is by cutting back on your expenses. But don’t mistake this for being a scrooge. What we are giving you here are simple ways to lessen your spending to help boost your savings.
Bring your own lunch to work. You can save a few pesos by bringing your own lunch to work instead of going out to eat. All you need is to spare a few minutes of your time to prepare your meals at home. You might be surprised with the health benefits of home cooked meals because you can control the quantity and quality of the food you consume.
Take public transportation. Taking public transportation to work is definitely far cheaper and beneficial instead of driving your car. By taking public transportation to work, you will save on gasoline and parking expenses. You will also be stress-free from driving through the worsening traffic in the Metro and looking for a parking slot for your vehicle everyday.
Run at the park instead of the gym. You can save money and at the same time stay healthy by simply running at the park or by joining free group exercises in your neighbourhood instead of paying for a gym membership and personal trainer.
Avoid stress-spending. It is easy to make a stressful work day an excuse for shopping. Instead of spending a great amount of your money on things you don’t need to make yourself feel better, find other ways to de-stress such as exercising, reading a book, meditation, or even a good old-fashioned nap can help.
Write a list before you go to the mall or grocery – and stick to it. One of the easiest ways to save money is to always make a list of what you only need to purchase before shopping or going to the grocery store. This will prevent you from making impulse buys and wasting money on things you don’t need or use.
Be a wise gift giver. Birthdays, anniversaries, graduations, and other milestone events that require you to buy gifts for family, friends and loved ones need not cost you a lot. You can either be creative and make do-it-yourself gifts or purchase gift items during end-of-season sale and year-round bazaars. As they say, when it comes to gift giving, it’s the thought that counts, and it should never be about the price tag.
Master the 10-second rule. Whenever you pick up an item at the store, stop for 10 seconds and ask yourself why you are buying it and whether you actually need it or not. If you cannot find a good answer within 10 seconds, put the item back because obviously you don’t need it.
Use your PSBank Debit or Prepaid Mastercard. Be able to control your spending by using your PSBank Debit or Prepaid Mastercard to pay for your purchases instead of cash or credit card. Since your PSBank Debit Mastercard is tied up to either your Savings or Checking Account, you won’t ever run the risk of overspending as you can only use up to its purchase limit of PhP25,000 for Point-of-Sale transactions and PhP30,000 for Online or Internet purchase transactions per day. On the other hand, you only get to spend the amount loaded in your PSBank Prepaid Mastercard account.
With the PSBank Debit and Prepaid Mastercard, you can enjoy cashless shopping and dining at over 30 million Mastercard establishments worldwide. These cards are equipped with the ATM Lock feature, an additional layer of protection against ATM card-related fraud which can be accessed via PSBank Online and PSBank Mobile App.
Wherever you are on your financial journey, know that it is possible for anyone to turn their financial life around. Sometimes all it takes is that first step in the right direction to get things moving.
Anyone can do our tips. If you haven’t done your first step, give our tips a try. You’ll be surprised to find that you’re saving more money than you ever thought possible.
To know more about PSBank Debit Mastercard and PSBank Prepaid Mastercard, visit our website, call our 24/7 Customer Experience Hotline at 845-8888 or visit any PSBank branch near you.