Saving Money

Everyone, regardless of social status should have the inclination to save money. Having sufficient funds to cover emergencies should be the first priority of everyone especially if you are the head of the family and have dependents that look to you for financial support. Saving should become a habit and not just a spur of the moment decision or a whim; you’ll never go far if these are the only instances that make you save. Developing the habit of saving money takes discipline, that’s why many of us have trouble saving.

The reasons why people have a hard time are as varied as each of our personalities. Whatever our financial status in life maybe, there are always instances and opportunities to save if we carefully study our spending habits. Most of us never give though to the things we spend our money on, whether it’s a need or a want. Needs are things we spend money on for our daily existence like food, rent, utilities, medicines and other things we need and can’t do without. Wants are things we spend money on not because we need to but only because we want to. Very good examples of wants are the latest cell phone models, eating out regularly at expensive restaurants, branded clothing and a lot more. These are things that we don’t need for daily survival and more often than not, have cheaper alternatives to them like cooking at home instead of eating out or hanging on to your old cell phone model instead of rushing out and buying the latest ones available in the market. Spend your money on needs only and save the rest.

It’s not important how little or how much we save, but save on a regular basis. It does not matter if you are a CEO of a huge multinational company or a minimum wage earner. There are ways that we can save. Take the case of a minimum wage earner. If he can’t make ends meet then how in the world can he find the money to save? If you look carefully, the average employee spends their salary on leisure things like cigarettes, meriendas and gambling. Take gambling for instance. Almost all Filipinos love gambling and playing the lotto is a favorite past time. Who doesn’t want a chance to become an instant multi millionaire? For many, the lottery gives them hope of getting out of poverty, although the odds of winning is as high as me being stranded in a deserted island with both Marian Rivera and Iwa Moto. If you spend 20 pesos a day in playing the lotto, that’s 600 pesos a month and 7,200+ pesos a year! That’s a month’s net salary for a minimum wage earner just from spending 20 pesos a day! Imagine if you spend 40 pesos and the cost of playing lotto yearly would be an outstanding 14,400 pesos that can be saved, and if properly invested, that money can help your savings grow well into retirement. Who wouldn’t want that right? So start saving for your future right now.