One of the things that I want to watch over this year is our finances. Last year, buying personal stuff was a priority (my daughter had growth spurt last year that almost all of her clothes did not fit anymore, I bought 2 pairs of rubber shoes because our company finally allowed us to wear it even on weekdays, the husband owned another motorcycle etc.) My family also enjoyed our travel (Zambales with friends, Batangas for my friend’s wedding)
https://instagram.com/p/Bbsq5I-Fvc9/
P and I also spent quite a large amount of money last holiday season for family, friends, food, and aguinaldo for our 20+ god children. Sharing our blessings and having money to spare for the things that we want brought extreme happiness to me and my husband and since we were able to accomplish a lot in 2017, I would like to be more wise in spending this year in order to achieve greater things.
I made the list as short (and realistic) as possible. These tips in saving money can help both you and me in handling our finances better this year.
1. Practice delayed gratification
Delayed gratification, or deferred gratification, is the ability to resist the temptation for an immediate reward and wait for a later reward.
It’s typical for us to reward ourselves when we receive extra money from hardwork. My husband and I also do this. There’s nothing wrong with spoiling yourself every once in a while. This year though, I would like to start practicing delayed gratification for more satisfying rewards in the future. I haven’t created my dream board yet for 2018 but some of the goals I set require saving money for me to achieve it (Z’s Jollibee birthday party, a desktop, out of town with the kids) If P and I continue to indulge ourselves with instant gratification, there’s a little chance that we can make our plans happen. Longing to have a dream vacation, your own house or even your own business? It’s okay to not treat your friends or family members EVERY WEEK OR EVERY PAYDAY. Stop yourself from grabbing that new pair of shoes as you just got one the last time you received an incentive.
Try this: When you feel the desire to make an unplanned purchase, instead of immediately buying or researching the specific item, consider checking your financial statements instead. Comparing the spending habits and expenses of bank accounts and credit card statements against the information within your credit report is a great way to curb your instant desire and motivates you to stick to your initial saving plan! Plus, checking your financial statements and credit report regularly can help you catch and dispute errors, thus helping you achieve your financial goals sooner.
Remember that just like love, better things happen to those who wait. So hold back before you spend that money, think of greater rewards that you can avail in the future.
2. Clean-up Facebook and Instagram accounts from shops and buy and sell groups (that you don’t really need)
With shopping made easy thru Facebook and Instagram, buying things you don’t really need is just a click away. Who can resist a chic mother and daughter twinning outfit or a branded watch for half the price? Online shoppers and buyers call it “steal price” and you end up ordering it without thinking twice. Trending items like essential oils and korean skincare products are temptations, too. Facebook share of new places to eat at is also trending nowadays and I am guilty of joining the bandwagon (It’s not all the time though and I still consider the price and location of the cafe or resto) But as much as I don’t want to admit it, I let myself get carried away by social media.
To cut down my expenses, I started unfollowing buy and sell groups and online shops on FB and IG. I do not browse my newsfeed that much as I am also changing the way I eat and if I happen to encounter a post about a new cafe which is accessible to my place, I might end up asking P to take me to it. Keeping temptations away from my sight helps in making sure that I don’t spend money on things I can live without. Clean-up your social media accounts and see if your spending habit will change.
3. Be creative in saving money
Have you read about Money Challenge on social media? One of the most shared posts last year (based on my observation at least) is money or ipon challenge. Filipinos love success stories about saving money and we are becoming more smart (and creative ) in finding ways to make it happen. An example is the 52-week Money Challenge I chanced upon from a financial group 2 years ago. 52 weeks because one year has this total number weeks and it requires weekly savings. If you are able to complete it, you can earn as much 60,000php by December 30th, if my memory serves me right. The starting amount was 100php and the amount you have to save weekly increases by 100php. It sounded like a good idea and I thought of doing it but did not pull through for some reason. Fast forward to today, I am glad that there are variety of money challenges you can try. Check them out on Google or Facebook. Just a tip, choose which one suits you best. It must be realistic and should not compromise your needs. Mommy Pehpot, a blogger from the Philippines, shared money saving tips and this one is perfect for me:
Majority of Filipino workers get paid every 15th and 30th of the month (we call it kinsenas katapusan) and that’s where this money challenge is based from. The amount that needs to be saved every payday is just enough, it won’t hurt your pocket plus, it does not have to be weekly, it’s bi-monthly, which makes it more convenient for me. I also shared this to my friends and one of my associates told me she started it last payday and she promised to finish this money challenge. I am excited to update each other about our ipon. You think you can do it, too?
The year is just starting and this is the best time for us to create plans, set goals, and make them happen. If you were financially challenged or need a nudge this time as you overspent last year, cheer up because it’s not too late to get back on your feet and save.
For other money articles by Nocturnal Mom Talks, click these:
4 Reasons Why It’s Hard To Save Money
I did that money challenge last year and it was a success! Although, I did save up cause I wanted a new laptop and I ended up spending the lot on that but it was so much fun and fulfilling to be able to save up 30k!
LikeLiked by 2 people
Wow ang galing! So totoo talaga tong money challwnge na to haha! I am thinking na kung anong gagawin ko sa 30k. Nainspire ako sa comment mo 🙂
LikeLike
galing Tinry ko nga ung 50 peso challenge 3 days ago but plakda ko sa dming payables.. hope to survive next pay out lol
LikeLiked by 2 people
Haha. Mejo mahirap kasi para sa akin yung mga invisible money challenge. Haha. Mas magagawa ko kapag ganito.
LikeLike
I am really buckling down on finances and delayed gratification is one of my biggest areas. I like getting what I want right now even on credit, but I’ve been working bit by bit to rid myself of that mentality.
LikeLiked by 2 people
I am sure you will be able to improve on this, just like what I hope for myself.
LikeLiked by 1 person
I’m 4 days from paycheck 2…I technically started December 20…haven’t had to resort to credit cards yet due to overspending elsewhere.
LikeLiked by 1 person
Ganda nung kinsenas-katapusan money challenge. Mukhang mas madali sya compare sa weekly. ☺
LikeLiked by 2 people
YUP! Tama ka dyan at yung amount ay hindi masakit sa bulsa 🙂 Kayang kaya ng kahit sino 🙂
LikeLiked by 1 person
Oo, kayang-kaya naman basta disiplina lang. Last year nag weekly challenge din ako, at nabuo ko naman. 250php kada week lang muna, testing lang kung kaya. Eh nagawa ko naman, so baka pwede ko na siguro taasan pa yung amount.
LikeLiked by 2 people
Naka magkano ka by EOY?
LikeLike
Mga nasa 15k lang yun, nag-add din kase ko minsan kapag may sobra pa. Hindi naman sya sobrang laki, pero pwede na diba? At least may naitabi. Tsaka aside dun may monthly din akong hulog sa mutual funds.
LikeLiked by 2 people
Push na yang 15k. At least di mo masyado naramdaman na nagtatabi ka di ba. By end ng taon magugulatnka may pera ka na hehe. Di masakit sa bulsa. Speaking of MF, di ko pa naasikaso hulugannyung SunLife ko. Huhu
LikeLike
Kelan ka pa nagstart sa MF mo? I think okay lang din kahit hindi makapag weekly challenge kung regular ka namang nakakapag hulog sa MF mo.
LikeLiked by 1 person
Last November lang pero di ko pa nahuhulugan
LikeLike
Simulan mo na hulugan ngayong month. Para madaling tandaan kung kelan ka nag-start, at para gumulong na din yung investment mo.
LikeLiked by 1 person
Thanks, Jheff 🙂
LikeLike
Delayed gratification may apply to non-essential stuff. What happens when the essential stuff(food,etc) that you usually buy comes in a big sale? Got to think about that too. Good to stock up if needed.
LikeLiked by 1 person
Thanks for the reminder, Josie 🙂 That’s why the examples on my post are non-essential like eating outside every payday and getting yourself another pair of shoes when you just bought one recently. While saving money is important, we should not compromise our needs.
LikeLiked by 1 person
You’re welcome,Meg. Buying the essentials can become a speed bump for all of us as we continue saving everyday. We must make sure that we set aside a certain amount for them so it doesn’t become distracting. For example, buying 1 sack or rice at a great sale price takes priority over buying ready-made sushi. If you really want to eat your favorite resto foods, it doesn’t hurt sometimes to try to make bthem at home pero iba talaga ang lasa kasi sa mismong resto, may secret ingredient sila—-lol.
LikeLiked by 2 people
Ang nice and practical nito. Naguilty ako sa immediate gratification at sa online shopping. I usually pamper myself after a week or month of hardwork. Tapos kaka-online shop ko lang sa Lazada and Shopee. Wahahahaha. Items to be delivered this week and next week. Ganito ako pag stressed sa work. Huhu. Kelangan ko ng something na pang-replace sa ganitong klaseng pag-uwind. Though wala akong prob when it comes to savings. Buti na lang din.
LikeLiked by 2 people
Thanks, Rhea! Pagkain naman ang stress reliever ko haha. Kada may makikita ako na bagong kainan, hala push. Yung iba kapag natry ko na naiisip ko sana s abahay na lang kami kumain kasi parang di naman katulad ng magagandang reviews haha.l also buy stuff kapag stressed out ako pero normally sa 168 ganun, mga di kamahalan at puro kakikayan lang hehe. Good to know may savings ka. Super important talaga nyan. Nagsisi ako pna ang tagal ko ng may work saka ko pa lang maisip ang imprtance ng savings.
LikeLiked by 1 person
Pangarap ko din yang 168 kaso hindi ako marunong. Kelangan ko ng kasama dun! Haha.
LikeLiked by 1 person
Haha dun naman next na TFIOB meet up haha
LikeLiked by 1 person
Naiimagine ko ang mga boys. Wahahahaha.
LikeLiked by 1 person
hahaha. so true yung no.2. ako wala akong finafollow na online shops, lalo na yung sa mga kaibigan ko. kasi nakakatempt bumili kahit di naman kelangan hahahaha.
ako para maka-save ng money, di ako nagdadala ng malaking cash. tendency kasi kung marami akong bitbit na cash tapos napadaan ako sa masarap na food stall, di ko maiwasan bumili HAHA
LikeLiked by 2 people
Haha. Oo minsan nakakhiya tumanggi kapag inalok ka no hehe. Di rin ako nagdadala
Ng big cash kasi sa pagkain din haha.
LikeLike
I can’t do the money challenge kasi hindi ko kaya na hindi iinvest yun pera buwan buwan hahaha Nakaka addict mag invest eh
Fyi, here are some simple tips on saving, hope it helps 🙂 https://myfavoritelists.com/2018/01/03/18-ways-parents-can-save-money-in-2018/
LikeLiked by 3 people
Yan ang gusto kong masimulan, unvesting 🙂 Nag open ako sa Sun Life ng MF di ko pa naasialso.
LikeLike
I can help you! 😉 No, I’m not an agent hehe
But please before you invest, read my post: https://myfavoritelists.com/2018/01/11/the-7-biggest-lessons-i-learned-from-investing-in-2017/ Nakakahiya man aminin pero kahit financial literacy advocate ako eh “naloko” ako sa isang investment program last year. 😡
LikeLiked by 2 people
Thanks, Jhy! Basahin ko yan!
LikeLike
May life insurance ka na ba? Since may kids ka, please prioritize that over investing.
LikeLiked by 3 people
Wala pa kong life insurance e. What’s the best ba? Meron di ba yung insurance and investment na yung magkasama?
LikeLiked by 1 person
Life insurance with vul yun sinasabi mo. I have from Sunlife and Prulife UK but I recommend Prulife UK more than Sunlife. Prulife UK has multi critical illness coverage, bibigyan ka nila ng pera max of 3 critical illness per year + withdrawal fund value + insurance ibibigay sa beneficiaries kapag dead na
LikeLike
My dad is a big advocate for delayed gratification. He always says, “I’m not trying to keep up with the Joneses.” That used to drive me nuts hearing that as a kid but I appreciate those lessons and tend to follow them myself. Thanks for sharing! I enjoyed reading. 😉
LikeLiked by 2 people
THanks, Jenny! Glad you liked it 🙂
LikeLike
Tatry ko yang ipon challenge wooh!
LikeLiked by 2 people
Push! Libre mo ko pag natapos mo 😃
LikeLike
Wais na misis :p
LikeLiked by 2 people
Haha hindi naman. Madaldal lang :p
LikeLiked by 1 person
Haha anu ka…true kayang wais!
LikeLiked by 1 person
Great tips! It all boils down to self-control and discipline when it comes to financial management. As for me, I don’t buy the things I want until I can afford them, even though my friends tell me to put it on credit.
LikeLiked by 2 people
Thanks, Jayson! I do that too. We only put stuff om credit during the start of the school year to buy my daugjter’s school suplies and some personal stuff or if there’s an appliance that we want to buy
LikeLike
Gusto ko ‘yung delayed gratification. Hehe. At nagawa ko na din ‘yang pag-uunfollow ng mga shops online. Jusko ate talagang iwas temptation! Hahaha
LikeLiked by 2 people
Haha pero kinaya hehe.
LikeLike
Thanks for your helpful blog. I just started blogging and enjoying it so far; please come over and check out my blog. Open to any opinions, comments, and/ or ideas: https://sharemoneyideas.wordpress.com/
https://ibotta.com/rebates/163201/walmart-com?ref=appshare&friend=bjoitwq
LikeLiked by 2 people
Thanks for dropping by my site. Will surely visit your blog 🙂
LikeLike
Thank you for the tips mommy! This is extra useful lalo pa at bubukod na kami ni hubby in few weeks time.
Instead of the peso ipon challenge, I tried the blind 50 Pesos and blind new “malutong” bills. So far it worked in 2017 but this year sana magawa ko ulit. Hahaha so really thank you for this! ♥
LikeLike
Go push! Kaya yan hehe. Mine naman is the kinsenas katapusan challenge. Sana matapos ko hehe.
LikeLiked by 1 person