Consumer News

5 Practical Tips That Will Help You Save Money This Year

Yoorekka contributor Arrah shares money-saving tips you might not be doing yet.

By: Arrah Camillia Quistadio-Manticajon | January 01, 2021
Share this article
facebook-logo facebook
twitter-logo twitter


strategies to save money

When I was a kid, my elders told me that putting coins in a bag and shaking them attracted money and good fortune for the year ahead. Of course, we can’t always rely on traditions and luck to bring us the resources we need. As much as you must create your own wealth, you also need to have a master plan to control your finances.

With discipline and a bit of ingenuity, you can achieve your financial goals while also having enough to spend on items you want. Here are some ideas for spending, shopping, and saving to kick off the year.


1. Declutter, then sell preloved items.



New Year

Organize your clothes and other items using the popular KonMari method.


Most people have a lot of unused clothes, bags, toys, or gadgets just lying around the house. One of the things you can do to welcome the New Year right is to organize your home. A method for decluttering that has gained popularity recently is the KonMari method by Japanese lifestyle expert Marie Kondo. It involves asking yourself if the item in question “sparks joy.” If it does not, you acknowledge first the service that the item has brought by saying “thank you” to it before letting it go.

After figuring out which items you will keep and which ones to discard, you can sell your preloved items at a local bazaar or online through websites like. You can then use the cash you earned to buy new ones, or—better yet—you can save it for a rainy day.

While I have yet to try the KonMari method at home, in the past, I have donated old clothes to a local orphanage or to fire victims. While there may not be profit involved, being able to help people in need, no matter how small, gives you a natural high that earning money cannot give—that, plus letting you realize that you don’t really need to accumulate so much stuff in your closet or at your home as a whole.


2. Save up on electronics by buying older phone models.



fitness

Never, ever buy a new phone on impulse—even if it’s on sale!


Choose to buy affordable electronics. With new models coming out every year or so, spending a fortune on a mobile phone is not a smart move. The initial high of having a cool new gadget wears off after sometime. Similarly, the value of electronics decreases over time as more recent models are released. If you don’t mind not having the latest and greatest in smartphone technology, you can save some extra cash by buying older phone models. You can also watch out for the releases of new affordable smartphones as the New Year sets in.


3. Invest.



travel

For PhP5,000, you can have a mutual fund administered by a fund manager tasked to grow your investment.


Invest in mutual funds or the stock market. If you are saving up for the future, especially for retirement, having an investment plan is a good thing to consider. Fortunately, you don’t need a boatload of cash to start investing. Banks and insurance companies now offer mutual fund programs that let you buy shares in the stock market for as low as PhP5,000. For the same amount, you can also trade stocks directly through online trading companies such as COL Financial.

Take note though that mutual fund investments usually yield returns after three or five years, so you must be in it for the long haul. On the other hand, you need to have stock trading know-how to be able to invest in stocks directly, unlike mutual fund programs which are professionally managed for investors by fund managers.

When choosing mutual fund programs, check the historical performance of the fund on the website of the bank or insurance company. It also doesn’t hurt to get basic financial education by reading blogs or attending free workshops offered by such firms.


4. Plan your travels early—and wisely.



strategies to save money

Spend on experiences rather than material things.


Studies show that people tend to be happier when they spend on experiences rather than on material things. You can still create travel memories on a budget by planning your travels wisely. Local airline companies usually offer discounted airfare all year round, especially during holidays, so check their website from time to time for seat sales. Windowseat.ph also publishes airline promotions for thrifty travelers.

If you plan to travel abroad, Asian destinations are usually the most affordable to go to. You can even fly for free if you accumulate enough points through airline loyalty programs. For example, I have accumulated about 13,000 points from work-related international trips from 2010 and 2013. A day before my points were about to expire, I used these to buy tickets back to my hometown to surprise my father for his birthday last 2016.

Saving on travel is not limited to affordable airfare. Instead of staying in hotels, you can check out hostels or Airbnb rentals to save on accommodation.


5. Take good care of your health.



New Year

Experts recommend at least 30 minutes of physical activity every day.


People usually usher in the New Year coming up with fitness goals and other resolutions for staying healthy. As the old adage goes, health is wealth. Taking care of your body pays off as you have more energy and vitality to accomplish tasks and run errands.

This year, make sure to achieve your fitness goals by aiming to get at least 30 minutes of physical activity every day. It can be as simple as doing brisk walking or running around your neighborhood, or going to the gym to work with a trainer to craft a custom workout to achieve your desired results. For discounted workout passes, check out the offers at dealgrocer.com.

However, know that a gym membership is not necessary to be fit. There are a whole lot of body weight exercises you can do at home, such as push-ups, planks, and lunges. The only equipment you need are rubber shoes and a yoga or exercise mat.


This year, don’t leave your fate to luck or superstition. Welcome the New Year and end it with a high note by making smart money moves to set your finances in good shape.


This article was originally published in Yoorekka on December 31, 2016.
Newsletter Banner
author
About Arrah Camillia Quistadio-Manticajon
Arrah Camillia Quistadio-Manticajon is the current content supervisor for the Visayas region of ShoppersGuide Marketing, Inc. She obtained her Bachelor of Arts in Mass Communication degree from UP Cebu. She has previously worked for a business process outsourcing company, a community newspaper, and a global technology company. When not writing, she putters about in the kitchen, baking or testing new recipes.
Learn more stories on:
Location Tags:
Disclaimer: All articles in the Consumers Magazine of Yoorekka are for general information and entertainment purposes only. Although careful research has been made in writing them, Yoorekka does not make any warranty about the completeness and accuracy of all information presented in our articles. Our content is not intended to be used in place of legal, medical, or any professional advice.
MORE STORIES AROUND THE PHILIPPINES
Follow Us On:
Facebook
Twitter
YouTube
Instagram
Home
Advertise
About Us
Privacy Policy
Register My Store
HTML Sitemap
Submit My Favorites
XML Sitemap
Terms and Conditions
FAQ Page
Copyright 2013 - 2024 ShoppersGuide Marketing Inc. All Rights Reserved
This website uses cookies to enhance the user experience. For more information please see our privacy policy