Saving For Something

Just some tips on how to save money for something – emergency, impulse buying etc.

Whenever I have loose 10 peso coins, I always see to it that that would be saved somewhere. I am in a way “inspired” by my officemate who first started collecting 10 peso coins as well and I have decided to follow suit.

What I usually do for every payday, after paying the bills that I am obligated by my parents to pay, I keep a certain amount to be used for my daily expenses. 200 pesos would be enough for a day that would include fare, food, and other miscellaneous expenses that may come in the day. Should I exceed 200 pesos, the excess amount would be deducted from my 200 pesos allowance for the next day. If I spent less than 200 pesos a day, the remaining amount or any 10 peso coin for my personal consumption would go to my ped (as seen above). Since the 200 pesos is the daily “allowance”, anything I can save is considered as “expenses” even if I save something.

The coins in return are grouped into pieces of 10 (except for the 1 peso coins which I group in 20s) for proper handling and accounting. Once my ped is filled-up with coins, I put them in a coin bank or deposit it and that in turn appears to be an “additional” income for myself. I remember during my planning for payment of my last lens purchase, I told myself that I want to keep my monthly dues below 3,000 pesos. On the day that I was suppose to buy the lens, I remembered that I have 10 peso coins in my ped that I can use for my purchase. If you’re going to fill up the right most part of coins with groups of 10 peso coins, it can fill-up up to 27 pieces thus giving me an extra of 2,700. That instantly reduced the monthly amortization that I have to pay for the lens.

Living in a complex behind a flagship branch of a popular mall here in the Philippines makes me vulnerable to impulse buying. Sometimes the budget allotted for something goes to the item I want to buy for the sake of just buying it. With this practice, it would be easier for me to acquire something for less as I don’t totally spend the whole amount of the item I want from my main sources.

Hope this one gave you an idea as well on how to save for something.

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