By: Chris 12 November 2007 186 views 5 Comments Email This Post

Being in Manila could get you spending huge amounts of money on some things that you could actually live without. And having been in the city for years, I must say that it can be quite difficult to save money especially when you are overspending on things you don’t need at all. I have an officemate who says that he is finding it very difficult to save money even if he is earning really BIG! But after chatting with him during our lunchbreaks, I have realized that he was actually spending on lots of stuffs that is more of a “want” than a “need”.

Anyway if your piggy bank is thinning out like the one below, I’m sure you may want to read on to find out some useful ways to save money based from my friend’s story.

1. Minimize going to coffee shops
Coffee shops are some of the best ways to hang-out. It’s a good place where you could chat, enjoy wireless internet access and relax… The list can be pretty long. But if you are going to coffee shops for more than three times a week, you could be spending a lot more than you should. Come to think of it, if you buy coffee for 150 Pesos a cup 3 times a week, you could actually end up spending 450 Pesos a week! If you minimize going to these shops you could actually save a lot.

2. Bring only the amount you need
When you go to work or school, compute how much money you will be spending for that day plus a few more for emergencies only. Avoid bringing more money than you actually need for a day because you will find yourself spending on things which are unnecessary.

3. Packed-lunch could save you almost 100 bucks per day!
Believe it or not, bringing packed-lunch to work or school could actually save you around 100 Pesos (or more) per day! Fastfoods are getting more expensive each day. Try to limit dining-out to at least once per week.

4. Stop gym memberships which are left unused
Gym memberships cost a lot! If you actually have one which is left unused better stop it because it adds a lot to your monthly expenses. Gyms these days actually cost an average of 2,000 Pesos per month. Multiply that amount by 12 months and you could actually be wasting a whopping 24,000 Pesos a year!

5. Use credit cards sparingly
Credit cards are great. They provide convenience through virtually cashless shopping but could be expensive when not paid well. Credit cards do actually charge 2-3% interest for your purchases which are not paid on-time so you should watch out when your bill payments are due.

Trying to follow these tips will help you save a lot. Have other tips to share? I’m sure other readers want to hear them.

*Image credit: Weekendpundit