How to Save Money on Tight Budget?

By Mhownai - February 27, 2018

Saving money has been on everyone's goal in every year but not everyone succeeds in saving enough money in the bank for some reason. Maybe they are still studying and their allowance is just enough for their everyday needs in school. Some may have different loans that they need to pay that's why they can't save for now. Some may be having issues with earning money that's why they can't save.

I feel you. I am also like you, I also struggle financially. I am still a student and even though my parents are paying for my tuition fee, I still wanted to save enough money for Edmund's future most especially his schooling. 

Aba, ang hirap magpaaral. Mahal ang tuition.

That's why I came up with ways on how you can save money even though you're on tight budget. 

Monitor your expense

Monitoring your expenses is one of the most effective ways to determine where your money went. You just need to be transparent with the list, put everything. Even the tips you gave to your hair stylist or change you gave to a homeless. Also, don't forget to include on your list how much you put inside your wallet to even things out.

Give yourself a budget to follow

Remember this very simple yet effective equation: SAVINGS - INCOME = EXPENSES

I know you've heard this equation and this suggestion a million of times but this is one of the best ways to save money. Give yourself a budget and make sure you don't exceed that allocated budget if and only if it's a life and death situation.

Avoid buying things that you might not actually need

For example, buying clothes, it is not necessary to buy clothes every pay day? Yes, I know that it may be your only prize after a half month of working so hard. It's not so bad after all but make sure that you will be using that.

For me, the average timeframe for you to buy clothes is every three months, shoes and slippers are only every year or until they wear off. Make-up is not really a necessity so you can skip buying more makeup unless you're a beauty blogger or a makeup artist.

Imagine, yes, you may have more expensive items and maybe your friends will surely be jealous but if they see that you don't have savings, maybe they will feel sorry for you... Think about it.

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