When I conduct my Personal Financial Management Workshop and I get to the part where I teach participants to budget, most of the time they always say that it’s hard to do it.
It’s not hard…it’s just that you think it’s hard. Change the way you think and everything else will follow.
Here are some tips that I would like to share with you and I hope this can help you out:
1. Use Coupons – try buying things with an online or newspaper coupon. These companies who offer these coupons usually ask sellers to sell with a discount of as low as 50%. If you don’t buy newspapers anymore (since we are in a tech age) you can go to websites like Groupon.com, CouponMom.com, MyCoupons.com (we are not connected to these websites so we are not advertising them. This is just for the purpose of this article). In the Philippines there’s CashCashPinoy.com and MetroDeal.com, etc. Get as many as you can and use them for your advantage.
2. Don’t go out with your credit card – this is a no brainier. There are a lot of things that you will see tempting to buy when you go to the mall. How can you have a happy new year if you are buried in debt? Think again. Bring cash instead and don’t bring it all! Studies shows that those who bring cash would have less urge to buy outside their budget.
3. Enjoy cheap – there are a lot of cheap ways to have fun. Cheap is not bad. Admit it, many times you plan to go out with your family for entertainment and you first have a budget but ends up spending more. People tend to forget their budget when they are already having fun. Especially when you see your kids having fun (most especially if they have not had fun for a long time) I know those are precious moments and you want them to enjoy the moment. I clearly understand that; I am a father myself and I love seeing my kids have fun. So how do you solve this? Find a cheap way to have fun like go to the park or visit friends and relatives instead of going to the mall. Play a board-game or play cards together. You will only need to spend for some food (popcorn maybe) and some drinks (a cold lemonade). What’s important is not how much money you are spending but how much time you are investing for your family.
There are more tips that I can share with you but I hope this helps for now. What’s important is not the amount of money you will be spending but the savings you will have through the year.
Any tips you can share?
You can enroll to one of our Personal Financial Management In-depth Sessions (venue is in Pasig City) or invite our team to your company for a Personal Financial Management Seminar and Workshop (1 Day session) by sending us an email at firstname.lastname@example.org or call us at 0927-8931175.