6 simple ways to increase your savings

posted October 01, 2018 at 09:05 pm
by  Manila Standard Lifestyle
Do you find yourself wishing you could stretch your money just a bit further and be able to add more to your savings? 

Building your savings for your short or long-term goals can really be difficult at times especially when certain events beyond one’s control arise. Still, it can be done. Philippine Savings Bank suggests making an extra effort and a little bit of sacrifice each day for it to become possible. 

PSBank, through its Good-to-Know campaign, shares some penny-pinching ideas that can help individuals save more, stretch budget, and manage expenses.

Adjust your budget  

6 simple ways to increase your savings

Review your household budget and adjust your allocation for important items such as food and fuel. Reduce spending allotment on items that you can do without, such as branded apparel. By reducing those extra expenses, you will be creating space in your budget to boost your savings.

Commit to frugal choices

6 simple ways to increase your savings

Identify and make a clean break from bad spending habits. Spending P200 on coffee every morning or treating yourself to a fancy restaurant every other day will not help. Several stores offer coffee and restaurant quality food that cost less. You can also save a few pesos by bringing your own lunch to work instead of going out to eat. All you need is to spare a few minutes of your time to prepare your meals at home. Not only will you be able to save money, you will learn something new too.  

Curb your bills

6 simple ways to increase your savings

Review your cable TV, internet, mobile phone, and other subscription plans. Curb or lower your bills by altering your subscription on these utilities accordingly. For instance, you may no longer need a cable TV subscription because you are already subscribed to a video-on-demand service. 

Look for discounts

6 simple ways to increase your savings

Use discount coupons, sales, rewards or loyalty points to save money where you can. With the savings you generate from availing of discounts, you may be able to put back some items you removed from your list of must-haves. 

Sell unused items

6 simple ways to increase your savings

You might have clothes that you never wear or things in the house that are in good condition but no longer use. Nowadays, there are apps that can help sell these items online and turn them into cold hard cash.  

Use a debit or prepaid card to pay for purchases

6 simple ways to increase your savings

Be able to control your spending by using your PSBank Debit or Prepaid MasterCard to pay for your purchases instead of cash or credit card. Since PSBank Debit MasterCard is tied up to either Savings or Checking Account, you won’t ever run the risk of overspending as you can only use up to its purchase limit of P25,000 for point-of-sale transactions and P30,000 for online or internet purchase transactions per day. On the other hand, you only get to spend the amount loaded in your PSBank Prepaid MasterCard account. 

Topics: PSBank Debit , Prepaid MasterCard , Good-to-Know campaign , Philippine Savings Bank
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