Makakaipon Ka This 2024! Proven Effective Ways To Save Money

Every new year is a clean slate; a chance to renew and reset our goals. People often set common goals in achieving financial freedom, health, and fitness. So, together, as parents, why don't we focus on improving our finances this year?

Achieving financial independence is not a one-time, big-time success but rather a lifetime commitment. It starts with personal discipline and a habit of saving. Here are some tips from financial gurus that you can apply this year.

Finance expert tips on saving this 2024

1. Less ego, more wealth

"Savings can be created by spending less. You can spend less if you desire less. And you will desire less if you care less about what others think of you."
This principle is borrowed from the book by Morgan Housel titled "The Psychology of Money." He also added: "Less ego, more wealth." He emphasizes that humility leads to effective saving habits by living below our means.

2. Make money work for you

"It's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for."
Robert Kiyosaki, author of "Rich Dad, Poor Dad," stresses the importance of making money work for you through investing to benefit future generations.

3. The 50-25-25 principle

"Don't miss a single payday without setting aside money for your savings." Chinkee Tan shared what he learned from his parents, the 50 - 25- 25 principle: 50% savings, 25 % investing/business, and 25% spending.

We have our own money mindset, yet if we can make saving a common goal, it leads to financial freedom. Some moms from the Smart Parenting Village group shared effective savings habits. Here are their key guidelines for you to adopt and creatively maintain the habit of saving.

Creative ways to save money from Smart Parenting Village parents

1. Make a conscious change in certain habits.

Mommy Angela Coloma De Guzman shared, "Conscious change in certain habits na lang para sure na may maipon or ma-allot sa essentials. For example, no more sugary drinks ordered when eating out, no milk teas/smoothies when going out, and "I pay myself first" by making sure all premiums are paid on time (insurance) and I have some investments with instruments that I understand and don't have to monitor closely but would give significant earnings, like MP2 of PAGIBIG."

It all starts with a desire to change our lifestyle and improve our habits, especially that of saving!

2. Make the habit of saving enjoyable.

It is more likely to last if you enjoy doing a particular habit. User choiceofsandra from Tiktok shared her recent finds, called "Ipon Cards Challenge." She said that it's one of the fun ways to save money with family and friends! It has 60 card challenges. The rule of the game stated that it is your choice if you want to do it daily, every other day, or weekly. Some of the fun cards are: "Number of Friends Challenge," "Free Will Challenge," "Daily Income Challenge," etc.

For only Php 199, you can be a certified saver, while having fun.

You can find more creative ways to save money by doing different challenges like "Hiding 50 pesos challenge," "20 pesos challenge," and so on! I did this once and it felt so rewarding.
Buy the Ipon Cards Challenge on Shopee here

3. Track your income and expenses.

Mommy Maica Sy shared her savings strategy, “Effective sa akin yung planner or logbook ng mga gastusin everyday. Ina-update ko kung ano lumalabas na pera saka kung magkano ang pera sa araw na yun."

She adds, "Effective din yung naka-meal plan na, para less time mamalengke at mag-isip. Nakakatipid ako dito kasi naka-plano na kung magkano budget for a week. Less gastos kasi kaysa araw-araw mamili, nag-o-overspend.”

You can make the habit of listing down expenses by using this Gastos Planner for only Php 35.

Buy Gastos Planner on Lazada here.

Start meal planning with this magnetic meal planner from Stationery for only Php 149.

Buy Magnetic Meal Planner on Shopee here 

4. Treat savings as an expense, and automate it.

A mom said that self-discipline is key to saving up this year. Some automate it by asking their employer to deduct MP2 Savings from their account even before they spend it. Others keep their "sukli" and treat it as their added savings.

If you ever wonder where to use these "added savings," remember you don't have to spend it on something. Save it for the sake of keeping it, maybe for emergency or opportunity funds.

If you are tempted to open your piggy bank anytime, try this wooden alkansya, which will make you wait for it to be complete before you break it. It's too aesthetic to break, right? For only Php 289, try this Unick Wood I Just Wanna Have Funds Alkansya.

Buy the Unick Wood Alkansya on Shopee here 

5. Save, before you spend

American businessman Warren Buffet said it best, "Don't save what's left after spending, but spend what's left after saving." One mom echoed this tip, “I used to save in a piggy bank (yung hindi madali buksan). Pag may income agad ko nilalagay 20-50% doon. Tapos pagkakasyahin yung tira. Ang dali ko makaipon. The best formula is income-savings=expenses. Unahin ang savings sa gastos.” Although she recommended starting a bank account savings for future loan purposes, the “piggy bank” approach could be a good start for those who want to start the habit.
Try this sulit Lazada find, a Glass Alkansya worth Php 150.

Buy it on Lazada here.

Whichever strategy you find applicable, remember that the only way you can have a secure future is by working in the present, and starting now. Don’t just work for the sake of spending for present needs and wants. Work so you can save for the comfortable life you dream of having someday.