Many wish to save 100K pesos in the Philippines, but the question we are answering today is how to save 100 pesos in the Philippines in 6 months, 12 months, 3 years, 5 years, and finally, how to save 100K pesos by 30 years old.
Many different strategies and money-saving tips can help anybody save 100K pesos in the Philippines. Mathematically speaking, as long as we understand our incomings and outgoings, all financial target, and the length of our goal, we can easily calculate how to save 100K pesos in the Philippines.
In today’s article, we will be breaking down several tips and tricks to help you save 100K pesos at each stage.
Is Saving 100K Pesos In The Philippines Possible For You?
Before diving into how to save 100K pesos in the Philippines, it’s essential to analyze your current situation and incomings.
If you are looking to save 100K pesos within 6 months, you will need to be earning at least 16,666 pesos per month (this is not include living expenses)
If you do not meet this target, then an option would be to increase your goal’s length or increase your income. Feel free to take a look at some business ideas, side hustles, and passive income examples we have spoken about previously.
How To Save 100k Pesos In 6 Months
To save 100K pesos in 6 months, you will need to save a total of 16,666 Pesos.
Saving 100,000 pesos in such a short time is not easy, but specific requirements will need to be met to achieve this goal regardless of your incomings.
The three significant areas to focus on during this time are as follows;
- Rental & Home Expenses
- Food & Drink Expenses
- Transportation Expenses
Most often, when you are looking to save 100,000 pesos in six months, you will need to focus on these three areas as they are the most significant expenses for the majority of people.
Understandably it is not always possible to move to a different location; however, it may be wise if you are looking to save 100K pesos within six months.
Naturally, reducing rental costs, food costs, and transportation will not necessarily automatically allow you to reach 100K pesos in the Philippines; however, it should dramatically reduce your outgoings, leaving you to increase your saving rates.
How To Save 100k Pesos In A Year
Next, we have to save 100K pesos in a year. However, this length of time is slightly more manageable as you will need to save 8,333 pesos per month.
Another option aside from the three major categories we spoke about above, you could also decide to save money on your added extras.
These are habits that may have been embedded for a very long time but drain you financially. An example of this is ordering from an expensive business supplier that is more expensive because the process of ordering is more manageable.
Alternatively, a lifestyle habit could be something you are doing or not doing every day to lower your bank balance. A classic example of this is buying a coffee or two every day. Thus, you could save thousands of pesos each month by cutting out any weekly money-draining habits.
How To Save 100k Pesos In 3 Years
Looking at how to save 100K pesos in three years is much more manageable at a rate of 2777 pesos per month.
If you are looking to save 100K pesos for a period such as three years, you may find it beneficial to place your cash into a savings account which will allow you to save 100,000 pesos much sooner.
Aside from a savings account where the primary focus should ideally be on your spending habits.
This is because 3 years is a very long time, and to be successful in saving any amount of money over a long period, an individual needs to alter their spending and saving habits.
A takeaway delivery from a food panda every few days may not destroy your bank balance; however, it can soon add up. So, an area to focus on is any underline spending habits you may have.
Alternatively, as we mentioned in our list of 100 money-saving tips, a great way to save money is to buy in bulk and save each portion.
On the flip side of this, you could also investigate intermittent fasting, which is when you decide not to eat for some time. This has many health and financial benefits, and even though it sounds crazy, it could save you a lot of money.
When I was struggling financially, I decided too fast. As a result, not only did I lose weight, but my mental health also improved, and so did my bank balance. As I am not a doctor, I do not recommend you do this without speaking to a trained professional; however, if your pesos are very light and you are looking to save as much money as possible, then it may be beneficial to introduce something that has a positive impact on your life as well as your financial balance.
How To Save 100k Pesos In 5 Years
The last question we are investigating is how to save 100K pesos in five years. When looking to save 100K pesos in five years, the great news is you have a much longer time frame. To save 100K pesos in five years, you will need to save 1666 pesos per month.
Similar to the free year length goal we spoke about above, placing your money into a high-interest account will be wise due to this length of time.
For many people with a higher than average salary in the Philippines, saving 1666 pesos is not a difficult financial challenge, but unconscious spending habits may hinder a person’s progress.
It may seem crazy, but many people unconsciously spend money to realize later that it was an impulse buy or part of their inner habits. This is why many people find it very difficult to save money in a long time.
How To Save 100k Pesos By 30 Years Old
And finally, how to save 100K pesos by 30 years old in the Philippines. The amount you will need to save per month depends on your age. However, there are many hurdles that people in their 20s experience, so here are a few handy tips and tricks for you to save 100,000 pesos by 30 years old.
- Always Negotiate On Tours.
- Ask If You Can Work From Home.
- Attend Free Classes.
- Avoid Freelance Taxis As They Tend To Be More Expensive. (Beware Of The Taxi Scams)
- Avoid The Expensive Luxuries. This Can Be Beer, Starbucks, Etc.
- Buy Cheaper Sportswear.
- Buy In Bulk As This Will Save You Many Pesos Long Term.
- Buy Only Essential Supplements.
- Buy Second Hand If Possible.
- Carpool With Work Colleagues.
- Choose The Markets When Possible, As Costs Are Often Lower.
- Cut Down On Protein Powders.
- Cut Down On Sugar As This Can Save Many Pesos Longterm.
- Cut Out Smoking During Breaks And Replaces It With A Good Habit.
- Reduce Stress To Avoid Purchasing Unessential Items.
- Speak To The Locals First To Find The Best Prices.
- Team Up With A Friend At The Gym For A Cheaper Membership.
- Try Shopping Locally Instead Of The Malls.
- Use Coupons And Promotions To Save More.
- Utilize Freebies Such As Free Tea, Coffee & Water.
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