Are you looking for tips to save money from your salary in the Philippines? Then, you have come to the right place! One of the most significant money saving tips in the Philippines is to live within your means. If you can do this successfully, you can start to see your spare money increase as the month’s pass.
This task is not always as easy as it sounds; nevertheless, with Filipino Wealth’s top tips for saving money from a salary, this detailed process can be simplified and made more manageable from the start. Today we will look at some super hacks and money saving tips for employees in the Philippines.
Tips To Save Money From a Salary In The Philippines
1. Cut Out Unessential Bills
When looking at tips to save money from a salary in the Philippines, you may not be surprised that cutting out bills makes a list. Some people spend their money quickly, especially in the first few weeks of receiving their salary.
However, most of our bills and direct debits come out during the same period, which is excellent for our budgeting. The only downside is what these bills are for.
Many bills are for unessential services, which should be cut out. If you are having a tough time cutting out expenses, then try a 30-day challenge. For example, a 30-day challenge without Netflix or a 30-day challenge without buying a Starbucks coffee.
These little amounts may not be much, yet they add up over time and will soon save you many pesos in the long term. This is one of the great money saving tips for employees in the Philippines.
2. Don’t Pay Too Much Of Your Debts All At Once
Paying your debt off is mandatory and an essential step in building wealth. (You can view the full steps for wealth here) However, many people pay too much off their debt all at once.
Often they find themselves borrowing from friends and family or reborrowing to cover the bills for the following month. If you know anyone like this, they are stuck in the cycle. The only way to get out is to pay off what you can afford and what debtors will accept.
If you have extra cash and you can afford to clear your debt, then great! But if you are taking out more debt as the month’s pass, something is seriously wrong.
This method is why some people are financially short a week or so before their next payday. This is one of the best tips on how to save money from a salary in the Philippines if you are currently experiencing debt.
3. Start Free Hobbies to save money from salary
If you are looking for tips for saving money from a salary, then a free hobby might not be the first thing that comes to mind. However, we all need hobbies in our life.
They help us progress and bring joy, but sometimes these can become expensive. But, there is always a solution to every problem.
There are free ways to do this. For example, if you are interested in yoga instead of going weekly to classes, try to watch a course on YouTube or get together with a few friends for yoga in the park.
If you are into something more financially draining, then perhaps try a new hobby altogether. A friend of mine recently swapped his Sunday night gambling hobby for painting and saved thousands each month!
4. Exercise In The Park for free
Like starting a new hobby, exercising in the park is a great way to build your health and save some extra pesos from the gym membership.
When I lived in Davao city, there was a beautiful park named people park. There are some parks similar to this in other main cities, but if you cannot find any, you can always find a small space in the open for your fitness routine. This is also a great way how to save money on a minimum wage in the Philippines.
5. Cut Down On Transport Costs
I appreciate tips to save money from salary in the Philippines as it allows us to problem-solve. This natural ability brings us to transportation. Transport is one of the top 3 areas that we spend our money on each month.
Many of us travel by car, motorcycle, and taxi each week to and from work, but can you cut these costs down?
For instance, could you travel less in your car at the weekends when you are not working? Or, could you get to work on a jeepney each morning? Small changes in this field will make a big difference in your overall transportation costs.
6. Aim to Keep Away From Bank Chargers
When living from paycheck to paycheck, many of us go below our minimum threshold with our banks. I’m with a security bank personally, and when I was struggling financially many years ago, I often got charged extra for having less in my bank than the minimum threshold.
Sadly, a lot of people have also fallen victim to bank fees, and stopping this from happening will surely save you a few extra pesos each month. So this is practical money saving tip for the Philippines.
7. Relocate if you wish to save a lot from your salary
This entry in our tips for saving money from a salary in the Philippines would be a more long-term change rather than a short-term fix. However, if you are looking to save extra rent costs from housing, then relocation could be answered.
Outside of the cities, the prices drop dramatically, so it’s entirely possible to find better accommodation at a lower cost.
Alternatively, you could rent out a room in your house or team up with a friend(s) to save money on your housing costs. This is another excellent hack on how to save money when on a minimum wage In the Philippines.
8. Start Getting Wise With Food
This is not a fitness post, but to give an example, when I started fasting to lose some extra weight, not only did I get my six-pack back, but I also saved many thousands of pesos on food each month!
I’m not suggesting you only eat two meals or you starve. But, perhaps look into cheaper stores or visit local farmers’ markets to get your food cheaper, which will result in you saving many pesos each month.
If you are into fitness, then you will know protein is critical! The problem with protein is it can be quite expensive. I’d suggest you look into different meat cuts that can deliver you the right amount of protein but comes at a much lower price. This is another winner in our life of money saving tips for employees in the Philippines.
9. Quit A Bad Habit to save cash
Most of us have some bad habit that is negatively affecting our bank balance. People often think their bad habits are because they are not keen to give these up, but research and studies have concluded that their practices start because of some escapism for many of these people.
We have written a blog about escapism on our page recently. But if you haven’t come across this term before, I shall explain what this is and how it can affect your bank balance. Let’s say a person is feeling very lonely and depressed. He or she goes out to party every weekend only for the loneliness and depression to come back again the next week.
If they are going out to party because of their feelings rather than the facts they want to, this is a form of escapism. They are not dealing with the problem (This is why it is returning), but instead, they have chosen (sometimes subconsciously) to run from it.
The problem is this habit harms their bank balance and their overall mental health. Therefore this is an excellent entry on our tips to save money from a salary in the Philippines.
10. Write A Financial Plan to build wealth and save
I know you are super smart, so you have a financial plan already, but so many people don’t. They have no idea what is coming in and out each month, and if they are trying to save more each month, they will need a clear visual plan.
Once a financial plan has been drafted, it’s essential to stick with it and review this often. If you have budgeted 10% of your salary for food, but you are spending 14%, then you may need to either change your percentages to match your currently living style or have greater control over your food spending patterns.
salary Money Saving Tip: Increase Your Income
Okay, so this isn’t a saving tip for a salary in the Philippines. However, if you are researching this question, you require a further increase of funds, and the best way to do this is to start a side hustle.
We have spoken about this in more detail in our recent article “Business Ideas In The Philippines With A 1k Capital,” The reason a side hustle is so essential is that if planned appropriately, you can start earning money imminently. A wise entrepreneur could then have the opportunity to turn this into a stream of passive income.
Save Money From A Salary In The Philippines: Summary
We hope we have given you some essential tips to save money from a salary in the Philippines. Remember, this will not be forever, but these tips and practices can 100% help you in the short term.
The number one thing to remember here is to live within your means. Sometimes that means we have to make sacrifices and live life a little less busy than average for a short period. For those looking at how to save money on a minimum wage in the Philippines, these tips are also essential in lowering costs and building your income.
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