The economy is uncertain. You won’t have a good-paying job forever. If you don’t save and allot something for emergencies and for your future, you’ll grow old and be surprised that you cannot enjoy the life you’ve always wanted. If you are at a loss where your money goes, please check the previous articles on the BeMightyNow Personal Finance series:

Money Management
Track Your Income and Expenses
Analyze Your Expenses
Your Personal Budget
Cut Expenses

Here are additional tips on how to save your hard-earned money.

1. Automate your savings. Open a savings account at your favorite bank and set up an auto debit arrangement with your payroll account. Set aside 20% of your income for savings. For example, your income is PhP 50,000. You can save PhP 10,000 a month. After twelve months, that will be PhP 120,000! And as you continue to save, you can be secure even if any emergency comes along.

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In a previous post, I recommended to track every kind of expenses that you make and list them down as you spend. The data generated from this practice will give very interesting insights into your spending habits and where your money goes.

I’ve been tracking my expenses for the month of September and I have already seen several areas where I can cut my expenses. There are still other ways to cut expenses so that I can effectively engage in personal finance management. Here are some tips based on what I have learned so far.

1. Don’t drink coffee at Cafe and Restaurants much.

I’m a regular coffee drinker. I love coffee so much that I wouldn’t mind spending money on a cup of coffee from Starbucks or from Figaro. I usually bring my laptop over at the Coffee shop and connect to the Internet while drinking my coffee! By limiting my Cafe visits to just one per week, I can save up to 50% on my coffee shop spendings. As an alternative, I can brew coffee at home and decorate my room so that the Cafe ambience would still be there.

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