5 Practical Tips to Save Up to P100K a Year From This Financial Guru

Saving money is a challenge especially if you are living from paycheck to paycheck! With the increasing prices of basic goods and services, saving money becomes a less priority nowadays. Some of us even look for a part-time or extra job to make ends meet.

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In spite of this, we should save money whatever it takes. Our savings is a big help in time of medical emergencies in the family. We can also use our savings to start a small business for an extra income! There are so many things we can do to grow our money if we have enough savings. But the common question nowadays is how to save amid increasing prices of almost everything you buy?

Still, this is very much possible! According to Chinkee Tan, a well-known financial guru in the Philippines for his practical tips on money, we can even increase our savings up to P100,000 a year! In his video below, Tan explains five practical things where we can save money!

1. Cut down your Cable Expenses

If you want to save some money, cut your cable! Cable is not the only way to watch your favorite shows these days. There are many cheaper alternatives to cable TV. You can also buy a much cheaper subscription for your favorite channel. You can even watch your favorite shows online or on Youtube for free! 

According to Chinkee Tan, you can save up to P12,000 a year if you are paying P1,000 a month in your cable subscription. That's a big saving indeed!

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2. Budget Your Grocery Expenses

Chikee Tan's advice — Make a list of groceries to buy and stick with it. Do not go into grocery stores without a list of what to buy. The tendency is you will spend 20-30% higher than what is expected. Do not go to the mall hungry because you will end up eating there and spending more.

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3. Avoid Eating Out!

Ask yourself, how many times you eat out with friends or families in a month? If you are spending P1,000 a week in eating or drinking out, imagine that is P48,000 in a year! It does not mean you should not eat or treat your family out, but you can lessen your expenses with this. According to Chinkee Tan, treating your family once in a while is not bad at all. 

4. Cancel Your Gym Membership

For those who have a gym membership but does not appear in the gym. Cancel your membership and save the money. You can exercise inside your home or run around the corner. You can have the same benefit of exercising without spending money on memberships.

5. Sell Stuffs that You Do Not Need

You can sell things you do not need. It could be clothes, shoes, bags and other things that you are no longer using in your house. The proceeds of this can be your additional savings!

This article is filed under investment, saving tips, practical tips, money saving tips and financial.

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Saving Tips for OFWs in Saudi Arabia to Counter Effect of VAT

The imposition of 5 percent Value Added Tax (VAT) in almost all goods and services in Saudi Arabia affects all people living in the country, even Overseas Filipino Workers (OFW) and other expat workers in the Kingdom.

With the imposition of the VAT, the electric bill is said to increase threefolds, along with vegetable and fruit products prices that will hike up to 40 percent, dairy products, and petroleum products are also rising that resulted to fare hike in public transport.

These things are affecting thousands of OFWs working in the Gulf Region.

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We cannot change the fact that VAT-free living in Saudi Arabia is gone. But as an OFW we can always do something to limit our consumption and expenses to lessen the effect of VAT in our way of living and eventually to save.

To save money on your electric bills, switch off or unplug any chargers or appliances you do not need. It is because even if appliances are in standby mode, still they are using energy just by being plugged in.

The following are some "Koryente Tipid Tips" to consider to reduced your electricity bill

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Another factor that has a big impact on OFWs in Saudi Arabia is prices of food products. So here are some saving tips when buying or doing groceries;

1. Always go with a list. Before going to the grocery store, prepare a list of everything you need. You may get it from your weekly menu. Check what is lacking in your kitchen or refrigerator and make sure you are not forgetting anything. When doing a grocery, stick to that list!

2. Plan out a weekly menu. This is the best way to make sure you or your family have something to eat. With this, an OFW may buy groceries once every two weeks. 

3. Do not when you are hungry. Sound common tip but this is true. When we are hungry we want to buy all food we see. We end up spending a lot more. But when you eat a good meal first, you will be more likely to stick to your list.

4. Have a Budget. Know exactly how much you need to spend and stick to that limit. If you do not know how much you can spend, you will spend too much without knowing it.

5. Pack your Lunch or Snacks. Canteen food or snacks is convenient but a big waste of money. Practice buying food and make your own lunch and snack to save!

6. Do not waste leftovers. Wasting food is wasting money. Cook what is enough for you or for your family. If leftover cant be avoided, serve it for the next meal.

7. Stock-up when there is a sale. Sale items can be a great deal. If it’s an item you normally use, buy a bunch of them. Just make sure you can consume it before the expiration date

8. Don’t buy junk food. Or buy as little as possible. Junk foods give you a zero nutrition. Choose fruits and veggies instead of healthy living abroad.

9. Drink Water. Sweetened beverages are taxable in Saudi Arabia so choose water, it is much better for you and much cheaper compared to iced tea, sodas and other types of soft drinks.

10. Cut back on your restaurant eating. Yes, it is expensive and eating at home is more nutritious than eating outside.

 

Aside from electricity and food consumption, OFWs in Saudi Arabia may feel the pain of 100 percent increase on dependent's fee from SR100 to SR200 starting July 1, 2018, and would reach SR300 by July 1, 2019. There is also the possibility that dependent's fee will hit SR400 in 2020. 

As an OFW in Saudi Arabia, you may consider sending home your dependent family living with you in the Kingdom to avoid this fees and have extra savings for the future. Although it is hard to be separated from your family, this is a decision you have to be made sooner or later.

OFWs in Saudi Arabia will also feel the pain of more than 100% increase in fuel prices. Due to this, fare hikes in taxis and other public transportation is also increasing. OFWs can avoid this by limiting their "gala" or outdoor activities that require riding on public transport.

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