Six penny-pinching tips to increase your savings

MANILA, Philippines – Do you find yourself wishing you could stretch your money just a bit further and be able to add more to your savings? Building your savings for your short or long-term goals can really be difficult at times especially when certain events beyond your control arise. Still, it can be done. And, for you to do this, you will need to make an extra effort and a little bit of sacrifice each day because every small changes now can yield big benefits later.
Six penny-pinching tips to increase your savings

Philippine Savings Bank (PSBank), through its Good-to-Know campaign, shares some penny-pinching ideas that can help you save, stretch your money, and manage your expenses.

1. Adjust your budget

Review your household budget and adjust your allocation for important items such as food and fuel and reduce spending allotment on items that you can do without, such as branded apparel. By reducing those extra expenses, you will be creating space in your budget to boost yours avings.

2. Commit to frugal choices

Identify and make a clean break from bad spending habits. Spending PhP200 on coffee every morning or treating yourself to a fancy restaurant every other day will not help. Several stores offer coffee and restaurant quality food that cost less. You can also save a few pesos by bringing your own lunch to work instead of going out to eat. All you need is to spare a few minutes of your time to prepare your meals at home. Not only will you be able to save money, you will learn something new too.

3. Curb your bills

Review your cable TV, internet, mobile phone and other subscription plan. Curb or lower your bills by altering your subscription plan on these utilities accordingly. For instance, you may no longer need a cable TV subscription because you are already subscribed to a video-on-demand service.

4. Look for discounts

Use discount coupons, sales, rewards or loyalty points to save money where you can. With the savings you generate from availing of discounts, you may be able to put back some items you removed from your list of must-haves.

5. Sell unused items

You might have clothes that you never wear or things in the house that are in good condition but no longer use. Nowadays, there are apps that can help sell these items online and turn them into cold hard cash.

6. Use your PSBank Debit or Prepaid Mastercard to pay for purchases

Be able to control your spending by using your PSBank Debit or Prepaid Mastercard to pay for your purchases instead of cash or credit card. Since your PSBank Debit Mastercard is tied up to either your Savings or Checking Account, you won't ever run the risk of overspending as you can only use up to its purchase limit of PhP25,000 for point-of-sale transactions and PhP30,000 for online or internet purchase transactions per day. On the other hand, you only get to spend the amount loaded in your PSBank Prepaid Mastercard account.

With the PSBank Debit and Prepaid Mastercard, you can enjoy cashless shopping and dining at over 30 million Mastercard establishments worldwide. These cards are equipped with the ATM Lock feature, an additional layer of protection against ATM card-related fraud which can be accessed via PSBank Online and PSBank Mobile app.

Arming yourself with information will enhance your level of financial literacy. Seeing your money go further toward things you really need or want will not only help you learn how to save and develop a deep sense of financial responsibility but will also help you understand the worth of every peso you earn and spend.

“Good to know!” is PSBank’s public awareness campaign that provides financial education, relevant information, and helpful tips on how to manage, maximize, and protect your hard-earned savings and investments.

— The Summit Express

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