I have been struggling for over two years now. I never imagined myself going through this. I got no issues three years before. Whenever I use my savings, I make sure to return it the next payday. Same as when using my credit card, I always maintained zero balance.
Then, I became so obsessed with shoes, planners, and stuff. You know what I mean. I started buying things I want. Who needs four pairs of sneakers? Much more, three planners in a year? I felt so much guilty of splurging too much on weekend and online sales. My savings turned upside down, and my credit balance went low. I am not kidding. I do not earn that much, yet I spend more than what I earn.
It is not too late to change. I need to pay my debts. I need to save. But how?
Salary – Expenses = Savings
I never followed a formula for saving. Whatever is left on my salary is my savings. There were times when my saving is big, but most of the time, it is small. Instead of keeping what was left, I will spend that small amount that was supposed to be allotted for savings on little things and save next time when the payout is much bigger.
Too much spending plus bad attitude equals NO SAVINGS.
Salary – Savings = Expenses
Today, I am learning a new way to save. I make sure that I set aside first a certain amount then budget what is left. My expenses usually cover food allowance, transportation allowance, house rental, water bills, electric bills, phone bills, loans/debts, etc. It is difficult at first. But mind you, it will be successful in the long run. We will learn the art of thriftiness.
Start this early. Save for your future.
Update: I am currently using the 50/25/15/10 formula. I set aside a certain percentage of my salary for my loan, debts, housing, food and transportation allowances, savings, “paluwagan” and even tithes. This is more detailed than the previous. My salary is properly disseminated to what I need most. I even opened a savings account so that I will not be tempted to spend. In time, my loans/debt will be paid, plus I have extra to shell out in times of need.
|50%||Loans, Debts, Housing|
How do you save?