Monday, May 05, 2008 Money wise: Taking that first step
IN most cases, the thought of saving up for a secure future remains a plan until one takes the big step to actually do so.
And after the first step, one would need a lot of determination and discipline not to dip his hands into the savings.
To take the big leap, Philippine Savings Bank outlined a number of tips on how to save:
1. Spend only what you can afford and avoid borrowing money or piling up credit card debts.
2. If you can, use landline phones instead of mobile phones. Per minute calls may seem cheap but wait till you see them
accumulate in a month!
3. Distinguish what you need from what you want. Prioritize what you need – which are the necessary things to sustain you, like food, shelter and clothing. You can always live without your “wants.”
4. Put spare coins in little Miss Piggy. It still works!
5. Don’t give in to temptations. When you are trying to save, it is best to resist the impulse to shop.
6. Stock up on sale items that you use regularly.
7. Open a savings account and commit to setting aside a portion of your salary for your savings. (DME)
