Penny-pinching tips to increase one’s 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. 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.

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.

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.

Commit to frugal lifestyle choices. Identify and make a clean break from bad spending habits. Spending P200 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. Bring your own lunch to work instead of going out to eat.

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

Look for discounts and avail of them. Use discount coupons, sales, rewards or loyalty points to save money where you can.

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.

Use your PSBank Debit or Prepaid Mastercard to pay for purchases. Be able to control your spending by using a PSBank Debit or Prepaid Mastercard to pay for purchases instead of cash or credit card. Since a 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 P25,000 for point-of-sale transactions and P30,000 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. 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. (PR)

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