“Every peso counts” is a saying so common across the country that you can hear it almost everywhere. This statement is especially true given the nation’s current situation, where inflation has been soaring. The latest government statistics show the headline inflation rate at 1.8 percent.
Among most Filipinos, budgeting often feels like walking a financial tightrope. From the urban centers of Metro Manila to the agricultural hinterlands of the country, Filipinos consistently face the challenge of making their income stretch further.
Although saving money might initially seem complex, incremental adjustments to spending habits can yield substantial long-term benefits.
Reassessing financial decisions and improving money management skills are essential for sustainable and robust economic health. By reviewing small, everyday expenses, people can inspect the supposed small expenses that turn out to be the main cost drivers in one’s expenses. A practical approach is prioritizing home-cooked meals instead of take-outs. Or opting for public commutes instead of metered-taxi or hailing app rides during workweeks can make a difference. Making these minor adjustments to spending habits can lead to significant savings for an entire year.
Listing down and maintaining an adequate budget is another basic and equally important step toward financial security. Experts recommend the 50/30/20 budgeting method, which divides after-tax income into three categories: 50 percent for essential expenses, 30 percent for discretionary or so-called “wants,” and 20 percent for savings, investments, or debt reduction. Sticking up to this rule helps cultivate discipline and wise spending.
But merely setting aside money is not enough. Ideally, savings should grow over time. It is imperative to identify platforms that help people with smart savings. In this regard, TOP.ph, an innovative Filipino fintech solutions and e-wallet app is especially valuable.
TOP.ph empowers users with intuitive tools to manage finances efficiently. One such element is the sub-wallet feature, where users can budget and track expenses in specifically allocated wallet sub-sections. Users can create up to five wallets and label them based on what they are allocating their money for.
Another effective belt-tightening strategy is maximizing savings opportunities through promotions, cashback rewards, and discounts. Digital wallets like TOP.ph have partner merchants that offer such benefits. These offers, which often include daily transactions, enable Filipinos to save money effortlessly.
Lastly, it is important not to forget to set aside an emergency fund. Sudden life crises, like illness, accident, or unexpected house maintenance, can throw even a well-designed budget into a spin. Having an emergency fund equivalent to three to six months’ worth of living expenses is advisable. The money will help ensure stability, peace of mind, and a financial cushion when unforeseen circumstances arise.
By considering these practical strategies into a financial routine, the goal of saving up money will not only yield savings but also provide a solid foundation for stability. With TOP.ph as a supportive fintech platform, every Filipino can confidently pursue financial empowerment and long-term prosperity, truly understanding that in building economic security, “every peso counts.”