It’s already the start of the “ber” months, which means Christmas season na sa Pinas. Many Pinoys see the holidays not just a time for merriment, but also a time for increased spending. Ngayon pa lang pinaplano na ng iba kung paano gagastusin ang 13th month pay at Christmas bonus. And for those with no bonuses forthcoming, they’re probably already worrying where to find money to spend for the holidays.
You can still have lots of money for Christmas even without any bonus and with your present salary. Starting today, make a conscious effort to reduce your expenses, so you can save more. If you can cut down your spending by P3,000 to P5,000 a month, you’ll be able to save P12,000 to P20,000 by December. That should be enough to cover most of your holiday expenses. If not, then cut down your spending some more.
Here are nine ways you can reduce expenses and save a big bunch for Christmas.
1. If you smoke, now would be a good time to quit. Smoking one pack a day sets you back by P900 to P1,200 monthly and damages your lungs and of those around you.
2. Limit your night outs to once a month, or better yet don’t go out, until after the holidays. You can easily spend a thousand or more on night outs.
3. Take public transport more often, especially if you live far from your workplace. If I drive my car from Dasmarinas, Cavite to Manila and back, I’ll spend about P500 for gasoline, toll fees and parking (and utterly exhausted by the heavy traffic). If I take the bus, I just spend P150 to P200 (and get plenty of rest while enjoying the sights during the trip). That’s more than P300 savings just for one day. If I do this at least twice a week, I’ll have more than P2,000 extra money in my pocket at the end of the month.
4. Take lunch to work. You’ll save more than 50% on food cost. If it’s impractical, look for cheaper food. Take your breakfast and dinner at home so you’ll save even more.
5. Reduce your drinking. Instead of daily or weekly, drink only once a month or suspend it until December. But don’t drink too much in December to make up for missed drinking sessions.
6. Reduce movie dates to once a month or every two months. Watch movies where it’s cheaper. Or have movie marathon at home on weekends.
7. Cut back on the expensive coffee and soft drinks. If you can’t last a day without drinking coffee, find cheaper alternatives. Go for the expensive cup once or twice a week. Resist the urge to eat every meal with a bottle or can of soft drinks and you can easily save more than a thousand in a month.
8. Observe a ceasefire on buying new clothes, shoes, bags and accessories ‘till Christmas.
9. Stay at home more often, especially on weekends. The more you go out, the more likely you’ll spend.
The holiday season is not really a reason to go overboard in your spending. But if you really have to spend more, then start controlling your expenses now, so that you’ll have enough money by December. By saving early for your holiday expenses, you can keep your bonuses intact and you won’t have to resort to borrowing. Memories of Christmas won’t be so merry when you’re left with a gaping hole in your pocket after the holidays. So, be money smart this Christmas season!
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ALVIN T. TABAÑAG, RFP
Founder and Chief-Trainer
PINOY SMART SAVERS LEARNING CENTER
(International Best Provider of Employee Financial Education)
"Helping ordinary Filipinos achieve financial freedom!"
http://www.pinoysmartsavers.com
http://www.facebook.com/alvin.tabanag
Tel.No.: +63 46 416-1385, +63 917 502-3149
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