Transportation
Here's a good tip for people who are planning to buy cars. Don't buy a car if you can't afford to pay for gas. If you have to buy a car then don't choose luxury cars because the cost for labor and parts can be so expensive. A good car model to buy would be the Toyota cars. These cars don't cost much for parts and repair. The problem can come if you buy a BMW yet you are BWM -- in short Broke Without Money. So in short, focus on long term than short term with vehicle buying. Get an affordable, sturdy vehicle. If a car is good for a taxi cab then it must be good for you!
Are you having the need to ride public transportation? Ride a jeepney or a bus as much as possible. Get a cab only when you're not feeling well or you're in a hurry. But take a jeepney or a bus as much as possible. It shouldn't be beneath anyone. There are even some rich people who still ride jeepneys or buses whenever they have to go to places where parking one's private car is near impossible.
Avoid spending on dirty street food and overly expensive food
If you think dirty street food can help you save money -- think again! These dirty street food may have very poor sanitation habits. An example is the pungko-pungko eating. Do you know that meat can be hazardous if not prepared properly? It disgusted me to think how some of them overly recycle their cooking oil or they don't even have good habits in handling them. You can think how getting dirty street food to save in the short run may get you huge hospital bills in the long run.
The other would be avoiding the mentality that expensive food is always the best. True, you should expect to pay more for better food but what's expensive isn't necessarily better. For instance, do you know some people overcharge for poor quality products and services? This would be a real problem when you pay for something not worth it. It's like paying for a sandwich worth PHP 60.00 and it's really delicious and filling vs. a PHP 300.00 sandwich that was merely overpriced. In short, seek to get the affordable and delicious as high price doesn't always dictate high quality.
Make sure you get reliable supply of drinking water
I can remember the commercial of Angel Locsin where she talked about how some cheap napkins are bad for its users. This can be the problem of a supply of drinking water. I remembered getting into a fight with a water supplier for this reason -- many of the water dispenser gallons I ordered were defective. One had wrigglers and another had a dead lizard! I was furious! I knew it was too good to be true! I decided to go to the more costly yet more effective drinking water supplier who provided me the clean distilled drinking water that I wanted.
If you want to compromise your body for wealth then remember that health is also wealth. I can't imagine what if I decided to just drink the water that had a decaying lizard or wrigglers. It certainly wasn't properly distilled! It could have landed me in the hospital. I couldn't imagine the mountains of bills that I'd have to pay for them. That's the reality that must be faced that you must think long term. You may spend more now for clean drinking water but it'll save you from a burden of expenses later on in life.
When you buy electronics -- make sure you buy according to durability and not to class and make sure you can pay higher for electricity
I remembered the time I made a comparison between Apple and Samsung. Apple is more of a status symbol while Samsung is more accessible -- though it also has high end market for stuff like Samsung Note or higher models. But we could think about one is usually for face value (like a BMW or Mercedes Benz) and the other is for practical usage. It reminded me of how much I was told, "As long as you've got an effective car then that's all that matters."
This is the issue of electronics -- they consume electricity and there's the risk of them being stolen so the thief can sell it for money. Sure, a smartphone is more preferable these days due to its ease of use but don't get a super expensive one. This also applies for people who want to get an airconditioner. They must ask themselves this question of whether or not you are willing to pay higher for electricity. It's just like the example of the car -- if you can't afford gas then don't buy a car.
Traveling tips that may help you save money
Do you want to travel? You must make sure you have the money to do so. Don't take a plane if you can't afford a plane. But if you can afford a plane then I decided to apply this lesson. I remembered how often I was told, "If we're having trips better let us know earlier so you can save for flight." After that, I saw the benefits of doing so.
One should always plan their trips months ahead because it will help reduce the cost of the ticket. This also means taking the economic flight as much as possible. Take a business class flight only when you have problems like bringing an elderly person to a long trip. Take only the rushed plane flights in the case of an emergency such as a loved one's sudden passing. But as much as possible, try not to ride planes too much!
Some practical tips for buying presents
While I don't advocate for giving super cheap, easily breakable presents but I also go against buying presents that you can't afford. It reminded me of how it made me go "HUH?!" when some of my poorer neighbors were receiving really expensive gifts while I was receiving moderately priced gifts. I used to whine about it back then until I realized that just because you have nice stuff -- it doesn't mean you're rich.
It would be better to plan ahead what you're giving and have a budget for them. It would be better to give something that costs less with higher enjoyment value than something that costs more but it will break easily. Take a good example of thinking about buying something that newly came out vs. something that's already sold lower. Sometimes, not buying something when it's newly released can be more beneficial. You may even be faced with the "it's new and it's bigger" showing that you shouldn't have bought it right away as a gift to someone.
Keep a piggy bank for your coins
I remember one thing I learned was to use the piggy bank. No, it doesn't have to be a literal piggy bank. I use a tin container for wafer sticks for one since it was a durable type. Coins are indeed part of receiving change. You have lots of coins then what do you do? Every little thing counts with coins. It would be good to save these coins and put them in what you may consider your piggy bank.
How does this work? Remember that you keep aside some change. These may take in the form of one peso, five peso and ten peso coins. Can you imagine if you've saved up to a hundred peso coins, a hundred five peso coins and a hundred ten peso coins? You'd get 1,600 pesos already from the coins. Then it'd be time to add some income to one's bank or additional pocket money. Rinse and repeat.
Get your money to a trustworthy bank
Want to know how you can get a trustworthy bank because investing in them keeps the economy going round? Make sure you do your research. Banks that offer you preposterous packages such as double your money in X years shouldn't be trusted. Banks that offer you a free smartphone or i-Phone if you avail of this package shouldn't be trusted. Banks that have very high class events shouldn't be trusted. Instead, go for banks that have a good record such as Banco De Oro, Chinabank, Metrobank and Bank of the Philippine Islands. Remember the bank uses the money of the clients -- that's why clients earn interest from whatever transactions they do. If you're a client then they are also using your money.
Are you planning to open a savings account? Make sure that you keep pouring money into it. It may just earn very small per year but it's safer than putting your money in your personal vault. Keep up with that PHP 10,000.00 minimum or you will end up getting penalized by the bank and lose all that money. Make that money grow by spending for only what you need and save the rest there. When you have enough money they start going for Time Deposits, Unit Investment Trust (which can be used for capital appreciation and dividend income for companies) and Treasury Bill (which finances loans in the Money Market). Only invest in the stock market if you have excess cash since it has higher risks. On the other hand, taking AXA Insurance packages such as minimum bonds can help one but make sure you still have savings to make both ends meet.
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