The time from Noche Buena to New Year’s. Most Filipinos think of it as an extended round of celebrations. Reunions and gatherings fight for slots in calendars fit to burst. While that’s not a bad thing, you can also use this time of the year to to reflect on your expenses and future plans.
Want a better start for the New Year? Lay a great financial foundation with these budgeting tips.
- Track expenses on your phone.
Your smartphone is a powerful, multi-tasking machine. For most people, it works as timekeeper, appointment manager, and social media consultant (for all your Facebook, Twitter, and Instagram needs). What people don’t realize is, a smartphone can be an accountant, too.
If you’re a beginner at budgeting, a budget tracking app is a great way to shed light on your spending. These apps give you a concrete rundown of where your money is going. Stumped about a big drop in your bank account? Past you will remind future you (via your budget tracker) of a dinner two weeks ago when you treated six people to a round of cocktails.
Bishinews’ Expense Manager is a great free app (Android & iOS) that gives you daily, weekly, monthly, and yearly overviews.
- Set concrete budget goals.
Make these goals your new New Year’s resolutions. Instead of vowing to get a new gym membership or swearing off unli rice, give yourself reasonable budget milestones.
Let’s have a look at “Mark”, a helpdesk support agent. Mark earns a gross salary of P30,000 a month. He wants to save enough in six months to make a sizeable down payment on a scooter. Determined to lessen his transportation time and costs, he decides to set aside P5,000 every month. Because he stuck to his goal, by the end of six months, not only is he ready for that scooter, but he also decreases his monthly payout for the remaining balance.
Want to discover more ways to save money like Mark? Read finance expert Randell Tiongson’s personal finance blog.
- Stay ahead of utility bills with auto-debit.
Can’t remember if you paid for this month’s Meralco bill? Are you past due for your credit card yet again? Take advantage of the auto-debit agreements that banks, telco companies, and Internet service providers already offer.
That way, when it comes time to pay your bills, you won’t have to scramble to a Bayad Center anymore. The exact amount will be deducted from your bank account—no more late payments and penalty fees.
Get initiated into automation with Meralco. Visit this page to set up automatic payments.
- Schedule a visit to the doctor.
This seems completely unrelated to budgeting. But you are your most valuable asset. And nothing causes your value to plummet faster than illness. While you can’t avoid a cold, you can dodge more serious illnesses with prevention. Treat yourself to regular doctor and dentist checkups. A small dent in your wallet now is better than a big hole in your pocket later.
Speaking of prevention, track your nutrition and exercise with the MyFitness app.
Got your finances in check but need extra cash to pad your budget? Fill out our form for a sample quote, and get your loan approved in a day. The Perajet loan approval process is quick—and most of all, secure.