Saving money frequently feels overwhelming for numerous individuals, with various personal situations causing these challenges. Nonetheless, saving isn’t so much dependent on one’s current state as it is on being committed to improving our fiscal health.
The adage says, “Where there’s a will, there’s a way.” With the proper attitude and straightforward techniques, everyone can find saving both simpler and more pleasurable. Below are several useful suggestions I follow to streamline my savings routine and transform it into an enriching practice.
Why does so much of us struggle with saving cash? Given the various scenarios each person faces, it’s quite a complex issue to pinpoint exactly why. However, I think that saving money reveals more about one’s determination rather than their conditions. The saying “Where there’s a will, there’s a way” captures this sentiment well. Below are some straightforward strategies I employ to simplify and ease my savings process.
1. Cultivate gratitude. When does wealth become sufficient? Could one million suffice? Perhaps even 100 million would do? What about a staggering billion? Here’s the catch: nothing ever feels adequate unless we learn how to appreciate what we have. Without this sense of thankfulness, saving becomes challenging due to constant excuses. We’ll keep finding reasons to splurge so long as we’re focused on outshining others through material possessions. Gratitude helps us embrace contentment regardless of where life places us, eliminating the urge to compete with those around us who seem more affluent. Dedicate some time each day to think about only two or three small blessings—like enjoying quality conversations with family members or savoring your morning brew. Shift focus from coveting neighbors’ luxuries towards appreciating current assets and setting goals aligned with genuine aspirations.
2. Return to basics (the piggy bank method). No matter where I am—at work or at home—I always have a small savings box on my desk as a reminder to save money. This simple strategy was one of the first things we learned growing up. Each day without fail, I ensure that I contribute something to it, irrespective of how much. Some days might see just 1 peso going into it, whereas others could involve putting in 100 pesos. The actual sum doesn’t worry me; rather, what matters is consistently adding to it every single day. After developing this regular practice of setting aside funds, you’ll naturally find yourself wanting to save even larger amounts over time.
3. Simplify savings. Opt for an online method over visiting the bank if it feels less cumbersome. Avoid complicating the process of saving; instead, seek out options where depositing funds is convenient yet withdrawing them requires extra effort.
4. Save with a buddy (or join a support group). Often tasks become easier when shared rather than tackled solo. Look for someone reliable whom you can confide in; they should feel comfortable giving you an occasional push when they notice you slipping into old patterns of overspending or neglecting savings. Empower them to speak candidly about your reasons for saving and recall why you sought their assistance initially. Likewise, offer your aid towards achieving their objectives too. That makes it mutual encouragement where both parties benefit from each other’s progress.
5. Set your sights on a larger objective (something beyond wealth). This target isn’t merely about accumulating 1 million or even reaching 100 million. Instead, aim for owning a home priced at around 1 million or achieving financial freedom so you can enjoy the kind of life you desire, which might require having 100 million saved up. The aspiration shouldn’t be limited to how much cash you wish to accrue; rather, it should extend into areas that hold deeper significance. Saving tends to feel challenging largely due to our lack of clear vision regarding why we’re doing it. However, when this ambition transcends mere monetary gain, saving turns out to be both more enduring and impactful.
Setting aside funds doesn’t need to feel like an insurmountable task. By embracing a thankful attitude, revisiting fundamental strategies such as using a piggy bank, and establishing helpful routines for yourself, you can turn savings into a simpler and more fulfilling endeavor.
Setting significant objectives that extend further than merely amassing riches can offer the drive required to maintain your saving routines. Keep in mind, even small contributions accumulate gradually, and the self-control you build presently will lead to a safer economic tomorrow. Begin applying these suggestions right away, and observe how your savings expand, moving you nearer to achieving your monetary aspirations.
Jeremy Jessley Tan is a registered financial planner of RFP Philippines. To learn more about financial planning, attend the 109th Registered Financial Planner Program this January 2025 and email at info@rfp.ph to inquire.
