Wednesday, January 20, 2010

Project: Save for a Rainy Day

I am sure everybody is familiar with the Fable about the Ant and the Grasshopper. To those who are not familiar, it is a story between a Happy Go Lucky Grasshopper and the Hardworking ant.

Here is the synopsis of the Story:

The fable concerns a grasshopper who has spent the warm months singing away while the ant (or ants in some editions) worked to store up food for winter. When winter arrives, the grasshopper finds itself dying of hunger, and upon asking the ant for food is only rebuked for its idleness. The story is used to teach the virtues of hard work and saving, and the perils of improvidence.


Well I got a really cold hard dose of reality last week when my credit card bill finally arrived covering the Holidays Yikes!

The entire holiday season i have been the grasshopper, now winter has come and well technically i am not dying of hunger or anything but you start to feel a little pressure in terms of Paying for your bills.

Now, since this year part of my New Year’s resolution is really to save up some money for the rainy days.
Not to mention it’s already summer and we are about to start our yearly tradition we call SALUTE to Summer and asking my mom for money is really not an option.

So I have come up with some idea’s on how you can re-enforce yourself to really save.

1.) Leave your Credit Card at Home – Yes! You heard me right friends. Since I am a self confessed shopaholic and I know some of you are also. Exercising self restrain is not enough, you need to make sure that when you passed by your favorite Boutique or store and see their new arrival you won’t grab the merchandise and toss your plastic on the smiling sales lady.

a. As much as possible use Cash instead of Card, the interest will kill you. If you don’t have enough cash, then save for it.

2.) Create an Account that is not connected to an ATM CARD then every salary day wire transfers a certain amount from your payroll account to your personal account. It’s not at all a hassle most of the Major Banks (China Bank, Union Bank, etc.) offers E-Banking or Electronic Banking and the standard transfer fee is only 25 pesos. (So... No excuses!)

3.) Post it Works – Always place a reminder on your Office Station, Planner and even on your cell phone. Again the key is awareness; you want to be always reminded of your goals.

4.) Limit your Night out to the Weekend (preferably every other week) – this might not be applicable to all but since I work on the second shift (2pm) I can still go out on a Friday night since I log-out at around 11pm.

a. That includes limiting Lunch out to expensive restaurants to a minimum.

5.) Set a Daily or Weekly Budget – This will allow you to control your spending and stick to it! Create a budget for everything: daily spending in the office, for clothing, toiletries and stick to Needs not Wants.

6.) List you’re Daily Spending – Yes! Listing/Tallying is not just for those who want to be conscious of your Diet but also if you want to be aware of your daily Spending. Like what they said, Awareness is the Key. Always remember you have an allotted Weekly/Daily Budget.

7.) Use Public Transportation as much as possible – Unless you are in a ball gown or you need to attend a very important affair then riding a cab must always be a last option.

I read an article once about saving money, it suggested that if you want to really save up for something let say to buy a car, or go on a trip you need a visual representation on your goal. Not limiting on post its or reminders on your planner. It suggested that you must open a bank account that is not connected to any ATM or connected to your checking account. On that bank book you write on the front what this bank book is for (BIG VISIBLE and LEGIBLE FONT).


The reason behind that is to make sure you still adhere to your goal and to discourage you from withdrawing any amount on that account, since it is already allotted for something.

Hope this Helps!


citybuoy said...

i think everyone's feeling the stretch. hope this works out well.

Dhon said...

@Citybuoy -- i agree.. January and February stretch.. pheww!

Cookster said...

Yeah I feel you dude...

Dhon said...

@cookster -- Amen!.. hey.. i visited your site and you are a gamer! i will be following you! :)

Cookster said...

Thanks dude!

Dhon said...

@Cookster -- Welcome! sana naman you will also be my follower! hehehe


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