Sunday, March 21, 2010

33 Ways of Boosting Your Savings (Part 3 of 3 Because In the End, All Good Things Must Come to an End)

33 ways to save more money just in time for someone's special 33rd. Here's 23 to 33 on the list:

23. Pay with cash (for select goods). For basic expenses like gas and groceries, it’s always better to use your credit card because of the freebies you can get, as I mentioned in Item #8 of this list. But for some major purchases like gadgets, appliances, and other consumer electronics and durables, paying with cash is almost always the cheaper option. The “cash price” of these goods would be 5 to 10% lower than the sticker price, which is based on the default assumption that you’ll pay using your credit card.

24. Try to live as near as possible to your place of work. You don’t necessarily have to spend more if you get a pad that’s near your place of work. If you are working in Makati, for example, you’ll find decent and affordable apartments and condos for rent along Estrella or Boni Avenue; if you’re based in Ortigas, there are good-value residences in the Amang Rodriguez area in Pasig City. Whatever additional expenses you’ll incur by by living near your place of work you will recoup with savings on gas, transportation fare, and time. Not only that, you’ll also be less exhausted when you get to work in the morning and when you get back home at night.

25. Regularly clean your electric fan and air conditioner. Clean electric fans and air cons provide better ventilation and cooler air even on lower settings, even in exceptionally hot and humid days. Plus you get the bonus of having a cleaner and more pleasant-looking (and not so icky) living space.

26. Scrap your landline phone. When was the last time you actually needed to use one when you were home? Nowadays you can even text your fast food delivery order. Easy 700 pesos per month or 8,400 pesos per year.

27. Use your work HMO for free medical checkups. Yeah, I know how we all love to play doctor from time to time and just google possible reasons for why we feel a bit doozy. But it does not ever make sense to scrimp when it comes to your health, especially when there’s no reason to. If you’re already working, then most probably you have health insurance, which comes with unlimited medical checkups. Use this benefit whenever you feel a little off-kilt and you’ll save at least 500 pesos per visit.

28. Get a part-time job. If you can watch Chuck marathons or play Call of Duty: Modern Warfare 2 till the wee hours of the morning, it means you have excess free time, precious free time you can use to beef up your disposable income. Try writing for a fee for search engine optimization firms or any writing gig you can find posted on craigslist. If you have a repository of ample knowledge and confidence (and a bottomless well of patience), you might want to try being a part-time tutor. No matter what “racket” you decide to pursue, the key is to be productive and try to maximize the use of your time, especially when you’re still (relatively) young and single.

29. Get free e-books online. Works by Shakespeare, Dumas, Doyle, Dickens and other classical authors are all available online, legally for free, at Project Gutenberg. You don’t even have to have a Kindle or an iPad to enjoy these masterpieces; if you abhor reading from your computer, free e-book applications for most modern cellular phones and smartphones like the iPhone abound online.

30. Always fly no-frills. Just always show up for your flight on time, and you’ll get around 10% cheaper air fares. Who needs crappy airplane breakfast, anyway? The difference in food aside, carrier P is more expensive than carrier C not because it offers better service or because it has a safer flight record: it’s primarily because P is highly unionized. This means at the same level of output, P’s labor costs are several times higher than C’s, at that extra cost is passed on to unwitting consumers, i.e. us.

31. Invest in yourself. It’s something Warren Buffet is often quoted as saying. Getting an MBA is no assurance that you’ll instantly get promoted, but at the very least, you’ll learn things about business that no amount of experience can teach you. And believe you me, it will open doors you don’t even know existed. If you’re too lazy to study for another two years, you can instead try to get a professional certification (e.g CFA, CIA or SCJP) or a professional license to be a Real Estate Broker or a Financial Planner; anything that will set you apart from the other rats in the race.

32. Stop smoking. One, you’ll live longer. Two, you’ll save around 8,000 pesos per year. Need I say more?

33. Don’t celebrate your birthday. But if you can do all of the 32 tips I mentioned above, you can save as much as 140,000 pesos per year (excluding one-time savings), so there’s no real reason to be a penny-pincher on your birthday. Celebrating your birthday may cost you several thousands of pesos, but sharing your blessings with those who have helped you along in the past year and spending happy moments with your friends and loved ones is something you can never put a price tag on. So please ignore this last tip. Splurge and celebrate the most important day of your life. Just don’t forget to invite me when you do. ;)
Related Posts Plugin for WordPress, Blogger...