5 Best Practices to Kickstart Your 2023 Savings Journey

Believe it or not, investing your hard-earned money is not an easy decision. For one, you're afraid to lose your supposed investment, and second, you think it's a risky opportunity. That is why you always choose to open a bank savings account and let your money sit there when not needed.

However, having a savings account and a stable income is not even sustainable for owning a decent house and lot in the Philippines. As a result, you either take out a housing loan or do side hustles to get an affordable house and lot unit. But will you be able to survive once you start paying the down payment, monthly amortization, and all other expenses?

Whether buying a new house or planning to put up a mutual fund investment on the stock market, look at these best practices to kickstart your savings journey this 2023.

5 Top Tips to Save Money for your Savings Journey

Did you know that you can save at least 10 percent of your monthly income if you have set your mind to it?

A savings account cannot be called savings if you still withdraw your money whenever necessary. But "real deal" savings should be kept long-term with a specific savings plan.

So, consider these recommended money-saving tips if you want to build financial security or have continuous cash flow to unlock your goals.

Check your spending habits.

Before start saving money, evaluate your spending habits first. From utility bills to household expenses, ensure it is itemized to determine which should be cut. Add them all and determine how much is left from your monthly income.

For instance, if nothing is left, check your list and remove or reduce the expenses you think are bearable. These should be non-essentials or things you are willing to sacrifice to save money.

Set a realistic goal.

Most people set aside a huge sum of money for their monthly savings contributions but are unable to maintain it along the way. Much worse, they even experience financial burden. Note that inflation is just around the corner. It can go high anytime, and the cost of food and other basic needs also increase. But, setting a realistic goal enables you to thrive. So, identify how much you can afford to save from your hard-earned money and stick with it.

Consider a savings account like a bill.

Most often, you are tempted by online shopping deals or hanging out with friends. Then, you didn't notice you had already spent your supposed designated savings account due to impulsiveness or instant gratification.

So, treat your savings like your monthly bill. As such, you don't have to think of spending it unexpectedly.

Stick with your budget.

Saving money for an investment is like having a strict diet. If you continually break your savings goal, you'll always end up with no savings at all.

But you don't have to deprive yourself of personal cravings. You can still spend money on your needs as long as you stick with your budget.

Let others know about your savings journey.

It is also ideal for telling your loved ones about your savings journey. This will motivate you to pursue your savings goals since you hold yourself accountable. What's more, your loved ones can also keep an eye on your spending routines.

How to Control your Spending Habits

Besides cutting recurring expenses and eliminating unnecessary things, there are other ways to control your spending habits to save. Here are our simple money-management lessons for first-time investors.

• Learn to say "No."

Most of our colleagues, friends, and families invite us for a get-together gathering. Others have kids asking to buy something for them.

These situations will keep happening if you don't know how to say "No." They may be upset, but you must focus on your savings journey.

• Make a shopping list.

Creating a shopping list is one of the most effective methods to control your spending habit. Before heading out to the mall or supermarket, list all the items you need to buy. Ensure it fits your budget and save extra money from your allocated budget.

• Delete mobile shopping apps.

If you're hooked on shopping online, chances are, you'll be tempted to push that "Add to Cart" button, especially during paydays. So, delete all the shopping apps on your mobile phones to avoid online sale temptations.

• Divert your attention from spending.

Whenever you have that urge to shop or think of buying some stuff, divert your attention to other things. Do some household chores if you're at home or take a walk in the park instead of going to the malls. You are not only controlling your spending habit, but you also create a healthy lifestyle.

• Don't spend too much on social media.

Social media platforms also trigger your spending since they feature more visuals to attract more audience. Besides the marketplace, you can also see other people's achievements, waking up your earthly desires.

Avoid spending too much on social networks if it's not needed. Use these platforms for communication only until you unlock your goal of saving money.

Saving and investing are among the most challenging tasks for an adult. You need to be firm and in control of your finances if you want to achieve something. However, the perks are also limitless if you experience financial freedom. You have enough money for your dream car, brand-new home, or even college tuition for your children. Thus, you can have a brighter and more promising future ahead.

Fortunately, Lumina Homes can help you reach all your financial goals without breaking your bank account. With our affordable house and lot for sale properties, you can start building your own investment portfolio. We offer budget-friendly housing packages for hardworking Filipinos, local and abroad. It's a great residential community for your family and a perfect haven to create your dreams.

Contact our nearest Lumina-accredited seller today for more details, or message us with just a few taps from our chatbox below.