Saturday, November 15, 2014

Six Tips for Saving Money in the Philippines

Searched for "Happy Blonde Girl" because it feels so fitting. Haha. Source
Now that I have regular work and earn a substantial amount of money to save, I'm planning to travel a lot next year. Preferably alone. Or with family.

I've always wanted to be financially independent and now I am doing it under the strict guidance of my sister who probably thinks Microsoft Excel is a computer game.

Here are the things I try to follow in my, so far successful, foray into the land of being kuripot.

1. Open a separate bank account


This is where the die was cast for my efforts in saving. Before opening a separate bank account, I had one from BPI which I actively use. The Average Monthly Balance of my BPI card is around 50 pesos because I'm a spendthrift. Putting my leftovers savings there is just to much danger so no. Th ATM-based account is so convenient it works against the point.

How I chose a bank and account type

My new passbook thing which looks way more legit than an ATM. The fruit is for ambience. Also the newspaper in Chinese which the store lady used to wrap a tub of ice cream.  

I now have a passbook from Maybank. If you have Php 20,000 on-hand, you would be able to open a passbook account anywhere. They have a website.

My passbook comes with an ATM which I ceremoniously cut to pieces. The account will work without an ATM card but I'd have to go to the bank to get money. The 15-minute trip to the nearest branch is enough time for me to reconsider my choices.

I chose Maybank because in the Philippines, it is yet to hit the mainstream. Why not be cool about banking and good for the independent-looking one that seems to not have yet sell out their brand? And when they get famous, you can wave to the faces of the normcore public that YOU WERE HERE FIRST!

*Hereafter, you need a notebook or use an Excel sheet.

2. Account for your financial status

My notebooks which also contain musings about life, why I have to stop losing stuff and even a tally of waistline over a few weeks. The fruit is for size reference, hope it helps!

"Financial status" sounds fancy but for me, it was just really listing down all the things I've owned and still own and also listing down their equivalent value in PHP.

Have concrete amounts of how much you earn per month, the value of the things you own and how much you can save per month. 

This activity is about assessing your value at the present moment. It will give you a great perspective on money stuff and how,  for example, a thousand pesos fits into your life.

In my case, I also listed down around ten mobile phones I have owned and lost since birth. As a matter of fact, not only cellphones but expensive eyeglasses, wallets and clothing. I'm a klutz and it is not even funny anymore.

3. Set goals


This could single-handedly be the most important part of the process.

You should have exact amounts of how much you can save per month and how much you want to have in your account by a specific month. 

"I should save this month." is a really bad goal because if you save Php 100 from a whole month, you did achieve your goal but it remains meaningless. Boo you.

My goals are for example:
  • Have Php xxxxxx amount to directly go to my account by the end of this month
  • Have my own money for El Nido which I will go to by the end of November
  • and enough money for Bali and Jakarta in January. 
  • South Korea and Japan next year (because friend is potentially going to school there, visiting)
  • Go to Thailand (Chiang Mai, Phuket, Bangkok) next year
Each of these goal items has a corresponding amount of moolah. Estimates but at least I have numbers to run after.

4. Get inspired


This is the easiest part if you followed this list chronologically. 

What I do is stare at the list of all the things I already own. I'm writing this post while wearing my Balenciaga jacket. It helps me realize the heaps of money I threw away towards things I don't really need. Of course I need this jacket. December is a cold month and I am alone.

Every time I want a camera or decide to buy a tablet, I need only to remind myself that the money I spend could also be first class train berths to Chiang Mai or a roundtrip ticket from Bangkok to Phuket.

Every single peso counts. It really does. Stare at your list. You function because of the peso. 

5. Lessen cost-of-living

I get to cheat here because my family still don't want me to move out and my job is location-independent.

I don't spend for commute, I still share my parent's car (no paying for gas) I commute at the cheapest prices when possible and I isolate myself from capitalistic establishments (malls). I literally live two hours away from the nearest mall.

Again, no one really needs a tablet. My 2013 laptop still works perfectly. I don't need new clothes. I don't need to eat out a lot. Ground coffee is overrated. Shampooing is optional. Ok exaggerating but I hope you get the point.

Despite popular belief, I'm very very low maintenance. I'm not a luxurious person. The only reason I complain when I'm with other people is to jumpstart conversation and actually make people realize it is okay to say they are uncomfortable. As long as there is plumbing and no spiders, I'm happy!

6. Have a person (optional)


I've said before that I spend like a bat out of hell so I need a person. Every time I'm thinking of buying something expensive, I run it by someone who is a pro at thinking about money. 

My intentions of saving turned into action because I finally was able to discuss to someone else my independent financial state.

I still believe public non-anonymous disclosure of finances is taboo (because inequality, pay-versus-labor things, awful awful things) That is why I chose someone I trust and someone who actually is good at these things.


Landing on my blog must mean you are planning on saving. If you are then you should. If you're like me who can eat, sleep, work and repeat without much fuss, it is actually very satisfying to see the amount in money you can save just by being a conscious consumer. Nothing feels better than knowing that when the people you depend on disown or exile you, you can make a blanket of cash to cover your lonely soul.

Remember kids: Money buys happiness especially if you plan on traveling. Or have you seen the Parabellum Medicine Man Manpurse?

Posts that inspired me to save:
Let me talk about the pomelo fruit again. I live in a rural town and people actually give each other fruits from their backyard/front yard here. I think I'm getting a hoe for Christmas. 
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