Personal budget strategy to consider this 2018

Tips to survive another year of strict budgeting and saving money

Eat healthier, get more exercise, save more money, take up a new hobby – it’s the time of the year to make that list of self-improvements again.  If your New Year’s resolution involves strict budgeting, there are countless of ways to make your funds work the way you need it to.
It’s more than just saving money, because the real question is, how?  Global Fintech company Home Credit has six tips that you may consider when doing your budget plan.


  1. Track your spending

Ask for receipts whenever possible, so you can log your expenses every day.  You’re not even required to log them in an Excel spreadsheet (but if that works for you, go ahead!) –just keep it organized, so you can review it anytime.  Remember, your goal here is to be aware of your daily spending habits so you’ll know the things you can live without.

  1. The Slush fund

Be it an emergency or a car repair, there are high chances of encountering these unfortunate incidents.  Keep them from running you into debt by having your emergency fund in an account that’s easily accessible for you.  But use them only for emergencies!

  1. Focus on one thing

A house?  A Car?  Or just start little like a new appliance or a gadget?  The point is to determine one specific goal and focus all your efforts on obtaining it.
You can’t have many financial goals and try to achieve them all simultaneously without draining your other funds.  Prioritize one objective and figure out how you are going to get there.  If you think this means you’ll have to trim your expenses, you’re right.

  1. The fun fund: cut down on it

There are just some days when you can’t resist the impulse to buy something out of boredom.  Either that, or you just choose to spend on unnecessary things when you can just opt for a cheaper—rather, simpler way of living.  Once you have tracked your spending and found what you don’t need, try to gradually—if not immediately—take it out of your system.

  1. The list

List, list, and list.  You’ve heard it again and again to emphasize its importance.  If you have a list for even the smallest things you need to buy, you’ll less likely spend on impulse purchases and only stick to what you’re looking for.  Of course, it’s a totally different issue if you decide to buy something else instead of the one on your list!

  1. Installments  

If you’ve already come up with a budget plan, but think that the monthly costs might still be heavy for you, then you might find it hard to do one time big time payments.  Rather than one all-out spending, how about pay in installments to make your monthly costs lighter?  Imagine paying for them and still having enough money!
It’s possible, even if you have no credit card.  With Home Credit, you can buy yourself a reward and pay for it through installments – at 0% interest rate.  Through their simple application process and fast loan approval, you can afford the things you want, and still have spare budget to add to your other funds.  It only requires your two valid IDs, a filled-out application form, and 20 minutes of your time to get approved.

Budgeting isn’t just about living the matipid lifestyle, as we Filipinos like to call it.  It’s more on handling your funds wisely by setting your priorities straight and maintaining your discipline to stay within your limits.  And if you followed our advice to set your focus on one thing, Home Credit’s installment promos will make sure that you’ll get it in a budget-friendly way.
For more info about Home Credit’s promos, loan applications, and store locations, visit www.homecredit.ph.

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