How To Make Ipon Nga Ba?

How To Make Ipon Nga Ba
Saving is one of the most important foundations of building wealth. Unfortunately, it is also one of the most common problems we encounter when we finally decided to establish our finances.

Some people believe that you need to have more money in order for your to start saving. But there is absolutely no truth behind this money myth.

A jobless person and a person who earns up to 6-digit income can both struggle when it comes to saving money.

Saving requires discipline
The logic would always be that if you can't save when you're earning less, then you probably can't save as well even when your income has doubled. How many OFWs do you know have promised to save-up for their future only to go home with nothing after many years of hard work? How many bonuses and salary increase have come and go in your pocket?  Expenses will always be there, so the real secret to “making ipon” finally work is to actually have discipline.
Below are five practical steps on how you can finally make ipon of your money na:
1. Monitor your expenses
The first step if you really want to start saving is to determine where your money goes. I'm sure you're familiar with the phrase, “Kasusuweldo pa lang, ubos na!” or “Sa'n ba napunta ang pera ko?”. A soda, candy, cigarette, lunch-out and all other small expenses, when added up, eats a significant portion of your budget. What you need to do is buy a small notebook, or download a mobile app that will help you list down all your daily expenses such as fares, food, toiletries, etc.

Monitor your expenses
After a month, you need to sort or categorize all your expenses. This will give you a clear picture on how you're spending your money. It will help you realize that small purchases could actually hurt your budget and that some items you bought were actually unnecessary. As one hugot best tells it, “Minsan 'pag ramdam mong namumulubi ka na, maiisip mo nalang 'yung mga bagay na walang ka-kwenta kwentang pinagbibili mo noong may pera ka pa.”
In addition, listing down your expenses sends a conscious signal to your brain about what you're spending for. It will somehow make you think twice before spending, compared to not being completely aware of it. After a week of doing this, you may start feeling guilty when writing down an unnecessary purchase, and that's a good sign.
2. Asses your finances
The next step is to divide your expenses in two: needs and wants. “Needs” are required purchases or expenses such as fares, meals, payment of debts and rent. “Wants”, on the other hand, are unnecessary purchases such lunch-outs, movies, cigarettes, etc. Compute the total amount of all the purchases you made with your “Wants”. You will be surprised with this amount! You will then have the answer to one common question people have, “Eh paano naman makaka-ipon kung sakto lang ang sinasahod ko?” It's not how much you earn, it's how you spend what you earn.

Asses your finances

Of course, you will also need to list down all your income streams, including your salary (if you have a regular job), or your average monthly income (if you have a business or a freelancer). If you have both (job and business), then combine them to determine your average monthly net income. This should give you a preview of how much money is coming in and going out of your pocket.

3. Make it compulsory
Forced savings is a basic formula that the rich apply: income-savings=expenses. Meaning, since you've already determined in step 2 the amount that you spent on unnecessary things, you need to find a way to save this amount right after receiving your income to help you avoid spending it on unneeded things. Therefore, the amount that will be left with you will be your budget for all your “Needs”.

Make it compulsory
4. Make it Automatic
The concept of “forced saving” is to actually have the money saved or placed somewhere BEFORE you even touch it. It would be better if it's not easily accessible or convenient for you to withdraw the money, so you can't simply use it whenever you're tempted to. Therefore, avoid placing your savings in an ATM savings account as much as possible. Know all your possible options on how you can effectively and conveniently save.

Make it Automatic
The following are some of the options for doing “forced savings”:
Payroll Deduction
If your company has an existing cooperative for its employees, be sure to register and take advantage of it. Talk to your HR staff and ask if it's possible to have your shares or savings automatically deducted to your salary, just like tax and all those mandatory contributions. Some companies, especially those in the financial industry, offers other form of investments thru salary deductions with their employees. Learn about these features if your company have one.
If you're receiving your salary through a bank payroll account, you may open a separate personal savings account with the same bank. Then ask the bank if it has a feature that would let you automatically transfer a certain amount from your payroll account to your savings account.
Regular Savings Account
If you do not have any savings account yet, it's time to open one. But again, I encourage you to opt for a Passbook account instead of an ATM account. But if you already have an ATM savings account, you still can use it - just make sure to leave the ATM card at your home.
5. Have a specific goal
Your purpose or end goal will ultimately help you stay on track with your plans. It's a crucial thing that most people often forgot. Saving with vague plans, such as “save just so I have so-called savings”, usually fails. So it's important that you ask yourself, “What do I want to do with my savings nga ba?” or “What am I saving for?”. If you do not have a purpose, then a simple mall-wide sale or Lazada coupon is all it would take for you to break your piggy bank.
Whatever it is that you want to achieve, be it for building an emergency fund, buying a new car, an Asian cruise, putting up a Sari-sari store business or investing in the stock market, be sure to have a goal and stick to it!

Have a specific goal
Final Thoughts
As what best works on almost everything, your consistency will be the key! Always remember that your goal is to save regularly. Start from small, but do it regularly. Consistency is the difference between those people who have savings and those people who want to save.
Once you've managed to do step 4, you can find other means to increase your income and help speed-up your savings plan. Because the point here is not to just always live below your means but to increase your income so you can enjoy more of life.

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  1. Thank you for sharing these practical tips! More power!

  2. 6. Pay Your Utang and Don't Make Utang. :p

  3. Thanks for writing this article! You are really gifted with the pen. Continue what you're doing man. Up!

  4. Tips that can make my savings happy. Thank you. This is something that will help me about PSSLAI savings and loans.

  5. Awesome article, it was exceptionally helpful! I simply began in this and I'm becoming more acquainted with it better! Cheers, keep doing awesome!

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