Secrets of successful saving

Once again, I received some very informative fliers from Nestle Club and I want to share with you one of the sensible topics from them. Now that the Christmas Season is nearly coming, it’s important for us to spend our money wisely. Here are some of secrets and guidelines to successful saving.

• Secret #1: A Realistic, Achievable Savings Goal. Example of a realistic goal: saving for a vacation or for simple things like a weekend trip to the mall, lunch with friends and relatives, or a new household item you need to replace. Knowing what you need or want to do will make it easier for you to reach your goal. These goals will give you a sense of accomplishment and empowerment. When you've reached your target, you will be more excited to embark on another! This way, you also learn to save for special occasions (and build happy memories along the way).
• Secret #2: Save and Forget. Everyday, take a small amount of bill from your wallet and drop it into a piggy bank and don't touch it. The good thing about paper bills is that you can't wiggle it out of the piggy bank. Another great idea is to ask your bank to move a percentage of your salary to a savings account every month.
• Secret #3: Discipline is Important. As in any goal, discipline is always needed to achieve your objectives. Saving is all about discipline. Resolve to do it and start doing it. It's never too late.
• Secret #4: Always Have A Budget and Stick To It. We all know about food and market budgets. Now, apply that same strict budgeting for utilities. Set a strict but reasonable budget for electricity. Make sure everyone in the house is aware and feels responsible for it. With a clear goal, it will be easier for everyone to do his or her share.
• Secret #5: Rethink. For unplanned items that cost more than 50$, give yourself at least 24 hours to rethink if you need them or want them. This way, you have to convince yourself if you actually need them or if you can live without them.
• Secret #6: Pay in cash. You've heard this before, but it's worth repeating. If you don't put purchases on a credit card, it's impossible to spend more than you earn. Try using only cash or debit card for all your expenses for the whole month so the habit kicks in. This way, you only spend money that you actually have and not have the chance to go overboard on your budget.
  

I encourage everyone especially Moms to be a part of the Nestle Club family. It’s free to join and they offer lots of surprises and recipes exclusive to their member. Visit their website at www.nestleclub.com.ph