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Ways to Maximize and Improve Your Small Personal Budget

Does it seem like you’re barely getting by with your small income? After paying the bills and saving some money for transportation and food, you’re left with almost nothing. Don’t worry. At one point or another, unless you’re born with a silver spoon in your mouth, everyone in the Philippines has suffered through a tight budget. It almost feels like there’s no way to get out of it.

You want to increase your savings, but how? You want to earn more, but you barely have time to sleep. You have student debts and credit card charges. On top of it all, you don’t have an insurance plan. You worry about your family and what you will leave them if something happens to you. But money is too tight that you can’t afford to pay insurance right now.

There’s a way to get out of this slump. It is so important to make saving money a priority. Here are some things that you can do to maximize your tight budget:

Cancel Your Television Services

It’s amazing how much money you can save if you cancel your cable subscription. Think about it: How much time do you spend watching TV anyway? Do you even have the time to watch a TV series these days? If you need to keep at least one, choose the subscription you use the most such as Netflix or Hulu+. Both of these subscription services have an amazing lineup of shows and movies. You can save the extra money that you would have paid for subscriptions.

Eat at Home

If you are eating out every day, you can easily save at least $50 each week (that’s $200 a month) by preparing your own food at home. You need to change your eating habits to save money because eating outside means that you’re also paying for the service. This will also benefit your health and waistline. You can prepare healthier meals at home.

Cut Back on Unnecessary Things

The truth is that you need very little to get by each month. You need to pay the rent and utility bills, as well as money for food and transportation. You don’t need to buy new clothes every month. Invest in pieces that you can mix and match. Once you identify the most basic of your needs, you can cut back on all the other categories such as entertainment and leisure. Instead, you can put that money into health or life insurance, or invest it in the stock market.

Maximize Online Deals

You can still treat yourself to a nice dinner, watch a play, or take a staycation. Being wise with money doesn’t mean that you don’t have the right to enjoy it. It’s important to take a break sometimes because you’ll end up stressed and overworked. However, learn how to maximize online deals you find on sites such as Living Social and Groupon. You can also take advantage of your credit cards’ promotions. Just remember to buy only those you need and will enjoy (don’t spend more than you intend to).

Handling finances is about responsibility. You have to be careful about the way you spend and where you put your hard-earned money. It’s important to have a budget, too. List down all your expenses in a month and figure out where you’re spending too much.

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