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Noteworthy Tips

How To: Avoid Getting Broke Before Your Next Payday

May 9, 2015

I just hit the “Make A Transfer” button on my online banking dashboard. Yesterday was payday and a day after, I am (once again) waiting for the next salary credit! Ugh. Been so busy these past few days with work (I know I’m saying that a lot) and I got to thinking – now what? Why? What am I getting?

My supposedly aim for today’s post is to talk about career but I figured it’s not the right time yet (I mean the career path shit and whatnots) – I’m honestly not at the best place right now and I don’t want to get carried away so before I get to the point where I’ll do another session of ranting, hating, however you may call it, I’m just going to share with you an article I wrote for a local magazine site almost a year ago! It’s still career-related anyway and I hope you’ll find it useful in a way or two! *wink


 

So, you have a job now and you get a bi-monthly pay check. Congrats! You finally have the purchasing power that you’ve always wanted! You never fail to check what’s new at Zara anymore; your iPhone has all kinds of different cases (hard, jelly, 3D – you name it!); you get to try every restaurant in the metro… but have you ever thought of turning your savings account into a real savings account?

Your Instagram feed might show you are living the life, but seriously: how many times have you felt like fast forwarding the days to get to your next payday? Sure, you’re spending your own money, but it would still be best to be ready for unforeseen events, especially since you’ll never know when they might come.

I’m not trying to be preachy here or anything, okay? I can actually relate to these problems since I’m a shopaholic myself. In fact, I’ve experienced those peligro days, and find them quite embarrassing. I mean, I’m working, yet I can’t sustain myself… Not classy. So, based from personal experience, I’m here to share 5 tips on how to avoid the urge to get to your next payday ASAP:

  • Watch out for sales.
    If you can’t get rid of the shopping bug, try to at least hold your shopping urge in until you see a sale. There’s nothing to lose in being a little more patient. You can still get that top you’ve been eyeing in the end. The only difference is that it will be yours a little later on down the line and at a lower price – but what’s wrong with that?
  • Eat at the food court.
    Unless you can afford fine dining everyday without getting broke before your next payday, you can ignore this. Otherwise, you should start realising that food holds up a big chunk of the expenses table. While food is a functional commodity, it doesn’t really matter whether you have lunch at Mom & Tina’s or at the food court. The bottom line is you get to it, so why not eat somewhere that won’t eat your wallet alive in turn?
  • Commute as a substitute.
    Bringing your own car is always convenient, but have you stopped to think how much money you spend on using it everyday? If comfort is important to you, try riding a shuttle van for a change. You’ll even have the luxury of continuing your interrupted sleep at night that way.
  • Let GCs save the day.
    It may not be cash, but it’s as good as cash! If you have gift certificates, use them to pay for your purchases, so you won’t have to take any money out from your cash box.
  • Follow the 80-20 jar system.
    I don’t know why I only started doing this now. I really wish I had implemented this system long ago. Just imagine how much money I would already have in my account if I did! Oh well, better late than never! Do the same and narrow down your daily expenses to 80% of your salary, while putting the remaining 20% straight into your savings. This might not sound like a lot, but a few months of saving 20% of your salary will actually give you an amount to be proud of in the end!

Starting is always the most challenging part when it comes to these things; but once you get the hang of it, it will be as easy as a pie – trust me! In fact, in no time at all, this will all become an easy habit and you will no longer feel like it’s keeping you from exercising your purchasing power in any way.

Photo credit: youqueen.com

  • Reply
    Alissa
    May 10, 2015 at 2:27 PM

    I’m working as a freelance online and staying at home makes me save a lot of money. I go splurge sometimes though but I really think about it first. Thanks for the tips!

    • Reply
      Yshy
      May 11, 2015 at 12:19 AM

      I also want to try working at home!! My office is located near the three big malls in Makati and it’s just so hard to make pigil! Haha!

  • Reply
    Clarisse
    May 16, 2015 at 12:11 AM

    THIS IS MY MAIN PROBLEM!! Like my paycheck’s already spent on booking trips and stuff even before it arrives hahaha! I tried a jar system before but I always end up digging through it for cab money, lol. Thanks for these tips! :D

    • Reply
      Yshy
      May 17, 2015 at 1:01 AM

      #ShopaholicYoungAdultProblems hahaha kaloka! Even I myself is still struggling!

  • Reply
    Weyn
    June 1, 2015 at 11:34 PM

    Heh, how timely to read this since a payday just passed. I have a piggybank where I deposit all my five- and ten-peso coins (a few bills if I’m feeling generous), but it never occurred to me to set aside 20% of my monthly salary… I should try that.

    Is Modern Filipina new? I’m reading everything now, so many helpful articles.

    Oh and thanks for stopping by my blog =)

    • Reply
      Yshy
      June 15, 2015 at 12:32 AM

      Hi Weyn!! So sorry it took me a while to reply! I also have a coin bank!! I guess it’s still the best way to save, in my opinion! Haha! Though I’m trying to do the set-aside-20% way, I still have to push myself harder. Haven’t succeeded in doing it consistently, and I still get tempted, A LOT.

      Modern Filipina has been around for a year, and it’s very informative.

      I love your blog, girl!! <3

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