I cannot remember a time when I was not saving. I've done it throughout elementary school, highschool and college. But there's something about earning my own money that makes it harder for me to save up.
I think one of the hindrances is that I know I have my own money to spend.
As an experiment, starting today I've decided to give myself a 2000 peso weekly allowance in 100 peso bills. The idea is when I spend for food, I pull out a 100, for transportation another 100. Anything left over from those 100's will be saved in an piggy bank. This would limit my spending to a max of 300 pesos per day. At the end of the week, anything I've saved in my piggy bank would be money I can spend anywhere I want. Or I could also wait a couple of months before emptying the piggy bank.
This is just a means to limit my everyday spending. I don't really budget but I more or less allot a certain percentage of my income to savings via BDO's EIP program. (Which I will be talking about that in a separate post.)
Tell me what you think? I'll give this a try for a couple of months and see how it goes.
-Maria
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