In this video, what we'll be sharing with you guys are five effective ways for us to save money. Hi guys, my name is Jan, I'm the founder of the present where we discuss business, finance and life related matters. If you're interested about those topics, don't forget to subscribe and tap the notification bell so that every time we have new videos, you will get notified. Of course, if you see the value of this content, don't forget to like it so that it will help up in our YouTube algorithm. So that it will also help the channel out. Here we go. Obviously, everybody wants to find which save money because it's one of the systematic way for us to be financially free. The problem is, how do we even start doing it, especially if we are not disciplined enough? These strategies are the things that I've already done and I'm still doing it even up to today. So what are these effective ways? The first one is always set aside savings before spending. Again, you have to set aside savings before spending. Let's say you are earning on a monthly basis, you are an employee, right? Whatever is that amount that you're getting, you have to set aside a certain amount and then don't use it. Don't spend that money. What usually happens is that it's the opposite. People tend to have an income and then reduce all of their expenses. It may be electricity bill or restaurants or they tend to buy things, right? Whatever that may be. And then whatever is code and code left, that's what they're going to say. But the problem is that does not usually happen because the moment you see that you have a lot of money, for some reason you want to spend it, right? You are tempted to spend it. So if that's the case, it is better if we reverse engineer the situation by setting aside a certain amount before you even spend the money. That's option number one that you can do. Which brings us to option number two. Open a bank account. What you have a bank account, the good thing about it is that you can have, especially with technology right now, when your employer will transfer the money to you like salary, you can transfer that certain amount that you have set aside and then put it in your bank account, right? Instead of like putting it in your piggy bank or put it in your drawer or whatever that may be, just secure it in your bank account. So that in your mind, it will become a process for you to set it aside like technology or digitally. And whatever amount that you're going to withdraw in your ATM, that's the money that you're going to use for your daily spending or for your whatever spending. So you are actually practicing setting aside savings first and then you are putting it in the bank account. What ends up happening if you don't have a bank account, you're just going to put it in your drawer, you're just going to put it in your closet, is that you know that it's there. So it's easy for you to just open it and then get it. Unlike if the bank is not within your reach, right? Then you still have to go to that bank and it's going to be a cause of inconvenience which may trigger you to not do it at all. Okay? So there are a lot of perks as well of opening a bank account but that's not going to be the topic for today. At least you know that you can, it can really help if you're going to open an account in the bank. That is option number two. Option number three is only bring the money in your wallet that you need. Right? Only bring the money that you need. This is one of the things that I really liked and I also practiced when I was still a student. Right? So obviously I got an allowance, right? Daily allowance from my mom but sometimes I also didn't receive an allowance because I was doing network marketing and because I was doing network marketing, I was able to earn some money as well in retail or recruitment or commissions and blah, blah, blah. Okay? But the point is I have a certain money that I earn from allowance and from the network marketing gang. So what I do is that I calculated first how much money do I actually need on a daily basis? All right? And it turned out it was around 42 pesos. Right? That includes a transportation and my lunch. Right? We just only one rice and one fried chicken or whatever buy that I choose. Okay? So what I did was that I just put 50 pesos in my wallet. Even if my mom will give me 200 or sometimes 100, even if my commission will reach around 10,000 pesos or like 5,000 pesos, whatever the amount is, I just put 50 pesos in my wallet. Why? Because it is a sign for me that this is the only money that I can use for today. Get it? So you are challenging yourself to find ways to fit all of the things that I need in that 50 pesos. Was it easy? Well definitely not. Especially if you have friends who will invite you to do other things. Right? I eat that here, eat there or buy this, buy that. Right? But since I'm doing my best to save money, that's what I did when I was still a student. Right? And my few years of being an employee, that's also one of the things that I did. That is effective way number three. Another thing which is number four is that you always have to set a budget. Right? How much money are you going to spend for your rent? How much will you be spending for your food? How much will you be spending for your electricity bill or your utilities? Right? You have to find a certain amount, you have to set that amount. So that you will work around it. For example, let's say you're renting a boarding house. And then the electricity bill, it will be upon you. So you want that on a monthly basis at a maximum, you're going to spend a thousand pesos of it. Because you're not always there. So it's quite practical for you to spend a thousand pesos. You spend eight hours, eight to twelve hours in your work. And then after that, you go home. Right? And sometimes you don't even go home immediately, you also go out during the times when the pandemic wasn't here. Right? So what happened was, if you know that you are setting aside one thousand pesos for your electricity bill, you're not going to just turn on the air conditioning unit, right? Or like turn on the lights all the time, right? Even though it's daylight, because you are trying to find a way to push or like congest all of it in one thousand pesos. And that's because you have a budget. If you don't have a budget, what ends up happening is that you're just going to spend all the money because you think that you have a lot of money and it's okay for you. Because you don't have a budget. Okay? That is way number four. Number five is do not buy things that you don't need. Okay? To be honest with you guys here in the house or in my life, right? All of the things, like literally all of the things that I personally own, I use it on a daily basis or I use it, I maximize it on a monthly basis because I need it. Okay? So what ends up happening if you're just going to buy things that you don't need is you're going to like in the beginning, you feel good that you own it. But after a while you're going to feel, you're just going to throw it there, you're just going to put it there and then you have this buyer's remorse or you would want to sell it in the future because you don't even use it. Sometimes you're just going to give it away. Right? In fact, if, and I'm hoping that you're not this kind of person, but if you're buying things so that it will make you look like your rich or you want to impress somebody or you want to feel the void inside of you because you feel. That you want to have this so that it will make you happy. Then you have to change your mindset and your discipline about that. So those are the five effective ways, right? For us to save money, I have experienced this and it has been a huge help in my life. And then I'm pretty sure if you're going to apply at least some of these things, it's going to help you as well. Okay? Once again, if this video added value in any way, don't forget to like this video so that we will know that it added value to you. Question of the day. In your own ways, what are good strategies for us to implement for us to save money? Let us know in the comments section and thank you for watching this video. Thank you.