It’s exciting once you land your first job. You can’t seem to wait for the so-called “real world” experience and of course, paydays.
For sure you already have plans on what to do with your salary, but before you enjoy it too much, let me share some money saving tips I’ve been religiously following since I started on my first job.
1. Save as much as you can
My money goal per month is to save 50% of my salary and spend the remaining 50% for my needs. It’s all about knowing my priorities such as rent, food, groceries, bills, and transportation. If there’s money left, that’s when I spend for my wants.
I stand by living within or even below my means because I want to feel secure in the thought that I always have savings left. They say emergency savings should cover at least 3 to 6 months’ worth of your salary.
How much can you save every month? Remember to push yourself to the limit because every peso counts. There are lots of other money-saving tricks you can follow such as the 12-month challenge and the 80-20 formula.