Updated: January 9, 2025
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What you’ll hear in this episode:
According to recent news from the National Economic and Development Authority (NEDA), the Philippines maintained its 2024 inflation rate target of 3.2 percent, following last December’s 2.9 percent rate. With new challenges and opportunities in today’s economy, it is crucial to maintain consistent savings habits.
If you want your financial resolution to “start saving money” to stick, then you need to have a system-based action plan.
1. Make it automatic.
Set up a system that automatically debits a fixed amount from your salary account into a separate savings or investment account. Once you’re done setting it up, then you can just sit back and relax for the rest of the year as your savings automatically builds and grows.
2. Always pay in cash.
Pay in cash if you want to lessen impulse buying. Don’t use your credit card, debit card, or even your digital wallet when buying or spending on something that’s not important. Everything must be paid with cash from your wallet.
3. Gamify saving money.
Gamification is all about motivation, the desire and willingness to complete something. This feeling of drive and ambition is fuelled by dopamine, which your body releases when you experience something pleasurable or satisfying.
Key Takeaway
When doing a New Year’s resolution, it’s important to have a plan, to have concrete and actionable steps to follow. And these steps should fit your lifestyle and environment.
Don’t make big changes all at once. And it’s better to have an “automatic” system that don’t require a lot of willpower. This will definitely increase the chances of making permanent changes in your behavior and habits.
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