Experts share money-saving tips amid price increase in goods and services in 2018

(Left-Right) Business and financial consultant Roselle Reig, economist Wilson Flores and businesswoman Roshalem Tomelden

MANILA, Philippines — Business and financial consultant Roselle Reig believes there are many simple ways to save money.

She says one of these is to eat at home or bring drinking water before going out to avoid spending more money.

Reig also advises the public to list their groceries and look for alternative products which are cheaper than their branded counterparts.

Instead of buying from malls or supermarkets, Reig notes it would be cheaper to buy groceries from public markets which offer commodities at cheaper prices.

To save time and transportation fare, the business and financial expert advises the public to wake up early to avoid traffic and to recycle materials when needed.

“Hindi lahat ng bagay binibili. Marami tayong puwede i-recycle o i-reuse na mga gamit. Halimbawa mga ketchup bottles na pwede pang paggamitan sa ibang bagay; mga old clothes na pwede kay baby naman o sa bunsong anak,” she said.

(Not all things have to be bought. We can recycle or reuse some products. For example, ketchup bottles that we can reuse to store other products; hand-me-down clothes for younger children.)

According to economist Wilson Lee Flores, the public should save money even though the economy is expected to further improve this year.

“Karamihan sa buong mundo kapag nag-iisip na magtitipid ang ginagawa gumastos muna at kung ano matitira ay i-save, dapat baligtad, kapag dumating sahod o kinita natin dapat may target ka na… yung natira mong pera yun ang pagkakasyahin mo,” economist Wilson Lee Flores said.

(People in many countries, when thinking of saving, they spend first and save the surplus amount. It should be the opposite. When you’re salary is about to come, you should already have a target. And you spend wisely your remaining money.)

Ms. Reig, meanwhile, notes the public should not resort to saving money only but also target to make it grow.

Ang bottom line kasi natin sa pagtitipid ay para mayroon tayong future goal na i-meet. Pwede magkaroon tayo ng savings na kakailanganin natin kung tayo ay mag-nenegosyo, savings na kakailanganin kung tayo ay mag i-invest para yung pera naman natin kumita,” she said.

(Our bottom line in saving money is to have a future goal to meet. We can have savings we can use in the future to start a business. We can have savings that we can use in an investment so our money will grow.)

Businesswoman Roshalem Tomelden began working at an early age. She noticed that her income was not enough to sustain a living.

That’s why aside from a job, she also invested in a coffee shop with some of her friends.

“Mag-invest ka sa business. Oo, iisipin mo malaking take ng risk yan kasi puro labas yung pera mo. Paano mo masasabing may savings ka eh labas ka nga ng pera. Pero after ilang months kapag na compute mo na siya makikita mo na may return of investment ka pala,” Tomelden said.

(You should invest in a business. Of course, you may think it is a big risk because you just keep on releasing money. How can you say you have savings when you keep on releasing money? But after several months, when you compute it, you will your return of investment.)

The public will soon experience the impact of the additional taxes approved by President Rodrigo Duterte. These include the increase in prices of petroleum products and other commodities.

Lawmakers vowed to take steps in easing the burden that additional taxes will give by implementing programs that would help the poor. — Mon Jocson | UNTV News & Rescue

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