20 Saving tips for Pinoys in Canada

I just want to share some saving tips that may be effective and practical for Filipinos working abroad. To work in a different country requires a lot of sacrifice whether it be monetary sacrifice or just being a away from your family. So it is just too important not to know how to keep and spend our hard earned money. This works for me, I hope this works for our kababayans too.

1) In other countries, especially the Western ones, bringing “baon” might not be the norm but us being Filipinos, nothing can beat the fulfillment that rice gives our tummies after hours of work. However, the real reason why bringing your own food to work is not only practical but efficient is the fact that you save about $15-$25 everyday when you don’t buy food outside! Not to mention that you control the portions of your food ?

2) Treating ourselves in a fancy restaurant every once in a while is not so bad, sometimes you also need to pamper yourself for your hard work. However, avoid spending too much money and visiting restaurants frequently. Never allow it to become habitual because if it becomes habitual, it isn’t called a treat it’s called an unhealthy vice.

3) Being the practical people that we normally are, bring home left-over food that you did not finish in a restaurant after all, you paid for it. Do not be embarrassed because it is normal. Ask for a container and bring it home.

4) Avoid excessive eating of unhealthy food. Some people might think that casual spending is acceptable since you are not wasting your money because it fills your tummy however, spending too much money on junk foods might not actually be a good idea. Aside from alotting a few bucks just for junk food, the long term effects of this kind of lifestyle is not recommendable.

5) If you have some sort of wanderlust within you and you always feel the need to travel, the best thing that you could do is to plan ahead. By doing this, you will save yourself a lot of hassle and you have the chance to get the cheapest but quality deals in airfare, hotels and accomodations.

6) Use coupons and discount cards. Lots of them are available on line for almost all commodities. For example, check out Target promo codes to save yourself some money whilst doing the weekly shop! Saving a few bucks can save you a lot of cash in the future when you make this a habit.

7) If you are driving to work, and have co-workers living nearby, carpooling will save money for fuel. You can ask your co-worker to carpool with you but share the expense of fuel or you can carpool with them and give your share. This not only eases your struggle of commuting to work but it also helps other people.

8 Open a savings account, TFSA, GIC, RRSP, Mutual funds and have a fixed contributions every payday. This helps you control your expenses by saving for your future. Just a minimum of 25-50$ per pay day will be a lot in the next few years from now.

9) Avoid buying in installations. Interest rate is sometimes greater than the cost of the item and interest will kill your pockets if you buy expensive items at the same time. The best thing to do is to save money first and then buy. Some people decide to buy bitcoin to grow and invest their money. Find the best option for you and your expertise though.

10) Keep tract of your bill and payment due and never miss a deadline. Establishing a good credit history is of paramount importance in Canada and even the slightest lapse can make your history unpleasant so make sure you are always on time with those bills. If you’re struggling to pay them then look at Simply Switch to help reduce your energy bills. Tip: set up an automatic payment if you can!

11) Learn to say NO if someone is offering you a networking product if its too expensive for you and especially when you do not need it. Never get an item just because you are pressured. Learn to weigh things out. If its gonna hurt your purse, drop it.

12) If you are an immigrant in Canada where the monthly house rental is more expensive than mortgage, AIM to buy your own home. Make sacrifices for the first 1-2 years by renting an inexpensive apartment or room, or stay in the basement of your relative and just give a share, while saving for the downpayment of your own place. You might need to look for no credit check apartment rental because you won’t have any history if you’ve only just moved. Trust me, its for your own good. Instead of renting and just “throwing away” your money, invest in something that you own.

13) If you are an OFW, AIM to buy home or invest in realty property in your homeplace, where the value increases through time. If all your expenses are handled properly and you have money left to spare, why not invest in a property back in the Philippines? That could also be extra income for you or your relatives back home.

14) Watch out for your insurances. Research and get the cheapest yet quality deal. Talk to somebody that you really trust and inquire about the best insurances out there. Learn how to look for the best bang for your buck.

15) If you like branded items, try these: wait for sales, look for coupons online, buy it in an outlet store, buy it on Winners or Marshalls, a garage sale, in kijiji or look for a slightly used one. Do not be a compulsive buyer. See a doctor if you need one. No one dies of not having a Michael Kors bag.

16) Avoid commiting violations that requires penalty. Simple rules. Learn to obey. I know there are some unavoidable circumstances, but being cautious all the time can prevent future incidences. These include parking at a wrong spot, over speeding, texting while driving, not using the seat belt and others which costs a fortune if commited. These rules are put out there not because they want to catch you and have your money, they’re for your own safety too.

17) Sort out items that you don’t use but may still be useful to others, and sell them for profit. Garage sale or put it on kijiji! Rather than keeping them in your basement to be covered in dust. “May pera sa basura”

18) Be supportive to the needs of your immediate family as they will be there even when you have nothing. Be thrifty but not selfish or greedy. Be generous but not arrogant in giving. God is gracious and He sees your heart so when you share or help others, He will bless you even more.

19) Avoid spending too much in gambling like playing in casino or betting in a horse race. I know we Filipinos enjoy gambling (not saying that all Filipinos do it and enjoy it) but don’t expect that you will be an instant millionaire through this game. Luck is not always in your side or should I say “rarely” in your side. Remember: gamble in moderation. Lol

Life abroad is not easy (over 10 million Filipinos know that) so we should know how to manage our account. Avoid over spending. Know our limits. Learn to differentiate wants from needs. Do not spend more than what we earn. These are just simple ways that are doable and practical. These might not make you a billionaire but at least being free from debt and having savings will make you happy, will make you sleep at night peacefully and will make you worry-free when future needs arise. It might not be the luxurious life you dreamt of before you went abroad but it is far better than if you didn’t go abroad. And who knows, years from now maybe you might become a millionaire because you know how to use and spend your money? After all, millionaires stay millionaires because they are thrifty and they have power over their money not vice versa. Anyway, I know that there are still a lot more ways to save so I’m giving NUMBER 20 for your suggestions! ?

P.S. Before I came here I set my goal to have a house in 3 years and just to inspire and not to brag, because of these tips, I was able to achieve it.