7 Small Sacrifices You Can Make Today to Achieve Financial Freedom in the Future

1.   Avoid impulse buys

Some of your purchases may not be necessities. Perhaps you bought an item because you thought it looks cute or you found its color nice. Online shopping addiction can be detrimental, especially if you want to be financially healthy.

2.   Order less food delivery

Food delivery isn't wrong per se. However, it often comes with delivery fees that, when stacked, can total a significant amount of money. You could have saved that amount if you made your food or picked it up in-store.

Suppose there’s a P30 delivery fee per transaction, and you order food around three times a week. That's equivalent to P90 per week, amounting to P360 per month and a staggering P4,320 per year. And, of course, that excludes the actual cost of the food items you order.

3.   Let go of unused subscriptions

Are you signed up for a monthly photo editing subscription? How about a monthly magazine subscription or a weekly newspaper subscription? If you don't see yourself using them in the long run, it might be best to unsubscribe to save money.

4.   Drop all-day air conditioning

The Philippines is very humid, so using air conditioners is widespread. However, consider if it's necessary to have it on all day, every day. Maybe you can opt for stand fans instead, especially during the colder months. Switching the cooling system you use could save you valuable pesos in monthly electric bills.

5.   Get rid of excessive phone plans

Nowadays, 85% of Filipino professionals are working from home, thanks to high-speed fiber internet plans that are becoming more affordable.

On the other hand, phone plans may cost more for a limited data allocation and generally slower speeds. If you spend all day at home with Wi-Fi, consider skipping on the phone plan and putting the money into your savings instead.

6.   Opt for normal shipping

Online shopping has been around for a while; however, the pandemic encouraged, if not forced, people to buy more things online out of fear of contracting the virus. Because of this trend, people have started opting for faster, even same-day shipping. Unfortunately, speedier shipping means extra fees. Ask yourself if you really need to receive your items ASAP or if you could wait a few more days with regular shipping.

7.   Resist buying expensive coffee

How can a cup of coffee be a "luxury?" Think about it. If you go out for a coffee run thrice a week and spend about P200 per cup, that's roughly P600 per week and P2,400 per month. That's about the same amount it takes to pay a monthly investment premium. So, ask yourself if you could make coffee at home instead.