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In this article you will learn about the most popular ways of saving and budgeting. You’ll learn how to spend money properly and budget, but if you’re short on money, we’re waiting for you at Digido. Take out a loan of up to 25,000 pesos. Digido approves more than 90% of applications!

Tips for Budget Your Money

Last updated: August 17, 2023

Written by: Digido Financial Writers Team | Reviewed by: Mark Anthony

Key takeaways:

  • Budgeting is important if you want to make a move this year.
  • You need to draft a well thought out budget for your business or personal use.
  • However, we understand there are times things might not work out as planned, and you may need cash urgently.
  • The best place to seek such funds is Digido.

Discipline is the bridge between goal and accomplishment. That applies to all aspects of life, whether you want to advance your education, start a business or even seek employment. That being said, what pushes you to seek such endeavors? Well, the driving force is the extra income the business or papers bring.

At the moment all these are achieved, financial discipline is thrown to the wind. You won’t have your draft budget allowances since there is constant cash following in. But what happens when things fall apart and there is no more income?
During this period many people seek financial assistance from banks and other platforms. In the end you find yourself bankrupt or in debt. This is the case for the Philippines, as Filipinos are ready to spend more than they save.

Statistics show only 1 out of 4 families in the Philippines have savings, which is a worrying trend. Considering 2020, most Filipinos lost their jobs and have to depend on the government’s stimulus packages. That is a habit Filipinos need to change in 2021, and the first step is budgeting. In this article we’ll discuss tips on how to budget your money.


  • What should I do with my salary?
    Budgeting is a simple exercise in reconciling your income and expenses, and should be your first step.
  • How can I save money for a house in the Philippines?
    Practice allocating your estimated mortgage payment each month and depositing it into a money market account.
  • How much savings should I have at 30 Philippines?
    This means that you should save about 10% of your monthly income when you are in your 20s and about 20% when you are in your 30s. For example, you are in your 30s and you earn about 30,000 Philippine pesos a month. Twenty per cent of this amount would amount to a monthly saving of 6,000 Philippine pesos.

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What is a budget?

Before we get to the tips on how to budget, let’s first understand it is all about.
A budget refers to a financial framework a business or individual operates on within a period. In most cases, it would be months or even a year, depending on the need. The plan is supposed to touch on various aspects such as revenue, expenses, and time to be considered a budget.

A good example is your monthly salary or wages. How do you classify and separate the needs from the wants? In most cases, one would sit down and draft a list of the essentials and allocate cash to every item. It could be to pay for your gas, electricity or internet bills among others. All this requires a budget to ensure you account for every coin spent.

The same procedure also applies to organizations and businesses, but it is done with a Certified Financial Officer. They are supposed to ensure that funds are allocated equitably for business to run smoothly. A good example is the Philippines budget.
President Rodrigo Roa Duterte approved the Philippines budget amounting to PHP 4.506 trillion for the Financial Year 2021. That ensures all sectors of the economy are catered for post-COVID-19 recovery.

Why do you need to make a budget?

Well, you need a financial plan to ensure all your bills and expenses are paid for. This includes all essential and non-essential expenses. Moreover, you won’t spend a penny less or more when running on a budgetary allowance.

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→ Also learn more about Dragonpay hotline in the Philippines

Tips on how to budget your money

Budgeting is an essential part of your finances whether you’re a student, employed or self-employed. You need to save cash and invest in securing your future. That’s one of the painful lessons we learned since the pandemic had begun.
Many Filipinos lost their jobs and had to work extra hard to make ends meet. This is despite the Philippine government imposing new policies to cushion their citizens. Even though one was given 30 days, the interest cap remained the same. Therefore you need to budget to remain afloat this year and service your loans. Here are tips on how to budget your finances properly.

1. Cultivating the right mindset

The mind is a powerful tool and needs to be trained into adopting new hobbies. Budgeting is not something you wake up and start doing; you need to cultivate the habit. Yes, you may be earning a lot, but with a poor mindset, all the cash will be blown off.
Hence you need to take time and train your mind on how to budget every penny. Therefore, begin with budgeting apps to ensure you don’t feel burdened doing it.

2. Paying yourself first

It’s another culture Filipinos need to embrace when it comes to budgeting. Huge populations of Filipinos are known to be business owners, which helps with the country’s economy. However, most people are generous and always place their families and relatives above everything else.
For example you’ll find one spending more than they earn or even save. Yes, that is a good gesture, but you need to be smart about it. You also need to take care of yourself before anyone else.
Paying yourself first motivates you to work even harder and accomplish various dreams. Moreover, it prevents one from going on a shopping spree and purchasing items they don’t need.

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3. Creating a budget worksheet

Technology has made things easier for us in the financial sector. There is no need to grab a pen and paper to draft your budget. All you need is a worksheet that can be downloaded and use it for personal or business budgeting.
The easiest way to do it is to evaluate your discretionary and non-discretionary expenditure. Non-discretionary expenditure refers to basic needs: we cannot do without food, educational expenses, housing, or medicine. On the other hand, discretionary expenditure refers to cash spent on things one can survive without, such as the internet, gadgets, trips. The evaluation gives you a clear cut budget on the cash to spend monthly.

4. Being realistic

Having realistic goals when it comes to budgeting is also a key issue. This particular point touches on the monthly allowance for college students as well. Most students are not used to having a huge sum of cash lying around in the banks.
For this reason, when they receive their student loans or stipend, the cash is normally wasted. If you ask them what the cash was used for, you’ll be shocked. Some say the funds were used to purchase the latest phone and clothes while others can’t account for it. These are unrealistic expenses which need to be avoided at all costs. Students in the Philippines must save money for basic needs, further studies or business

5. Using the 50/20/30 plan

How to budget your money in college? This is the question that pops up in one’s mind after being realistic about their expenditure. To budget correctly, we recommend using the 50/20/30 plan. The plan doesn’t only cater to students but also to employers and employees.
Here is an explanation of how to use the plan. 20% should be allocated to your savings for investments, while 30% to be allocated for your wants. These are things you can live without, such as trips, internet connection, shopping, etc.
Finally, the remaining 50% should be allocated to the basic needs. This is the best plan to budget and remain afloat during the inflation period in the Philippines. Despite being an ideal plan for individuals seeking financial freedom, it cannot be used by people who are low-income earners.
If you’re making PHP 10,000 at the end of the month, sticking to this scheme will be hard. The plan is only successful to one earning a minimum wage of PHP 12,000 to 24,000.
For low-income earners, we recommend using the aggressive saving method. Instead of breaking down your cash into 3 sections, use 2. This allows you to use 60% of your salary to pay up for your essentials, and then the remaining 40% is left for your savings and investments.

→ Learn How to borrow money fast if you are unemployed

6. Tracking your expenses

Tracking your expenses helps you have a clear budget plan and avoid wastage. There are certain things you spend your money on, and in the long run, it isn’t worth it. Therefore jot down all the bills and expenses you incur monthly and evaluate each item.
That helps you cut down on expenses. For example, if you are paying for gym classes and don’t attend them, remove it from your budget. This, in turn, saves you cash.

7. Using cash instead of credit cards

Credit cards are part of the cashless methods Filipinos have embraced. That’s because of the bonuses and points one accrues after using the card. Though credit cards are good and have various advantages, we recommend using cash to pay for goods and services.
The reason why we advocate for cash when it comes to budget is that you can spend what you need to. If you left the house going to the mall to purchase an electric appliance, you would leave with the exact amount.
However, when you’ve your credit card, you will buy the electrical appliance and other things. That’s due to the extra cash at your disposal to do so. Hence, use cash to pay for products and not credit cards.

8. Investments

You can never be rich or have financial freedom while relying on one source of income. You need to open your eyes and seek other ways of making extra cash. It could be selling products online, buying bonds and stocks.
Investments don’t require a lot of cash. The 40% or 20% you set aside for savings can be used to start a business. If the cash isn’t enough, you can seek a fast and instant loan from Digido to establish your business.

9. Learning about money

Before making any investment or drawing up a budget plan, you need to understand what money is all about. Those who have been classified as the world’s richest people achieved their wealth by mastering the art of cash.
Though you might have saved a huge sum of cash or even earn, if you don’t understand how cash operates, you are doomed. The best way to learn about finances is by attending classes or even reading books. That helps you understand how to handle cash, make an investment wisely, and even craft a budget for your business.

10. Digital budgeting

Some of the top Google searches regarding budgeting are the following: How to budget your money in college? How to properly you budget? These are just some of the million questions people search for online. Well, there are various methods of budgeting thanks to digital apps and programs.

The tools have been tailored to fit your budgeting needs whether you are running a business or not. The most popular programs are Mint and YNAB. Though there are other budget apps, you’ll find them in Google Playstore and the Apple Store.

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Where to get money urgently for unexpected expenses

Life is full of uncertainties, and you need to prepare for such. This is why most people set aside an emergency fund. But if you don’t have such funds, you can request an emergency loan from Digido.
Online loans are the best when seeking emergency funds, but you need to be smart about them. There are certain situations when loans are viable to avoid unnecessary loans.

Here are some of the reasons to seek money urgently:

· Personal events such as weddings;
· Student’s loans;
· Financing a car;
· Expanding a business;
· Build credit for the future.

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The platform comes with an irresistible feature, unlike any other lender. Some of the features Digido has are the following:

1. Digido operates 24/7, which gives you a chance to request a loan anytime;
2. The platform offers unsecured loans with minimal documentation;
3. The system is fully automated; hence there is no biases when it comes to evaluating and approving loans;
4. The first applicants’ loan approval rate is as high as 90% and can be used on any project.

Digido requirements

· One must be a Filipino citizen and between the ages of 21-70;
· A government-issued ID card and passport are needed to prove your identity;
· An applicant is expected to provide a valid, current mobile number;
· For the loan to be approved, you must be employed or self-employed.

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Written by: Digido Financial Writers Team

Author pages:
Digido Financial Writers Team is a team of experts in the field of finance and credit, specializing in writing articles for Digido blogs.

Reviewed by: Mark Anthony

Author pages:
Mark Anthony is, the Finance and Accounting Manager. of Digido Finance Corp., monitoring and controlling the flow of cash that comes in and out of the company to meet the company’s business needs, preparing the financial reports and analysis of income and expenses, and monitoring tax compliance.