Saving doesn’t mean simply putting your extra money in the bank. The act of saving requires determination and discipline. To save, you must be dedicated in setting aside a specific amount from each paycheck, and you must have the will power to leave those pesos untouched. Unfortunately, every day mistakes—that you don’t even know you’re committing—can sabotage your plans to save. What are those mistakes?


1. “Okay lang yan. Let’s have fun!”

You only live once or YOLO may sound cool right now, but in reality, it is not. “YOLO is not cool if you don’t know how to budget your money and find value in yourself. You need to determine what matters to you,” says Financial Adviser Jaina Cayubit. “If you’re just thinking about short-term happiness, living the YOLO lifestyle is okay. But really, you have to consider long-term goals not just for yourself but for your family and future family as well.” Also, it’s best to be honest with yourself: don’t YOLO if you don’t even have the money for it.

2. “It’s alright to spend now, because I can pay later anyway.”

“Learn to draw a line for yourself and don't exceed your budget!” Cayubit advices. As much as possible, you should control yourself from spending beyond your means. For example, if you have a credit card, you should learn how to cleverly use it. Remember to pay your balance in full each month, because if not, it will start to gain interest. And before you know it, your debt can quickly spiral out of control. “Credit card is debt. And to save, you must get out of debt!”


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3. “Gusto ko nito, gusto nyan!”

Set your priorities straight. “Identify your needs and wants. Not everything is beneficial. Just because you want it, doesn’t mean you need to have it,” shares Cayubit. “Just because everyone is going to this place, or buying this, it doesn’t mean that you have to jump on the bandwagon as well. Sometimes you need to practice this proverb, ‘Patience is a virtue. ’Learn to wait and save for what is best.”

4. “I don’t need insurance, I’m still young!”

“What millennials don’t realize is that an insurance plan is not just about death benefits or protecting your dependents. Insurance is an important part of a successful strategic financial plan.” Cayubit says.

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“The best time to get insurance is while you are young and healthy, because the sooner you get it, the sooner it starts building value, which then you can use for other opportunities (such as a business) or emergencies.” Plus, getting insurance as early as now means you’ll beat the high inflation in the future. “Don’t be intimidated to ask financial advisers about this. And you don’t even have to spend much on this, because P20 to P200 pesos a day is enough to get you a Variable Life Insurance, which you can use as an investment or for illness coverage,” Cayubit says.


5. "I don't need to budget!"

“You have to know where your money is really going. Budgeting or even just merely writing where your money goes every day is a must,” Cayubit explains. Don’t trust your memory to remember every bill you have to pay, and every cent that you've spent. It's best to write everything down and review it afterwards. “You can record your expenses by category on an Excel spreadsheet. Or download apps to help you manage your money on the go, both Android and Apple have a lot of this. This way, you can finally track where you spend your hard-earned money, so in case you have to cut anything down, or if you see you’re splurging too much, you can control it before you something worse happens.”

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This story originally appearedon

*Minor edits have been made by

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