Income Tax Rates

People from all walks of life in the Philippines have been directly affected by the rice shortage and the rising oil prices. These unfortunate events seem to cripple many Filipinos financially. Thus the need for strategies for saving money comes as a need help to those wanting to find an alternative from the norm.

Here are three Practical money saving tips, which I know works base on my experience.

1.) Purchase wholesale - If one goes to a local grocery store and compare prices between small items or repacks and larger items of the same product, such as 500 grams and 1 kilo of washing machine detergent, he will notice that as the size of the item gets bigger, it becomes cheaper. These bigger items are usually stamped with "Save Php. 15.00" or "Save Php. 20.00" and the more you buy in bulk, the more savings you get. So purchasing in wholesale rather than in small repacks is a wiser decision and should be seriously considered in buying. This is the reason why I put this as my number one tip.

2.) Go directly to industrial suppliers - Another thing you will notice in the exchange of goods is that industries sell their products more cheaply because they either make it or buy it in bulk. I got hook with this because of the principle "buy in bulk" or "go large". When I was trying to find out if I could buy a sack of detergent powder, I found out that laundry shops sell laundry soap at Php. 80.00 per kilo, whilst the same amount would cost you Php. 300.00 at a local grocery store. To make it much better, a friend, who owns a laundry shop, told me he could provide it at a much cheaper price. The reason behind this is because many of laundry shops make their own laundry soaps and the quality of the soap is also at par with those advertised in television. Even though this strategy is not for all ordinary day to day items it is still worth using to a number of household items.

3.) Go to the right supplier - I once covered this strategy in one of my previous post but it was more towards not buying at a convenience store. This strategy is more about going for the right supplier for a certain need. For example, fruits, vegetables, fish and meat products are best bought at the wet market where it is cheaper compared in a grocery store. On the other hand canned goods and dry goods are cheaper in the grocery store. The reason for this is that vendors in the wet market get their products directly from farmers and fishermen, thus making the product cheaper. At the same time, grocery stores get their products directly from the industries where they also buy in bulk making canned goods, dry goods and other items cheaper.