Saving Money High on New Year's Resolution List in 2008

LONDON (Reuters) - Saving money tops the list of 2008 resolutions for young people, taking priority over more common vows like dieting and exercising, research shows.

Some 54 percent of 18 to 24-year-olds say they want to put more money away for a rainy day next year while 44 percent resolve to exercise more and 31 percent to go on a diet, according to a poll by ICICI Bank.

It said this showed that the credit crunch was making people think about their financial future and rein in their spending.

Overall, one third of 2,100 adults surveyed said they would resolve to make savings high on their agenda for 2008.

That was beaten only by the intention to exercise and diet (44 percent and 38 percent respectively).

Some 18 percent said they would make being "green" a New Year's resolution, 8 percent plan to give up smoking and 2 percent want to give up alcohol.

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With this startling statistic, this only shows that more and more people are realizing the value of savings.

Saving for your future is every persons dream. But for it to become a reality. We must carry the right philosophy in money "It's not how much money you make but how much money you save."

We have to be consistent in disciplining and controlling our spending habits.

Here are some practical ways on how we can save for 2008:
1. Quit smoking.
If you spend P30 pesos a day for smoking, that will be an equivalent of P900 a month and a total of P10,800 a year.

2. Quit buying coffee from expensive coffee shops.
One cup of coffee will cost you P80 a day, that will be an equivalent of P1,600 for 20 days and a total of P19,200 per year.

3. Control your mobile phone bill expenses.
If you can save at least P500 per month that will be a total savings of P6,000 per year.

4. Quit using your credit cards.
Statistics shows that you increase your spending by 30% if you use your credit cards for purchases. As much as possible use cash. If you need to use your credit card for convenience. Make sure you pay the following week to avoid penalty charges.

5. Eat at home.
Eat out less often. If you and your spouse will spend at least P500 for every meal for just even once a week. That will be a total of P2,000 a month and a grand total of P24,000 a year.

From this 5 tips alone you can save around P50,000 a year.
There are many more things you can cut down in order for you
to start a new life this 2008.
So start the year right and you will experience a fruitful and a
debt free year of 2008.