Money-saving tips and strategies

Keep a record of your expenses. You may be surprised how much you could cut out.

Jam it back in, in the dark.

I agree with Alice's cash system to some extent. You do tend to get more disciplined when you see that bundle of bills dwindle down to nothing.

However, don't slam the plastic just yet. Don't cut up all your credit cards either. Having that option available is helpful in some situations, and it is a good idea to establish a good credit history. Having a very low utilization gives you a fair credit rating, which is useful when you're ready for the big stuff like financing cars, houses, and college.

Still, with credit cards, you must pay the whole amount off when it is due. Otherwise, if you only pay the minimum, the interest will become astronomical. Case in point: a credit card with an Annual Percentage Rate of 30%, will cost you 34.48% in interest (compounded monthly). It's even worse in the Philippines - a "low" 3.5% monthly-bearing credit card which translates to 51.11% annual interest.

There's nowhere I can't reach.