If there's one thing I learned with money when it comes to spending and saving: Don't track your expenses (food, bills, transpo, etc.) but always track your savings.
Tracking your expenses will just make you frustrated every time and will even make you feel that you don't deserve to spend anything more than the necessities. Your hard-earned money just for spending on the stuff you need and never about your wants? That sucks.
I used to track my spending when I was younger. Different apps were used but it just wouldn't work for some reason. Maybe because it gives me the mindset of spend, spend, spend. Instead of save, save, save. Then end up, Dang, inflation sucks. Bills are just getting higher so all my money just goes to expenses. I was not seeing the essence of saving because I was focused on the money I let go every time.
I know some people just don't mind their savings. Like they say, Just let it grow, don't look at it! Be surprised how it will fare at the end. In my opinion, that only works for stocks or long-term investments, which can not be elating.
When you track your savings instead of your daily, weekly, monthly, ano pa mang -ly 'yan na expenses, it encourages you more to save — regularly. Because you are seeing your money grow. There's happiness in it compared to not looking at it. And it isn't a sin to get something from your savings when times get tough (or you just want another sweet or delight you don't even need). Tip would be: make sure to just return that spending (this is the kind of spending I track — the money I am not supposed to be spending yet) from your next source of money. You don't have to return it in one go. Can be gradually, but make sure to stick with the regular amount you're saving every time (Example: If you save PHP100.00 per payday, make sure to do it every payday, as you can). I know this is a privileged perspective because having savings is also a privilege, like not everyone has the same salaries or sources of income. So if you are privileged to do it, do it.
One more thing that works for me, I've said this before, use digital banks for your savings. Even for insurance payments if you're paying quarterly, twice a year, or annually. Or any other bills that have the same system on your end. Just let the monthly amortization sit in your digital banks. Don't use that bucket. And it shall grow some interest before you withdraw the certain amount you need for your premium. Digital banks offer higher interest per annum compared to traditional banks. Some of them even create promos for higher rates. Some also offer an account within an account — like folders or dividers or drawers (whatever you want to call them) so you can organize your money. Which is for insurance? This. Which is for my savings that I wouldn't be subtracting anything untill the year ends? That. Which one is more lenient where I can get some money and just return it after? Oh, this. You can do the same thing in one bank to another if they don't offer this feature.
But, never let go of your traditional banks. If you can have a mix of both, if you can have accounts in different banks, do it.
I have different bank accounts: both traditional and digital. I don't put all my money in one bank alone. But that doesn't mean they have hefty amount of cash in each. Some would be OK to just have the maintaining balance to keep them afloat. Because of this reasoning: It's a smart thing to do and it provides convenience (not just for you). How?
Aside from the fact that PDIC only insures a certain amount of money, what will happen if the only bank where my money is at is having its maintenance or I can't find an ATM when I need to withdraw? A big hassle and unnecessary fees will welcome me. Most traditional banks also have their own ATMs. At least with this approach, I have options. Again, just a note, I know that having options is a privilege — and sometimes, you need to take advantage of this kind (hence I am sharing these thoughts).
If you have money in any of them, you don't have to spend on transfer fees if your recipient is a different bank (if your bank has fees). Vice-versa, people can also deposit in any of your banks whatever bank they are using. That PHP5.00-PHP25.00 convenience fee for transfers and cash-ins is a dread if you have to spend for it every. single. time. Better if you also have a bank that offers free transfers via Instapay (Won't name them but you can ask me via comments or what. Sumosobra na 'tong mga digital bank and other services sa akin, 'di naman sponsored. Charot lang!). I dread them so much that despite looking like a small amount for convenience, I would go the extra mile (or maybe just a kilometer) to walk to the nearest cash accepting machine or bills payment service I can find. If none, I'll find a different way or wait until the machines or the services are available. I know. This suggestion ain't for everyone, thought it helps me cover those kilometers I need for my Strava challenges.
Go buy that shoes. That dress. That jacket. That gizmo. Every item you said you'll get if they are still there on your second visit but never bought despite visiting them on the tenth day already.
You deserve to have a taste of your hard-earned money whether immediate or you're into delayed gratification. Track your savings, return whatever you spend from it if you will, then see how you'll end up as the year ends. It doesn't matter if you would prioritize spending for your wants or saving (for rainy days or sunny days) but key is, just always save when you can!
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What do you think, Awesome?