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Saving while you’re paying off existing personal loans and credit cards can feel challenging, especially in the current economic climate. There are ways to put a little money aside each month, though. Even when you have to factor in regular monthly payments. Though everybody’s financial situation is a little different, most of us could benefit from being a little more mindful with our money. This guide is designed to offer you the basics of saving, while still using personal loans or salary loans.

Set Your Savings Amount and Stick to it

This is the first step and it may take some time to set an amount that you can comfortably manage to save each month but persevere and it is certainly possible. A good guideline is between 5 and 10 percent of your income. You can of course save more if you feel comfortable doing so, but for many people, this is enough to provide a slow, steady build up of cash that can be used at a later date for things like emergencies or special purchases.


Though this doesn’t always mean you’ll see a huge difference in the amount of money you have available for savings, making changes to your lifestyle and spending is a good way of gradually reducing your monthly outgoings. Over time, you will notice a difference and the savings you make will eventually help you to put a little more away. Buying unbranded food products, shopping at local markets and second-hand goods stores can be effective strategies, but so can things such as turning electronic devices off instead of leaving them on standby. Reducing water consumption and limiting the amount of central heating you use can also have a surprising impact on what you’re spending each month. If you’re determined to save, making a few of these little sacrifices every month can be a really effective way of generating some more cash.

Give Something Up

This doesn’t have to be a permanent measure, but it can be extremely effective in terms of freeing up some spare cash. If you’re paying back a personal loan in the Philippines and you find the repayments are making it more difficult to save money each month, consider cutting back on a few non-essential activities or treats. Instead of paying for a gym membership, you could simply take long walks every day as an alternative. The climate in the Philippines means that outdoor activities like this are usually possible at most times of the year. Similarly, if you’re a bit of a foodie, you could learn to cook your own meals from cheap, raw ingredients, rather than spending money in restaurants or marketplaces. As we say, this doesn’t have to be a permanent situation, but if you use any money that you planned to spend on treats or non-essentials towards a savings account, you may be surprised at how quickly the total amount builds up.

Keep a spending diary

If you frequently use salary loans or personal loans to make ends meet, it makes sense to keep a diary of everything you spend money on. This allows you to eliminate any non-essential purchases and also get a clear overview of your spending habits as a whole. Saving while paying back loan providers is definitely possible, but it requires a degree of dedication and organisation that some people can find challenging to maintain. A detailed spending dairy based on any contactless or cash purchases that you have made over the course of a week allows you to see exactly where your money is going and where you can make changes. For many people, a large part of their salary gets wasted on things they don’t really need or on purchases they make without really thinking about it. (Coffee, snacks, single travel tickets etc) By being a little more mindful and conscious of what you’re spending and when, you can begin to change this.

Direct Debits or Automated Transfers

This is by far the most effective way to start saving as it means you’re guaranteed to be putting money into an account every month, without fail. It’s not an option for everybody but if you have a regular income, it’s possible to ear mark a small amount that will be taken out of your account as soon as it arrives. This is something that can feel a little disheartening at first as can look just like another loan instalment or bill payment, however, within a few months, you will start to notice the benefits. Watching the money slowly and steadily build up can fill you with a sense of confidence and ultimately, means you can avoid borrowing more in difficult times.

Using Existing Savings to Pay off Expensive Debt

Though it may seem counter intuitive, using savings to pay off expensive debt generally makes more sense than allowing them to sit there unused while you scrabble around for extra cash. Debts with high interest rates should be paid off as quickly as possible and if you have existing savings, using them to do so can actually be seen as an investment in your future, rather than a waste of money. This is something we would only recommend in relatively extreme financial circumstances, but for those who find themselves having to borrow from lenders on a very regular basis, it could be a good strategy.


Saving while borrowing is undoubtedly a challenging thing to do but with enough forward planning and a little self-discipline it is possible. The key is to treat your savings with the same kind of respect you treat your loan repayments. Once you have accepted that you are going to have to pay a certain amount every month for a specific amount of time, most people are able to adjust their lifestyles and spending habits accordingly. If you can manage to keep up the good habits, the benefits will become apparent quicker than you think.

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