Do you know how to save money?

One of my first year insights:

Do you know how to save money?

Lately this October, I have been reading books about personal finance. I've searched books and the net because I am finding ways on how to save more on my allowance and how to minimize unnecessary expenses. I have come up with ideas based on what I've researched:

* "Pay yourself first." That's right. I am going to save first. Maybe I am going to allot 40% of my daily allowance for savings. According to Colayco's book entitled Wealth Within Your Reach, one of the reasons why Filipinos do not save much is because of the common formula of "SALARY - EXPENSES = SAVINGS". Rather, it should be "SALARY - SAVINGS = EXPENSES". I think it is not that bad. I would like to take that as a challenge.

*"Determine your WANTS and NEEDS." Remember what your Economics teacher told you? We always spend our money on our wants rather than on our needs (the usual basic necessities such as food, water, shelter, etc.).

*"Do not be an IMPULSIVE BUYER." This is related to the second idea about wants and needs. When I see something new and good to see in the mall I am usually tempted to buy it but I pause for a moment and think whether is it worth my money? If I am still having second thoughts I do not buy that thing. And oh, if you don't really need that discounted dress you saw on your favorite shop, DON'T BUY IT. Discounts are only useful when you buy something that you really need. Basically, we are blinded with the wrong notion that we will save more if we buy this discounted pair of socks and jackets.