3 clever ways on how to grow your P1,000 this year in the Philippines

With all the financial struggles that we have been into, we can't help but to think of other means so we can earn enough money and grow our savings in the easiest and fastest way possible.

However, most of the time, we lose our hope of flourishing our financial stability because we do not have that huge amount of money to start a business or investment just like successful businessmen do. 

But what if I tell you that with just P1,000 you can actually have the opportunity to have a vigorous flow of money and open a different future of yours? Yes, I know that you do not completely believe me.

Well, to convince you, listed below are the three smartest things that you can do so you can grow your P1,000.

Start a small product business

Business does not have to be big for it to start. No matter how small is your capital,  as long as you are smart enough in managing a business and advertising your products, there is no reason for you not to earn money. 

With just P1,000 there are a lot of businesses that you can do especially if you are not working and you are always bound at home. You can start with the buy and sell type of business where you buy some goods or products and sell it to others afterwards with a higher price. 

You may buy and sell frozen foods like hotdogs, hams, tocino or longganisa. You could also cook and sell famous Filipino “meryenda” or street foods like banana cue, camote cue, siomai, fishballs, kwekwek, samalamig, ice candy, and more. If you do not want to exert so much effort in preparing and  cooking, you could buy some eggs in the poultry to get cheaper prices and start selling it to your neighbors, friends or some stores. Eggs are very essential in a household anyway, it would surely be sold.

If you want to start a business that has something to do with beauty, then you could join as a retail member in some cosmetic brands. Signing up usually costs P1,000 or less so you can sell a product. You could also sell dry goods such as “Ukay-Ukay” or preloved clothes which are very trendy nowadays. You can buy bulks of them or per kilogram at a cheaper price from numerous  suppliers out there.  Just be wise on choosing the items of your choice.

Try some service businesses

Starting a service business does not actually require you to have a capital most of the time because what you are going to offer here is your skills and talents. However, if you do not have any material to do the work that you want to sell, then of course you need some money to buy necessary equipment.

If you are good at writing essays, poems, academic  papers and the like, then you can establish your own online writing business where you will set your own price rate depending on the kind of work that the clients want. You could also create a blog site and post some of your written works there. If you think your site is already organized and good enough then you can apply for ad-serving platforms and start earning money without even spending any penny. 

You could also open for commissions if you are exemplary at doing portraits, sketches, and paintings. You could post your artworks to social media platforms for you to be known and reach more clients. 

If you have so much more to offer, you can sign up to various freelancing sites so  you can be a virtual assistant, tutor, designer, advisor, or anything that you wish to be. In there, you could also set your own price rate but make sure to make it reasonable enough for the clients to avail. 

Join cheap investments

According to experts, investment refers to actions such as buying a monetary asset which an investor expects to generate higher income or profit in the future.

The definition is simple but it could be a big and scareful word for beginners or people who never tried it before. But little did they know, this can be a game changer for someone who wants to grow his or her money easier and faster. 

Not all investments require a huge amount of money. As a matter of fact, there are a lot of investment schemes in the Philippines that are cheap enough for first timers. Just for an instance, the Gcash app through its invest money allows users to start their venture to the world of investment for as low as P50. All you have to do is to have a smartphone, download the app, register,  invest, understand the scheme and then wait for your money to grow. This is perfect for beginners who are scared to risk so much money in investments.

The Social Security System (SSS) and PAG-IBIG also offer investment programs (the SSS PESO Fund and Pag-IBIG MP2 Savings Program ,respectively) which allow investors to invest for as low as P500. Their program works similarly with those savings accounts from banks but with higher interest rates. With these, you need not to worry of losing all your savings because these are regulated by the government itself.

You can also try the investment options provided by other companies such as Sunlife, BDO, and Philam or try buying stocks in the stock market to publicly listed corporations in the country. By buying stocks in a certain company, you will become one of their shareholders and your earnings will depend on how good their performance is.

A piece of advice

To risk is to be brave. It is not wrong to try new things and go against the flow in an attempt to gain more for yourself. However, you must bear in mind that you must be careful as well. You must be vigilant in checking out and speculating business, partnership, and investment that you would like to engage so that you won't get any poorer at the end. 

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