Saving money is a lot like losing weight—it’s often easier said than done. But for those of you who are really determined to save enough money for the “rainy days,” here are five simple tips to get you started.
1. Set a budget and manage your spendings: Determine a workable budget every month and follow a plan before spending unnecessarily. There are apps that help you monitor your spendings like “budget tracker” or “money manager.” IF you want to make it more personalized use the notes app on your smartphone and create your own list. You could also go old school and use a pen and notebook. The important thing is to find what works and is convenient for you and find out if your expenses are still within your budget.
2. Live within your means. During times like this it is important to be very practical. If it doesn’t really fit your budget then don’t go out of your way to buy it. Just because you see your friends posting about it on social media doesn’t mean you are missing out if you don’t have it. You don’t have to buy expensive stuff to be cool and trendy. Go back to the second tip and find out if it is a want or need—or sleep on it for a few days, and you’ll probably forget about it anyway.
3. Identify your NEEDS vs WANTS: We all want something, but do we really need it? Before buying anything that might get you over budget ask yourself first if should really be a priority. What are the things that matter to you? Create a top 10 list of the things you plan to buy and arrange it from the most important to least important. From here you can decide if you really have to spend your hard earned money on it.
4. Now is the best time to start saving. You don’t have to earn a lot of money before you start saving. You don’t have to save big, just save enough. Avoid being a “one-day millionaire,” or spend your entire salary in a day. Its best to start saving small, say P50 or P100 a day or something that is workable or sustainable for you. P100 a day is better than say P1000 every other month. And to make sure that it is secure, open a savings account.
According to Ramon T. Militar of BDO Network Bank Community Banking Network Group, its best to have two bank accounts. One for your salary and one for your savings.
5. Don’t be afraid to get a loan if you really need it. Instead of looking for a loan shark or those who offer 5/6 Its better to take a loan from the bank.
But before you do ask yourself these questions.
a. Do you really need that amount of money?
b. Will you be able to pay it on time?
c. Will I be taking this loan and use it for business or for an investment?
Its important to have a solid plan before getting a loan to protect your credit status. If you pay your loan on time, it will make it easier for you to get another loan in the future.
Alberto O. Quiogue ng BDO Network Bank Salary Loans Group, loans are there to help you and not to be a burden. Don’t get a loan just to spend it on some extravagance or unecessary things as it will just make it harder for you to pay for it in the end.
BDO is a full-service universal bank that provides a wide range of corporate and retail banking services. These services include traditional loan and deposit products, as well as treasury, trust banking, investment banking, private banking, rural banking, cash management, leasing and finance, remittance, insurance, retail cash cards, and credit card services.
BDO has the country’s largest distribution network, with over 1,400 consolidated operating branches and more than 4,400 ATMs nationwide. It also has 18 overseas remittance and representative offices (including full-service branches in Hong Kong and Singapore) in Asia, Europe, North America, and the Middle East.
BDO ranked as the largest bank in terms of total assets, loans, deposits, and trust funds under management based on published statements of condition as of December 31, 2020. For more information, please visit www.bdo.com.ph.
Visit BDONB Facebook page (https://www.facebook.com/BDONetworkBankPH) or the BDONB website (https://www.bdonetworkbank.com.ph/) to know more about their products and services.