TIPS ON HOW TO SAVE MONEY IN A NEW NORMAL

Do something today your future self will thank you for. 

Pandemic taught us how important savings is. Dahil hindi makalabas natuto kaming maging kuntento kumain sa bahay, aside sa mas tipid, mas healthy pa. Now that I do my grocery online mas nakikita ko ang na add to cart ko. Natuto kaming mag budget lalo para may savings kaming huhugutin for emergency and also for our dreams and goals. I'm sure a lot of Filipinos were taken aback sa mga happenings lately. Pre-pandemic most of us were saving for travel, food trips, latest gadgets, budol finds. But when pandemic happened, doon lang halos nagkaroon ng wake-up call how important to have a savings. How important that we have saved money for emergency, especially when it comes to our health. With economy's fluctuations, job uncertainties, esp during the first lockdown, yung mga no work now pay nating mga kababayan ang unang naapektuhan talaga. Pati yung mga small business owners, and the like. No one foresee na mangyayari ito pagpasok ng new decade, but sometimes we have no control over it. Kaya talagang dapat laging handa  at paghandaan ang future so that whatever happens, we have something to hold on to.

I personally listed down our own realizations kung paano kami makakapag save even during pandemic. I hope makatulong din sa inyo: 

💰 First, you need to know your motivation. What are you saving for? New house? New car? Travel? Your kids' education? Early retirement? Find out what is your motivation to save money. Write down your financial goals
💰 Identify your expenses. Need mo makita ano ang madalas nyong pagkagastusan in a week or month. Live within your means.
💰 Prioritize. Put emergency fund as your top priority. Set a budget sa lahat ng magiging expenses nyo and make sure to follow your budget.
💰 Budget as a family. Get everyone on board. Share to them what are you saving for. Inspire them to save so you can meet your goals as a family
💰 Invest. Madaming nag offer ng mga financial strategies where you can also earn when you invest. Insurance is one of the best investment esp during pandemic. Make sure you trust the company
💰 Use discounts, promo codes. Buy needs kapag sale esp if it's something you need for the house or new appliances. If luho naman yan, wait for the sale
💰 Now that we're mostly at home, learn how to plan a meal. It's easier to cut down on grocery kasi alam mo ano need mong bilhin for your dishes
💰 Organize and de-clutter. Honestly, this is very helpful for me. Baka meron kang hindi nagagamit na useful pa din sa iba. You can sell it or donate or barter
💰 Don't be an emotional spender. Make sure na ang bibilhin mo will be useful and it's something na kailangan mo talaga

There are a lot of books, groups, webinars, offering their expertise on how we can save our hard-earned money. And I recently attended one with Cebuana Lhuillier. And as we celebrate World Savings Day on October 31, let me share with you some of the highlights.

1. What is saving money and why is it crucial to save?

Did you know that according to the Bangko Sentral ng Pilipinas’ 2019 Financial Inclusion Survey, only 53% of the adult population saves?

This result is as alarming as it sounds. That’s why awareness on the importance of saving money should be discussed more.

World Savings Day is a dedicated time frame where financial institutions whether public or private including financial advocates can gather and promote saving mobilization. The idea is clear - saving is for every Juan!

Saving is the process of putting cash/money and parking it in a safe place and can be accessed easily when needed. 

Here are more reasons why you should know how to save money:

• To reach financial independence 
• To be prepared in case of emergencies
• To reach a financial and/or personal milestone
• To not pass up an opportunity

2. Why Filipinos find it hard to save money

Most Filipinos find it hard to save money for the following reasons:

• Not having enough money.
• Leaving things to fate a.k.a. bahala na mentality.
• Not knowing how to save money.
• Debt, debt and more debt.
• Thinking it is already too late to save.
• Here’s what you need to remember:
• Saving money is the single most effective way to get rich.
• If you can live within your means, save and invest the rest, you have done well for your future self.

Where to Put Your Savings

Now where should you put your savings?

Cebuana Lhuillier Micro Savings is the perfect answer to the World Savings Day call to save more, especially for our fellow Filipinos who don't have the means to really save.

For one, the Cebuana Lhuillier Micro Savings account can be opened for only Php 50. Cebuana Lhuillier’s Micro Savings works like a normal savings account wherein you can deposit and withdraw anywhere at your most convenient time to Cebuana Lhuillier’s 2,500 branches nationwide.

Your Micro Savings account is already accredited to almost 21,000+ Bancnet ATMs nationwide for easy withdrawal. What’s amazing is you can even use your Micro Savings account to pay at any of 350,000 Unionpay and Bancnet accredited retail stores nationwide.

Last but not the least, Cebuana Lhuillier’s Micro Savings account offers a competitive interest rate of 0.20%. This is higher than other savings accounts can provide. And because there are zero to minimal fees whenever you do your transaction, your money will keep on growing. Just make sure you reach the minimum maintaining balance to earn interest which is Php 500. 

Let's all make it a habit to save for our better future.