Savings 101

Maraming advantages ang pag-iipon. Pero walang tatalo sa peace of mind na dala ng savings. Anumang emergency o opportunity ang dumating, alam mong masu-survive mo ito.

Savings will help you be ready for anything! With savings, lagi kang handa sa kung ano mang dumating na mga unexpected expenses, opportunities, and problems.

• Firstly, may emergency fund savings ka. Ito ay in case of health issues, job loss, at iba pang emergencies.
• Second, savings will help you prepare for short-term and long-term expenses. By saving small amounts over a long time period, mas magiging realistic ang pag-abot mo ng long-term goals. Kikita ka rin ng additional percentage ng iyong savings through interest sa savings account.
• Third, savings will give you financial independence. By regularly saving, kakayanin mo maging financially independent para ma-improve ang quality of life mo until tumanda ka. Hindi ka mapipilitang umasa kahit kanino.
  • At extra good news pa! Most retirement savings accounts offer compound interest para sa maagang pag-iipon.

1. Make a budget. By budgeting, you’ll know kung magkano ang extra cash na pwede mong i-save.
2. Build an emergency fund. Mag-ipon ng at least three months’ worth of living expenses in case of future emergencies.
3. From there, save at least 20% ng iyong monthly take-home salary. Pumili ng savings account with a high interest rate to grow your savings faster.

Dapat ilagay ang excess income sa savings. Ayon sa 50/30/20 budgeting guide ng Harvard bankruptcy expert na si Elizabeth Warren, dapat maglaan ng 20% sa savings at investments. Magandang starting point ito para sa mga first-time savers.

Pero pwede mo rin ma-customize ang savings mo based sa mga sumusunod na factors:

• Monthly living expenses. Pwede kang mag-save ng at least 3-6 months’ worth of living expenses as your emergency fund. Living expenses are your spending for basic needs. Examples are housing, food, healthcare, at bills.Example: Juan pays Php 10,000 for rent, Php 5,000 for groceries, and Php 5,000 for all utility bills. Ang monthly living expenses niya amount to Php 20,000. Therefore, ang emergency fund niya should be Php 60,000 o three months’ worth of living expenses.

• Priorities at goals. Isipin ang goals o expenses na kailangang pag-ipunan, at ang time frame mo para makumpleto ito.Example: Juan needs Php 20,000 para sa first birthday celebration ng kanyang anak. Kung ang birthday ay 8 months away, he needs to save Php 2,500 kada-buwan for 8 months para magkaroon siya ng Php 20,000 pagdating ng birthday ng kanyang anak.

Kung small amounts lang ang kaya mong i-save, okay lang ‘yan! Just be realistic at consistent with saving to make it a regular habit.

Ang best place na paglagyan ng iyong savings ay sa isang bank savings account. Here’s why:

• Kikita ka ng interest rate. For best results, choose a savings account with high interest rates and compound interest.
• Insured ng bangko ang iyong savings. All legitimate savings account have insurance coverage na up to Php 500,000 from PDIC (Philippine Deposit Insurance Corporation) kaya sigurado kang safe and secure ang pera mo.

There’s no better time to start saving than now! Consider this your starting point sa anumang short-term o long-term goals mo.

Handa ka na ba magsave? It’s time to check out the different types of Savings Accounts. Dito mo naman malalaman kung alin ang bagay sa iyong short-term o long-term financial goals.