Cebuana Lhuillier has been advocating for financial inclusion ever since they launched their micro-savings and many of their campaigns. And as we celebrate World Savings Day, they make us equipped more than ever in our finances. We met with Izza Glino of SavingsPinay.ph and did a webinar with her called “Usapang ipon for the new normal”.
Honestly, I never knew that I’m good at saving until I hear from Ms. Izza. Her insights about saving are so refreshing and realistic, I can’t help but to take down notes and just learn from the insights she taught us.
Review your finances
I wasn’t aware of my finances until 2020 came. I realized that I made more compromises than taking care of my future goals. Now with all that’s happening with the pandemic, I learn that I have to make sure that I keep on track with my current financial situation. I learn that I should live according to my means and make every effort to make more assets than liabilities.
Make a budget
Because I’m working freelance and my income is not that stable, I learn that I should make a budget and follow it diligently. More than just knowing my needs/wants, I realize that making a budget can be:
- Allocate your salary/income/money wisely
- Know how much is coming in and going out in your cash flow
- Identify the areas where you can spend less to save more
- If you don’t have a budget, now is the time to create one. And if you are already budgeting, it’s best to take a look at how you budget your money and keep it as effective as possible.
Track your spending
My planner is filled with spending records I daily jotted down to make sure that I know where my money goes throughout the day. Record where your money goes and match it with your prepared budget. For I learn it to be super effective. Especially for those busy people who just mindlessly open their wallet and have no clue about what they’re spending throughout the day.
Cut back on unnecessary expenses
Breaking a bad habit is hard to do; so does cutting back unnecessary expenses like daily splurging on food, online shopping. Take a look at your recurring expenses and see where you can cut them down is one of the things that we can evaluate our expenses. Is there a particular subscription you can omit? Can you adjust your utility bills and find ways on how to conserve your water or electricity.
Learn to live within your means
I often learn that I should live according to my income. And this is true. To live within your means is simply making necessary adjustments to maximize the limited money/asset you have. And this will make life simpler. Just like Dave Ramsey said “we buy things we don’t need with money we don’t have to impress people we don’t like.”
Set saving goals
If ants can save, so do we! Set your yearly and monthly financial goals now. Goals work as motivational tools that will keep you from building wealth instead of the other way around. Once you have a set of clear financial goals it will be easier for you to assess your next action list.
Increase your income
Because it’s hard to get a full-time job, doing whatever Thus, try to increase your sources of income as much as possible. Engage yourself in extra income projects that you are passionate about. Choose a side hustle you can work on along with your full-time job.
Start small and make it a habit.
I recently got a new phone, and all thanks to the savings I diligently do this year. You don’t have to make it big at first. Always start with a small and doable amount. Psych yourself and your wallet on saving 1000 pesos every month for example. At the end of the year, you’ll have 12,000 pesos more in your savings fund. Do not force yourself to save a lot of money at once, make it as gradual as possible so you won’t slack off midway.
Speaking of savings, Micro Savings of Cebuana Lhuillier is one of the solutions you can do to start up your finances. Plus, you can open an account for only Php 50. Cebuana Lhuillier’s Micro Savings works like normal savings account wherein you can deposit and withdraw anywhere at your most convenient time to Cebuana Lhuillier’s 2,500 branches nationwide.
Your Cebuana Lhuillier 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 Cebuana Lhuillier 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. What an awesome way to start saving! So as for me, it is better to start saving now than never and build an iponario lifestyle.