Thursday, August 23, 2012

How to save... some ideas

We have learn or heard from our parents, financial gurus, and other people the importance of saving up for the future, and yes it is very important, but not all of us can do the 10% to 20% saving tips that is recommended due to different financial obligation each one of us have.

So how do we save? Well the first thing you do is to set a exact amount to save, let say Php 1,000.00 per pay check or even smaller depending on what you thing you can save. Lets go with the amount above, so every time you received your pay check, you automatically transfer the Php 1,000.00 to another savings account of yours our keep it were it will be save. If you will save it on another account make sure to keep the ATM and not to bring it when you go on "gimiks" or trips, remember this is your savings not money you can used for spending when you wish.

By the end of the month you will now have Php 2,000.00 savings, not a bad place to start right, when we multiply this by 12 months by the year end you will have a savings of Php 24,000.00 for the year. It is not the usual 10% to 20% of your salary but you have started to save.

Php 20.00, may of us think about twenty peso as an amount which can buy a little, true in most cases. But if you can save Php 20.00 a day for the whole year you can have Php 7,200.00 worth of savings. (Php 20.00 x 30 days = Php 600.00 x 12 months = Php 7,200.00). You can have your child do this to teach them on how to save.

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