Your journey to save money must start today
It’s undeniable that saving could be really challenging, especially during this pandemic when many are unemployed or underemployed due to business closures or limited operations.
However, there’s a proverb saying, “if there’s a will, there’s a way.” We all need to find a way to survive in today’s crisis and for the future.
One will need determination and discipline to save money but there’s one thing I wish to emphasize from Izza Glino of SavingsPinay.ph through Cebuana Lhuillier’s online financial literacy webinar — start small and make it a habit. It means we do not need to have thousands of pesos to start saving. You can actually begin the “ipon journey” by setting aside P20 daily or P140 a week. That’s 7,300 for a year! Double or triple the amount if you’re able to. The important is that you fire away the desire to save for the future.
As Ms. Glino emphasized in her talk, saving in the “new normal” is necessary and crucial. She cited several reasons on why you must learn to save money.
To reach financial independence
The ultimate goal of those personal finance savvy is to finally reach total financial independence wherein you never have to worry what tomorrow will bring in terms of your finances. This can only be achieved if you take care of your money.
To be prepared in case of emergencies
Unexpected expenses such as car repair, loss of job, medical issues in the family call for an emergency fund. Your savings could cover the amount needed for the said unexpected expenses so you won’t be in debt.
To reach a financial and/or personal milestone
Saving money enables you to achieve each of the financial and personal milestones you may have.
Without a proper savings you can never buy and invest for a house and lot or a start up business for example. You need to save money to have enough down payment on a bigger house. Other personal milestones include a new car or a trip abroad etc.
To not pass up an opportunity
Sometimes life opens opportunities for us that can cost money. Opportunity like a seat sale to your dream destination, a pre-sale house and lot within your budget, a new stock on its IPO stage or even a new business idea.
Your savings can be your starting capital. Remember, the more money you have, the more options you’ll be getting.
“One of the biggest financial lessons this current pandemic situation has taught us is how important saving money is. Emergencies do happen and those without any money prepared, will find themselves worrying how to put ends meet,” said Ms. Glino.
Moreover, Ms. Glino clearly interpreted how we can benefit from saving money while we are young. Basically, so that we can enjoy it during our retirement. I don’t think anyone would disagree living the last stage of our lives just enjoying travelling and spending time with family without worrying about work and income.
In the screenshot of graphics presented by Ms. Glino below, which stage are you now?
Start saving NOW
There’s a lot a “ipon challenge” you can join. If you’re not comfortable in keeping the money in a piggy bank, put it in the bank for safekeeping while earning minimal interest. But there’s another option or a better alternative than a bank – the micro-savings program of Cebuana Lhuillier.
I already have an account with Cebuana Lhuillier’s 24k Micro Savings but it’s great to know that it’s upgraded to a regular 24k Savings Card which has the perks similar to the ATM but less the high opening deposit and daily maintaining balance requirements.
“This is as easy as depositing a minimum of P50 to open an account or P1 to reactivate a dormant account, and you can, with a minimal or zero fees, send, receive, save money with interest and withdraw from nearby Cebuana Lhuillier branches and BancNet ATMs,”Lorna Z Teczon, Cebuana Lhuillier Bank’s Head of Digital Banking and Strategic Alliances said in a webinar.
Saving money is not actually a wise move, but can give you peace of mind that you’ll be ready anytime should anything happen unexpectedly, maybe not with you and your family or maybe with other people close to you.