“The secret of getting ahead is getting started” – Mark Twain.
With rising living costs, saving is tough for many Filipinos, especially minimum wage earners. Waiting for a higher income to save makes it harder to develop the habit.
While income affects saving, low income shouldn't hinder future preparation. Achieving any goal starts with the first step. Here are five (5) tips to begin the savings journey for a better future.
Start Now
The best time to start saving is today. Starting now builds momentum, while delay may lead to missed opportunities and regret. Taking the first step boosts confidence and paves the way to success. Immediate action aids learning, growth, and achieving financial goals. Don’t wait for the perfect moment; make it perfect by starting now.
Start Small
When developing money-saving habits, obsessing over an unsustainable amount can quickly stop one’s savings-related journey. Remember that in the habit development stage, consistency is more important than the amount. Start with a small but easily sustainable amount and in time, the amount can increase together with income.
Start with Non-Essentials
When cutting down on expenses to start saving for the future, it’s important to differentiate necessities from non-essentials. It is from the latter that spending must first be reduced to save money.
Prioritizing cuts on non-essential spending before reducing the budget for necessities is crucial for financial stability. Non-essentials, like dining out or entertainment, can be trimmed without impacting your basic needs. This approach ensures that essential expenses, such as food, housing, and healthcare, remain covered.
Start with Freebies
Taking advantage of government freebies and subsidies can be very helpful in developing the habit of saving money. For example, some local government units provide free medicines, immunization, education, and even cinema passes to their constituents, among others.
These benefits can help reduce out-of-pocket expenses, freeing up more funds to allocate for savings, while meeting essential needs with less financial strain. A quick visit to the City or Municipal Hall or health center can help in knowing what benefits are available.
Start with a Bank Account
Lastly, starting the savings journey with a bank deposit account is crucial for financial security. For one, a bank deposit account provides physical security for one’s hard-earned savings and financial security through deposit insurance provided by the Philippine Deposit Insurance Corporation (PDIC). Eventually, it can also be a gateway to other important financial services such as credit, insurance, and investments.
Begin your savings journey with a bank deposit account, which is a strong foundation for building a stable financial future. Dahil sa PDIC, bank deposit mo, protektado!
Begin Wisely, End Successfully
In conclusion, saving money is possible at any income level by taking small, consistent steps. Start now with small amounts. Cut non-essential spending. Maximize freebies. Open a bank account for safety. These strategies can help you successfully save for the future.