#FinancePH - Road to Financial Freedom! #IponGoals
Are you prepared to take on a fresh saving task to get the most out of your hard-earned cash? Your financial habits and goals must be at the top of the list of things that need to be updated this year. This entails breaking old spending patterns and creating new objectives that will increase your financial security and help you build your money.
Here are some bad habits to break and some new targets you can reach to help you feel confident and at ease about your financial situation in 2023.
Out: Impulse buying and monthly budols
Monthly sales are a great way to save on dream items you’ve been wanting to purchase for a while. It is also a smart way to get discounts on necessities that need to be restocked at home. But it is definitely not the best time to accommodate impulse buys that are out of your budget! It may be tempting to think of purchasing hyped up makeup, clothes, and gadgets you saw on TikTok for a cheaper price. Perhaps this would be the best time to ask if it is something you really need, want, and will use for a long time.
In: Shopping with a purpose
Go on shopping trips with a clear list and intention of only purchasing items that you really need. Another tip: if you find something you want to buy, hold it off for a week or two and see if you still want it. If it fits your shopping budget, why not?
Out: Not having a budget tracker
Seeing the money you worked hard for on paydays is one of the best feelings in the world. But if you are not planning ahead and tracking where your money goes, you may end up spending all your money and not have any savings for unexpected bills or emergencies.
In: Proper planning and budgeting
Instead of relying on the numbers in your bank account, start with a simple budget tracker to help you plan and set aside the money that you need to spend when payday comes around. You can follow the 50-30-20 budgeting method which many financial experts recommend. A basic practice that anyone can use to start budgeting effectively, this method prompts you to divide your income into three categories: 50% will be dedicated to your essential needs such as monthly bills and groceries, 30% for anything that you may want but not necessarily need, and 20% that automatically goes into your savings. The great thing about budget trackers is you can make it your own and include a spending tracker where you can easily list down purchases you make to know how much of your budget is left.
Out: Keeping all your money in 1 savings account
Whether you’re planning a trip, looking to secure your future, or simply wanting to take saving seriously, creating multiple savings accounts will be a lifesaver when you are organizing your finances. Keeping everything in just your payroll account or a personal savings account will oftentimes lead you to spending more when you start to accumulate a large amount. It may seem like you have a lot of room to spend but it will be difficult to separate and see how much you’ve managed to save up versus how much you can still spend.
In: Spreading out your money
There are 3 kinds of savings accounts that you must start this year: a high-yield savings account for retirement, a savings account for your wants and big purchases in the future (ex. a car, a house, a vacation), and an emergency fund that can easily be accessed using GCash and Maybank EzySave+!
Sharing you more insights on the vlog above!
GSave by Maybank is an easily accessible digital bank that you can start using through your GCash account to enjoy numerous perks. As the only digital bank that offers free withdrawals from any of 22,000 Bancnet ATMs nationwide, it makes accessing your emergency funds easy in case of unexpected circumstances. Once you open your account and deposit a minimum amount of Php 1,000 you can also enjoy the perk of getting a free debit card to enjoy the free withdrawals. Another big perk is how much you can actually grow your emergency funds because on your 3rd month, you will also be credited a 5% cash bonus to your account.
Are you G to reach your #ipongoals and grow your savings this year? With Maybank EzySave+, take charge of your finances by saving smarter and becoming prepared for anything this 2023 with new goals and habits that you can easily start doing.
To know more about the service and address frequently asked questions, visit http://www.gcash.com/
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