Neilsen’s Second Quarter Global Consumer Confidence and Spending Report says almost six in 10 Filipinos prefer to save their extra cash. However, according to the Bangko Sentral ng Pilipinas’ (BSP) third quarter Consumer Expectations Survey (CES), fewer Filipino families believe they can set aside money for savings. Various studies also show that the country lags behind its neighbors in Southeast Asia in terms of savings. While many Filipinos want to save up for the family, they do not know how to start or to properly go about it.
We believe that setting aside money for a rainy day is important, but we also understand that sometimes our expenses make it almost impossible to do. You don’t need to do it alone. You can get the whole family on board with your money-saving efforts and future goals. Though it will be hard at first, with proper discipline, right attitude, constant reminders, and having your family involved, will make saving easier.
So to begin the year right, here are a few tips from PSBank on how to get started with your family savings goal:
Open a savings account. As your income grows, so should your savings. You don’t have to start with a lot. You just have to start, period. And the amount you add to that account doesn’t matter as much as you are religiously doing it at regular intervals.
Use a budget tracking app. There are various apps that track your expenses and alert you when you’re about to go over your budget. Monitoring your spending will help get you back on track on your financial goals.
Teach your children the value of energy conservation. Give frequent reminders on electricity and energy use. Simple habits like switching off lights when not in use and using the faucet at moderate water pressure will go a long way for your savings.
Grow your garden. Various fruits and vegetables can be grown even indoors. If you have a backyard you can use, turn gardening into an educational family event. Aside from lessening your grocery expenses, you and your family can learn more about plants, healthy eating, taking responsibility, and will get to spend more time together.
Be mindful of your mobile data use. Nowadays, everyone in the family makes use of mobile data for their online needs. It’s easy to lose track of time and data limits, and this translates to more expensive bills. Set daily data budgets to avoid going overboard. You may also want to educate your kids on responsible Internet use.
Explore other investments. If you have money left over after expenses, consider other investments that yield higher returns. PSBank offers alternatives and as your financial partner, they can advise you about options that suit your family’s financial goals. From your kids’ savings accounts to investment plans, PSBank has an array of products and services that make managing your hard- earned money simple, easy, and convenient.
New Year is the best time to start investing and saving for your future. With these simple tips, start your savings journey and achieve your #FamilyGoals this 2018 with PSBank.
For more information or details on PSBank products and services, visit any PSBank branch near you, call our 24/7 Customer Experience Hotline at (02) 845-8888, or chat with us at LiveChat via www.psbank.com.ph.