5 Essential Tips for Filipinos to Start Saving


Saving money is challenging, especially for minimum wage earners. However, low income shouldn't hinder future preparation. Take control of your finances with these actionable steps:


1. Start Now: Break the Procrastination Cycle

Begin today, regardless of income. Delaying leads to missed opportunities, regret and financial stress.

Example: Saving ₱500 monthly yields ₱6,000 + interest after 1 year.


2. Start Small: Build Consistency

Develop consistency with manageable amounts (e.g., ₱100-₱500). Increase savings as income grows.

Benefits: habit formation, reduced financial stress and increased confidence.

Example: Saving ₱200 monthly totals ₱4,800 in 2 years.


3. Prioritize Essentials: Distinguish Needs from Wants

Cut non-essential spending (dining out, entertainment) before reducing necessities (food, housing, healthcare).

Example: Allocating 50% for necessities, 30% for savings and 20% for discretionary spending.


4. Utilize Freebies: Maximize Government Benefits

Leverage government-provided benefits: free medicines, education, healthcare services and housing programs.

Example: Utilizing free vaccination programs saves ₱5,000 annually.


5. Secure with a Bank Account: Protect Your Savings

Open a PDIC-insured deposit account for physical and financial security.

Example: Earning interest and securing funds through a savings account.


Key Takeaways


1. Consistency over amount

2. Differentiate necessities from non-essentials

3. Maximize government benefits

4. Secure savings with a bank account


Begin Wisely, End Successfully


Saving is achievable at any income level. Start small, stay consistent and secure your future.


Connecting Savings to Memorial Planning


Allocate savings for:

1. Life insurance

2. Memorial plans (e.g., St. Peter Life Plan)

3. Emergency funds


Saving today secures your future, protects loved ones and ensures a dignified memorial.


Call to Action


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