Soon is payday! Are you prepared for a brand-new savings challenge to maximize your hard-earned cash? Your financial habits and goals must be at the top of the list of the many things that need to be updated this year. This means changing your old ways of spending money and setting new goals that will help you grow your money and feel safer.
In order to help you feel confident and at ease about your financial situation in 2023, here are some of the habits you should get rid of and some new goals you can work toward.
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+!
GSave by Maybank is a convenient digital bank that you can start using with your GCash account to take advantage of a number of benefits. It is simple to access your emergency funds in the event of an unexpected circumstance because it is the only digital bank that provides free withdrawals from any of the 22,000 Bancnet ATMs located across the country. You can also get a free debit card to use for free withdrawals after opening an account and depositing a minimum of Php 1,000. On your third month, you will also receive a 5% cash bonus to your account, which is another significant benefit. This means that you can actually increase the size of your emergency fund.
Are you planning to increase your savings and reach your #ipongoals this year? Take charge of your finances with Maybank EzySave+ by saving more effectively and becoming prepared for anything in 2023 with new goals and routines that are simple to implement.
To know more about
the service and address frequently asked questions, visit http://www.gcash.com/
About GCash
GCash (G-Xchange, Inc.) is the #1
Finance App in the Philippines. Through the GCash App, 71M registered users can
easily purchase prepaid airtime; pay bills at over 1,600 partner billers
nationwide; send and receive money anywhere in the Philippines, even to other
bank accounts; purchase from over 5.2M partner merchants and social sellers;
and get access to savings, credit, loans, insurance and invest money, and so
much more, all at the convenience of their smartphones. GCash is a wholly-owned
subsidiary of Mynt (Globe Fintech Innovations, Inc.), the first and only
duacorn in the Philippines.
GCash was recognized by The Asian
Banker (TAB) and by the IDC in 2021 for its outstanding digital financial
inclusion programs.
No comments:
Post a Comment