Put yourself at ease by protecting those you love
18 October 2017
It’s difficult to figure out ways to cut down your expenses and leave a percentage of your income untouched. Apart from utilities such as water, electricity, mobile and internet bills, there are other daily expenses that you need to settle, especially if you are a parent or a breadwinner in the family. But, you can always find a way to do this.
Living within your means is not enough. With proper budgeting and expense tracking, you can increase your savings and investments, build your wealth, and prepare for retirement with no hassle at all.
To set realistic goals, you should first know how much you need on daily expenses and monthly utilities.
Record your expenses to determine your priorities and those that can be taken away. When you write them down, it’s easier to see where your money is going and make the necessary adjustments.
Most people follow the Income – Expenses = Savings formula, but this leaves you with what’s left after you spend, which can be nothing at times.
On the other hand, if you follow the Income – Savings = Expense formula, you get to keep a fixed amount every month, which you can allot for your investments. It requires the right amount of discipline, but it’s worth it!
If you’re not a fan of keeping a notebook to track your expenses, download a mobile app for money management and budgeting. Here are some of the best mobile apps you can try:
Each app has a different feature and user interface. Try them out and find the one you’re most comfortable with.
If you are getting your daily cup of Joe from a coffee shop near your office, then you better think about this. Spending an average of 150 pesos a day will cost you 750 pesos a week.
Why not make your own coffee instead? Your office most likely provides free coffee or has a coffee machine. Bring your mug and brew on your own. It will give you the same caffeine kick you need.
Whether you’re getting your daily lunch from a fast food restaurant or a jolly jeep near you, you can cut down food expenses when you bring a lunch box.
You can even follow a diet plan that’s much healthier than the high-cholesterol food you order from fast food chains.
Do you notice how some people in grocery stores carefully take time and read labels while shopping? That’s because some of them are calculating and comparing products to save more.
It’s time to give generics a try, especially for cleaning products and seasonings. They will give you the same benefit you need at a fraction of the cost.
Swiping credit cards and debit cards can be addictive. You may not realize that you’ve spent too much until you check your balance or get your credit card statement.
Meanwhile, spending with cash can benefit you in two ways. One, it limits your spending based on what’s in your wallet or your budget. Two, it prevents you from incurring credit card debt.
The rule is simple: If you don’t have the cash, then don’t buy it.
Consider opening an automated savings account in established banks like BPI. This automatically transfers a portion of your salary to a separate savings account, making it easy for you to save money.
This automated save-up account also prevents you from conveniently withdrawing cash and spending your money on unnecessary purchases. You can also customize how much you want to save, and whether you want this done every time your salary comes in or just once a month.
Cutting down your monthly expenses can help save and grow your investments. More importantly, it can help you gain financial freedom and independence.
You can stop by at more than 800 BPI branches nationwide and talk to our Bancassurance Sales Executives to help plan your savings and investments.
You can buy a life insurance at any BPI branch nationwide! Talk to a bancassurance sales executive now!
Get the power to protect yourself and your family with an affordable life insurance plan. Life Ready Plus is easy on the budget, but offers coverage of up to 30 times your yearly payment to support the financial needs of your loved ones.
The plan gives you fast access to coverage and benefits and can match your long-term financial goals when maintained within an appropriate term.
Critical Care Max will help you make more memories by providing financial aid during the early stages of a critical illness. This unit-linked life and health insurance plan offers assistance on your recovery. You can build a health fund that grows over time, depending on your chosen investment, to pay for other medical costs.
In addition, it comes with a hospital confinement benefit that will replace lost income due to hospitalization. This daily cash benefit may also come with optional benefits like cash payout for surgery-related expenses, allowance for consultation fees, and many others.
Let your loved ones enjoy the fruits of your labor even when you’re no longer around. Build Estate Plus is a unit-linked protection plan that will cover your estate taxes after your passing so that you can ease your family’s burden.
It doubles as an investment savings fund that builds Account Value as you pay. It is also integrated with AIA Vitality that provides additional upfront coverage of 20% to your policy and add-ons.
Be in good hands in times of sickness. Let Critical Care Plus, a unit-linked health and life insurance plan, take care of you with financial aid in case of a major illness, so you can focus on getting better and spending more time with your loved ones.
It even gives you more benefits for having good health through the AIA Vitality program that adds 20% upfront coverage and supplemental benefits on your policy.