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  • [Infographic] Top 5 Budgeting Techniques to Help You Save More Money


    Top 5 Budgeting Techniques to Help You Save More Money

    Financial wellness can mean many different things for different people, but one thing is for sure: savings are a big part of it. Regardless of how much money you’re making, getting into the habit of saving allows you to have a comfortable life—one where you can do what you want because you are self-sufficient and fully prepared even for life’s uncertainties.

    As with other major goals, it may take some time before you hit your savings goals. The key is for you to be consistent and committed to saving money, which becomes easier when you practice proven techniques in budgeting and financial planning.

    In our book, these are the best money saving techniques for anyone to try:

    Top 5 Budgeting Techniques to Help You Save More Money Infographics
    1. The 52-Week Money Challenge

      January is usually the best time to plan for your financial goals because you’re starting with a clean slate. Whether your goal is to renovate your home, book a vacation abroad, or upgrade your phone or laptop, the 52-week money challenge is a great way to raise funds for your goals.

      Saving through this method is pretty straightforward: You need to commit to putting money into a piggy bank or money jar week after week in increasing amounts.

      If you decide that you want to save in P50 increments, then that amount becomes your starting point for Week 1. For Week 2, you double that amount and put away P100. Another week comes, and you add P50 more to make it P150—this goes on until the final week of the year. At the end of the challenge, you’ll have saved more than P60,000.

      Rhea Mocorro of Kuripot Pinay provides downloadable copies of the 52-week template to keep track of how much money you need to tuck away at any given week. You can check her blog post here.

    2. The 50/30/20 Rule

      Budgeting can be very challenging, especially if you don’t know where or how to begin.

      In such a case, the 50/30/20 rule is a good option since it breaks down your budget into three distinct categories: 50% for wants, 30% for needs, and 20% for savings. The formula is already given to you, and you just need to follow it.

      The rule of thumb is that anything critical for your survival is a need, while everything else that adds more fun into your life is a want.

      For instance, your internet subscription is a need if you’re a freelancer who does work at home or if you have an online selling business. It’s also a necessity for schoolwork or for communicating with a family member who’s an overseas Filipino worker (OFW).

      On the contrary, your internet service falls under the want category if you use it mainly for streaming media or playing online games.

    3. The Envelope Budget System

      Although there are now many budgeting apps online, the old-fashioned method of using envelopes is still a great alternative for organizing your budget. Because each envelope is reserved for a specific purpose, you can see exactly just how much money you have left for every category in your budget.

      The envelope budget system also helps develop your discipline in budgeting. Since you’re not supposed to borrow money from other envelopes in case you’ve already emptied some of them, you can avoid overspending in any of your expenses.

      On the other hand, if there’s still money remaining in your envelopes after the cutoff period, you have the choice whether to keep the money in the same envelope or move it to other envelopes where you think more cash might be needed for the next budget cycle.

    4. The 6-Month Emergency Fund Rule

      Just like how life insurance is an important part of your journey toward financial wellness, an emergency fund can give you financial protection during critical moments. In case an unforeseen crisis occurs, you won’t be easily sidetracked by budget problems because you’ve saved up enough financial resources.

      Financial experts recommend having anywhere from 3 to 6 months’ worth of savings, as this will cover your day-to-day expenses until your situation improves.

      To grow your rainy day savings, you have the option to put your emergency fund in low-risk investments that will allow you to earn interest, such as a high-yield savings accounts, certificates of deposit or time-deposit accounts, or money market funds.

      Still, the main thing to consider when building an emergency fund is to make sure that you can withdraw from it anytime as there’s no way you can tell when an emergency can happen.

    5. The 80/20 Rule

      This is a variation of the 50/30/20 rule, wherein you use 80% of your income for expenses and use the remaining 20% of your income for your financial goals. These goals may vary depending on where you are in the so-called financial milestones of life.

      [In one of our previous articles, we talked about how your financial goals may differ when you’re 20 and when you reach your 50s.

      With the 80/20 rule, you can save time tracking your expenses since your budget is already lumped together in one single component. This also gives you more freedom and flexibility on how to spend your money as long as you keep your expenses within the 80% allocation.

    Just Keep Saving

    Being financially healthy all starts with saving money. It doesn’t matter how slow or how small you start. As long as you keep saving, it will lead you to have a better life.

    You can also explore different money-saving techniques until you discover the best method for your situation and goals, or you can mix-and-match if it produces quality results for you.

    If you want to accelerate your savings plan, we’ll be more than happy to help you. We have a Bancassurance Sales Executive waiting for you at any of our 900 BPI branches. See us today!

    Did you know?

    You can buy a life insurance at any BPI branch nationwide! Talk to a bancassurance sales executive now!

    RECOMMENDED PRODUCTS

    Life Ready Plus

    Protection

    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.

    Philam Life Vitality

    Critical Care Max

    Health

    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.

    Philam Life Vitality

    Build Estate Plus

    Life Protection

    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.

    Philam Life Vitality

    CRITICAL CARE PLUS

    Health

    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. 

     

     

    Philam Life Vitality
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