Tips on reaching your 2023 Saving Goals
For most of us, a new year is a perfect time to start fresh and focus on a goal that we want to achieve, may it be about our physical, mental, or even financial health, especially if we tend to spend beyond our means and brush off the idea of saving. And if saving money has been a struggle for the past years, it’s never too late to start again this year, and it’s not too early to start now.
If you’re planning on jumpstarting your financial goals this 2023, learning and understanding money-saving is a must. To guide you with this, we’ve listed some tips for your money-saving journey this year.
1. Keep track of your expenses
The first step in saving money is figuring out how much you spend. Record your daily and monthly expenses, like your daily meals, coffee, fare or gas, and monthly bills. This way, it would be easier to classify what you should cross out of your priorities list.
If you still can’t save as much as you’d like, it might be time to cut back on your extra expenses. Identify the nonessentials, such as entertainment, dining out, and other things you can spend less on. Look for ways to save on your monthly bills.
2. Include saving in your budget
Now that you’ve recorded your daily and monthly expenses, you can now refine your budget. Plan your daily and monthly spending so you can avoid or at least limit overspending. Be sure to include expenses that occur regularly but not every month.
Add a savings category to your budget and aim to save an amount that feels comfortable. Plan on saving 20 percent of your income and watch your savings grow as you go through your money-saving journey.
3. Know why you are saving
One of the best ways to save money is by setting a goal. Think about what you might want to save for such as your groceries, your next trip to Boracay, your next investment, and it could be your dream electronic gadget, then estimate how much money you’ll need and how long it might take to save it. Your goals can help you stay focused and motivated in attaining your financial goals.
4. Open a savings bank account that caters to your banking needs
One of the best ways to save money is by setting a goal. Think about what you might want to save for, then estimate how much money you’ll need and how long it might take to save it. Your goals can help you stay focused and motivated in attaining your financial goals.
After setting a goal, know your banking needs and identify the best account for your financial goals. If you’re looking for an account that lets you save while earning higher interest rates, opening a Money Builder account is the best option for you.
Money Builder account features:
- 5x higher interest rates – You’ll get a guaranteed interest rate 5x higher than a regular savings account.
- More with a Bonus rate – You’ll get additional monthly and quarterly bonus interest rates up to 1.5% p.a. on top of your base interest rate.
- Flexible saving at your own pace – You can add cash to your stash without fixed schedules, penalties, and lock-in periods.
- Low maintaining balance – You can open an account for as low as PHP10,000
- Fast and easy account opening – You can open an account conveniently online in 15 minutes. All you need is one (1) primary ID.
Now that you’ve learned the tips on saving. Identify your financial goals, build a financial plan, apply what you learned and see how they will work for you. Saving money may be challenging, but with the proper saving habits and a bank account that fits your banking needs, you’ll get there in no time.