Tag: Money Management

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Adulting Finance

How to Budget during Inflation: A Guide for Being an Adult

In managing your finances, budgeting is a significant step toward achieving financial stability and freedom. It can help you may manage your income and expenses, set priorities for your spending, and make informed financial decisions. A well-crafted budget can assist you in reaching your financial objectives, whether they involve reducing debt, saving for a major purchase, or simply managing your money more wisely.

At the same time, you must consider the current state of inflation that is happening to us. This can have a significant impact on how we manage our finances and plan our budgets. As inflation strikes, the prices of things keep going up over time, making your money worth less so in the future the amount of money you have today may not be enough to buy the same things.

1. Determine your monthly income

The sum of your monthly salary as well as any other sources of income you may have from side hustles.

2. Subtract your necessary expenses

Begin by allocating 80% of your income to essential daily living expenses such as rent, bills, food, transportation, and insurance. If these costs exceed 80%, you may need to look into ways to cut them.

3. Live within your means

It sounds simple but powerful financial advice that everyone can practice. It means that you should spend money on things that you can afford and not beyond your income level.

4. Set aside money for savings

Set aside 20% of your earnings for savings. This can include emergency funds, retirement funds, or any other savings goals you may have.

5. Make a savings plan

Determine how you will allocate your savings. You may want to put a portion of your savings into an emergency fund and the rest into short-term savings goals such as upgrading your house.

6. Monitor your spending each month and adjust your budget as needed

If you discover that you are consistently overspending in a certain category, you may need to adjust or cut back in your budget to balance this.

7. Consider gradually increasing your savings percentage

If you can comfortably live within your means and save 20% of your income, consider gradually increasing your savings percentage over time. Even small increases can add up over time and help you reach your financial goals faster.

Building a budget is not a one-time task, but it is an ongoing process that requires discipline and commitment all through out. Continue to monitor your spending, make necessary budget adjustments, and stay focused on your financial goals. A well-crafted budget will have a positive impact on your financial health and well-being with time and effort.

Categories
Adulting Finance

How to Set Financial Goals: A Guide for Being an Adult

Setting financial goals is the first important step toward achieving success and stability in your finances. Yet, a lot of people find it frightening or difficult to create financial plans.

We created this guide to help you in the journey of starting financial objectives that are precise, measurable, reachable, pertinent, and time-bound (SMART). Whether you want to pay off debt, save for a gadget, or start investing.

1. Identify your financial goals

Make a list of all of the financial goals you want to achieve for the year. It could be debt repayment, saving for a down payment on a house, or investing in a retirement account are examples of such goals.

2. Prioritize your objectives

Once you’ve compiled a list of objectives, rank them in terms of importance and urgency. For example, paying off high-interest debt may be a more highly prioritized goal than saving for a down payment on a house.

3. Divide your goals into monthly targets

Once your goals have been prioritized, divide them into monthly targets. This will help you focus on what you need to do each month to reach your overall goal.

4. Set specific and measurable goals

Make your monthly goals specific and measurable. Divide P12,000 by 12 to get a monthly target of P1000 if your goal is to save P12,000 for your emergency fund.

5. Create a budget

Make a budget using your monthly target to assist you in achieving your financial objectives. Check to see if your money is being spent in line with your priorities.

6. Monitor your progress

Keep track of your progress toward your set targets and overall financial goals on a regular basis. This will guide you to make smart financial decisions along the way.

Setting financial goals can be a challenging process at first, but it is worth it when you see the result. You can achieve your financial goals with the right plan, strategy, and mindset, you can build a secure future for and your family.

Categories
Finance

Top Banks with Safety Deposit Box in the Philippines

Are you looking for a safe location to keep your valuables?

Look nowhere else! We have a list of banks that provide excellent safety deposit boxes. There are several to choose from and to make an informed choice, be sure to pay attention to the security precautions taken by each bank and to compare the costs of various box sizes.

A safety deposit box is secure storage unit offered by banks or other financial institutions to customers for the safekeeping of valuable items. Typically located in a highly secure area of the bank, customers can access their box using either a key or a combination lock.

Here is a list of items that people commonly store in a safety deposit box:

  • Valuables such as jewelry, precious metals, and gems
  • Important documents such as passports, birth certificates, and deeds
  • Financial documents such as stock certificates, bonds, and tax records
  • Family heirlooms such as photographs, family trees, and artwork
  • Collectible items such as stamps, coins, and other valuable memorabilia
  • Confidential information such as business plans, medical records, and personal journal.

We’ll explore the top banks in the Philippines that offer safety deposit boxes to their customers:

  1. Security Bank

2. BPI

3. Unionbank

4. Chinabank

5. East West

6. Phil Trust Bank

A safety deposit box is a practical solution to keep your valuables secure. Protecting your valuables is everyone’s primary responsibility.

These banks—BDO Unibank, Metrobank, Security Bank, UnionBank, and Philippine National Bank—are among the best in the Philippines at providing their clients with dependable and secure safety deposit box services. When selecting a bank for your safety deposit box requirements, it is crucial to take into account a number of criteria, including location, size, and security.

Choose carefully which bank will be the best for you, and then feel secure knowing that your priceless possessions are well-protected in a safety deposit box from one of these top institutions.

Categories
Finance

How to Invest in Retail Treasury Bonds RTB29

Invest in your future today with the Retail Treasury Bond (RTB 29) and secure your financial security. As low as P5,000 for minimum investment andyou can earn a whopping 6.125% gross (4.90% net) per annum, with quarterly interest payments for the 5.5-year term.

What is Retail Treasury Bonds RTB29?

RTBs are medium- to long-term debt instruments issued by the Republic of the Philippines (“ROP”) through the Bureau of the Treasury (“BTr”). The Treasury Bonds are part of the government’s savings mobilization program, which aims to make government securities available to retail investors; therefore, the name Retail Treasury Bonds. RTBs are fixed-income securities that pay a predetermined annual interest rate with the guarantee of returning the principal at the end of the term.

Don’t wait too long, this offer is only available until February 17, 2023, or until the Bureau of Treasury decides otherwise.

To invest in Retail Treasury Bonds RTB29 :

  1. Download BONDS.‌PH app from Google Play Store or the App Store
  2. Create an account and confirm it
  3. After confirming, click “Cash In” and pick your desired payment method.
  4. Confirm the amount you want to cash in
  5. After everything is complete, click “Buy,” choose the bond you wish to buy, and finish the transaction.

So what are you waiting for? Secure your financial future and make your money work for you with Retail Treasury Bond (RTB 29).

Categories
Finance

How to Buy Phone Insurance in the Philippines

Are you tired of constantly worrying about cracks and scratches on your beloved smartphone? Do you dread the thought of having to shell out big bucks to repair or replace it?

Well, fear no more! With the GCash GInsure feature, you can purchase phone insurance from Igloo. You can finally say goodbye to those worries and hello to peace of mind.

We know that your phone is more than just a device to you – it’s a lifeline to your social world, your work, and your entertainment.

Let’s get started and let us show you how to buy phone insurance in the Philippines with GCash.

  1. Open the GCash app on your mobile device.
  2. Tap on the “GInsure” icon on the home screen.

3. Select the “Lifestyle” option.

4. Select “360 Phone Protection” and it will show you the benefits and coverage

5. Answer the questions about your device

6. Choose a coverage level of your policy from “Monthly to Yearly” option.

Monthly

Yearly

6. Review the coverage details and select the plan that you want to purchase.

7. Pay for the insurance using your GCash balance.

8. You will receive a confirmation of your purchase and activate your insurance in the GCash app.

9. Fill in the necessary information about your “Name, Mobile Number, Email, Phone brand and model.“

10. Be sure to register your phone with GCash within 7 days of purchase to activate the insurance coverage.

If you have any questions or concerns about the insurance, it’s best to check the GCash FAQ, website or contact their customer support for more information.

So what are you waiting for? Whether you’re a busy millennial or a tech-savvy Gen Z-er, GCash has got you covered. Protect your phone and keep connected to the things that matter most to you, no matter what life throws your way.