15/03/2022
While exploring the internet, I came across these questions people commonly search on Google. Why do Filipinos not save or save very little? According to Bangko Sentral ng Pilipinas survey in 2014, only 1 in 4 Filipino households has savings. Did you know that the Philippines has one of the lowest savings rates in Southeast Asia? If this is the case, isn't it worrying that majority of the Filipinos have no means to fund their needs in case emergency situations or sickness? Siguro it's not worrying for some people kasi "We find ways," nga raw sabi ni BDO, sa oras na ng pangangailangan. Nahiya naman si "Prevention is better than cure." ๐
The first commandment of personal finance is: PYF (Pay Yourself First). Income less savings should be equal to expenses. Save before you spend. Make it a habit to save first before spending the rest of your income. You have to be disciplined to cut down unnecessary expenses in order to save. However, is savings enough? Because a good financial plan includes not only savings, but also life insurance and investment. Why? Because should something happen to you, you won't touch your savings and you will have another fund prepared for your dreams, for the education of your children, and for the longest weekend of your life which is retirement.
Start your financial plan now! If you're not saving in your 20's, you'll regret it in your 30's. If you're not saving in your 30's, you'll regret it in your 40's. If you're not saving in your 40's, you'll regret it in your 50's. If you're not saving in your 50's, you'll regret it in your 60's. So when if not now? You'll never know how much your money would grow unless you start saving early.
Start saving, start VUL. ๐
Let's talk! ๐
