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There are a lot of learnings that happened during this quarantine. Maybe one of the positive things that Covid-19 has taught everyone : having an emergency fund. When I started working I admit, I buy anything and everything that I wanted. (A new phone every year, clothes and bags etc). But 5 years after I realized that I need to save so I opened my savings account in China Bank (this is not actually my first, I had a Banco Filipino Happy Saver's Club account before). This is where I started saving money from my salary. Saving P500.00 to P1,000.00 per payday, is not that bad, right?! From that time I realized the importance of being frugal. Though I still buy things that fascinates me but I think about it first 1 million times before splurging. (hihi)
As time goes by I wanted to grow my money more I tried researching for different ways, like investing my money, getting mutual funds and etc. I also tried the "Ipon Challenge" I did the invisible P50.00 so all the P50.00 that I get I put it in a bottle. And that helped me put up my emergency fund. So I was able to have additional funds to spend during the quarantine.
In 2014, I opened a time deposit at Bank of the Philippine Islands (BPI) and until now it's there it rolls over every 90 days. From 2014 until now my money earned around 2% of my TD amount. It's not that big I know but at least my money is secured there in the bank earning interest.
Then when SSS introduced their SSS Peso Fund in 2016, I also applied for that so I will an extra funds when I retire. I wrote about this before : if you want to know about it you may click on this link SSS Peso Fund. SSS Peso Fund is on top of your retirement benefit from SSS. Though at the moment after 4 years of having this from the last time I checked my earnings it was only P14.50 (net) for P30,000.00 total contributions.
Last December 2019, I opened an BIMI Mutual funds in BPI for P10,000.00 (from my 13th month pay). They said that you will actually experience your earnings in investments after 5 years.
Before the lockdown, I also applied for the Pag-ibig fund's MP2, per reviews I read online this is way better than the SSS Peso Fund. Let's see how this will go the fund's term is 5 years at P500.00 per month contribution.
I realized that I should have started investing when I was younger. Well at least before I reach my golden age in 2 years at least I have small investments that I hope will grow and earn before I retire.
"By sowing Frugality we reap liberty and golden harvests. - Agesilaus"
xo,
Chiq♥
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