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Happy 2021! I know we are all hoping that this will be a better year for all of us. Last year was really very challenging: we have lost a lot of people due to Covid-19 (personally I have an uncle who died of Covid), many have lost their jobs, more businesses closed down and that is super heart breaking. But I still believe that everything will be alright...
What is the better way to start our 2021? Of course - An "Ipon Challenge" On my previous posts I have shared some of my "ipon" tips... There are a lot of lessons learned during the quarantine period... especially if you don't have savings or an emergency fund. My savings have helped me during those times and my small business also. I started (really) saving money in 2014: I have a savings account since 1998 what I meant about "really saving" was I have started investing, opening a time deposit and doing "Ipon" challenge. In 2014 I opened my first time deposit account at BPI: it's a 90-day roll-over account so it renews automatically.
Here are my "Ipon/Saving" tips:
♥ All-P50.00 : So what does this mean? Every time I get a P50.00 peso bill I don't spend it. I have this container at home where I place them... I was able to save P20,000.00 in 2018 and 2019 respectively. This year I was able to raise P15,000.00 only because of not paying in cash ( I don't pay in cash 'coz paper money maybe be contaminated) I often use my debit card.
♥ Coins challenge : Since I don't commute - all the coins I receive as change I put them in my coin banks. Yes, I have several coin banks (bottles) with specific denominations for easy counting.
♥ SSS Peso fund : I started contributing P1,000.00 to this investment fund in the last quarter of 2018... unfortunately during this pandemic I was not able to pay my contribution because I do refrain from going out except for work. And you can only pay your contribution at the SSS offices. I hope they will come up with other payment channels.
♥ Pag-ibig MP2 : I was lucky to have applied in this investment fund before the lockdown. I applied online last March 2020 and paid my first contribution at Bayad Center. Now I am sending my contribution via Gcash which is more convenient. GCash charges P5.00 service charge P2.00 cheaper than Bayad Center.
♥ Mutual fund : I really wanted to have a bank investment but I don't know how, but my bank manager friend helped me. I got a low-risk mutual fund at BPI it earns a higher interest as compared to my savings and time deposit. Please note that the market prices fluctuate, better to keep your funds there for a minimum of 5 years so you will be able to see the fruits of your investment.
♥ Paluwagan : Together with my co-workers we set up this "paluwagan" at work. We contribute P500.00 every pay day so every December we have an extra P12,000.00 in our pockets.
♥ Monitoring my expenses : I monitor my expenses everyday. First thing you need is a notebook or planner to keep track of your daily expenses. From meals, groceries, medicines and etc. I write them down every day and add them up at the end of the week/month. And in order to save from buying food at restaurants, I bring my own lunch (baon) at work.
Aside from that I refrained from buying things that I don't really need. I admit I am an impulsive buyer before... but as I grew older I now consider myself a wise spender. Though I still indulge myself sometimes.. but not all the time.(*wink)
I hope these helps... I really want to inspire other people also in saving and investing. I started late... I regretted it... I just wished I started when I was younger.
xo,
Chiq♥
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