Adulthood is definitely one of the most difficult life stages anyone has to face. It’s understandable to feel scared, intimidated, or confused when facing the responsibilities that come with your newfound independence. One of these is making sure you have enough for your future by saving money. Good thing you have a plethora of resources available, such as CIMB Bank, that can help you become a better saver. Here are some tips to follow to help you jumpstart your savings journey.
Save little by little
Setting aside some money for your future goals does not mean compromising on your standard of living. Even a little can go a long way when you diligently set aside money to go to your savings. You can start small by saving at least 10% of your income every time you receive your paycheck.
Suppose you are able to take home PHP 10,000 each pay day, that means you can set aside PHP 2,000 each month and PHP 24,000 for an entire year. With discipline and determination, you be sure to reach your savings goal on time.
Time is money
A Chinese proverb says that the best time to plant a tree is 20 years ago, while the second best time to plant is today. This saying proves to be true when it comes to saving money. While there’s no right or wrong time to start saving, it’s best to start as early as possible as those who save earlier have a better head start compared to those who opt to save later in life.
Make your money grow
Want to make your savings grow bigger? Start investing. There are many ways for you to do so. If you’re willing to take risks but want higher potential returns, you may dabble on stock investment. Real estate investment is also a good way to generate income passively especially for those who have a budget to spare. You may also pursue your passion and use your savings as capital for a business venture you’ve been planning for a long time now.
If you want to your savings to remain future proof and can keep up with inflation, make sure to keep your money in a bank. Doing so lets you earn from interest that the bank pays you for allowing them to keep your money. This way, your savings can grow with less risks while assuring its security. Look for banks that offer you the best-in-market interest rate to make the most out of your hard-earned money.
With CIMB Bank, you can be sure that your money continuously grows! If you’re 18-25 years old, you can enjoy 1600% more on your savings with the CIMB Savings Starter Pack. All you need to do is to deposit a total of PHP 500 each month to get 4% p.a. interest on your UpSave and/or GSave account for the qualifying month. PLUS, you can get a FREE Personal Accident Insurance Coverage of up to PHP 50, 000.
If your 26 years old and above, you may still get 4% p.a. interest on your savings in two ways! You can grow your average daily balance by PHP 1,000 each qualifying month to enjoy higher interest. You may also get the best-in-market interest rate and a Life Insurance Coverage that’s worth your average daily balance of up to PHP 1 million when you maintain at least PHP 100,000 in your UpSave and/or GSave account.
With CIMB you have more options to grow your savings and seize your life’s goals. Download the app and deposit to your account now.
Visit this link to learn more about the CIMB Savings Starter Pack.