3 Things to Avoid Doing in Order to Grow Your Savings
Let’s face it, it can be hard to save money. It takes a conscious effort to do so and may even seem like a punishment sometimes. However, by saving money you are securing a future for yourself and taking a step closer towards your financial goals. There are many reasons why your savings may not be what you want it be as of the moment, but don’t worry, we can help you figure a way out of it. Here are a few things to avoid doing in order to grow your savings.
1. Avoid going over your budget
First thing’s first, have you set your monthly budget? It is important to be honest with yourself and live within your means. While anything and everything you would possibly want can be found online, think first about the things you add to cart. Take a look at your monthly salary and budget which will be used for your bills, food, investment, and how much to set aside for a rainy day. It’s also good to treat yourself as well, but remember to stick to your budget. Being disciplined with your budget is a way for you to take charge of your finances and grow your savings.
2. Avoid blindly spending your money
Sometimes having a budget is not enough. It helps to actually take down all the things you spend on in order to actually see where your money goes. You may not mind your small expenses, such as buying ice cream or spending on mobile games, but small expenses done repeatedly could put a dent in your budget. If are unable to keep track of this, you could go over your budget. Remember, a small hole can still sink a ship. Keep a document, file, or note in your mobile phone to be able to easily list down your expenses and transactions.
3. Do not keep your money in places it cannot grow
Many kids are taught to keep their savings in a piggy bank, however, this actually keeps their savings from growing. Due to inflation, there is less that they can do with their accumulated money as time passes. Instead, put your money in places it can actually grow, such as investments or a bank account. Banks offer interest rates in order to make your money work for you. This way, you can be sure to make the most out of your savings.
At CIMB Bank, you can enjoy the best-in-market interest rate conveniently! You may open an account right on your mobile phone is as fast as 10 minutes with fewer fees. Plus, you have three ways to enjoy a higher interest of 4% p.a. on your savings. First, is to maintain minimum balance of PHP 100,000 in your UpSave and/or GSave account. Your second option is to grow your Average Daily Balance (ADB) by PHP 1,000 each month in your UpSave and/or GSave account to enjoy a higher rate on your savings. Plus, if you maintain a minimum of PHP 5,000 in your account, you are eligible for FREE Life Insurance coverage that’s worth your ADB up to PHP 250,000.
If you’re a student or a fresh grad aged 18-25 years old as of September 1, 2021, the CIMB Savings Starter Pack lets you enjoy a higher interest in your UpSave and/or fully verified GSave account. You only need to deposit at least PHP 500 each month and you can even get a Personal Accident Insurance coverage worth PHP 50,000 for FREE.
Find out how to get 4% p.a. interest when you maintain PHP 100,000 in your savings account with CIMB Bank here: