3 Things To Do For Better Finances This Year of the Ox
The new lunar year brings us new opportunities to make positive changes to our lives. While luck can help guide you to the right path, it can only do so much if you don’t work on these new opportunities yourself. Here are 3 things you need to do in order to get better finances this Year of the Ox.
Set a financial goal
Set your goals first before embarking on your savings journey. This points you in the right direction of where you want to be in the future. It can be a short term goal like saving for an emergency fund or a long term goal like saving for a home. What’s important is you set your intentions on what you want to achieve financially.
Once you’ve set a goal, make sure to keep it in mind whenever making any financial decisions. That way, every step you take is aimed towards your financial goal. Ask yourself questions like, “How will this help me buy a house?” or “Is there any way I can generate more income to build my emergency fund?”
Plan your purchases
Now that you have a goal in mind, it’s time to make adjustments, not only on your spending. Create a monthly budget that suits your income and lifestyle and make sure to follow it. Don’t forget to include your savings in your budget. Plan big purchases ahead of time in order to ensure that you have enough funds so that your finances remain intact.
Avoid making impulsive purchases by practicing patience. You can do this by following the 7-day rule wherein you wait for seven days before you finally decide on buying something that is not commonly included on your list of necessities. Spend the time to ask yourself questions like “Will this purchase be useful to me in the long run?” or “Will this purchase affect me financially? If so, is it worth it?”
Make saving a priority
Putting saving first before anything else assures you that you have money set aside for your goals before even using up your income for other expenses. A good trick is to set up automatic deposits to your savings account that can be triggered each time you receive your income. Furthermore, make sure to keep your savings in a place that can give more value to your money.
With CIMB Bank, you are sure to get the best value on your savings. Enjoy up to 4% p.a. interest which you can get in three ways. You can maintain a minimum balance of PHP 100,000 in your UpSave and/or GSave account or you can grow your Average Daily Balance (ADB) by PHP 1,000 each month 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.
Third, if you’re 18-25 years old as of January 1, 2021, the CIMB Savings Starter Pack is just for you. All you need to do is deposit at least PHP 500 each month to your UpSave and/or verified GSave account to enjoy 4% p.a. interest plus a Personal Accident Insurance coverage worth PHP 50,000 for free.
Visit this link to learn more about the CIMB Savings Starter Pack.