To observe World Savings Day 2022, Cebuana Lhuillier through its Micro Savings product conducted a face-to-face seminar with select members of the local blogging community. ‘Restart Your Finances’ was aimed at helping participants learn how to get their personal finances back on track.
Cebuana Lhuillier Micro Savings partnered with financial advocate and blogger Izza Glino of SavingsPinay.PH for the ‘Iponaryo’ workshop. Glino shared these practical tips for people who want to reset their finances so they can get ahead with their savings:
Understand your current financial situation.
Want to solve your financial problems soon? Click the ‘reset’ button and start creating an inventory of cash flow and expenses for personal finance analysis. When doing this, Glino pointed out the necessity to note your income, assets, debt, and expenses.
Review your spending habits.
Are you more of a spender than a saver? When spending money, do you do more on your needs or your wants? To save money, one has to differentiate between needs and wants. Needs are necessary expenses, while wants are expenditures that you could actually live without.
Make small changes.
When aiming to save money, you may start small. This means you can take even small ways to lower your daily expenses. You can save by skipping buying expensive coffee or dining out at your favorite restaurant. How about lowering your transportation costs by opting to take public transport instead of driving to the office?
Do a budget journal or diary.
Savings Pinay PH is advocating the use of a budget diary or journal on a regular basis so you could keep track of your personal finances. Glino has a budget template you can creatively use so you can jumpstart your budgeting and saving habits immediately. It includes listing down your regular income, savings/money goals for the month, needs (list of expenses, due dates, budget allocations, payment amounts, wants (optional/discretionary), and of course, savings.
Set new saving goals.
Remember the acronym ‘SMART’ when setting savings goals. Those should be Smart, Measurable, Achievable, Relevant, and Time-Bound. Don’t forget to break down your goals into quarterly, monthly, or weekly milestones/tasks.
Execute your savings plans.
Remember the financial problems or situations you encountered in the past? If you would reset everything, how could you have done it differently? Implement the steps and strategies you set to prevent the same financial problems to happen again.
Keep on correcting and adjusting.
Once you get started, keep on analyzing your personal finance so you could make corrections when needed and adjustments along the way.
Keep on doing these to finally reach your savings targets. `
About Cebuana Lhuillier Micro Savings
Cebuana Lhuillier Micro Savings gives more unbanked Filipinos easier access to banking. It is a regular savings account that does not require maintaining balance. Account owners can deposit and withdraw their savings any time of the day and in any of Cebuana Lhuillier’s network of over 3,000 branches nationwide.
Cebuana Lhuillier Micro Savings also enable account holders to enjoy cashless payments using their cards in any of the 350,000 Unionpay and Bancnet accredited retail stores. They can also withdraw cash from any of the 21,000+ Bancnet ATMs nationwide.
To open an account, visit any Cebuana Lhuillier branch, fill out the required form, present 1 government ID, and pay ₱50 minimum initial deposit and ₱150 card fee (for those who do not own a 24K card) or ₱75 card fee for an upgrade for those owning a 24K card.
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