It's payday soon! Are you ready for a new savings challenge to get the most out of your hard-earned money? Among the many things that need to be updated this year, your financial habits and objectives must be at the top of the list. This means changing how you spend money in the past and setting new goals that will help you grow your money and feel safe.
Here are some of the habits you should get rid of and some new goals you can work toward in 2023 to help you feel confident and at ease about your financial situation.
Out: Impulse buying and monthly budols
Monthly sales are a great way to save on dream items you’ve been wanting to purchase for a while. It is also a smart way to get discounts on necessities that need to be restocked at home. But it is definitely not the best time to accommodate impulse buys that are out of your budget! It may be tempting to think of purchasing hyped up makeup, clothes, and gadgets you saw on TikTok for a cheaper price. Perhaps this would be the best time to ask if it is something you really need, want, and will use for a long time.
In: Shopping with a purpose
Go on shopping trips with a clear list and intention of only purchasing items that you really need. Another tip: if you find something you want to buy, hold it off for a week or two and see if you still want it. If it fits your shopping budget, why not?
Out: Not having a budget tracker
Seeing the money you worked hard for on paydays is one of the best feelings in the world. But if you are not planning ahead and tracking where your money goes, you may end up spending all your money and not have any savings for unexpected bills or emergencies.
In: Proper planning and budgeting
Instead of relying on the numbers in your bank account, start with a simple budget tracker to help you plan and set aside the money that you need to spend when payday comes around. You can follow the 50-30-20 budgeting method which many financial experts recommend. A basic practice that anyone can use to start budgeting effectively, this method prompts you to divide your income into three categories: 50% will be dedicated to your essential needs such as monthly bills and groceries, 30% for anything that you may want but not necessarily need, and 20% that automatically goes into your savings. The great thing about budget trackers is you can make it your own and include a spending tracker where you can easily list down purchases you make to know how much of your budget is left.
Out: Keeping all your money in 1 savings account
Whether you’re planning a trip, looking to secure your future, or simply wanting to take saving seriously, creating multiple savings accounts will be a lifesaver when you are organizing your finances. Keeping everything in just your payroll account or a personal savings account will oftentimes lead you to spending more when you start to accumulate a large amount. It may seem like you have a lot of room to spend but it will be difficult to separate and see how much you’ve managed to save up versus how much you can still spend.
In: Spreading out your money
There are 3 kinds of savings accounts that you must start this year: a high-yield savings account for retirement, a savings account for your wants and big purchases in the future (ex. a car, a house, a vacation), and an emergency fund that can easily be accessed using GCash and Maybank EzySave+!
You can begin using GSave by Maybank as a convenient digital bank alongside your GCash account to take advantage of a number of advantages. Because it is the only digital bank that offers free withdrawals from any of the 22,000 Bancnet ATMs located across the country, it is simple to access your emergency funds in the event of an unanticipated circumstance. After opening an account and depositing at least Php 1,000, you can also get a free debit card to use for free withdrawals. You will also receive a 5% cash bonus to your account on your third month, which is another significant benefit. Because of this, you actually have the option of increasing the size of your emergency fund.
Do you intend to save more money and complete your #ipongoals this year? With Maybank EzySave+, you can take control of your finances by saving more effectively and becoming prepared for anything in 2023 with new, simple goals and routines.
To know more about the service and address frequently asked questions, visit http://www.gcash.com/
About GCash
GCash (G-Xchange, Inc.) is the #1 Finance App in the Philippines. Through the GCash App, 71M registered users can easily purchase prepaid airtime; pay bills at over 1,600 partner billers nationwide; send and receive money anywhere in the Philippines, even to other bank accounts; purchase from over 5.2M partner merchants and social sellers; and get access to savings, credit, loans, insurance and invest money, and so much more, all at the convenience of their smartphones. GCash is a wholly-owned subsidiary of Mynt (Globe Fintech Innovations, Inc.), the first and only duacorn in the Philippines.
GCash was recognized by The Asian Banker (TAB) and by the IDC in 2021 for its outstanding digital financial inclusion programs.
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