How To Start Building Emergency Fund

emergency_fundWhat is emergency fund? It is important to know by heart what this thing is all about otherwise we won’t be staunch to effectively save up for this purpose. The amount of cash set aside for any unexpected costs like illness, something wears out that needs immediate repair and all other financial surprises that comes into our way is referred to as emergency fund.
Whether we like it or not, emergency can come into our way anytime of the day and without sufficient fund reserved for times like this, is absolutely stressful. So, here comes the crucial QUESTIONS – ‘Are you prepared to handle that stress?’ or ‘Are you financially prepared to cover emergency expenses?’ [Read more…]

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Dining Out – A Penny Pincher’s Guide

Cafe_Laguna_CebuWhen traveling, eating out is a must. This is the best way to enjoy the local flavors. You cannot honestly expect to bring along rations at every leg of your trip, and you cannot stay away from the temptations of a good meal when with friends or family. With the trip’s budget weighing on your mind as you take the menu, how can you make sure you save as much as possible on your meals? For starters, you can follow this guide. [Read more…]

Motivate Kids to Start Saving

Keeping a savings bank account instead of maintaining a piggy bank at home keeps the kids’ savings in a safe vault. A monthly saving of at least 100 pesos a month will accumulate a total of 6,000 pesos in 5 years. Cool isn’t it? But kids are only kids and the idea about saving may not be in their minds yet. So, to motivate and bring their young minds closer to the idea of saving, I initiated the first steps by opening savings bank account for them. I checked with my bank (Bank of the Philippine Islands or BPI) and I learned about this so called Jump Start account, a savings account for kids from age 10. So, I opened savings account for my two kids where they can put in whatever amount they saved from their piggy bank at home.
I used to have a piggy bank back then when I was their age. But every coins I put in there eventually vanished. Well, that is the disadvantage of a piggy bank – the coins can easily slip away. Please don’t ask me why… :)… But I still encourage my kids to maintain a piggy bank at home but the coins should not stay in there for long, it should be transferred to their savings bank accounts. [Read more…]

Three Easy Steps to Better Spending

spendingBecause there are endless temptations dragging us to spend our money, most of us certainly fall into one type – the bad spender. And the worst is we don’t even know that we already has become one. But if we really would want transformation from bad spending habits to not just being good but better, how about breaking free from bad spending habitude? Well, you can aim for the best if you really want to.
We all have bad spending habits and it’s either we are aware of it or we just snoozed it off. Because of this practice, many has fallen into piles of debt. To avoid this, here are three easy steps that will guide us on how to spend better with our money. [Read more…]