Visa tips on saving money

By Maila Ager
INQUIRER.net
First Posted 11:56:00 06/0/!010
Filed Under: "#siness$ %ons#&er Iss#es
MANI'A$ P(ili))ines * +ere,s anot(er ti) -ro& .isa to (el) yo# sa/e &oney and deter&ine t(e n#&"er o- years
needed to do#"le it: Use t(e 0r#le o- !.1
First$ 2ee) at least 10 )er3ent o- yo#r in3o&e -or yo#r sa/ings and t(en )#t t(e &oney into yo#r "an2 to earn interest.
4i/ide ! "y t(e interest rate and yo# 5ill get t(e n#&"er o- years needed to do#"le yo#r &oney.
And t(ere,s also 0!0610 r#le1 to &anage yo#r loans: 'i&it yo#r 3redit 3ard de"t to less t(an !0 )er3ent o- yo#r total
ann#al in3o&e and less t(an 10 )er3ent o- yo#r net &ont(ly in3o&e s(o#ld go to5ard )aying yo#r 3redit 3ard de"t.
'earning (o5 to sa/e &oney and "orro5 5isely are 7#st one o- t(e 0ti)s1 and 02no56(o5s1 t(at .isa t(ro#g( its
-inan3ial litera3y )rogra&s (as "een )ro&oting to tea3( indi/id#als (o5 to 0s)end $ sa/e and "#dget res)onsi"ly.1
8(e .isa Finan3ial 'itera3y series * -ro& t(e "asi3s o- sa/ing and &a2ing a "#dget to )lanning -or t(at s)e3ial tri) or
getting yo#r drea& 3ar * also (el)s its 3lients learn t(e re5ards o- #sing digital 3#rren3y 5isely.
9t(er ti)s t(at s(o#ld "e re&e&"ered$ aside -ro& learning (o5 to sa/e &oney$ are t(e -ollo5ing:
'i/e 5it(in yo#r &eans. E/al#ate yo#r li-estyle "y deter&ining yo#r needs and 5ants. :ee) tra32 o- yo#r s)ending
and tri& do5n t(ose yo# 2no5 yo# 3an sa/e on li2e "ringing a )a32ed l#n3( to 5or2 instead o- "#ying o#tside.
Ma2e a "#dget. Plot an o#tline o- yo#r in3o&e and e;)endit#res so yo# 5ill (a/e a g#ideline -or s)ending and sa/ing.
Esti&ate yo#r "#dget and se)arate yo#r -i;ed and /aria"le e;)enses. Fi;ed e;)enses are t(e sa&e a&o#nt e/ery
&ont( 5(ile /aria"le e;)enses -l#3t#ate t(ro#g(o#t t(e year.
Planning -or a /a3ation. 8(e -irst t(ing yo# s(o#ld do "e-ore (eading o-- to yo#r s#&&er /a3ation is to )lan a(ead.
8(e stress "ro#g(t "y tra/eling 3o#ld "e de3reased "y 3reating a "#dget$ resear3(ing and s(o))ing aro#nd a(ead o-
ti&e to -ind good deals$ "eing ready to e;)e3t t(e #ne;)e3ted and re&e&"ering to tra/el sa-ely.
B#ying "ig ti32et ite&s. 8o (el) yo# )#r3(ase yo#r drea& 3ar$ -or instan3e$ 2no5 -irst 5(at ty)e o- a#to&o"ile yo#
3an a--ord. +o5 &#3( is yo#r "#dget< :ee) in &ind t(at a do5n )ay&ent is needed 5(i3( #s#ally ta2es #) a "ig 3#t
-ro& yo#r sa/ings.
Ma2e s#re to allot yo#r &ont(ly d#es -ro& yo#r &ont(ly salary and (a/e so&e e;tra "#--er in 3ase yo# &iss o#t on
t(e deadline. Ins#ran3e and )ro)er &aintenan3e e;)enses s(o#ld "e 3onsidered -or t(e sa-ety o- yo# and yo#r
)#r3(ase.
Use Internet "an2ing. 8(e ad/antage o- online "an2ing is t(at it not only sa/es yo# a lot o- ti&e$ yo# 5ill also not "e
3(arged -or si&)le transa3tions s#3( as "alan3e in=#iries or "ills )ay&ents #nli2e t(e A8Ms. It also allo5s yo# to
a#to&ate a lot o- yo#r -inan3ial transa3tions. >o&e )ossi"ilities in3l#de: a#to&ati3 "ill )ay$ a#to&ati3 trans-er$ "an2
-ro& any5(ere.
It is i&)ortant$ (o5e/er$ to re&e&"er t(at yo# need to )ra3ti3e sa-ety 5(en online "an2ing to a/oid identity t(e-t. >o
)ra3ti3e si&)le ste)s to &ini&i?e or 3o&)letely a/oid "e3o&ing a /i3ti& o- identity t(e-t s#3( as 2ee)ing yo#r anti6
/ir#s and anti6s)y5are so-t5are #)6to6date$ destroying )ri/ate re3ords and si&)ly "eing a5are o- s3a&s.
%redit 3ards. Using 3redit 3ards are si&ilar to loaning a 3ertain a&o#nt$ de)ending on yo#r 3redit line$ -ro& t(e "an2
5it( t(e )ro&ise to )ay t(e& "a32 at a later date. Ea3( &ont($ a "illing state&ent is gi/en to yo# 5(ere t(e total
a&o#nt o- all yo#r )#r3(ases s(o5s. I- t(e a&o#nt is )aid in -#ll$ no interest 5ill "e 3(arged$ "#t 5(en yo# &iss a
)ay&ent deadline$ t(e "alan3e on yo#r 3redit 3ard "e3o&es a loan and yo# 5ill "egin )aying interest -or it.
8o a/oid late )ay&ents$ stay alert "y a/ailing o- yo#r "an2,s a#to&ati3 5arning &essages -or yo#r &ont(ly "illings.
%o&)#te t(e 3ost o- yo#r 3redit )#r3(ase and esti&ate (o5 &#3( in interest yo# are going to )ay in 3ase a delayed
)ay&ent is 3o&&itted.
4e"it 3ards. 4e"it 3ards are tied to yo#r 3(e32ing or sa/ings a33o#nt. 8(ey 5or2 li2e yo# 5ere )aying 5it( 3as(
sin3e t(e "an2 3o/ers yo#r )#r3(ases "y 5it(dra5ing t(e a&o#nt -ro& yo#r a33o#nt. 8(is 3ard (el)s to 2ee) yo# o#t
o- de"t "#t &onitor yo#r )#r3(ases 3losely so yo# don,t o/erdra5 -ro& yo#r "an2 a33o#nt.
Using )re)aid$ t(e )ay&ent 3ard -or yo#ng ad#lts. For t(ose yo#ng ad#lts 5(o are at t(e )reli&inary stage o- #sing
)ay&ent 3ard tools$ )re)aid 3ards 5o#ld -it t(e& )er-e3tly so t(ey 3o#ld learn (o5 to &anage t(eir o5n &oney and
a/oid t(e te&)tation o- o/ers)ending.
8ra/el ent(#siasts 3an greatly "ene-it -ro& )re)aid 3ards sin3e it is a &ore 3on/enient and se3#re alternati/e to
3arrying large a&o#nts o- 3as(.
%redit 5ort(iness. Ban2s and lending instit#tions yo# engage loo2 at yo#r -inan3ial )ast to get an idea o- yo#r
-inan3ial -#t#re. 8(is re3ord is 3ontained in yo#r 3redit re)ort 5(i3( 3an deter&ine e/eryt(ing -ro& =#ali-ying -or a
loan$ t(e rate yo#@ll )ay on t(at loan$ getting a ne5 7o"$ renting an a)art&ent and o"taining 3ar ins#ran3e.
Ao#r 3redit re)ort 5ill &ost li2ely "e re/ie5ed "y anyone )lanning to gi/e yo# a loan or 3redit$ s#3( as "an2s$ 3redit
#nions$ 3redit 3ard iss#ers$ a#to -inan3ing 3o&)anies$ and ins#ran3e 3o&)anies.
>o it is i&)ortant to al5ays (a/e a good 3redit (istory and 2ee) yo#r 3redit s3ore strong "y )ra3ti3ing t(e good (a"its
o- -inan3ial res)onsi"ility$ s#3( as: )aying yo#r "ills and loans on ti&e$ #sing yo#r 3redit 3ards res)onsi"ly$ and
esta"lis(ing a 3onsistent 5or2 (istory a&ong ot(ers.