In today’s time when the burden of the high price of basic goods, rent and electricity bills is felt, how can you handle budgeting on a daily basis and continue to save even a small amount?
According to BDO Network Bank, savings need not be affected because there are ways for the crisis to be overcome. Here are some tips on budgeting and saving that can be done:
1. List the expenses. Write down all the monthly expenses such as food, water, electricity, rent, and so on.
“It’s good to start the habit of listing all expenses to track your expenses. This way you can see if your budgeting is correct,” said Ramon Militar, executive vice president and Community Banking Network Group Head of BDO Network Bank (BDONB).
2. Know the “needs” and “wants.” “Needs” are things that are necessary or essential expenses, while “wants” are things that are wanted or desired but not really needed. Things to prioritize will become clear if the needs and wants are examined.
3. Save on fixed expenses. Fixed expenses are expenses that do not change, such as electricity, water, tuition and rent. Conserving electricity, water, etc. will help you save.
4. Open a savings account. To protect savings from theft and calamity, keep money in the bank by opening a savings account. This is what Julieta Parra of Naga City, BDONB Savings account holder did.
“I save in BDO Network Bank so that my savings are safe and that I can use something during an emergency,” said Parra.
One of Parra’s favorite services is BDONB’s deposit pick-up service. He is already saving on fares and time, he doesn’t have to leave his business yet.
Julieta Parra, a BDO Network Bank Savings account holder, is very grateful for the bank’s deposit pick-up service because she no longer has to leave her store to deposit her income.
To find out how to open a BDONB Savings Account, visit the nearest BDO Network Bank branch in your area.