Sunday, April 13, 2014

My Seventh Goal - Save Save Save part 1

My 365 Savings Goal

One year consist of 365 days.
My Idea is Start with a Small Goal.
Why not set A One Peso Goal?
From One peso a day to 365 pesos per year!
And the Challenge: How many 365's can you save in one year?

So I have invented my own 365.00 saving strategy method (for invcstment -365.00, for savings -365.00, for emergency fund- 365.00).
It's a method I have set for one year and my challenge is how many 365.00 will I be able to save for one year.
My target is 82 sets of 365 since my goal is 30k plus 13th month pay & my sss loan to achieve my 50k goal before I reached 40.



My saving's route:
* Since I love going to the mall I make sure that  I deposit my savings first to Wealthbank ( WealthBank is open from Mondays to Sundays) before spending my leisure time with my mother at market market :). In that way I will be spending only the extra money I have set after saving.
* I also trick myself to saving those pennies that I have save from my transportation allowance & from the baon that I set everyday. 
* I also save the money I receive from our monthly company profit sharing.
* The interest they pay me from lending some amount of money to my collegues.
* The last is from doing rags @ home---a little amount of it will also help. 

* Hopefully by September I'll be adding some from the rent I'll be receiving from my brother. 


That's why I opened three accounts at wealthbank where I will deposit my savings upon completing every  365-goal I made.

THIS ACCOUNT IS FOR MY SAVINGS/SAFETY FUND :) - this where I will put my 365 savings & invest fund with a maintaining balance of P 200.00 only & a rate of .25% interest.


THIS IS FOR MY INVEST - A SPECIAL SAVINGS ACCOUNT- A time deposit account where I add my the sum of my 365's from my savings account here also & renew every 30th day with an interest rate of 2% annually and a maintaining balance of 10,000.00. From here I will get my start up mutual fund hopefully before 2nd quarter of this year I'll be able to open my mutual fund.

AND FOR MY EMERGENCY FUND - I opened this ATM account for emergencies, this one also has a P 200.00 maintaining balance & it also comes with a free personal accident insurance.



So no matter how small your earnings is, no matter what your saving strategy is, Just SAVE.

Start your GOAL!
Start SAVING!
START INVESTING!!!








Saturday, April 12, 2014

Sixth goal - Budgeting


My sixth goal- BUDGETING.

After I received my salary - approximately P 5,500 net, automatically it will be divided, I can't follow the 70-20-10 method since my income is already tight and the percentage is not suitable. I just need to stick to my budget and what is important is that I still have some amount for my savings/emergency fund, investment & for charity too.

I also have this so called stapler method for my daily allowance (P 150.00 for no overtime day & P180.00 for my overtime day) to prevent myself from spending above my per day allowance.

                                                    This is my hapit budget format :)
                               Tracking down expenses is also important so I made a list too.
                                     I've been monitoring my expenses since january 2014.
Well, March is an adjustment period for me " its a mall ban month for me" hahah.


EXPENSES SUMMARY

Every 15th:
Rice/Mama/groceries    =   2,000.00 (1,000-rice, 500-mama, 500-groceries)
15-day work allowance =   2,100.00+++
For Emergency Fund    =      365.00
For Invest Fund            =      365.00
Church / Give fund       =      365.00
other personal needs      =     300.00

Every 30th:
Electric/Water/PLDT/
St.Peter Plan/Mama     =     2,000.00 (600-electric, 250-water, 200-pldt, 550-st.peter, 400-mama)
15-day work allowance =   2,100.00+++
For Emergency Fund    =      365.00
For Invest                      =      365.00
Church / Give fund       =      365.00
other personal needs      =     300.00


I just got out of so many credit card debts last year mostly due to impulsive buying & unplanned expenses. Thanks to all the finance articles & tips I read in facebook & the seminar I attended @ IMG I was able to manage my finances now. (parang napakalaki ng sweldo ko no, heheh? but seriously if you dont manage your finances malaki man o maliit ang sweldo without proper knowledge you'll be doomed to debt).
 Luckily I still live with my parents & I have a brother who also shares on paying bills & other panggastos to my nanay.

Hopefully I can continue to train myself in spending only what is needed & essential in my daily routines and to discipline myself in living a minimum wager lifestyle.

The principle. "If you can't increase your means then you have to live below your means".

Now, its time for my next goal.











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