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Tuesday, May 15, 2012

First Step: Open a Savings Account

I really admire people who started saving on an early age (through their piggy banks maybe). I even remember that when I was in Grade 5, I joined a so-called “Paluwagan” where we are forced to give 20 pesos every week. I hope my memory is still right. Definitely it was a habit of taking aside something from our allowance every week and on Christmas we bear the fruit of our weekly contribution. Thus, a happy Christmas of spending for gifts to myself and loved ones.

But as I get older, I realized that I wanted to add value to the money I am setting aside.  Besides I no longer just save for  Christmas purposes. The purpose just gets a list ahead of it: emergency, school, family contribution, church contribution, future plans, travel, etc. As a personal move for adding value to my money, just a stepping stone, I opened a savings bank account.

            So why else do I have a savings account?

  •      I take out or minimize atleast the risk of losing my money at home. My money in the bank is PDIC insured (more security). More so, I also lessen temptation from using my money which is just within my sight and reach.
  •      I develop a habit of going to the bank and do my deposits. Such practice will open other doors of easily availing other bank products and services I might need in the future: loans, credit card, etc.
  • I just don't let my money sleep in the bank as what our dear piggy banks do. I let it grow for an interest per year. Yes, it is small. But the point is, there is growth. As I said, just a stepping stone of adding value to my money.

So take out your home savings and open a savings account now!


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