I have to admit that I didn’t always have a good savings plan. I did the opposite of what experts recommend: instead of setting aside a percentage of my salary and spending what’s left, I save the remaining amount after I go through my expenses. And what’s left is usually not a lot, which means I don’t get to save that much. It was fine for a time since there weren’t any “rainy days.” But then COVID-19 happened.
I’m thankful that I still have my job but the uncertainty of the virus and the response to it has made me realize the danger of not having a healthy savings account. This is especially true for people who were laid off because the industries they were in were put on hold. What if I were to lose my job and my only source of income? What would happen to me?
It’s instances like this that remind me that saving is VERYÂ important. All it takes is one sickness for me to lose my small savings. And while I am privileged enough to even have savings in the first place, what about the others who don’t have anything set aside?
Photo from Unsplash
Yes, it’s true that having savings is tough, especially for those living paycheck to paycheck and struggling to support themselves. But for those who can, there are some simple steps to start saving. And what I learned is, there’s no amount too small to be set aside.
There are many ways to start, but the ones that have worked for me are having a budget to make sure I am spending within my means (and to make sure I set aside some cash), planning my meals and cooking from home, and holding off on impulse buys. With the last one, I wait for a week or more to see if I still want it. If I forget about it, then it means I don’t really need or want it.
Another good way to start your savings account is to have an insurance policy. This is especially important now, because most policies are investment-linked insurance plans that grow your money while securing your and your family’s future.
[Client’s testimonial for Sun Life]
To help Filipinos start their savings account, Sun Life will be holding the Sun Talks Virtual Conference on August 15, 2020. Here, viewers can learn more about [Topic to be discussed] from [Speakers].
For more information, check out www.sunlife.com.ph or follow them on their social media accounts:
www.facebook.com/SunLifePH
www.instagram.com/SunLifePH
www.twitter.com/SunLifePH
Connect with a Sun Life Financial Advisor at https://advisormatch.sunlife.com.ph/
What do you think? Share your thoughts below!
Do you have a story for the WhenInManila.com Team? Email us at story.wheninmanila@gmail.com or send us a direct message at WhenInManila.com Facebook Page. Interact with the team and join the WhenInManila.com Community at WIM Squad. Join our Viber group to be updated with the latest news!
