Why I Choose To Be a Financially Independent Pinay

This blog already moved to www.savingspinay.ph If you want the latest tips and stories on budget, savings, investments, productivity and making extra income go HERE instead.

Today I declare my choice to become a financially independent Pinay. I want to empower myself to learn, earn, save, invest and give on my own without dependence to my parents, any family members, friends, boyfriend (well I don't have one), partner or debt. I want a full control on where and how I spend my hard earned money without the need to ask permission to someone (or anyone). I am not being selfish... I am just choosing the road less traveled. 

I am taking the whole "financially independent Pinay" seriously. At 22, I want to build a stronger financial foundation that I can rely. I don't want to wait for a man to secure my finances. I want to do everything I could today and not waste the time, energy, resources I have thinking there'll be a man meant to be my provider.

Here's what I am thinking

• I want to have money on my own.
• I want to have a stable source of income other than "a job".
• I want to have my own "personal savings". 
• I want my own house and lot, car and retirement plans. 
• I want to support my parents on my own means for what they truly deserve.
• I want to buy my future boyfriend or spouse a gift or treat him using my own money.
• I want to avoid the regret of not working, saving and investing enough to fulfill my own lifestyle. 
• I want a future relationship without bitterness, dissatisfaction or discontent when it comes to money. 
• I want to be entitled with my own right to control and decide when it comes to finances.
• I want to be the sole architect of my financial future.

I have been blessed with the best parents ever. My father is a good provider while my mother is a hard-working. But now that they are both near the retirement age I often hear them talk about money regrets. My Mama in particular will share how she wished she saved "some money"  to use on her own someday. 

Imagine the struggle of asking your partner whether it's okey to buy this or buy that all the time. 

So my point in choosing to become a financially independent Pinay is simply because...I want to live a life where I am entitled to more than I can actually afford. I want to live a life where I can pursue a career of my choice and still get a grip on my finances. I want to live a life where I can easily give and share my blessings to others without worrying what will happen next to my funds. 

Here's How I Am Making It Happen...

Budgeting 

I have this on and off relationship to my budget but I realized how important a budget can be. Now that I am using the 50-20-30 Rule of Budgeting almost every month I was able to determine easily where my income goes. My spending habits changed a lot because I have limit myself to just 50% of my net salary for essential expenses and 30% for personal needs and wants. My savings grew because now I automatically save 20% of my net salary without excuses. 

More Posts on Budgeting:

Frequently Asked Questions about Budget
Anatomy of Successful Budget
How to Budget Your Money for the Coming Holidays

Manage My Spending

I want to come clean and honest that I overspend most of the time. And so my approach is to undergo some managed spending. I set a daily allowance for my food and transportation to work. I set a budget for my toiletries, skincare and makeup buys etc. I set a day of the month to go shopping. It is all about proper management and accountability to your money.

More Posts on Spending:


Where Does Your Income Go?
4 Useful Tips to Live Within Your Means
Do This, Note That When It Comes to Your Finances

How to Correctly Spend Your Money
How to Handle Bill Payments Like a Boss

Increase My Extra Income

If you read my SavingsPinay September Quick Recap and Income Report you'll know that I finally set some next actions on my current income streams. I know that there's more earning I could get if only I hustle thus I want to take every time and every opportunity I get to increase my extra income. 

More Posts on Making Extra Money:

All About Making Extra Money in the Philippines
TESDA Short Courses You Can Take and Earn Extra Money
How to Earn with TravelBook Affiliate Program

Stay Out Of Debt

I am so fortunate to not be in any personal and/or credit card debt since the beginning. All my finances either goes to expenses, savings and/or investments. I plan to stay out of debt as long as I could. And if ever I be in debt in the future my goal is to be a wise payer. 

More Posts on Debt Management:

SavingsPinay Series | Gaano Kalaki Ang Utang Mo? (Evaluating Your Debt)
SavingsPinay Series | 25 na Paraan Para Makabayad ka ng Utang
SavingsPinay Series | Organisadong Pagbabayad ng Utang
SavingsPinay Series | Tamang Pagkausap sa Pinagkakautangan
SavingsPinay Series | May Forever sa Pagiging Debt-Free

Final Notes From SavingsPinay:

Since the day this SavingsPinay started this blog has been an online diary of my financial journey towards financial independence. I have shared my plans, my actions and my realizations along the way. The road to becoming a financially independent Pinay is long and narrow. It is, if I must say, a life-long journey to be honest. My progress has been slow but today I want to make a declaration once and for all. I choose to be a financial independent Pinay and I am ready to do the steps that will make it happen. 

PS. I created today's post as a primer on the eBook that I'll be releasing before 2016 ends. One of my to do list before 2017 is provide a quality reading guide for every SavingsPinay reader. It would be FREE and will include far more pages and learning from last year's Making Your 2015 The Best Year Ever eBook. 

"How to Be A Financially Independent Pinay : A Step by Step Guide for Every Juana". Release date will be posted soon.

Do you want to be a financially independent Pinay too?

• Follow the SavingsPinay FB Group and join the conversation at : SavingsPinay
• Follow my official Facebook page at : IzzaGlinoFull
• Stalk some behind the scenes in my Instragram: @izzaglino
• Follow me too in my Twitter account: Izza Glino
• Subscribe to my Youtube channel: IzzaInTheUkayCloset
• Email me any question or topic suggestion at izzaglinofull@gmail.com
• Or leave a comment below!!!

This blog already moved to www.savingspinay.ph If you want the latest tips and stories on budget, savings, investments, productivity and making extra income go HERE instead.

Best Savings Account for Your Kids in the Philippines

If you are thinking about the best financial move you can do as a parent for your child then opening a savings account will be the best answer. You'll surely give a head start to your kid's financial success plus teach the importance of personal finance as early as today. The money you set aside in your kids savings account can help during tough college years. You can also keep the savings account as a gift once they turn 18 (legal age). 

In today's SavingsPinay post we will be focusing on the best savings account to open for your kids. I will also ponder upon the deciding factors as parents on which savings account to choose and whole lot more information. 

Let's start.

Why Open a Savings Account for Your Kids

Not all parents will think of opening a savings account for their kids especially in the Philippine culture. Plans and Insurance are a big no-no and scary financial terms that we are not yet ready to process. 

However, opening a savings account for your kids will actually become a great advantage to you and your family. A small savings account can help your child/children think better of his future. He will become instantly inspired to go to college or start a business. The savings account will give your child a savings mentality and adopt the best personal finance habit that will make him rich.

Savings Accounts in the Philippines For Your Kids

Now that you have idea on how important  savings account can be for your kids, we can now move on the different savings account in the Philippines you can opt to open. Note that there may be banks that offer savings account for kids which are not part of the list.

Banco De Oro Junior Savers

• Initial Deposit is 100pesos

• Minimum Balance to Earn Interest is 2,000pesos

• Interest Rate Per Annum is 0.25%

• Get a Junior Savers ID for free upon opening. Kids age 7-12 years old can choose an ATM Debit card which also serves as their Junior Savers ID Card.

• Flash the Junior Savers Card and enjoy discounts and freebies at participating merchants CLICK HERE.

READ MY BPI INVESTMENT FUND FIRST IMPRESSION

BPI Jumpstart Savings Account

• Designed for the youth ages 10 to 17 years old.

• Required Initial Deposit is 100pesos

• Required Balance to Earn Interest 1,000pesos

• Interest Rate per Annum is 0.25%

• Guaranteed savings that protects a portion of your child's funds from unplanned withdrawals

• Allow you to enjoy perks and/or privileges from partner merchants CLICK HERE

Metrobank Fun Savers 

• Initial Deposit is 500pess

• Required Balance to Earn Interest 4,000pesos

• Interest Rate Per Annum is 0.25%

• Receive a welcome gift upon opening, Fun Savers Club Gift Check.

• Free education trust benefit worth 50,000pesos (with minimum ADB requirement)

• Free personal accident insurance worth twice the ADB, not to exceed 1 million pesos (with minimum ADB requirement)

• Exclusive discounts and privileges from partner establishments CLICK HERE.

EastWest Bank Cool Savers Kiddie Account

• Minimum Initial Deposit is 2,000pesos

• Maintaining Balance to Earn Interest is 2,00pesos

• Interest Rate per Annum is .25%

• Access the account over-the-counter, via internet banking or mobile access.

• With Passbook for easy transaction record

READ MY SECURITY BANK UITF FIRST IMPRESSION

Security Bank Young Savers Savings Account

• Opening Balance is 100pesos

• Minimum Balance to Earn interest is 4,000pesos

• Interest Rate is 0.50%

• Receive a Passbook and/or Everyday Debit and Mastercard in one for fast transaction online, ATMs or over the counter

RCBC W.I.S.E. Savings Account

• Open to children ages 7-14 years old

• Will be opened as In-Trust-For (ITF) account for children below 7 years of age

• Initial Deposit sould be 500pesos

• Maintaining Balance is 1,000pesos

• Balance to earn interest is 5,000pesos

• Interest Rate per Annum is 0.50% 

• Get Free Personal Accident Insurance for a minimum initial deposit of 1,000pesos

• Free perks and privileges to partner outlets CLICK HERE. 

UCPB Kiddie Max Account

• Minimum Initial Deposit is 500pesos

• Minimum ADB to earn interest is 10,000pesos

• Annual Interest Rate is 0.25%

How to Open a Savings Account For Your Kids

Most if not all banks that offer a special savings account for kids will need the following requirements ready for opening:

1. Birth Certificate
2. Parent/Guardian's Valid ID
3. Kid's Two Valid ID's with your recent picture, name and signature available (if available)
4. Two 1x1 photos
5. Billing Statement for verification of home address
6. Initial Amount to Deposit

You can call or visit online your bank of choice to know more about their specific requirements.

Once you have prepared the above requirements all you have to do is visit the nearest branch of the bank and inquire. You will be asked to fill up application form and turn over your documents to the teller. You may ask the bank representative to explain to you briefly the advantage and disadvantage of the savings account you are purchasing. Then receive your welcome gift and/or ID and/or ATM after.

Things to Consider Before Opening a Savings Account for Your Kids

1. Fees and Requirements

Know whether the account has monthly maintenance fees or minimum balance to avoid future problems. Make sure that your child qualify to the requirements set by the bank. Also it is better to think whether the initial deposit needed for the kids savings account is within your budget as well as the additional investment you'll make weekly or monthly. From the above gathered list EastWest Bank Cool Savers Kiddie Account has the highest initial deposit to open.

2. Interest Rates

Of course you are opening a savings account for the benefit of your child's future. Thus, thinking about the interest rate should be part of your priority. Saving money for kids is a long time process and you might need an account that offers the best interest rate for long-term saving for the power of compounding to apply. From the above gathered list Security Bank Young Savers Savings Account and RCBC W.I.S.E. Savings Account have the highest interest rate earned per annum. 

3. Benefits to Your Child/Children

It is also important to take not of the services the ban offer to your child/children. The perks and privileges can give a huge different on your investment. From the list above Metrobank Fun Savers have a lot of benefits including education trust benefit, accident insurance and discounts from participating merchants. 

Now is always the best time to think about your kid's future. So what are you waiting for, allocate an amount to your child/children's future fund.  

Have you considered opening a savings account for your kids? Do you have any savings account recommendation? Don't forget to use the comment section below.

MORE POSTS TO READ:

1. 15 Smart Ways to Earn Extra Income
2. A Special Guide on the New FAMI Investor's Portal
3. All About Banking in the Philippines Part 1
4. All About Banking in the Philippines Part 2
5. How to Achieve Financial Stability in Your 20’s
6. How to Actually be Good in Money
7. How to Correctly Spend Your Money
8. How to Handle Bill Payments like a Boss
9. How to Make Money with a Blog in the Philippines - New!
10. No More Excuses! 7 Awesome Tips that Will Help You Stop Wasting Your Money

How to Budget Your Money For The Coming Holidays

Still can't believe it's only 10 days left before Christmas. I haven't even started making my holiday list.

I know we all agree in saying that budgeting for the holiday season can be a daunting task. 

Planning for Christmas parties here and there will also be a task that will get a big chunk of my time once December starts. And let's not forger the long list of names for gift giving. So to help us all I gathered tried and tested budgeting tips for the coming holidays.