Saving money isn’t usually high up on people’s list of fun things to do, and it clearly doesn’t set off the brain’s reward system as much as spending does.
Although with a little help from technology and your mobile banking app, you can definitely hack your brain to turn you into a more willing saver in no time.
Here are five top tips to start with:
- Be more mindful of your money, It’s your money and you want to enjoy it — that’s okay but avoid making financial decisions that you might regret in the long run. Take control of your funds by setting up an account at an all-digital bank like the ING Savings Account. You can bank on your smartphone without the endless temptations of dipping into your savings when you use an ATM card.
- “Payday, Save day”. Every payday, set aside a certain amount and move it seamlessly to your ING account via interbank fund transfers or mobile check deposits, a local first. Doing this will help you to feel more in control about your financials and avoid spending beyond your means.
- Take on a challenge from time to time. Once you get home from work or a quick errand, put all your 5- or 10-peso coins in a jar. You may also accumulate them so they can serve as your emergency fund. How about a little weekly challenge where you put aside P100 the first week of the month, P200 the second week, and so on? Saving can be a good push and a way to nurture your sense of determination.
- Turn into a ‘deals diva’ and ‘purchase police’ in one. Take advantage of your credit card’s seasonal discounts or rebates on grocery shopping. It’s cheaper to eat or shop at certain establishments on certain times of the day or week so keep an eye on offers and special plates. Don’t forget to check out price slashes at your favourite gas station, too. While you’re at it, create a mandatory waiting period for new purchases, such as delaying it for seven full days so you can take a breather, think clearly, and prevent another regretful buy.
- Get a savings buddy. This could be a friend or a relative who can join you in your #fundsforthefuture goals — someone whom you can chat or e-mail with every week to track or discuss your progress. You can even have fun together with a little challenge, such as whoever saves the most on a given month has to buy dinner or pay for a movie. Your savings buddy can also be a budgeting app that prompts you to live within your means, helps you strategize in smart gifting or creative debt repayment, or prunes your expense list with intuitive features.
In your personal mission to save, make sure your bank is on your side. For an EXTENDED period, ING still offers a 4.0% interest rate per annum (p.a.) for balances of up to P10 million. Existing customers and newly-opened accounts will enjoy this high interest rate.
This is an increase from its previous 2.5% rate p.a. and is over 10 times higher than rates currently offered by other savings products in banks. With this much interest rate, you get more from your hard-earned money and don’t feel your savings fund is just sitting idly by until you need to dip into it.
*IMPORTANT:
Send me your Full Name at ang Mobile Phone Number mo upang padalhan kita sa text ng INVITATION MESSAGE para mag qualify ka sa ₱500 Cash Reward for new accounts! 💸🤑
