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 Money resolutions: Save money in 2010

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PostSubject: Money resolutions: Save money in 2010   Sat Jan 02, 2010 4:03 pm

MANILA, Philippines – The New Year is a
good chance to make important life changes, especially when it comes to
managing your money.
Making New Year’s resolutions is a
personal commitment to avoid bad habits and practice good ones. The
same idea applies to money matters, says personal finance columnist
Salve Duplito.
Quick Tip
Teach your children proper
spending by controlling their wallets. Don't give them too little, but
don't give them too much. Ask them to make a budget plan so you can
figure out the appropriate amounts they need. Give the allowance in 10
peso coins instead of whole bills so they can budget better and bring
only the amounts they need.
Here are some of Duplito’s New Year’s “money resolutions” that could help put you on the road to financial prosperity.
1.
No more wanton spending. How many times last year did you purchase
something you don’t really need? The unwanted things scattered around
your house or gathering dust in your shelves are proof of wanton
purchases. The trick is to determine whether you need or want
something. Before splurging or indulging in a shopping spree, ask
yourself first, “Do I really need this?” and “Will I use this in many
years to come?” It is only a matter of choosing your purchases and
spending wisely on worthwhile things. 2. Always read the fine
print. Before investing in a credit card or securing a loan, you should
always read the fine print before you find yourself in a financial
sinkhole. For example, as Duplito outlined in one of her column
pieces, some credit card advertisements encourage card holders to pay
for a fraction of their monthly expenses without being labeled as an
errant client. In truth, paying only the minimum charge for your
credit card (a fraction of the cost of the total monthly expenses)
would actually result in more debt from interest compounded in the long
run. Ask questions, seek second opinions and do some research before
making any long-term investment. 3. Budget big expenses (like
tuition) for next year. You can never go wrong by planning and saving
ahead of time, especially for big expenses like tuition, mortgages, or
loan payments. Compute how much you will need next year then portion
that amount for each month this year. That way, you will know how
much to set aside in the bank every month you get your salary and you
break down a formidable cost into smaller, more manageable amounts.
4. Build a maintenance fund. A maintenance fund is money required
for the upkeep of your home, car, or your household operations in
general. Building this fund means saving about 1% of the total
assessed value of your house and land every month. When something
goes wrong with your plumbing, appliances, or fixtures; you can tap
into this fund. The same concept applies for an emergency fund that
should be equivalent to 2 or 3 months’ income. This fund should help
carry you through several months after your lose your job or have to
pay for a major expense (like medical bills). 5. Be mindful of
“hidden hemorrhages” this year. “Hidden hemorrhages”, in monetary
terms, are things that slowly bleed you of money without you realizing.
These can be as simple as forgetting your credit card payments and
having to pay for late payment fees, or making ATM withdrawals from
machines other than your bank’s. In either case, you have to pay for
what seem like small surcharges. For example, P10 to P12 is deducted
from your account every time you withdraw from another bank’s ATM.
When added up, these seemingly small surcharges amount to a lot of
money. If you withdraw from your ATM 5 times in a week, then you spend
about P50 a week on just surcharges! Duplito says a good goal this
year is to “hunt down” these hidden hemorrhages and stop them. You
also need to be on top of your finances and have a budget plan ready,
so you don’t use your ATM like a wallet and withdraw every time you
need money. 6. Increase savings by 30% of gross salary.
Assuming you’ve been good and you have religiously saved up 10 to 20%
of your income last year, why not hike it up a notch? “You can start
at 5% then go up to 10%. But the main thing is that your savings each
year should be increasing and not decreasing,” Duplito says. If the
temptation is too high for you to spend instead of save, program your
saving scheme instead. Many banks offer a system where a portion of
your savings are automatically transferred to another account under
your name. This account usually does not come with an ATM card so there
is less temptation to touch this fund. 7. Don’t touch all
bonuses. Instead of touching your Christmas bonus or your 13th to 14th
month pay, use it for investments. “Most of us do fine every month
with the income that we get. These bonuses then, are additional income.
So actually, you can live without it,” Duplito said. Set your bonuses
aside and look for investments that can make your money grow faster. If
your expenses are programmed and planned out, you can also budget the
extra money accordingly. “I put myself in a situation where I think
all my bonuses are zero to me. I will put all of them aside and put
them in an investment fund,” Duplito added. 8. It’s okay to
make a financial mistake. Sometimes we make financial mistakes that
increase the stress in the home. Duplito said she has noticed many
marriages in the Philippines that ended because of money problems.
She said people should be able to handle that stress by being able to
love that person despite the mistakes they made. A new year is a chance
to start over. “We try our best. Of course, from the very beginning,
we should do all we can to avoid mistakes. But settle it, and try
again,” she said. Report based on an episode of ANC’s Shoptalk.
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PostSubject: Re: Money resolutions: Save money in 2010   Sat Jan 02, 2010 5:52 pm

ayos yan bossing...................
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PostSubject: Re: Money resolutions: Save money in 2010   Sun Jan 03, 2010 2:52 pm

wow aus to ah press Very Happy
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PostSubject: Re: Money resolutions: Save money in 2010   Thu Jan 07, 2010 7:06 pm

nice info yan amo!!!!!!









tanks.
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