SUMMARY
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MANILA, Philippines – Through disasters, conflicts, and other setbacks, Filipinos have proven that they know how to make the most of every situation.
Some call it ingenuity. We, Pinoys, call it “diskarte.” The good kind of diskarte (one that doesn’t involve anything illegal) plays a huge role in accumulating wealth.
Budget and save. Grow your money. Use your diskarte to level up these “tipid” moves.
The level-up move: Invest a portion of your rainy-day fund in insurance for better protection during emergencies. Consider linking your existing bank account with an insurance plan.
Be sale crazy
Coupons, seat sales, buy 2 take 1 – if it’s a good deal, Pinoys are bound to come and get it.
The level-up move: Maximize your credit card’s rebate or reward offers. For example, upon entering a shop or restaurant, ask the staff if you’re eligible to avail of promos. Your bank may have rewards that will give you more bang for your buck. Just make sure that you don’t go over budget.
Keep an alkansya
In this age of express deposit terminals and online banking, many still like keeping an alkansya or coin bank at home. This is where our loose change goes.
The level-up move: Since you’re in the habit of dispensing loose change, why not set aside a specific amount everyday? For example, dropping P15 in your alkansya from January 1 will earn you P5,475 by the end of the year. Setting aside a small amount that you don’t think about can boost your savings later on.
Keep “sentimental” bills in your wallet
Remember the crispy new bills you used to receive as “aguinaldo” for Christmas? Our parents always told us to put these bills in our wallet for prosperity. Some Pinoys carry on the practice of keeping a “lucky bill.”
The level-up move: Create a time-deposit account. Since you can’t touch the amount for a lock-out term, it’s sort of a sentimental form of saving. The upside? The money you keep here actually earns higher interest than the one in your savings account.
Follow the ‘first paycheck’ rule
Did you give your parents your entire first suweldo (salary)? Many Pinoys subscribe to this tradition to show their gratitude to their parents.
The level-up move: After “paying” your parents, you should develop the habit of paying yourself. Open an automatic savings account, so you can set aside a certain amount and budget what’s left. Every month, allocate a portion of your salary and leave it in the bank. Don’t touch it and watch it grow over time. The long-term goal is to save early so you’ll have enough for retirement.
Never underestimate the power of these small habits – they can turn into the best practices for your finances. What are your other level-up moves when it comes to money? Share them in the comments section below. – Rappler.com
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