The best way to jumpstart your financial journey is to be smarter at managing your finances. Before you begin, it is important to ensure that you have a vision and action plan. This involves how you’d like to keep your finances healthy and growing. Here are some money management tips to get you started.
Filipino fintech company, Cashalo, recommends adopting smart money management practices. This, and taking advantage of digital credit solutions to help you develop responsible financial management habits.
Cashalo shares some easy tips to help you on your way to better financial well-being.
The 50/30/20 Budgeting Rule
Budgeting can sometimes be overwhelming but the 50/30/20 Budgeting Rule makes things simple. This rule offers an easy method to help you with managing your finances wisely. First, you allocate 50% of your income on your basic needs like food, and utilities. Then, the 30% goes to your wants like shopping, travel plans, and hobbies. Lastly, put 20% on your savings. This gives you an easier time to map out your budget plan. Also, it ensures that your monthly income is spent equally in terms of importance and benefits.
The Automatic Savings Plan
Saving money is best when you’re half-aware that you’re actually doing it. This is how the Automatic Savings Plan works to help you with your finances because all you have to do is automatically deposit a fixed amount of money into your savings account at specified intervals. You’ll have no time to second-guess your decisions with this savings plan; hence, you can keep your savings steadily flowing without having to manually deposit funds into your respective bank accounts.
The “Shop Now and Pay Later” Digital Credit Solutions
Often important big-ticket items such as appliances or office supplies to improve your home or grow your business are hard to accommodate. However, with innovative customer-friendly digital credit solutions that enable mindful expenditure over-time, these investments can now be made hassle-free. For example, Cashalo’s “Shop Now and Pay Later” is a digital consumer-financing product that allows you to shop for multiple items without having to worry about paying the total amount at the point of sale. Instead, you can buy these items on credit and settle the amount in easy, transparent monthly installments, depending on the most convenient payment schedule for you. What’s even better is through the Cashalo app, you can get pre-approved for a fixed amount to better plan your purchases, and ensure that you don’t spend beyond your financial capacity.
Takeaway
With the right mindset and discipline, you can build your own financial future. Learn more money tips from CashAcademy, Cashalo’s financial literacy program aimed at delivering a holistic and practical overview of sound financial management to help Filipinos become Pera Experts—financially aware and responsible. Visit https://www.CashAcademy.ph/ for free learning modules and training resources on financial literacy and take the 7-point quiz to know your level of financial literacy.
This is a press release distributed by The EON Group.
Also read: Tipid tips: 10 paraan para maka-menos sa grocery bill
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