Powered by Jasper Roberts Consulting - Widget

Sunday, March 01, 2015

Top 5 Banks With Lowest Initial Deposit - Philippines

Need a bank account with a low initial deposit? 

Sometimes, while conversing with friends and clients, they tell me stories of their relatives who don't have a bank account aside from their payroll account from their companies. Yes, these people are actively working, but they don't have their own emergency funds yet because they feel that their payroll account is already enough. 

Top 5 Banks With Lowest Initial Deposit - Philippines


Personally, I feel concerned about this because your payroll account should not be treated as an emergency fund - it's a payroll account because it's just there as a medium to give you your salary. 

An emergency fund, on the other hand, is an accessible account that you need to touch - only in case of emergencies. 

(Read: 4 Situations You Can Dip Into Your Emergency Fund)

For most people I tell this to, sometimes they tell me they have trouble opening their separate bank accounts for their emergency funds because some banks have a lot of documentary requirements, or that some banks have a high initial deposit amount. 

For example, in opening your own BDO ATM account, some get turned off with the P2,000 initial deposit. 

What do we do, then?

Do we just say "Oh well" and move on? 

No. 

An emergency fund is a necessity. It's a foundation. Without it, your other personal finance ventures will come tumbling down. 

Also, without this foundation, your makeup won't be as long-lasting. :D 

Here are five Philippine banks with the lowest initial deposit requirement. Choose one and get started with opening an account for your future: 

Saturday, February 21, 2015

6 Financial Goals You Need to Prepare For: Prioritize Your SELFIE

Are you prioritizing your SELFIE?

Last February  18, I was invited by ANC On The Money to be a guest in their Q & A Friday segment. Naturally, I got excited because I had another opportunity to be a guest in their amazing show. 



One of the topics there is giving a "unique" personal finance tip. Mine was all about prioritizing your SELFIE with regard to preparing for your financial goals. 


Because I know how people my age are a bit "obsessed" about that term!

Why not take advantage of this term and apply it to personal finance, right?

S – Security

Security means that you have a financial peace of mind. 

Emergency Fund: Your security for the present. Get an emergency fund that can meet 3-6 months’ worth of your expenses.

Retirement Fund: Your security for the future. Save enough for the initial investment amount to open an investment account and then invest monthly. (Don’t just rely on government programs!)

E – Education

Don’t just invest in financial assets: you need to invest in your knowledge as well. Purchase money management books, attend conferences and networking events, listen to talks and seek expert advice.

Here's our "OMG! Where Did Your Sweldo Go?" book with Ms. Salve Duplito. Get your copy online here or visit your nearest National Book Store/Powerbooks branch. :)


L – Livelihood

You know what they say: “If you don’t go after your dreams, you’ll spend the rest of your life working for someone who does.”

This livelihood fund is for your business capital, should you want to build your own business. Since you’re using your hard-earned money, you tend to be more careful in how you use it in your daily business operations.

F – Fixed Expenses and Priority Purchases

Your fixed expenses should be relative to your own lifestyle so you need to review your monthly budget and figure out which expenses you can work on. 

If it doesn’t matter to you, then why are you spending money on it?

I – Insurance

You need insurance so you can have protection against life’s risks – untimely death and wallet-draining critical illness.

Health Insurance: PhilHealth is your basic protection. 

Life Insurance: If you have 2D (Debts or Dependents), get life insurance so that you can provide income continuation to them. If you’re still a 20-something who has no family of your own, get at least the minimum coverage to pay for your funeral costs. (Romantic!) You don’t want to be a burden to your parents, right?



E – Enjoyment

Don’t just save for the serious stuff. Save for the fun stuff, too!

Save for the luxuries that are subjective to you! It’s better because:
•           It keeps you debt-free.
•           It allows you to enjoy the luxury guilt-free.
•        You’re more likely to savor the moment and appreciate the experience when you’ve worked so hard to save for it. We enjoy more when we delay gratification! 

-----

Are you prioritizing your #selfie?

-----


Get a FREE VUL proposal - personalized and made especially for you! Simply fill out this form. 

-----

Want to get started managing your money/budgeting/investing? Contact me, your trusted financial advisor, through the following: 

Email: liannemarthamlaroya@gmail.com
Twitter: @MsLianneLaroya
Mobile: 0916 737 8741

And we can even meet personally for a FREE financial planning session! Let me know so we can finalize a schedule that works.

If you find this post helpful, please SHARE it to your friends. Who knows, you might help them by educating them. :) Thank you, wonderful people!

Live wisely,







Enter your email address to receive FREE budgeting tips, investing updates, self development advice, freelancing tricks and life-winning techniques - all effective, all FREE and all straight to your inbox!




Sunday, January 25, 2015

Why? 3 Reasons Why Teaching About Personal Finance Is My Life!

Every time I meet new people, they would ask me why I was in personal finance when I graduated as a nurse and even passed the nursing board exam. I'd answer them in detail and they'd give the one of the following responses: 

A. "That's good for you. Keep it up!" 

B. "But don't you think being a nurse abroad can give you higher income? Sayang naman pinag-aralan mo..." 

C. "K." 

Sometimes, I'd get "A" as a reply. Whenever someone says this to me, I feel like I have managed to explain my passion well because they understand what I'm trying to say. :) 


But then most of the time, I get "B" as the reply, because of my nursing background. Never mind that I never practiced nursing out of college, or that I went straight into entrepreneurship right after graduation. 

Never mind that teaching others how to manage their income and writing about the perks of early investing are lovely things that actually make up my passion. Or that I'm really not sold on the idea of working abroad for a long time. 

For those who reply with "K...", I smile and silently mumble "L M N O P Q R S T"! 

Kidding aside, though, I've decided to "selfishly" make this blog post for today. Why "selfishly"? 

Because I'm not making this to explain myself to others. 

I'm writing this post for myself.    

I want to revive my spirit, to immensely ignite the fire within me and to motivate myself to keep on going, keep on learning and improving myself so I can keep on touching lives and inspiring other young Pinoys to get started with managing their money and investing as early as possible. 

And for these to be possible, I need to remember my reasons.