Do you have a savings account?

Do you have a savings account and do you have enough savings?

I was watching TV Patrol this evening and they reported that only 1 out of 10 Filipinos are saving something for the rainy day. Sad. But that’s the reality. A couple of people were interviewed and one of them said that what else can she save from her meager income if she is earning only a minimum wage and she has 2 kids to feed. She said that her bank account has zero balance and when you really think about it, she even has a negative balance if she can only make an overdraft.

It is so sad to hear that but it REALLY is the truth. When you are the breadwinner of the family, it is hard to save some money because there is nothing more to save in the first place. Most of the time, breadwinners incur loans and various credits just to make ends meet.

Do you know that I am one of those 9 people who does not save for the rainy day? Oops, wait. Did not. I am saving some now. Before I was introduced to monetizing blogs, I lived from paycheck to paycheck. Those entries I post regarding payday loans? Happened to me. A few days before the next payday, I always find myself short of budget and would be asking friends or relatives for a loan. And because I needed to pay for the loan, my budget would be short once again. It was a vicious cycle. Thank God for make money online programs, I was able to break free from the cycle.

And have you noticed that most Filipinos, when you ask them if they have a savings account, they will say yes but it really is just their payroll account. Most Filipinos who are not working or is being paid in cash don’t have a savings account. The reason is, they do not have enough money to maintain one. Most banks require a minimum maintaining balance of 5,000 pesos and that is a lot of money for an average Filipino.

Someone from the Finance Department was interviewed and he said that every Filipino should at least save 33 pesos a day and it will amount to 1,000 pesos a month. Hmm… it is a good idea for those people who can spare 33 pesos a day. I don’t think that those minimum wage workers can spare that much from their daily budget. Skip lunch or dinner probably? Or the government can probably lower the tax rates so we can save our tax payments instead. Good idea ‘no? ๐Ÿ˜‰

I have started saving some money. And I plan to continue it. Saving is one of my goals for this year. How about you?

5 comments

  • i believe that if there is a will, there will be a way. ๐Ÿ˜‰

    take for example those who smoke. if they will just quit, they will not only have a saving but will be saving their life as well.

  • i have my own savings too. i belong to the 10% yes! that’s one of new years resolution, to save more.

  • I agree with iRonnie, most people, not just Pinoys, usually lack the discipline to really save money.

    Oftentimes, they see the habit of saving as something big and difficult to achieve where in fact, even the smallest of changes in our lives can make a big impact in our financial health.

    I wish you luck on this endeavor… more savings, more earnings and more time to enjoy life.

  • makikicomment na rin. i saw that news eh. they interviewed colayco. he’s an advisor when it ocmes to finances. he has a column pa nga with good housekeeping eh.

    i’m glad you are starting to save. you might want to try to read the book of bo sanchez and larry gamboa both books are good and can help you find a better way how to make your money work for you. or kung kaya pa ng budget get a copy of rich dad’s series (robert kiyosaki’s best seller)..i’ll guarantee you madami kang matutunan.

  • Hmmm… savings huh! That’s my New Year’s resolution last year! And it was a success for me! I was able to save much! And hope to continue saving this year!