Financial tools: Managing your money
Do you want to improve your spending decisions to reach your financial goals quicker? Do you need help to keep track of your income and bills? If so, then it’s time to get started by using financial tools.
SETTING A FINANCIAL GOAL AND REACHING IT
Identify your short-term or long-term life goal(s) for you and your family–be it a car, a house, an extended holiday–or other large purchases and life events you have in mind.
Determine the total amount you need, calculate the number of weeks or months needed to reach that goal (taking into consideration your income stream) and that would subsequently lead you to the amount that you need to save each week or month.
Getting that equation down is easy, but building that discipline to stick to your weekly or monthly contributions is the most important thing here.
To keep you in check, you can use a spreadsheet or, better, an online tool (see below) with a calendar function to take note of (1) income, (2) recurring expenses for necessities and (3) the amount you need to set aside each week or month as accurately as possible.
GET THE RIGHT TOOL
Using specialized tools can greatly improve your money management. Some of the possible tools you can check out are:
Mint: A budget tracker that analyses spending habits and helps you improve them.
Available on: iOS, Amazon and Google Play for free
ReadyForZero: Financial tool to help you plan how you can pay off debt .
Available on: Google Play for free
Pocketsmith: Keep track of income vs. bill payments.
Available on: pocketsmith.com where the Casual Budget plan is free
Betterment: Sets up long-term investment portfolios and provides advice
Available on: iOS and Google Play for free
IMPROVING YOUR CASH FLOW
There are three main strategies to improve cash flow:
1) Avoid large periodic payments – Split payments or negotiate better due dates that conform to when your income arrives. Explore ways to refinance loans or credit card debt.
2) Cut on spending – Seek better plans for cable, internet, postpaid mobile plan. Assess your usage and ask yourself if you really need an 8GB monthly data plan or if you can afford to downgrade.
3) Increase income or other resources – Strategize on how you can earn apart from your monthly salary. Whether its through smart investments or a small business venture, it is always best to have another income stream. To get started, consider BDO’s Easy Investment Plan (EIP), an investment scheme that enables you to attain your financial goals through the twin habits of regularly saving and investing. https://www.bdo.com.ph/
REDUCING BANK EXPENSES
Familiarize yourself with the terms, conditions and fees for your bank account, credit card and other financial services; then follow the rules so you do not incur service charges.
Monitor your account regularly – use the free online and mobile banking facilities your bank offers–to ensure your account is still active and your funds do not go below your account’s prescribed maintaining balance, thereby avoiding dormancy fees. If you are constantly on the move and you’re a BDO customer, enjoy hassle-free banking with the BDO Mobile Banking app.
Do you want to improve your spending decisions to reach your financial goals quicker? Do you need help to keep track of your income and bills? If so, then it’s time to get started by using financial tools. SETTING A FINANCIAL GOAL AND REACHING IT Identify your short-term or long-term life goal(s) for you and your family--be it a car, a house, an extended holiday--or other large purchases and life events you have in mind. Determine the total amount you need, calculate the number of weeks or months needed to reach that goal (taking into consideration your income stream) and that would subsequently lead...
Do you want to improve your spending decisions to reach your financial goals quicker? Do you need help to keep track of your income and bills? If so, then it’s time to get started by using financial tools.
SETTING A FINANCIAL GOAL AND REACHING IT
Identify your short-term or long-term life goal(s) for you and your family–be it a car, a house, an extended holiday–or other large purchases and life events you have in mind.
Determine the total amount you need, calculate the number of weeks or months needed to reach that goal (taking into consideration your income stream) and that would subsequently lead you to the amount that you need to save each week or month.
Getting that equation down is easy, but building that discipline to stick to your weekly or monthly contributions is the most important thing here.
To keep you in check, you can use a spreadsheet or, better, an online tool (see below) with a calendar function to take note of (1) income, (2) recurring expenses for necessities and (3) the amount you need to set aside each week or month as accurately as possible.
GET THE RIGHT TOOL
Using specialized tools can greatly improve your money management. Some of the possible tools you can check out are:
Mint: A budget tracker that analyses spending habits and helps you improve them.
Available on: iOS, Amazon and Google Play for free
ReadyForZero: Financial tool to help you plan how you can pay off debt .
Available on: Google Play for free
Pocketsmith: Keep track of income vs. bill payments.
Available on: pocketsmith.com where the Casual Budget plan is free
Betterment: Sets up long-term investment portfolios and provides advice
Available on: iOS and Google Play for free
IMPROVING YOUR CASH FLOW
There are three main strategies to improve cash flow:
1) Avoid large periodic payments – Split payments or negotiate better due dates that conform to when your income arrives. Explore ways to refinance loans or credit card debt.
2) Cut on spending – Seek better plans for cable, internet, postpaid mobile plan. Assess your usage and ask yourself if you really need an 8GB monthly data plan or if you can afford to downgrade.
3) Increase income or other resources – Strategize on how you can earn apart from your monthly salary. Whether its through smart investments or a small business venture, it is always best to have another income stream. To get started, consider BDO’s Easy Investment Plan (EIP), an investment scheme that enables you to attain your financial goals through the twin habits of regularly saving and investing. https://www.bdo.com.ph/
REDUCING BANK EXPENSES
Familiarize yourself with the terms, conditions and fees for your bank account, credit card and other financial services; then follow the rules so you do not incur service charges.
Monitor your account regularly – use the free online and mobile banking facilities your bank offers–to ensure your account is still active and your funds do not go below your account’s prescribed maintaining balance, thereby avoiding dormancy fees. If you are constantly on the move and you’re a BDO customer, enjoy hassle-free banking with the BDO Mobile Banking app.
