“Planning is bringing the future into the present so that you can do something about it now.” – Alan Lakein
“ISAPLANO: Bagong Philippine Development Plan para sa Patuloy na Pagsulong.”
Developing the habit of saving in banks
Rule #1: Make it obvious (Clear and easy to remember)
- “As soon as I get home, I will put all the coins in my pocket into my coin jar.”
- “On every last banking day of the month or when my coin jar is already full, whichever comes first, I will go to the bank and deposit the jar’s contents to my savings account.”
- “I will put P50 in my savings envelope every weekday as soon as I get home from work.”
- “I will deposit the money inside my savings envelope to my bank account on the last working day of every month.”
Rule #2: Make the habit attractive
Rule #3: Make it as easy as possible
- Setting a low minimum amount for every deposit. Many banks today offer Basic Deposit Accounts with required initial deposits of up to P100 only and no maintaining balance.
- Designating a trusted person (e.g., spouse, family member, etc.) to make regular deposits to the account if going to the bank during business hours is not feasible.
- Automating fund transfers to a savings-designated bank account via mobile banking apps or online banking platforms, where available.
Rule #4: Make the habit satisfying
- Tracking deposit transactions and running balances. When you see your deposit slips or transaction confirmations pile up and your current balances increase, you can feel satisfied and encouraged to continue depositing regularly to your bank account.
- Rewarding yourself when you perform savings habit-related actions, e.g., buying a book, getting a massage, or watching an extra episode of your favorite series. The reward can be simple as long as the satisfaction it brings is genuine and the cost of the reward is less than the amount you save.