While opportunities play a big part in achieving financial security, how a person responds to them is equally important. Though opportunities abound, it is unfortunate that many fail to take advantage of them and achieve financial security due to lack of wise preparation; the most important foundation of preparing for financial security is money-saving habits.
Maniguro – Develop Money-Saving Habits
Habits are things we do regularly without much thinking. In other words, we do them automatically and effortlessly. Money-saving habits can have a big impact in our ability to achieve financial security, a long-term process requiring consistent actions.
Because these are effortless and automatic, regularly setting aside money for the future becomes much easier. Some of the most important ones include working on a budget, managing and recording expenses, and regularly depositing money in banks.
While the fast-paced growth in financial technology (FinTech) in recent years has resulted in many new financial products and services, bank deposit accounts remain a foundational part of achieving financial security. For one, bank deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) against bank failures up to the maximum deposit insurance coverage (MDIC) of P500,000 per depositor per bank.
Magbangko – Save in Banks, Secure Your Future
Saving in banks can help maximize your chances of achieving financial goals. With a deposit account, you can save as much money as you can because there are no daily deposit amount and account balance limits. Whether you are saving for a downpayment for your family’s own home or for your retirement years, there is no limit when it comes to funding your major life goals.
More than just providing a secure place for keeping your hard-earned money and growing it without limits, you can use a bank account to achieve other financial goals. For example, having a bank account can help you secure financing to buy your own house. One of the usual requirements for housing loan applications is a bank certificate accompanied by bank statements. The longer you have a bank account and the bigger it grows over time, the higher the chances of your loan being approved.
Umasenso – Using a Bank Account to Achieve Other Financial Goals
If putting up and growing a business is one of your financial goals, having a bank account can help you do that, too! Registering a business, particularly a partnership or corporation, requires a bank account. Even for a sole proprietorship, a bank account can help facilitate safe and convenient payments to and from your business using cheques or online fund transfers, which are crucial for successfully growing your business.
Aside from providing a safe and convenient facility to keep your emergency funds, having a bank account can also help you financially secure your dependents’ future. With a bank account, you can conveniently and securely pay school fees or insurance premiums online or using cheques. Some banks even offer deposit accounts with free life insurance. Talk about double protection!
A bank deposit account does not just provide you with a safe and convenient way to save money to secure your future. Whether directly or indirectly, it can also help you achieve financial goals for a more satisfying life.
Securing Your Future
From building an adequate emergency fund to ensuring a comfortable retirement, the habit of saving money in banks remains a foundational practice for achieving financial security.
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