Financial Planning Guide: Tips To Save Successfully

Saving should be done consistently and it is a priority, as early as possible, even in small amounts. ​

Every little bit counts, so rather than looking for one big way to save a ton of money, save in lots of small ways and set yourself up for success.

If you make financial decisions with immaturity, you will be broke your whole life. The table below is the sample financial guide that will help you in managing your finances.

STEP 1: List Your Savings Goals

Name:

Savings Goals	Target Amount	How many months to save?	How much to save per month?
Example: ​Tuition Fee	4,000	4	1,000
Emergency Fund	5,000	10	500
.	​.	​	​.
​.	​.	.	.
Total Target Savings Goals	Php	​.	Php

STEP 2: List All Your Income Source And Expenses

Month of:

Sources of Income	Php
Income 1	.
Income 2	​.
Income 3	​.
Other Income	.
Gross Income	.

Deductions on Gross Income	Php
Tax	.
GSIS/SSS	​.
PhilHealth	​.
Pag-IBIG Fund	​.
Total Deductions	​.
Net Income (Gross Income - Total Deductions)	.

Loan Payments/Other Payments	Php
Bank Loan	.
Loan from other Financial Institution	.
Credit Card Debt	.
Other Loans ​( e.g. from friends, relatives)	.
Other Payments (e.g. Insurance Premium)	​.
Total Loan Payments/Other Payments	.

Expenses	Php
A. Basic Needs	.
Food	.
Rent	.
Utility Bills (e.g. water, electricity)	​.
Tuition Fees	.
Medical Expenses	​.
Personal Needs ​(e.g. soap, shampoo)	.
Other Needs	.
B. Other Expenses	.
Entertainment (e.g. Movie)	.
Other Nice-to-haves	​.
Total Expenses	​

STEP 3: Find Out Your Saving Capacity

Saving Capacity Per Month	Php
​Net Income - (Total Loan Payments and Other Payments + Total Expenses	.

STEP 4: Write Your Action Plan To Reach Your Savings Goals

1. I will not spend on entertainment.
2. I will reduce aircon consumption to save on electricity bills.
3. I will find additional sources of income.​

Tips To Save Successfully
​
Create And Follow A Reasonable Budget

List expenses. Allocate a reasonable budget for each. Use it to guide your spending.

Save First

Set aside a portion of your income in a savings account. Spend the remainder on your needs.

Spend Less Than What You Earn

Live below your means. Prioritize needs. Cut down on wants.




Source: Financial Consumer Protection Department (BSP)