Some Basic Tips on Backup Cash

It's necessary for the Filipino to jump away from the spendthrift Pinoy mentality and do some basic cash investment.  Now here's what can be done especially with some basic financial plans.  Here are just some basics.  No, this isn't a plan to be a billionaire.  Rather this is a basic back up plan because you will never know when you'll make bad decisions with money or when something will go wrong.

Rather, this is a plan to get some financial back-ups.

Some practical tips:

1.) Make sure you spend less on trips if you don't have a private transportation.  Ride a jeepney or bus more than you ride a cab.  One good reason is to save money.  Ride a cab only when you are in a hurry.

2.) Avoid spending expensive meals as much as possible.  Make sure if you are spending more, you are getting more. Like it's fair enough to pay PHP 270 for an eat all you can buffet because you get more than pay it for a cupcake!

3.) Remember save your coins!  Buy a reusable piggy bank.  Let your coins drop in there until it's full.  Take only coins you really need.  As much as possible, drop, drop and drop the coins in there.

4.) When you buy something, avoid two extremes. The overly expensive and the overly cheap.  An overly cheap electronics will not last long and bam you will end up spending more instead.  An overly expensive one will hurt your budget- most of them are just highly priced for brand name not quality.  I mean if you want an expensive car- buy Subaru instead of Mercedes.

5.) Think quality, not quantity.  Remember price does not always dictate quality.  For one, Samsung's smart phones may be better than i-Phones.

6.) Don't give overly expensive presents.  Instead, give high quality ones if you want to give something high end.

7.) Live a moderate life.  Don't spend too much or save too much.  Remember both extremes can kill anybody's budget!  Avoid the brand new mentality.  You can always settle for "last generation", not VIP (but nothing wrong with a VIP ticket when you're rich right now but try to avoid the VIP tickets and settle for the middle value tickets or lowest value tickets), not being too much of a fan and so on.  I mean, I'm a fan of several Chinese artists but I don't buy all stuff related to them.


1.) In banking, be sure to select a reputable bank.  Avoid arrogant, high class banks.  Instead one may choose Chinabank, Metrobank or BDO for starters.  Ask around about the services of the banks.  Avoid banks that treat the clients like trash, go for banks that treat you properly.

2.) Open a saving account.  This will serve as a backup when you need money.  Remember when it's payday DO NOT have a massive blowout.  Want to have a blowout?  Maybe you should save it for 13th month or your birthday but NOT all the time.  Save your money as much as possible leaving only little for pocket cash.  Withdraw only when needed.

3.) Open a time deposit, UITF and treasury bills.  Time deposit earns the least here but they can serve as a back-up fund.  If UITF and treasury bills are available then allocate some money into them but NOT all.  Remember you still need savings account as a secure piggy bank for lots of money.

Just a few tips hoping to change the Pinoy spending habits.