MANILA, Philippines ? Here?s another tip from Visa to help you save money and determine the number of years needed to double it: Use the ?rule of 72.?

First, keep at least 10 percent of your income for your savings and then put the money into your bank to earn interest. Divide 72 by the interest rate and you will get the number of years needed to double your money.

And there?s also ?20-10 rule? to manage your loans: Limit your credit card debt to less than 20 percent of your total annual income and less than 10 percent of your net monthly income should go toward paying your credit card debt.

Learning how to save money and borrow wisely are just one of the ?tips? and ?know-hows? that Visa through its financial literacy programs has been promoting to teach individuals how to ?spend , save and budget responsibly.?

The Visa Financial Literacy series ? from the basics of saving and making a budget to planning for that special trip or getting your dream car ? also helps its clients learn the rewards of using digital currency wisely.

Other tips that should be remembered, aside from learning how to save money, are the following:

Live within your means. Evaluate your lifestyle by determining your needs and wants. Keep track of your spending and trim down those you know you can save on like bringing a packed lunch to work instead of buying outside.

Make a budget. Plot an outline of your income and expenditures so you will have a guideline for spending and saving. Estimate your budget and separate your fixed and variable expenses. Fixed expenses are the same amount every month while variable expenses fluctuate throughout the year.

Planning for a vacation. The first thing you should do before heading off to your summer vacation is to plan ahead. The stress brought by traveling could be decreased by creating a budget, researching and shopping around ahead of time to find good deals, being ready to expect the unexpected and remembering to travel safely.

Buying big ticket items. To help you purchase your dream car, for instance, know first what type of automobile you can afford. How much is your budget? Keep in mind that a down payment is needed which usually takes up a big cut from your savings.
Make sure to allot your monthly dues from your monthly salary and have some extra buffer in case you miss out on the deadline. Insurance and proper maintenance expenses should be considered for the safety of you and your purchase.

Use Internet banking. The advantage of online banking is that it not only saves you a lot of time, you will also not be charged for simple transactions such as balance inquiries or bills payments unlike the ATMs. It also allows you to automate a lot of your financial transactions. Some possibilities include: automatic bill pay, automatic transfer, bank from anywhere.
It is important, however, to remember that you need to practice safety when online banking to avoid identity theft. So practice simple steps to minimize or completely avoid becoming a victim of identity theft such as keeping your anti-virus and anti-spyware software up-to-date, destroying private records and simply being aware of scams.

Credit cards. Using credit cards are similar to loaning a certain amount, depending on your credit line, from the bank with the promise to pay them back at a later date. Each month, a billing statement is given to you where the total amount of all your purchases shows. If the amount is paid in full, no interest will be charged, but when you miss a payment deadline, the balance on your credit card becomes a loan and you will begin paying interest for it.

To avoid late payments, stay alert by availing of your bank?s automatic warning messages for your monthly billings. Compute the cost of your credit purchase and estimate how much in interest you are going to pay in case a delayed payment is committed.

Debit cards. Debit cards are tied to your checking or savings account. They work like you were paying with cash since the bank covers your purchases by withdrawing the amount from your account. This card helps to keep you out of debt but monitor your purchases closely so you don?t overdraw from your bank account.

Using prepaid, the payment card for young adults. For those young adults who are at the preliminary stage of using payment card tools, prepaid cards would fit them perfectly so they could learn how to manage their own money and avoid the temptation of overspending.

Travel enthusiasts can greatly benefit from prepaid cards since it is a more convenient and secure alternative to carrying large amounts of cash.

Credit worthiness. Banks and lending institutions you engage look at your financial past to get an idea of your financial future. This record is contained in your credit report which can determine everything from qualifying for a loan, the rate you'll pay on that loan, getting a new job, renting an apartment and obtaining car insurance.

Your credit report will most likely be reviewed by anyone planning to give you a loan or credit, such as banks, credit unions, credit card issuers, auto financing companies, and insurance companies.

So it is important to always have a good credit history and keep your credit score strong by practicing the good habits of financial responsibility, such as: paying your bills and loans on time, using your credit cards responsibly, and establishing a consistent work history among others.