5 financial goals to keep this 2021

Last year, people’s lives took a sudden turn because of the pandemic. It brought a lot of us uncertainties and financial stress because nobody really planned for it.

This year, while we are still combatting the pandemic, we also have a chance to make better choices. It is an opportunity for us to keep our financial situation right on track so we can better prepare for the rest of the year. We can start by having realistic goals in mind, those that are easy to do but can really have huge impact in our situation.

Here are some financial goals to keep this 2021.

1. Take your savings seriously

Saving more money has always been in the yearly goals of every Filipino. Everyone wants to save more and make sure that there is money to pull in case of emergency, as well as for personal purposes. This year, it is time to get serious about saving. If you can allot at least 20% of your monthly income to savings, it will really pay off a lot in the long run. If you can save more, that’s even better!

You can also make your savings earn more by putting it in a bank account that gives you high interest rate.

2. Keep your savings and daily spending budget in separate accounts

The best way to avoid spending beyond your budget is keeping your savings account separate from your daily payment account. By doing this, you make sure that you are only spending based on your planned budget.

3. Pay bills on time

Billers charge a lot for late payment fees. This is why as much as possible, you should pay your bills on time. This will save you a lot of money in the long run, especially if you are paying multiple merchants, such as credit cards, insurance, and utility bills.

4. Be mindful of bank fees

Transaction fees for bank transfers may not seem that much at first but adding them all up might surprise you especially if you are doing multiple transactions often. Banks charges vary, whether you’re using PESONet or InstaPay for interbank transactions. So take note of the bank fees and if you are unsure, contact your bank for more details.

5. Track your finances

One of the best ways to take charge of your financial situation is to understand your spending and saving habit. Do you shop online a lot? Do you order food often?

By simply auditing your expenses, you can see where you can cut spending so you can save more. Check your bank account’s transaction history and assess whether you are overspending on certain things or not.

As the first bank with fully mobile banking service, ING Bank is able to answer all the above the needs.

• ING offers 4% p.a. interest rate on savings for new customers, which is more than 10 times higher than average interest rates in the country.
• With ING, you can open both Save and Pay account. The ING Save account can be your no-touch savings account while your ING Pay account can be used for your regular transactions, such as bills payment and online shopping.
• ING offers FREE fund transfers via InstaPay and PESONet to any banks in the Philippines.
• Digital banking made paying bills easier. With an ING Pay account, you can pay up to 80 pre-enrolled billers at the convenience of your home. So, you will not miss a bill and pay unnecessary overdue charges.
• Plus, you also get two VISA debit cards with your ING Pay account. You can use the virtual card to shop online and use physical card for in-store purchase and free cash withdrawals at local ATMs.

ING Philippines is a universal bank supervised by the Bangko Sentral ng Pilipinas and a member of PDIC. The ING Philippines mobile app is available in iOS App Store and Google Play Store.

INQUIRER.net/KC