Tips on Preparing for Big Purchases: Advice from a Financial Adviser

My best friend worked as a financial adviser in a famous Philippine bank. After finding out that I was saving up, she gave me some suggestions on how I could grow my savings. Here are some:

For big purchases or for big saving projects, set aside 20 to 30 percent of your salary every month. That means, if you’re earning P20,000 in a month, you should be setting aside P4,000-P6,000. So, if  you’re saving P4,000/month, that’s P4,000×12 months=P48,000 just within a year! If you have a few things to splurge on, feel free to add some more onto your savings account. All it takes is just a little bit of discipline and planning. So go and save up for your dream purchase!

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