Money has been tight last year.
I never really understood the importance of having financial aids or tools in place, until my Father passed away and I was stuck in debt.
Now I know better.
I plan on managing my finances more effectively this 2014 and what better way to start it than by building an emergency fund.
An emergency fund is 3-6 months worth of income to cover basic living expenses just in case something unexpected happens.
The problem is by the time we get our salary we almost, always end up with no money left for savings.
Income – Expenses = Savings
We should really pay ourselves first and I’m not referring to buying the latest gadgets or shopping for clothes and shoes. Let us invest in our future and let us start by building our savings.
Income – Savings = Expenses
The next time we get our salaries, let us automatically deduct money for savings and whatever remains would be for our living expenses.
Good thing there’s BPI Direct Save-Up, an online savings account that automatically deducts money from your existing ATM based savings account.
You can choose how much money will automatically be transferred (minimum of P250) and when it will do so. An added feature is that you also get a free life insurance from Ayala life (amount depends on your account balance).
1. You must have a BPI Savings account and enroll it online at www.bpiexpressonline.com
2. Once enrolled, open up a BPI Direct Savings Account. Log in to your BPI express online account, go to My Portfolio > Open New Accounts > Deposit > BPI Direct Save Up Account.
3. Enter the amount you want to transfer, indicate the source account (where funds will come from) , choose the frequency of transfers (once a week, every other week, once a month, twice a month). Click submit.
4. An Info card will be mailed to you which serves as proof that you are enrolled with BPI-Save Up Savings + Insurance.
5. If you need to use the funds, just log in to your online account and transfer the funds from your BPI Save Up to your source account.
Everything can be conveniently done online, and once enrolled, transfers will be automatically done. I just love this product!
If you like to open one yourself, just go to bpiexpressonline.com for more information.