“The best way to jumpstart your financial journey is to be smarter at managing your finances. Before you begin, it is important to ensure that you have a vision and action plan on how you’d like to keep your finances healthy and growing.
Filipino fintech company, Cashalo, recommends adopting smart money management practices and taking advantage of digital credit solutions to help you develop responsible financial management habits.”
One way to financial well-being is the “50-30-20 Budgeting Rule.”
“Budgeting can sometimes be overwhelming but this rule makes things simple,” Cashalo said. “This rule offers an easy method to help you with managing your finances wisely—allocate 50 percent of your income on your basic needs like food and utilities; 30 percent on your wants like shopping, travel plans and hobbies; and 20 percent on your savings.”
According to Cashalo the rule “not only teaches you discipline but also gives you an easier time to map out your budget plan and ensures that your monthly income is spent equally in terms of importance and benefits.”
Another way Cashalo said is the “Automatic Savings Plan [ASP].”
“Saving money is best when you’re half-aware that you’re actually doing it. This is how the ASP works to help you with your finances because all you have to do is automatically deposit a fixed amount of money into your savings account at specified intervals,” Cashalo said. “You’ll have no time to second-guess your decisions with this savings plan; hence, you can keep your savings steadily flowing without having to manually deposit funds into your respective bank accounts.”
Another way Cashalo said can help to better financial well-being is the “’Shop Now and Pay Later’ Digital Credit Solutions.”
“Often important big-ticket items, such as appliances or office supplies to improve your home or grow your business are hard to accommodate. However, with digital credit solutions that enable expenditure over time, these investments can now be made hassle-free,” the company said.
With the right mindset and discipline, you can build your own financial future—one that is filled with the stability you need and the freedom you want, Cashalo said.