The 1,000 pesos monthly savings challenge


When I was young, I would accompany my mom at the grocery, back then the nearest grocery store for us was in Robinson's Fuente, we would be there for almost half a day because my mom takes a lot of time to purchase what she wants to use and also comparing one product to the other and not just the product the prices as well. Mom would say to save and also by knowing what type of product we wanted to use for our household or personal use.

Most of us recalled how our parents would decline other stuff that we pick from the grocery its either because of the price or simply because they know that we are just enticed to own it. I know right? because by the time I was asked to do the grocery alone or simply do some groceries, this has become my habit, selecting the product, expiry date, and price. 

How come when we make savings for our life goals it has become an allergic reaction and oftentimes neglects this work because we have other priorities to make. Our mindset was focused on today and instant gratification rather sacrificing a little of what we can have for tomorrow. Like in my previous post, I was working on my mindset and applied one of the secrets to have savings and since I was doing a baby steps back then I'll share to you other things I have learned and its up to you which one is more convenient and easy to start your goal towards 20% Savings.

 Baby Steps to get that 20% Monthly Savings or per contract.
  • BDO Easy Investment Plan (EIP) is a unit investment trust fund offered by BDO in which you can start with at least 500.00 php every month and when you reach between 10,000 - 11,000.00 php you will start earning dividends and even you reached this amount. BDO then will give you a copy of the certificate of Investment upon reaching the 10 - 11,000.00 PHP. They will still continue to deduct the same amount you indicated base on your BDO EIP Form which you can always increase anytime and depending how much you want to contribute monthly. Your earnings will depend on the economy and the best yield will be after 5-10 years.  To know more about BDO EIP, click this link. 
Minimum investment: 500.00 PHP Monthly
  • SunLife Prosperity Fund is a mutual fund wherein you can start investing at 1,000php monthly, similar to BDO EIP in which you can also link your Bank Account to SunLife and have it auto-debited to your account from their partnered banks. 
Minimum investment: 1,000.00 PHP Monthly
  • BPI Direct Save Up Automatic Savings and Insurance. BPI and Philam Life is a strategic partnership of two companies wherein BPI does the banking transaction while Philam Life covers for the insurance. For this service, they will deduct 1,000.00 PHP for your Automatic Savings to be invested in BPI Mutual Funds while another 1,000.00 PHP will be allocated for your Insurance. A total of 2,000.00 PHP will be deducted monthly. Interested in this investment scheme, then check out this link to get more info.
Minimum investment: 2,000 PHP Monthly

There are higher amount which you can start with but if you are those most people felt that starting an investment at 5,000.00 PHP is a bit too high, to begin with, then start with the 500 PHP or 1000 PHP or 2,000 PHP whichever investment you felt right for you when starting out because starting this journey is easy the hard part is maintaining what you have started.

When you are ready to take a higher step then you can apply for another investment from another financial provider or go to your current provider and ask for a form to increase your contribution. I would suggest diversifying your savings when you take another step and still maintain your contribution to your first investment.  

Taking a baby step was very helpful when i was starting out and to this point I'm glad I made thru with it despite the challenge that has come to me and despite the number of times I thought I just wanted to use it for another stuff and then again, Self-Discipline for Personal Freedom is my end game.
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