Halloween may be over, but the ghost of ‘adulting’ continuously haunts Filipino millennials.
Picture this—you have just paid off this month’s bills. Feeling proud that you’ve “adulted,” you then check your account balance to see how much you have left to reward yourself with, only to be greeted by a barely sufficient amount. For many, it means going through the recurring experience of having some cash followed by days of scraping the bottom until the next payday.
This paycheck-to-paycheck lifestyle is one of the reasons why Bank of the Philippine Islands (BPI) keeps coming up with increasingly innovative products and services that would break this vicious cycle, answering the financial needs of these Filipino millennials everywhere.
BPI data show that the average daily balance in the bank accounts of people aged 20-24 and 25-35 are around P5,000 and P17,000, respectively. While these may not be considered substantial amounts, the bank offers products that can help grow these balances and promote financial savvy and responsibility among young professionals, career-builders, and first-time parents.
"As millennials go through different milestones in their lives—whether they have just received their first salary or they are planning to start a family—they can count on us to guide and support their corresponding financial needs," said Aileen Lamasuta of BPI Retail Segments.
Along with it are the following tips to make adulting as smooth sailing as possible:
Savings before anything else.
Oftentimes, savings come from the salary’s surplus. With unforeseen expenses left and right, very little—if at all—is left for one’s savings. A good practice is to separate a percentage as soon as one receives his/her salary. This way, individuals are trained to spend within budget without sacrificing their savings.
Paying bills is never optional.
Bills can be a burden, but delaying its payment doesn’t help unload it. Late payments may incur interests and can permanently damage one’s credit record. Nipping the challenge of paying bills in the bud will help you be more financially disciplined and avoid the unnecessary stress.
Break the stigma, not the bank.
Loans have a negative connotation as it may imply irresponsibility. However, taking advantage of your bank’s credit options may actually enable you to become more financially literate. BPI personal loans can smoothen one’s cash flow, especially if there are necessary expenses that could not be paid for by a single paycheck. BPI credit cards, on the other hand, if used prudently, can promote financial discipline and independence.
Save up and earn at the same time.
While saving up is good practice, smarter options are available to further optimize their savings. BPI’s affordable investment and mutual funds can multiply one’s money and help build financial capability for the long term.
