Inflation is when the cost of what you buy goes up over time while the value of your money goes down. For example, while buying groceries, you notice you’ve been spending more money on the same items you bought last year. At the same time, movies, food deliveries, and clothes have become more expensive, so there have been fewer nights out than before.
When thinking about the future, it’s always good to have some savings set aside for emergencies, goals, and needs. The Philippine Social Security System (SSS) and the SSS PESO Fund will help your money grow ready for when you need it.
While setting money aside in a savings account is a good idea, it may not be enough to pay the bills once you need to and everything’s become more expensive. This is why it’s important to make your money grow. Luckily, there are two government-guaranteed programs for Filipinos looking to increase their savings with minimal risk: Pag-IBIG Regular Savings and MP2 Savings.
The new year is here, and now is the perfect time to start looking ahead and planning your finances for 2023. Are you happy with how you’ve managed your spending in the past year, or is there something you must change? Now is the time to start reflecting. While New Year’s resolutions may seem cliché, starting good habits is always great, especially regarding the money you’re making as an overseas Filipino worker (OFW).
Having one of the strongest currencies in the world can make travelling more attainable, importing goods more affordable, and borrowing funds more accessible. The strength of a country’s currency may also indicate its economy’s health and political stability. So, what are the strongest currencies in the world today?
Once you’ve saved up enough money for emergencies as well as your daily needs and wants, you should consider growing your wealth by investing your extra money. Doing this can help you achieve your long-term goals and prepare you for the life of your dreams. How? Well, savings alone won’t be enough after inflation, and what you can afford today may be more expensive in the future. Thus, putting some of your savings into investments could add to what you already have, leaving you with some extra cushioning for retirement.