I think most of my time today was spent visiting forums and reading threads/articles about how to save up and invest money that a person has currently. I am honest that as of this moment i do not have a real savings account since my account only contains the maintaining amount so far. I used to deposit a fix amount every pay day during the early days of that account but then, every June, when start of school comes, i get to spend all of my savings for school stuffs etc. So i am always back to zero mid of the year.
I've been thinking of applying for a time deposit. So far this is the safest and i think is a better option than just having the regular savings account. But I can only go for certain amount so I still need to check with the bank of the computations if given the amount i can shell out, time deposit still earns more than what i get from my regular savings account. My choice so far is BPI Savings Bank's Time Deposit.
I also checked information regarding mutual fund. I only knew about this product when I purchased my insurance/savings in Sunlife. What I know about this is that this entails a higher risk, since the account is not under PDIC insurance and that the money you invest will depend on the financial managers handling the pool of money in the mutual fund. I think I can learn stuff about this with my agent but for now I think I am not capable of handling such risk in terms of money.
My initial plan is to save money for emergency purpose only. Let's say when somebody get sick at home (which i am always praying wont happen) so i wont be that burdened and get stressed when an immediate amount of money is needed. But now, I do want to earn money so I can apply for VISAs. I know that most of the countries that require such documents would ask or do a background check regarding finances. And I would really fail miserably in this area. So for 2010, i will try my best to look for ways to have another source of income aside from my work as a programmer. Wish me luck! I'm really excited for next year. So many things to plan and do :)
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1 comment:
for a start - time deposit is good.
then when you have some extra money.. you can dabble in stocks na. :)
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