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It’s great that you are saving your money instead of living from paycheck to paycheck. But if you’re putting all your savings into one account, you might not be maximizing your money’s earning power. Here are a few reasons why it is wiser to have multiple savings accounts.
by Jen Chuaunsu, 10 August 2017
Most people keep a lump sum of their savings in just one savings account. But is this really the best way to save money? Can keeping multiple savings accounts help you reach your financial goals? Here are the pros of maintaining multiple savings accounts.
You probably have more than one financial goal at any given time. You’re saving up for a house, a car, a vacation, and the list goes on. It makes perfect sense to have multiple savings accounts for your multiple targets. It’s a good idea to have at least three savings accounts. You have an “emergency” fund for emergencies like illness, job loss, etc. You have a “needs” account for necessary expenses like rent, utilities, annual insurance premiums, and the like. You have a “wants” account for fun stuff such as vacations, gadgets, a new car, and many more.
By being specific about the things you are saving up for, you become more focused. When you see how close you are to reaching your goal, you’ll feel even more motivated to save. You can assess your saving habits and adjust accordingly.
Unforeseen tragedies happen. You could get sick. You could get into an accident. Your house might, God forbid, burn down. By having a savings account for emergencies, you can be assured that you’ll have that emergency money when you need it. You should consider getting insurance as well. Insurance is like an emergency fund that ensures you have money when you need it the most.
A sale at the mall does not constitute an emergency. But it can be tempting to dip into your emergency fund to buy that pretty dress or those trendy basketball shoes. Don’t give in. Allocate your money into your emergency fund first. Don’t blow your savings on binge-spending at the mall.
There are people who spend all their money, and then whatever is left over becomes their “savings.” But that won’t help you achieve your financial goals. The fastest way to save your money is to deposit it in different savings accounts as soon as you get your paycheck. Save first and then spend later. You’ll be surprised at how fast you can reach your financial goals if you keep multiple savings accounts.