5 Effective Habits That Will Help You Retire Early

Ah, early retirement. Not many Filipinos are aware of this concept, due to the fact that many prefer to work all throughout their lives, only stopping right after attaining their own house and personal properties. You’d think that this is just a new concept that came out of nowhere, but retiring early has been somewhat of a big decision amongst Americans in the past few years, more so some good-earning Filipinos. You might ask, “How on earth could I attain this, given that the current economy doesn’t agree to such way of life?” Well, simply put, there are a few effective habits when it comes to saving. If you begin to develop these habits now, you’re in for a treat in the upcoming years. Here are just a few important factors to follow:

 

1) Sticking to your budget.

You have your monthly salary, you’d create a list of all your expenditures, you stick to that list with no compromise, and then save a few amounts in the process. Rinse and repeat. This may seem easy and very procedural, but remember that there will always be temptations when it comes to spending. Fight them off! Resist! Even when it seems that you’re only able to save a few change per month, let that accumulate for a year until you get used to it. You’d be surprised at how far sticking to your monthly budget can help you.

 

2) Needs, needs, and needs.

New cellphone models, new flat screen TVs, new car, new Frappuccino latte in your local coffee shop, these are all temporary fillers in your otherwise long-term savings plan. Do not be fooled by them. Only buy what you need. This is somewhat similar to the first pointer, with the slight difference of the first one focusing on your monthly utility expenses (bills) while this one focuses on your monthly needs (food, water, electricity, etc.). Do not sacrifice your needs for wants and you’d be able to save a significant amount monthly, well enough for an early retirement in the future.

 

3) Declutter

“What does this have to do with saving for my early retirement?” you may ask. Well, if you organize and declutter your home, not only would you achieve a very productive personal space, you’d also find a few of your belongings which you thought might have been long gone. Going through your clutter, you might find important stuff which you can still use, thus, avoiding the need to repurchase them again, resulting into you saving more. Your favorite shirt, that beautiful mug you got for Christmas, that well-written novel your best friend gave you, all of it are filled with sentimental value, and you definitely wouldn’t want to buy a duplicate again just so you can satisfyingly utilize them to their fullest.

4) Avoiding interest.

A great habit to keep in mind is to never pay for interest. This would mean that you shouldn’t avail anything that may result in you paying for a high interest rate. Such may be found in credit cards and loans. If you plan to make a loan to buy “wants” versus “needs”, you may want to think twice. If you’re not careful, you may end up losing more in the consecutive years to come, rather than saving up for an early retirement. Interest rates are like prison chains, you can never be free of them until you’ve paid your dues. Never make this critical mistake. If you really need to buy something (an integral need), make sure you can afford it first.

5) Set aside an amount for both savings and emergency funds.

If you want to effectively save for an early retirement, take it from us, set aside a separate fund for your emergency expenditures. This may seem like you’d have to double down on your savings, but think about this, would you rather have a separate fund or would you rather use up all your savings in case of an emergency. A good emergency fund should cover up to 6 months of your living expenses. Strategize an effective savings plan and segregate every peso or centavo. At least, when something unexpected comes up, your personal savings are still safe.

With all of that being said, you’re probably looking for a way to keep your life’s worth of savings safe. Look no further than Cebuana Lhuillier Micro Savings. Initially offered in our Rural Bank branches, it is now available through our entire Cebuana Lhuillier branch networks. Simply put, you can use your 24K Card to open a micro savings account at any of our close to 2,500 branches in order to deposit or withdraw your savings. With a minimum deposit amount of only P50 and no minimum maintaining balance, it’s incredibly easy to apply for one. Only 1 valid ID is needed. You can even check your savings amount via our SMS service, reliable and ready to serve you 24/7. Visit your nearest Cebuana Lhuillier branch now – we assure a fast, easy and secure transaction.

 

 

Cebuana Lhuillier launches Micro savings

 

MANILA, Philippines — Leading microfinancial service provider Cebuana Lhuillier continues to heed the financial inclusion push of the Bangko Sentral ng Pilipinas (BSP) with the launch of a new microsavings product which provides Filipinos with a more convenient and affordable means to save their hard-earned money.

Cebuana Lhuillier Micro Savings through the Cebuana Lhuillier Rural Bank (CLRB) is the company’s platform for Filipinos to overcome the barriers to saving, as majority of Filipinos opt to keep their savings at home.

Jean Henri Lhuillier, president and chief executive officer of Cebuana Lhuillier, said the Cebuana Lhuillier Micro Savings completes its full roster of services designed and developed with financial inclusion in mind.

“We’ve come full circle—from offering collateralized loans or pawning, remittance service, micro insurance and now, micro savings—all of these products were designed with Filipinos from all walks of life in mind especially the unbanked and underserved, who would not have access to these financial services given their circumstances in life,” he said.

The lack of access to banks among the country’s many cities and municipalities remains as the top deterrent, according to a BSP study.

In fact, only 33 percent or 551 cities in the Philippines have access to banking institutions.

Furthermore, the numerous documentary requirements is a major turn off for many, along with the high cost of initial deposit, high maintaining balance, as well as high dormancy charges.

Opening a Cebuana Lhuillier Micro Savings account requires only one valid ID and a minimal P50 initial deposit through its wide network of branches comprised of 2,500 retail infrastructure.

“The product is in line with the Cebuana Lhuillier’s mission of financial inclusion, which has been the thrust of the company for the past 30 years,” Lhuillier said.

To maximize the use of their savings accounts and ensure greater connectivity, Cebuana Lhuillier is also launching eCebuana app which allows users to check their balance and send money through remittance, as well as load prepaid credits to their phones, and pay their bills by integrating it to their accounts.

The app is just the first step in a long line of innovations connected to the micro savings product – on top of which is its migration to an EMV-enabled card that can be accessed through ATMs.

It will also carry a debit and credit facility for online and cashless shopping, provide access to auxiliary services and help corporate and micro, small, and medium enterprises (MSME) clients manage their business through payroll cash management solutions.

 

CORPORATE AGENT PARTNERS

  • ACTION.ABLE, INC.
  • ALL ACCESS GATEWAY INC.
  • ANTRECCO (AGUSAN DEL NORTE TEACHERS, RETIREES, EMPLOYEES & COMMUNITY COOPERATIVE)
  • ACM VIP
  • ALL CASH
  • AGRILIFE/ AGRIVET
  • ASENSO PINOY STORE, INC. (EASY DAY SHOP)
  • AVICOM ENTERPRISES
  • AYALA ALABANG VILLAGE ASSOCIATION
  • BAUG CARP MULTI PURPOSE COOPERATIVE
  • BAGUIO BENGUET COOP
  • CARD BANK INC
  • CARD MRI RIZAL BANK INC
  • CARD SME BANK
  • CARITAS BANCO NG MASA, INC.
  • CEBU PEOPLE’S MULTIPURPOSE COOPERATIVE
  • CIS BAYAD CENTER, INC
  • COOPERATIVE BANK OF BOHOL, INC
  • COUNTRY BUILDERS BANK
  • CREDENCE FINANCING, INC.
  • CURAMED PHARMACY
  • DALTON PAWNSHOP AND JEWELRY INC.
  • DANIELA PAWNSHOP
  • DIRECT AGENT 5 (DA 5)
  • DEVELOPMENT BANK OF THE PHILS.
  • EXPRESSPAY INC.
  • EVRIJEM FOREIGN EXCHANGE AND MONEY REMITTANCE
  • FILHAI MULTI PURPOSE COOPERATIVE
  • GLOBAL PINOY REMITTANCE AND SERVICES (GPRS)
  • GEMARY PAWNSHOP AND JEWELRY (CORP.)

OVER 600 BILLER PARTNERS NATIONWIDE

  • 123 FINANCE CORPORATION
  • 123 LENDING CORPORATION
  • 2C2P
  • 8AMC (VIA ECPAY)
  • ABEJO WATERS CORP.
  • ABRA
  • ACOM CONSUMER FINANCE CORPORATION
  • ACTIVE REALTY & DEVELOPMENT CORP.
  • ADA MANUFACTURING CORPORATION (VIA ECPAY)
  • AEON CREDIT SERVICE
  • AETERNITAS CHAPELS AND COLUMBARIUM (VIA ECPAY)
  • AFC SME FINANCE INC
  • AFTERWEST MICROLOANS INC
  • AGODA – DRAGONPAY
  • AGRIBANK
  • AGRO-INDUSTRIAL FOUNDATION COLLEGE OF THE PHILS.
  • AGUSAN DEL NORTE ELECTRIC COOPERATIVE, INC.
  • AIR YOU GO TRAVELS PHILIPPINES CO.
  • AKLAN ELECTRIC COOPERATIVE, INC.
  • ALAMINOS CITY WATER DISTRICT (VIA ECPAY)
  • ALLIANZ PNB LIFE INSURANCE INC.
  • ALPHA FUND SAVINGS & CREDIT COOPERATIVE (VIA ECPAY)
  • AMADEO WATER DISTRICT (VIA ECPAY)
  • AMYA POLYTECHNIC COLLEGE, INC. AND FINANCING CORPORATION (LENDPINOY)
  • ANGAT WATER DISTRICT (VIA ECPAY)
  • ANGELES ELECTRIC COMPANY ANGELICUM SCHOOL , INC. ILOILO CITY (VIA ECPAY)
  • ANJELMAN REAL ESTATE LEASING
  • ANTIQUE ELECTRIC COOP, INC ANTRECCO (BILLS PAYMENT)

OVER 600 BILLER PARTNERS NATIONWIDE

  • 123 FINANCE CORPORATION
  • 123 LENDING CORPORATION
  • 2C2P
  • 8AMC (VIA ECPAY)
  • ABEJO WATERS CORP.
  • ABRA
  • ACOM CONSUMER FINANCE CORPORATION
  • ACTIVE REALTY & DEVELOPMENT CORP.
  • ADA MANUFACTURING CORPORATION (VIA ECPAY)
  • CREDIT SERVICE
  • AETERNITAS CHAPELS AND COLUMBARIUM (via ECPAY)
  • AFC SME FINANCE INC
  • AFTERWEST MICROLOANS INC
  • AGODA – DRAGONPAY
  • AGRIBANK
  • AGRO-INDUSTRIAL FOUNDATION COLLEGE OF THE PHILS.
  • AGUSAN DEL NORTE ELECTRIC COOPERATIVE, INC.
  • AIR YOU GO TRAVELS PHILIPPINES CO.
  • AKLAN ELECTRIC COOPERATIVE, INC.
  • ALAMINOS CITY WATER DISTRICT (via ECPAY)
  • CREDENCE FINANCING, INC.
  • CURAMED PHARMACY
  • DALTON PAWNSHOP AND JEWELRY INC.
  • DANIELA PAWNSHOP
  • DIRECT AGENT 5 (DA 5)
  • DEVELOPMENT BANK OF THE PHILS.
  • EXPRESSPAY INC.
  • EVRIJEM FOREIGN EXCHANGE AND MONEY REMITTANCE
  • FILHAI MULTI PURPOSE COOPERATIVE
  • GLOBAL PINOY REMITTANCE AND SERVICES (GPRS)
  • GEMARY PAWNSHOP AND JEWELRY (CORP.)

List of Accepted Government/ Valid IDs

  • Passport
  • Driver’s License
  • Professional Regulation Commission (PRC) ID
  • National Bureau of Investigation (NBI) Clearance
  • Police Clearance
  • Postal ID
  • Voter’s ID
  • Philippine Identification System (PhilSys) ID
  • Government Service Insurance System (GSIS) e-Card
  • Social Security System (SSS) ID
  • Senior Citizen’s ID
  • Overseas Workers Welfare Administration (OWWA) ID
  • OFW ID
  • Seaman’s Book
  • Alien Certification of Registration (ACR)
  • Barangay Certificate or ID (with picture and signature)
  • Birth Certificate (applicable to minors only)
  • Firearm License
  • Immigrant Certificate of Registration
  • Marriage License
  • National Council for the Welfare of Disabled Persons
  • New TIN ID
  • OWWA ID
  • Student ID
  • Alien Certification of Registration (ACR) / Immigrant Certificate of Registration
  • Government Office or Government Owned and Controlled Corporations (GOCC) ID (e.g. AFP ID, HDMF (Pag-ibig Fund) ID, etc.
  • Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
  • Department of Social Welfare and Development (DSWD) Certification
  • Integrated Bar of the Philippines ID (IBP)
  • Company IDs issued by private entities or institutions registered with or supervised or regulated either by the BSP (Bangko Sentral ng Pilipinas), SEC (Securities and Exchange Commission) or IC (Insurance Commission)

IDs Accepted

As required by Bangko Sentral ng Pilipinas (BSP), clients who engage in a financial transaction with covered institutions for the first time shall be required to present the original and submit a clear copy of at least ONE (1) valid photo-bearing identification document issued by an official authority. For our clients’ convenience, Cebuana no longer requires submission of the photocopied ID. IDs are captured using a webcam in all branches. Clients are also required to submit an updated photo and other relevant information whenever the need for it arises.

Forms of identification accepted are the following;

Pawn Accepted IDs
1. Passport
2. Driver’s License
3. Professional Regulation Commission (PRC) ID
4. National Bureau of Investigation (NBI) Clearance
5. Police Clearance
6. Postal ID
7. Voter’s ID
8. Philippine Identification (PhilID) card
9. Social Security System (SSS) Card / Unified Multi-Purpose ID (UMID)
10. Barangay Certification
11. Government Service Insurance System (GSIS) e-Card
12. Senior Citizen Card
13. Overseas Workers Welfare Administration (OWWA) ID
14. OFW ID
15. Seaman’s Book
16. Alien Certification of Registration/Immigrant Certificate of Registration (for foreigners)
17. Government Office and GOCC ID, e.g., Armed Forces of the Philippines (AFP ID)
18. Home Development Mutual Fund (HDMF ID)
19. Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
20. Department of Social Welfare and Development (DSWD) Certification
21. Integrated Bar of the Philippines (IBP) ID
22. Company IDs issued by private entities or institutions registered with or supervised or regulated either by the Bangko Sentral ng Pilipinas, Securities and Exchange Commission or Insurance Commission
23. ID issued by the National Council on Disability Affairs (NCDA)