The Dos and Don’ts of Saving

grow-emergency-fund

More often than not, Filipinos would take the money-saving route when it comes to purchasing supplies. This is common among households and is a widely accepted strategy in order to save up for the unforeseeable future. However, cutting cost doesn’t always necessarily mean that you’ll be safe from huge expenditures in the long run. No matter how hard you try, there will always be situations in which you will have to shell out more than what your planned budget indicates. These are known as emergency expenditures, and if you’re not well-prepared, they would cost more than you can handle. In such case, you should know the proper dos and don’ts when it comes to saving, know how to separate fact from fiction. Here are just a few important pointers:

  1. The amount you’ll spend on monthly groceries.
  • Fiction: Always buy the cheaper alternatives.
  • Fact: Items with a slightly higher cost would last longer and have a higher quality than the cheaper ones.

Consider this when buying toiletries and other items which you may use and apply on your body. Cheaper soap and shampoo may do more harm than good, causing a strange allergic reaction on your skin and scalp. The medical fees resulting from this may cost more than what you’ve saved. The same goes for cheap canned goods and ingredients. This doesn’t mean you’ll always need to choose the high-valued brands, but rather the mid-priced alternatives to them.

  • The amount you’ll save in unplugging your appliances.
  • Fiction: Your appliances do not consume electricity when turned off.
  • Fact: They somehow consume less electricity when turned off, but are still making your utility meters run.

Even if you were to turn off your television, the fact that it still lights up its on/off indicator would mean that it still consumes electricity. The same goes for your radio, desktop computer, and even those over-charged cellphones and tablets you’ve unintentionally left overnight. Make it a habit to unplug appliances and devices when not in use. Believe us, you’ll be able to save more on utility bills this way.

  • The amount you’ll save on meal choices.
  • Fiction: Due to the current prices of vegetables, meat should be the immediate option when it comes to daily meals.
  • Fact: Knowing the right place to purchase vegetables would allow you to buy them in a lower price, hence, enabling you to save.

Vegetables should always be a regular part of your meals. Of course, their current prices should not be ignored, but buying them from your local wet market instead of the air-conditioned groceries would at least help you avail a bundle with a lower price. Feel free to bargain with the seller, if you must. It is the wet market, after all.

  • The amount you’ll save on membership cards.
  • Fiction: You’ll always be able to save more using your grocery membership cards.
  • Fact: Most of these membership cards only guaranty points, which you’ll be able to exchange for freebies, and not price cuts on your purchases.

Many have been deceived by these membership cards. It is not to say that all of them do not provide discounts every once in a while, as some variations of membership cards actually slash a few amounts off your purchase totals, but that’s exactly the point, only some of them do, not all of them. Of course, feel free to ask your local grocery stores and establishments about this detail, so as not to waste time and money in registering for these “exclusive memberships” which only reward a few sets of cutleries come Christmas time.

  • The safety of your money, with regards to where they’re kept.
  • Fiction: It’s better to keep all of your savings within the confines of a sturdy, metallic safe at home.
  • Fact: The bank will always be a better choice when it comes to keeping your savings safe and sound.

Having your hard-earned cash near you isn’t always the best option. This doesn’t mean that you should just trust anyone to handle your life-savings for you, but rather, deposit them in a well-trusted bank. Keeping your whole savings at home, locked in a safe actually comes with many consequences, the sudden offset of fire, natural disasters, burglary, you name it. You wouldn’t even be at home the whole time, so there are instances in which you’ll be leaving your money unmonitored and vulnerable against crafty thieves. Never make this crucial mistake. Deposit your savings in a bank.

With all of that being said, you’re probably looking to open a bank account with a name and service that you can trust. Look no further than Cebuana Lhuiller’s 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 Plus cards at any of our Cebuana Lhuillier Pawnshop and Bank Branches in order to withdraw from or deposit to your savings. With a minimum deposit amount of only P50 and no minimum maintaining balance, it’s incredibly easy to apply for one. You can even check your savings amount via SMS. Visit your nearest Cebuana Lhuillier branch now – we assure a fast, easy and secure transaction.

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)