Its recession...there's economic crisis. Are we ready to face this crisis? Are we financially free? Thus saving still follow since we are barely making our ends meet?
Despite the present economic crisis, it is still mandatory for each of us earning to still save since we never knew when personal crisis would hit us.
I am always lurking in any forums talking about savings and how to save today. Ive accumulated a lot of ways, tried and failed in some, and tried and succeed in other formula. The current method I'm following now is the concept of:
income - savings = money for expenditures
I usually allot 30% for savings on lean days and on comfortable days with better income i allot 50% to savings. Then the 30-50% savings will be divided to 3 bank accounts:
50% - savings account that will be transferred to time deposit account everytime Php 50,000.00 is reached
30% - for future investments ( mutual fund, stocks, business, etc)
10% - for expensive gadgets, toys, new car
10% - for future travels or vacations