To secure our nation and communities, soldiers and police officers frequently put in long shifts and risk their lives. Even though their work is crucial, it isn’t necessarily the most lucrative. They must therefore figure out how to reduce their everyday spending and stretch their budget farther.
You can have a better understanding of your financial condition and find areas where you can reduce your spending by creating a budget. You can do this to save money and reduce unnecessary debt. Overspending, failing to establish precise financial objectives, and failing to keep track of expenses are just a few common financial mistakes. What we can share as advice to the uniformed personnel is to adjust their lifestyle one rank lower.
There are various ways to save money, including creating a budget, reducing wasteful spending, and automating savings. In order to automate your savings, you must regularly set up automatic deduction from your salary to a savings account or investment account. Fortunately, Air Materiel Wing Savings & Loan Association, Inc. (AMWSLAI) allows members of the Philippine National Police (PNP) and Armed Forces of the Philippines (AFP) to automate their savings. This can make it easier for you to automatically save money each month and keep you on track to achieve your long-term financial goals.
Take advantage of the free resources from the internet that teaches budgeting. One of the strategies you can master is the 50-30-20 rule.
- 50% of your income should go to essential needs such as bills payment, groceries, transportation, medicine, etc.
- 30% should go to your wants, things that a person would like to have but are not needed for survival, such as expensive shoes, gym memberships, entertainment, unnecessary travel, designer clothing, etc.
- 20% should go to savings and debt payments
For AFP and PNP personnel, AMWSLAI offers a variety of deposit products into which you can invest 10% to 20% of your income. Some of the deposit products that our members enjoy are:
- Capital Contribution: A membership account that earns annual dividend.
- Bawat Miyembro Milyonaryo: A long term savings program inclusive of life insurance worth ₱500,000 until the age of 65 years old. The savings deposit matures to millions after 15 years.
- Special Savings Deposit: A high-yielding time-deposit program with minimum deposit that ranges from ₱1,000 and a maximum deposit of ₱5 Million with maturity periods of 180 and 360 days.
- Savings Deposit: A regular savings deposit with a maintaining balance of ₱100.00. Deposit with a minimum of ₱500.00 earns 1% interest rate per annum.
You must not also forget to set emergency fund to serve as a safety net in case of unforeseen costs or crises and keep you from having to take on debt with high interest rates.
Budgeting is essential for achieving financial stability. You can organize your spending and successfully manage your money by creating a budget. Additionally, by joining AMWSLAI, you’ll have access to financial resources, savings options, and loan options created especially for AFP and PNP personnel. To achieve financial stability, you must create a budget. You’ll be able to organize your spending and effectively manage your money if you create a budget. Additionally, by joining AMWSLAI, you’ll have access to money management resources, savings options, and loan options created especially for law enforcement officials and military personnel. Start today by taking charge of your money and laying the foundation for a better financial future for you and your loved ones.