If you have read my previous blog I made it to 5 countries in 2015, you might be curious about how I actually saved money for it.
Saving 100K Philippine Pesos is not easy but it took me 5-6 years to achieve it. I had no plans to travel back then because I was in a relationship. When I broke up with my boyfriend of 6 years, that's when I decided to travel to cope with a broken heart.
The original plan was to save money for Honda Scoopy and it costs 70K PHP. I want to travel around Cebu on a motorbike. It never happened. So the money for a motorbike was transferred for travel.
Well, there are many ways to save 100K Pesos. But this could be a way to save money for your future needs.
When you live a simple lifestyle, it's less expensive. You only live below your means. You don't buy expensive bags and you don't go to a fast-food restaurant to eat. You don't buy too many clothes and too many shoes. Don't be too materialistic.
When you don't have one, please apply for a savings account. Before, I had bank accounts with the following: Bank of the Philippine Islands or BPI, UnionBank of the Philippines, MetroBank, Banco de Oro or BDO.
I had MetroBank when I was working with Jollibee and BPI when I was working with ACS. I have UnionBank when I started working online.
Prepare your requirements such as valid IDs (posted ID, national ID, TIN, passport), 1x1 or 2x2 photo, and money for the initial deposit. Ask your desired bank for more information.
I had savings account on BDO and decided to open a time deposit with them because it was the nearest bank I had from my hometown. I started with 10K Pesos as it was my extra money then put another 10K Pesos. The purpose is not to touch the money for some time. It got an interest every month. It wasn't that big. Ask the bank for more information.
Bank accounts nowadays have the capability to let you set aside money through your online bank account. Aside from your main savings account, it can let you transfer money every month. So, I keep it as a travel fund.
You can also open another bank account for the purpose of a travel fund account only. I save at least 20K Pesos.
I have some extra money and invest in the stock market. I bought stocks from JFC or Jollibee Foods Corporation, ALI or Ayala Land Inc, BDO or Banco de Oro. I bought stocks that are blue chips companies.
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During my free time, I accepted clients for wedding photography. Most of my customers were classmates in high school and common friends. I bought a Nikon D5100 camera to pursue my hobby of photography. I got enticed by weddings so I took up some workshops about wedding photography.
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Originally published this article at - How I Saved 100K Philippine Peso to Travel 5 Countries?