Fresh Grad Survival Guide: 5 Things To Do To Manage Your Finances

Debt is an inevitable part of everyone’s financial journey and that’s okay. In fact, acquiring debt sparks up your credit score, which you have to maintain in order to get a good credit standing. Pay off your loans consistently in order to keep your credit score high. A good credit score opens up more opportunities for you to acquire new credit which will be useful in the future.

A good strategy to reduce debt is to compartmentalize your monthly income the moment you receive it and pay your debt immediately. It is better to pay your debts early than paying them late. Crossing this off  straightaway can give you motivation to pay off everything else consistently and before you know it, you’ve just completed all your payments.

With your income getting higher as you move up the career ladder, lifestyle creep starts to kick in. This refers to a slow and gradual increase in consumption of non-essential items which, in turn, increases your standard of living. Through lifestyle creep, you may start feeling that luxury items become more of a right that you must have.

Keep lifestyle creep in check by setting up a limit to your monthly expenses. Make sure to always weigh the pros and cons whenever you’re making big purchases. You may also divert your excess income to investments as the less available money you have at hand, the less likely it is for lifestyle creep to eat up your wealth.

Your early 20s is the best time to start your savings journey. At a young age, you won’t have to set aside exorbitant amounts just to keep up with your saving goals. Start by setting aside at least 10% of your income each time you receive your paycheck. That way, you’re sure that you’re slowly working your way towards financial freedom. 

Additionally, make sure that you keep your savings where you can get more value from it. With CIMB Bank, you can be sure that you can get the best-in-market interest rate of 4% p.a in three ways! For students and fresh grads aged 18-25 years old as of March 1, 2021, the CIMB Savings Starter Pack lets you enjoy a higher interest in your UpSave and/or verified GSave account. All you need to do is deposit at least PHP 500 each month. Plus, you can get a Personal Accident Insurance coverage worth PHP 50,000 for FREE.

Another way to get 4% p.a. interest rate on your savings is to maintain a minimum balance of PHP 100,000 in your UpSave and/or GSave account. Or you can grow your Average Daily Balance (ADB) by PHP 1,000 each month to enjoy a higher rate on your savings. Plus, if you maintain a minimum of PHP 5,000 in your account, you are eligible for FREE Life Insurance coverage that’s worth your ADB up to PHP 250,000.

Visit this link to learn more about the CIMB Savings Starter Pack.

Learn about getting 4% p.a. interest when you maintain P100,000 in your savings account with CIMB Bank!

Click the link below to know how you can increase your ADB by P1,000 to get 4% p.a. interest

Download the app and open an account now!

Deposits are insured by PDIC up to P500,000 per depositor.
CIMB Bank Philippines Inc. is regulated by the Bangko Sentral ng Pilipinas. You may contact the BSP Financial Consumer Protection Department at (+632)8708-7087 or consumeraffairs@bsp.gov.ph.