Tuesday, December 11, 2012

Force Yourself To Save Money With BPI Direct Save-Up

While I am busy preparing for my Christmas DIY posts (I am half-way done), I want to share something useful to those who want to start saving as part of their New Year's resolutions.

Living from payday to payday is something that I have been doing for the past eight years since I started working. In fact, saving is a difficult task and I don’t seem to have the diligence and discipline to save money. Although I have my own piggy bank at home, the urge to steal a few bills from it is too tempting. In the end, I never really had any serious savings.

Just when I was about to worry about not having any savings, I stumbled on BPI Direct Save-Up. This product from BPI has been around for quite some time already and a lot of people have been using it already. If you haven’t heard about it, there read on…

The BPI Direct Save-UP is an automatic savings  account that debits a particular amount from your existing BPI account thus you are forced to save money regularly with this account. Thus said, you need to have an existing savings account from BPI enrolled to online banking before you are legible for this account.  

This type of product is like an electronic piggy bank. And since it serves as an electronic piggy bank, your money does not earn any interest from the bank (which is actually its only downside).  Although it does not own interest, having it is more convenient than owning a piggy bank (although I still have my own piggy bank at home to save loose changes) because I am not tempted to get money from it.    Although your money does not earn interest, what it does is that it comes with a BPI-Philam Life Insurance which covers basic life insurance, accidental death and dismemberment. I am using my Save-Up account for insurance purposes and so I am okay with it not gaining any interests at all. Moreover, it does not come with an ATM card so you are not tempted to withdraw your money out  but you can still transfer your money from your other existing BPI accounts.

Setting up your automatic savings account through BPI Direct Save-Up is easy and I took the liberty of giving you the step by step procedure on the next post so that just like me, you can also enjoy  the benefits of saving automatically for the future. Hope this helps.

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