NU6-4 - Saving Money for new Phone by Terence Uygongco AGSB Iloilo

Saving Money for new Phone - Terence Uygongco / AGSB-ILOILO

Phone replacement cycle has been getting shorter and shorter.  Mobile phones before can be replaced after 2 to 1.5 years.  But with technology and marketing, the cycle now has gone down to around 1 year before we decide to change.  How do we finance this?  irregular setting aside of money is an option but almost always if there is no discipline or easy cycle of saving it would be hard.

Start with p5k and set aside p500 per week or p1,000 every payday, assuming the payday is 2x a month.  Setup an account which you can only withdraw ever year.  After 1 year, you will end up with p31k which will already be enough to buy you a flagship phone from Samsung, LG or even Apple.

You can change the cycle or pattern but it should be regular and remitted to a special bank account of which you can only withdraw after exactly 1 year.  3

http://www.bankrate.com/calculators/savings/compound-savings-calculator-tool.aspx

The link if your the savings calculator if you want to change or vary the frequency and amount.

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