Sunday, September 28, 2008

Building Up My Travel Fund with BPI Direct Save-up

BPI is offering a new product called BPI Direct Save Up, an automatic savings account that you can program to deduct a certain amount from your main account once a week, every other week, once a month or twice a month.

I first became interested in this product because it provides group insurance coverage. I wanted to get one for the parents but they only cover up to age 60. I get coverage, I guess, but I already have a fully-paid up life insurance policy. What I really want is for BPI to offer group health coverage instead. *sends a message out to the universe*

I programmed mine to automatically save P500 a month. I didn't think it was a lot at first but actually, it comes up to P6,000 after 12 months. If they had offered this earlier in the year, I would have money for Christmas presents by now. As it is, I'll have money for my next travel.

Right now, I don't have any consumerist goals other than paying for my next plane tickets. I had been thinking of buying an Asus EEEpc to make it easier for me to go to meetings and stuff, but I've already set aside money for that.

If I didn't have any travel plans, I think I will save up to make a down payment on an apartment which I can then rent out. Or I could use that P6,000 and invest it in stocks. Hmmm. For a long time, my goal was just to get a higher salary and be liquid, but maybe it's time to trade up. A lot of people dream about being entrepreneurs or retiring at a certain age and living on passive income. I think I will put that on my list.

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