Mocasa, the Philippines’ pioneering virtual credit wallet, is here to empower individuals and families with practical saving strategies designed for the festive “ber months” of 2024.
As the holiday season approaches, Filipinos are not only eager to celebrate but are also keen on securing their financial future. The “ber months” bring a surge in spending on festivities, gifts, and travel, making financial security more crucial than ever.
Mocasa understands these unique challenges and offers insightful tips to help Filipinos plan, save, and navigate the season with confidence, ensuring they can enjoy the celebrations while staying on track with their financial goals.
1) Create a Budget and Stick to It — as you enter the “ber months,” it’s essential to reassess your budget. Review your expenses from the first half of the year, considering the additional costs that come with the holiday season. By carefully evaluating your income and expenditures, you can identify areas to cut back and ensure you allocate funds for holiday spending without compromising your financial goals.
2) Build Your Safety Net — with the “ber months” often bringing unexpected expenses, having an emergency fund is more important than ever. Aim to save three to six months’ worth of living expenses to cushion against financial surprises like medical emergencies or job loss. Mocasa’s Quick Loan option, offering up to PHP 25,000 repayable in 3 monthly installments, provides additional security during times of financial strain, especially during the holiday season.
3) Automate Your Savings — maintaining consistent savings during the holiday season is key to long-term financial stability. Automating transfers from your paycheck to your savings account can help you stick to your savings plan, even with the temptations of holiday spending, ensuring you remain financially resilient through the “ber months.”
4) Tackle High-Interest Debt — before the year ends, prioritize paying off high-interest debt. By tackling the debts with the highest interest rates, you can reduce financial stress and save on interest payments, leaving more room in your budget for holiday cheer. Consider consolidating your debts with a lower-interest loan from Mocasa to simplify repayment and potentially reduce overall interest costs.
5) Plan Ahead for Major Expenses — with the “ber months” comes a host of significant financial obligations, from holiday gifts to family gatherings. Planning ahead and setting aside funds for these anticipated expenses can help you manage your finances proactively and avoid relying on credit for major purchases. Establish a dedicated savings fund to navigate these financial milestones with greater ease and stability.
By adopting these practical saving strategies and leveraging the resources offered by Mocasa, Filipinos can enjoy the “ber months” festivities while ensuring their financial future remains secure.
Download the Mocasa app in Google Play and App Store and take better control of your finances for the remainder of the year.
Mocasa is a financial technology company duly licensed and regulated by the Securities and Exchange Commission (SEC) and an accredited accessing entity of Credit Information Corporation (CIC). To learn more about the latest updates from Mocasa, visit www.mocasa.com or its Facebook, Instagram and Tiktok accounts.
About Mocasa
Mocasa, the Philippines’ first virtual credit wallet, is a fintech firm launched in 2021 that focuses on offering innovative credit payment services to the Philippine market.
It intends to provide Filipino consumers with the ease of credit payment at any time and from any location – online or offline – while also providing perks such as zero interest when paying on time, flexible instalment plans, and credit limit growth.
Earlier last month, in response to the calamity brought about by Typhoon Carina, the company decided to waive the penalty fee on overdue loans. This initiative aims to relieve clients who may be facing financial difficulties due to adverse weather conditions. By alleviating this burden, Mocasa is hoping to support Filipinos in their times of need.
Mocasa currently has over 200,000 active customers who have obtained credit limits. It has also integrated with many well-known partners to provide quality credit services such as Mastercard and is accredited by the Securities and Exchange Commission (SEC) and Credit Information Corporation (CIC).
To learn more about Mocasa or to experience its credit payment service, visit www.mocasa.com or download the Mocasa App in Google Play and App Store.