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Pay Yourself First

Pay Yourself First!
Tips to boost your savings through reverse budgeting

July 11, 2023 | by HC Mutual

We have entered the second half of the year. Let’s take this time to evaluate our personal goals and how far we have come in achieving them.

“Have I saved enough money?” is probably one of the most common questions we ask ourselves, and it is always disappointing when we find that we are nowhere near our saving goals. Yet, with our current economy, staying committed to our financial goals continues to be more challenging: it is not surprising that even professionals with a decent monthly salary have little to nothing allotted for their savings account. 

If you’re one of those having difficulty building your savings, all is not lost. There’s a saving method called “reverse budgeting”, anchored on the idea of paying yourself first before anything else. This method is perfect for those who want to grow their savings and have set a deadline for their financial goals. 
What are the advantages of reverse budgeting?
1. It forces you to live within/below your means.
Do you find yourself living more expensively as your income increases? You are not alone. In fact, this tendency is quite common. With reverse budgeting, you will be forced to live within or below your means even if your income increases. This means that a bigger fraction of your income can be allotted for savings.
2. It You can achieve your financial goals sooner.
Reverse budgeting is a savings-oriented strategy. It involves planning your expenses based on how much you want to save per month. It enables you to prioritize your saving goals, commit to your saving method, and eventually acquire the goal you set for a particular period or even earlier than you planned.
3. It converts your DESIRE to save money into a NECESSITY. 
Since reverse budgeting involves paying yourself first BEFORE settling your mandatory expenses, saving becomes a responsibility every time you receive your salary. This develops your discipline and commitment in reaching your financial goals.
How do you apply reverse budgeting? 
1.Plan your way of spending based on how much you want to save.
Set how much money you want to save in a given period of time, then analyze how much you have to save monthly to reach that goal. Consider your monthly income, as well as mandatory and discretionary expenses per month.

This is also where you have to decide which discretionary expenses to remove. Discretionary expenses include subscriptions to various services, gym memberships, online shopping, and other wants that you can live without.
2. Research savings plans that can serve as good investments for you.
Being knowledgeable about your options for savings plans is a good strategy for maximizing your savings. Choose which plans work for you and which will help you achieve your financial goals sooner. This is also where you have to decide which discretionary expenses to remove. Discretionary expenses include subscriptions to various services, gym memberships, online shopping, and other wants that you can live without.

Here are some things to consider:
  • Interest rates
  • Minimum balance requirements
  • Savings type (e.g. Regular savings vs. time deposit) 
  • Automatic saving options
There’s a saying that one should not put all their eggs in one basket – and this also applies to saving. Consider opening multiple accounts so you can have more flexibility and maximize earning interest from different avenues.
3. Open a secure savings account and automate your savings. 
When you automate your savings, there’s a better chance you won’t be able to use the money for anything else, and can help make paying yourself first an easier habit.

HC Mutual provides adaptable and cost-effective plans that empower you to manage your finances and live the life you aspire. Our savings plans offer attractive interest rates and encourage you to save automatically via payroll deduction or automatic debit arrangement (ADA) – so you can easily expedite the growth of your savings and accomplish your financial goals sooner.

Select the plan that suits you best, and witness the remarkable growth of your savings.
  • Flexible payments terms of 3, 5, or 7 years
  • 3% earnings from your savings per annum
  • Easy saving through payroll deduction automatic debit arrangement, or payment through any U Store branch nationwide
LEARN MORE

Save up and earn big for that dream house, dream vacation, or dream purchase
with HC Mutual!

  • Start saving at Php 2,424, Php 4,848, or Php 7,272 per month
  • 5-year plan
  • 5% per annum after 5 years and upon completion of the savings plan
LEARN MORE

Starting and committing to a new saving method like reverse budgeting can be daunting at first. 

But with dedication to pay yourself for all the hard work that you do, 

you can eventually turn it into a habit that you won’t regret getting into. 

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Beware of Scammer Tricks!

Beware of Scammer Tricks!
Tips to Avoid Falling Victim to Scams

June 22, 2023 | by HC Mutual

Have you experienced getting a text message from an unknown number stating that you won a cash prize from a raffle you don’t remember joining? How about an email from an online shop asking you to click a link to claim your discount? Or a phone call from a “bank representative” asking you for some of your personal details?

These are some common examples of scams that result in the victim’s loss of funds, or even identity theft. It is easier to fall into these traps nowadays because scammers know more ways of fooling people: They can do it through text messages, chat, emails, calls, posts, fake websites, and more.

This should serve as a wake up call to everyone. If scammers are coming up with more creative schemes, it would be best for you to be more vigilant and knowledgeable about the effective ways in avoiding scams. Here are some tips that you should know!  
1. Familiarize yourself with the latest form of scams.
Scammers have become more creative with their strategies. Here are some of the most common scams that you should avoid:
  • Online purchase scams – Customers are tempted to avail unrealistic deals but the products do not arrive.
  • Loan scams – Customers are offered affordable loans online but they are required to provide their personal details and monetary deposit first before the loan is processed.
  • Social scams – Scammers impersonate your family or friends online or through text messages then ask you for financial help to get out of an emergency. 
  • Impersonation scams – Scammers pretend to be bank representatives and convince you to avail of credit cards or give your personal information so they can assist you in preventing your account from being locked. 
Other forms of scams include fake websites that require you to supply your personal details and credit card details (also called “phishing” websites), fake sellers in social media, and malicious pop-ups. Always be aware of the different ways scammers can reach you so you can avoid falling into their illegal schemes. 
2.Update and secure the login credentials of all your accounts.
Most mobile banking apps encourage you to update your passwords after a given period of time. Make sure to follow this practice to improve the security of your accounts.   It would also be best to keep track of all your passwords in your mobile banking app, email, and social media accounts. Secure them in a list only you can access and avoid saving your passwords in your devices. Enable two-factor authentication or use an authenticator app so it won’t be easy for hackers to open your accounts. Lastly, connect to your mobile banking accounts using only a trusted WiFi source; using a public WiFi hotspot offers less security.
3.Always check the senders of the text messages, emails, and chats you receive.

Before replying and clicking any links within the message, double-check the senders of the text messages, emails, and chats you receive. Most scammers can now create emails that appear to be from legitimate sources, with minimal differences compared to official company email addresses.


Here are some of the red flags that you should watch out for:

  • Misspelled words or grammatical errors in text messages, chats, or emails
  • Signs of urgency
  • Requests for sensitive/personal information
  • Sketchy links or email addresses
  • Deals that are too good to be true

In terms of text messages and chats, avoid interacting with unknown numbers and users. Official companies usually have registered contact numbers that appear on your mobile phones when they message or call you.

4.Update and secure the login credentials of all your accounts.
A fake support call usually comes with a warning that they cannot help you if you do not give them your personal details immediately. Banks, e-wallets, and other service providers will not ask for your birthday, account numbers, passwords, OTP’s, and the like. Drop the call and check your accounts for any unauthorized transactions. You can also report the incident to the company being impersonated in the fake support call.

5.In terms of choosing where to put your money, choose a savings account that is proven to be secure.
HC Mutual ensures its members that their hard-earned money is always safe. Aside from this, you can also grow your savings with good interest rates! Choose the plan that works best for you and start building the life you aspire to have.
  • Flexible payments terms of 3, 5, or 7 years
  • 3% earnings from your savings per annum
  • Easy saving through payroll deduction automatic debit arrangement, or payment through any U Store branch nationwide
LEARN MORE

Save up and earn big for that dream house, dream vacation, or dream purchase
with HC Mutual!

  • Start saving at Php 2,424, Php 4,848, or Php 7,272 per month
  • 5-year plan
  • 5% per annum after 5 years and upon completion of the savings plan
LEARN MORE

Always be aware and careful with who you interact with online or through texts and calls. Be suspicious by default so you can meticulously assess the credibility of the person trying to interact with you. Scammers can be more creative with their schemes, but if you practice being more vigilant, you can avoid falling for their tricks. 

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Cash Loan HC Mutual Save Money Saver’s Plan Savings Plan

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Why Budgeting Should be a Part of Your Holiday Planning

Empower Yourself through Financial Discipline
Practical Tips to Grow Your Savings and Reach Your Financial Goals

May 26, 2023 | by HC Mutual

Being financially disciplined takes a lot of work and patience. In our current economy, it is tempting to park our savings goal and concentrate on attaining our needs and buying the things that we want. However, the best way to get our money’s worth is if we pay ourselves first. 

Reaching a substantial savings goal can be very rewarding. Just imagine what you can do—like purchasing your dream car or house, going to your dream destination, or taking a break from working for a while. 

Your progress highly depends on your commitment, patience, and motivation to grow your savings. To help you stay committed to being financially disciplined, here are some easy-to-follow tips! 

1. Always set a clear distinction between your needs and wants.
 

This helps set your priorities straight. When you clearly and regularly categorize your needs and wants, you can avoid spending on items or services that you don’t need for the week or the month. You can easily identify what to pay or purchase first before considering the rest of the items or services on your list. 

If ever you want to buy items that you don’t need, wait for a day or two before deciding to buy it so you can make sure that your priorities come first. 

Have a copy of your list of needs on your smartphone so you can take a look at it every time you think of buying something.

2. Categorize your financial goals into three:
short-term, mid-term, and long-term.

Categorizing your goals helps in realizing your priorities. Here’s an example of how you can categorize your goals:

With clear and categorized goals, it’s easier to be reminded of why you’re
saving and get motivated to develop wise spending habits.

3.Track your progress monthly and give yourself simple rewards for your accomplishments.

 

It’s important to make sure that you’re on track to growing your savings and achieving your goals. Practice monitoring your expenditures and savings regularly so you can identify what practices work for you and in which areas you need to improve. 

Most people find it greatly motivating to visualize progress. You can use a notebook or board as your tracker. Get creative with it so there’s an element of fun whenever you mark your settled payments or purchases. You can also use free digital tracker apps so you can double-check it wherever you are. 

Of course, nothing’s better than having your hard work rewarded! Whenever you’re able to pay all your bills or reach your target savings for the previous months, treat yourself by going to your favorite restaurant, buying new clothes, going to the cinema, or anything that can motivate you.

4.Open a rewarding savings account.

 

It’s best to have a part of your financial discipline on autopilot. This assures that you will always pay yourself first every time you receive your monthly income. Having a savings account with good interest rates also helps you grow your savings and achieve your financial goals sooner. 

HC Mutual offers flexible and affordable plans that help you manage your finances effectively so you can start building the life you aspire to have. Choose the plan that works best for you and watch your savings grow.

  • Flexible payments terms of 3, 5, or 7 years
  • 3% earnings from your savings per annum
  • Easy saving through payroll deduction automatic debit arrangement, or payment through any U Store branch nationwide
LEARN MORE

Save up and earn big for that dream house, dream vacation, or dream purchase
with HC Mutual!

  • Start saving at Php 2,424, Php 4,848, or Php 7,272 per month
  • 5-year plan
  • 5% per annum after 5 years and upon completion of the savings plan
LEARN MORE

Staying committed to being financially disciplined and growing your savings can be daunting but with
effective strategies and tools, you can effortlessly integrate it into your daily life until you can finally experience its fulfilling results.

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Cash Loan HC Mutual Save Money Saver’s Plan Savings Plan

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ANNOUNCEMENT: HC Mutual Annual 2023

ANNOUNCEMENT: HC Mutual Annual Stockholders’ Meeting

May 3, 2023 | by HC Mutual

NOTICE TO THE STOCKHOLDERS OF HOME CREDIT MUTUAL BUILDING & LOAN ASSOCIATION, INC.

Please be advised that due to the schedule of compliance with the filing of the company’s Audited Financial Statement (AFS) and Annual Reports, which are among  the documentation requirements of the Securities and Exchange Commission for the Annual Stockholders’ Meeting (ASM) to be held on the fourth Thursday of April, the 2023 ASM has been postponed and re-scheduled to a later date and time to be determined by the Board. A notice of the new ASM schedule with the agenda will be sent to you.

 KEVIN LYNCH

President

Board Resolution: 17C HCMBLA PW661 postponement 2023 asm 
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