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Secure Your Financial Umbrella

Secure Your Financial Umbrella 

How To Prepare Your Emergency Fund for Unexpected Rainy Days
October 1, 2023 | by HC Mutual

Life is unpredictable. Emergencies such as job loss, medical bills, home or car repairs, and natural disasters can happen anytime and can cause a huge financial burden. If you don’t have an emergency fund, you may have to rely on credit cards or loans to cover unexpected expenses. This can lead to the accumulation of debts and further financial hardship. 

Having an emergency fund gives you peace of mind and allows you to face the unexpected with a reliable financial capacity. Yet at present, most people find it difficult to start saving for an emergency fund due to insufficient income, other financial priorities, and lack of discipline. 

 You don’t have to pressure yourself into growing your emergency fund right away. No matter how small your savings are, the important thing is you constantly set aside a portion of your income as your emergency fund. It will eventually grow and secure you whenever you need it.


To help you on your journey towards building your emergency fund, here are some tips and strategies to start.
1. Set a goal. 

How much money do you want to have in your emergency fund? A good goal is to have three to six months of living expenses saved up. This will give you a cushion to fall back on if you experience financial hardship. 

But if this goal is too overwhelming due to your monthly income and other financial responsibilities, you can start by aiming for an emergency fund equivalent to one month of living expenses, then eventually level up your goal once you already have the capacity for it.

2. Automate your savings.

One of the best ways to save money is to have a savings account separate from your current or payroll account, and then to set up an automatic recurring transfer to your savings account each month. This way, you’re saving money without even having to think about it. It will also help you develop the habit of paying yourself first before making any purchases. 

3. Sell your old stuff.
Ever heard of Marie Kondo? It’s time to go through your belongings and say thank you and goodbye to what you’re not using anymore. If you haven’t seen or looked for a piece of clothing or item for 3 months, it’s probably time to let go and give other people a chance to love them instead.

Sell anything you don’t use anymore that can be useful for other people like bags, clothes, furniture, gadgets, and more. You can sell items online or set up a garage sale. Your profit from selling pre-loved items can be an alternative source of income that can increase your financial capacity and help you grow your emergency fund. And it’ll help you declutter, so win-win!
4. Get a side hustle.   
If you need to save money quickly, consider getting a side hustle. Do you love making art or baking? There are many ways to make extra money, such as freelance writing, driving for a ride-sharing company, or starting a small side business. You can also consider free upskilling courses to expand your skill set. 
5. Trim your budget. 
Take a close look at your monthly budget and see where you can cut back. Maybe you can eat out less, cancel unused subscriptions, or shop in more affordable stores. Every little bit helps when you’re trying to save.

Afterward, decide how much you want to increase your monthly savings and secure it in a savings plan that can surely benefit you in the long run.
HC Mutual offers KayaMo Saver’s Plan that features competitive interest rates and easy ways to save automatically through payroll deduction or automatic debit arrangement. This way, you can grow your savings quickly and achieve your financial goals sooner.

Prepare for any emergencies
through saving.

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

In situations where you are faced with successive emergencies and need extra cash right away, HC Mutual offers a multi-purpose loan with low interest rates.

We’ve always got your back.

  • Interest rates as low as 0.99%
  • Loan release within 24 hours of approval
  • Fast and hassle-free loan application

Saving for emergencies can be challenging, but it’s important to remember that even a small amount of money you can set aside can make a big difference. By following these tips, you can start building an emergency fund that will serve as your financial umbrella during unexpected rainy days.

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Balancing Festivity and Finances

Balancing Festivity and Finances

Five Smart Tips to Prepare for the Holiday Season 

September 1, 2023 | by HC Mutual

In the Philippines, the spirit of giving and celebration starts as early as September. For many Filipinos, this month represents the early preparations for the holiday season – the time of year when people reward themselves for overcoming the challenges they faced, and welcome a new year full of hope. 

 

In the midst of preparing for upcoming festivities, it’s essential to strike a balance between spreading holiday cheer and ensuring your financial well-being. Let’s explore some valuable tips that can help you save money while still enjoying your early holiday preparations.

 
1. Seize the sales. 

The holiday season is accompanied by enticing sales, discounts, and promotions. Before the calendar even flips to December, keep an eye out for deals on items ranging from gadgets to clothing to household essentials. Taking advantage of these discounts not only stretches your budget but also allows you to buy in bulk, ensuring everyone on your list receives a thoughtful gift. Smart shopping early on can make a significant difference in your spending.

2. Embrace thoughtful exchanges. 

Consider suggesting exchange gifts among your friends and family. Draw names to determine who you’ll be buying for, and set a budget that works for everyone involved. This approach  ensures that each person receives a heartfelt gift while minimizing the financial strain of buying for everyone. Remember that the holiday season is not just about the presents, it’s about creating cherished memories and strengthening the bonds that matter most.

3. Choose DIY decor.  

Decking the halls and creating a festive atmosphere don’t have to come with a hefty price tag. Get creative by making your own decorations and ambiance-setting elements. Involve the whole family in crafting ornaments, garlands, and centerpieces. DIY projects not only add a personal touch to your celebrations but also provide a fun and budget-friendly way to bring the holiday spirit to your home.

 
4. Host stay-at-home celebrations.  

Reunions will surely happen more often in the upcoming months. Consider hopping on the trend of hosting potluck-style gatherings in the comfort of your own home. Opting for a homemade feast instead of dining out not only lets you control the costs but also creates a warm and intimate setting for celebrations. Plus, you have the flexibility to choose a location that suits you and your guests best, ensuring a stress-free experience without the holiday rush at restaurants.

5. Acquire a smart plan for purchasing grand holiday gifts. 
Treating your entire family to a travel spree or extravagant presents doesn’t need to deplete your savings. Consider the option of securing a loan that will align to your upcoming months’ budget, ensuring that your financial resources are sensibly managed. In this way, you can revel in the holiday festivities to your heart’s content, free from concerns about depleting your hard-earned money. 
Make your dreams possible.

Any dream is within reach with a multi-purpose loan that offers low interest rates.

As an HC Mutual member, you enjoy:  

  • Interest rates as low as 0.99%
  • Loan release within 24 hours of approval
  • Fast and hassle-free loan application 

Remember, the best gift you can give yourself is a holiday filled with merry celebrations and wise financial decisions. With these helpful tips, you can stay on budget and have a wonderful time with your family and friends. Welcome to September and enjoy your early holiday planning! 

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Why a Home Loan is the Smart Choice

Why a Home Loan is the Smart Choice

Making your first home within reach

August 1, 2023 | by HC Mutual

Creating an ideal haven for you and your loved ones is one of life’s milestones. Buying a house is always included in almost everyone’s list when they start their careers.

Your first home is a big purchase so it can be a bit stressful when you realize that it will take years before you can afford your chosen property. Waiting for the time when you have saved enough money before buying the property is quite impractical. It can lead to spending more money on rent or spending a longer time living with your parents – which is something not everyone is comfortable with. It may even come to a point when there will not be enough time to enjoy the home that you worked hard for if you get stuck waiting.

Why a home loan is the practical way to go
Fortunately, there are available home loans that can help you acquire your chosen property even if you cannot fully pay for it outright. Many financial institutions offer various types of home loans that make buying a house more feasible. Simply put, a home loan is a financing option that can be used to finance your house, vacant lot, condominium unit, townhouse unit, or apartment unit.
Things to consider

Home loans usually check the following for eligibility: age, employment, income, and citizenship. It is best to do a self-assessment first before you search for the applicable loan for you. Take note that you are not only considering your current financial capacity when you avail a loan but also your future capacity since you will be paying it for years.

Here are some things to consider when you start looking for a home loan:
HC Mutual KayaMo Home Loan

HC Mutual offers KayaMo Home Loan that can help you start buying or building your first home. As an HC Mutual Member, you can have access to a reliable and hassle-free home loan and enjoy the following:

  • PHP 450,000 to PHP 20M loan amount per member
  • Easy application after one (1) month of membership
  • Access to our partner developers and a wide range of brand new homes
  • Payment holidays extension in case of emergencies
  • Welcome gift upon moving in and 1-year Accidental Life Insurance coverage worth PHP 500,000

It is important to choose a home loan that is practical and manageable so you won’t have a difficult time paying for it for a certain number of years. Getting a home loan can be rewarding because you can finally make your first home within reach.

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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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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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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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