As the local proverb “Kapag may isinuksok, may madudukot” goes, setting aside a portion of an income or saving is a wise financial strategy to save for the future, to prepare against unforeseen untoward events, and to achieve financial independence.

In a recent survey, the Bangko Sentral ng Pilipinas (BSP) reported that in the country, the number of households with savings increased from 25.7 percent by end-2014 to 31.6 percent for the first quarter of 2015.