DAGUPAN CITY (PIA) -- The Bangko Sentral ng Pilipinas (BSP) urges the public to have a financial plan by saving and having investments to enable them to secure a financial future this 2024.

BSP North Luzon Regional Office senior research specialist Gomer Gomez said having a financial plan enables individuals to build up their emergency fund to cope with unforeseen expenses, control their spending, and avoid necessary debt.

“Our advice is to start saving now. It’s okay to reward yourself for your accomplishments but always prioritize spending on needs and important expenses,” he said.

In making a financial plan, he advises the public to follow the financial planning cycle to save successfully.

“Always following the savings formula of ‘income minus savings equals expenses’. Set aside a portion of your income in a savings account and spend the remaining to your expenses,” he added.

Gomez said make a list of expenditures and allocate the income properly based on their needs to guide them in spending their hard earned income.

He also recommends to adjust the income resources or the spending pattern if the savings formula resulted in a negative income.

Likewise, Gomez advised the public to save their money in banks for safekeeping while earning interest at the same time.

He also encouraged the youth to start their own financial plan to help them achieve their life goals, prepare for the future, and live comfortably when their financial future is secured. (JCR/MJTAB/EMSA/PIA Pangasinan)