Saving Scheme I did so Far ||Pag-ibig Mp2 and San Jose Coop

This will be a recap of the two savings scheme I am currently in right now because I really wanted an update to my previous post about the Pag-ibig MP2, 

you know it is kinda of a mess right now because of too much updating, so I thought instead of updating it I think it will be better to just recap them together with the San Jose Cooperative.

Let me take you back again to its step by step:

1.    Enrol to Pag-ibig MP2 directly to any Pag-ibig braches, I went to GMA- Kamuning Branch for mine this June

2.    You need a form to fill up click here for a downloadable form or just get one from the concierge, 1 valid ID and your Pag-ibig MID number. (Pag-ibig MID Number can be easily retrieved at the second floor in case you forget) Also, you need to be employed or if you are self-employed that is fine and for OFW’s you definitely can, I will run down the steps for OFW’s keep reading.

3.    Minimum payment is P500.00, pay it directly to any Pag-Ibig branches or have it automatically deducted to your employer or pay using G-cash. (I am paying my Pag-ibig MP2 thru G-cash this month to check if it works) I just have one problem though, how do I check if it is posted to Pag-ibig? Because normally it takes 30 days to post it but I am not sure how I will check that out with Pag-ibig?

4.    That’s it and after 5 years it can yield the average of 5.26%. It is tax-free. Also, this is guaranteed by the Government. The poster below will show that the last year 2016 it yields 7.43% dividend which is good news so happy saving!

For OFW, how to apply to Pag-ibig MP2?

1.    Enrol online thru this link, (again thanks to my friend Donna for sharing this info with me).

2.    Payments can be made in the Philippines so make sure you ask your relatives to pay for you, you can go from a minimum of P500.00 a month or higher.

Here is the step by step on how I put my money in San Jose Coop:

1.    They require me to present two valid ID and to attend a 15-minute seminar, however, it didn’t last that long since they just ask me to read a folder, explains it a bit and answer questions that I have in mind.

2.    You can be a member for as low as P5, 830.00 or if you have a less budget you can start from P1, 230.00 and pay the remaining on succeeding month. A big thumbs up!

3.    I also got insurance upon applying which is cool.

My Thoughts Recently Keep Reading...  

Why save with Pag-ibig MP2 and San Jose Cooperative?

Why? I probably answered it to my previous post but I will say it once again, I enrolled to Pag-ibig MP2 because I wanted to save money for my future and hopefully be financially free someday.

However I find it is not enough, I can’t just wait 5 years and spend that money and think that I will be financially free by that time, so instead of waiting 5 years for it to yield I have to do something fast.

Nevertheless, I am not discouraging you to enrol to Pag-ibig MP2, Pag-ibig MP2 is still sure a win-win when it comes to saving your money that can yield higher interest compared with banks.

Next question needs to be answered is why San Jose Cooperative? I am not endorsing San Jose Coop solely here; if you live in another province I am sure you can find an established local cooperative in your area. What I love about San Jose Cooperative is it is empowering the community to work together for a common goal which is to work your money in a positive way. Personally, I like San Jose Coop because I can keep my money, borrow it, obliged to return the money and at the same time it yields dividends which are a plus!

I would like to share real quickly my stupid mentality about coop before and that is;

One, you are borrowing your own money is like a joke 

Stupid I know, but actually, you have to borrow your own money because it will yield income for the whole cooperative members and then it will yield dividends that each member will share. Imagine if you are a sole member of a cooperative? If you borrow money it will yield tiny bits of interest, whereas if you have thousands of members, the more income the coop will get and the higher the dividend it is to be shared.

It is really important to get the concept of working together, you cannot achieve it all by yourself, and if you work together things will work for the common good of all.

Two, you cannot withdraw your money in case you need it’. 

It is not allowed to pull back your entire share capital from the coop in a snap. But you can borrow it for a lower interest tho and it is a 10-15 minute wait(the interest for the loan is much cheaper compare with the bank as always). But why would you pull back your money anyway? Do you need it for a new gadget, furniture or a new dress? I know some of it is essentials but then again you are using your hard earned savings for ‘expenses’? So how can you be able to be financially free? Remember assets should yield income.

*credits to the owner

I am bringing this up again because I am currently inspired by this picture. I am so inspired by it and wanted to use my savings into something that can generate income because with employment alone I can only save tiny bits. Also, my salary from employment can only afford my daily expenses pretty much.

Hope this inspires you to start now. Turn your assets into income. I know there are a lot of ideas out there, if we settle to our salary I’m sure it will be never enough. Now that you have saved enough money, start turning your hard earned asset to generate income. Not only one way but in a lot of ways possible.

Hope this helps.

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