Rizal Commercial Banking Corporation led by Bankero Eugene Acevedo is pushing the 50-20-30 rule as part of the bank’s budgeting hacks for millennials.
The Yuchengco-owned bank advices that millennials should only spend half or 50 percent of their total earnings and only for the necessities of daily life.
The country’s eighth largest lender said 20 percent of total earnings should be for long-term savings.
On the other hand, Acevedo said 30 percent may be allocated for lifestyle spending.
“Be young, successful, and debt-free with these savvy financial tips,” he said.
The Bankero executive encouraged millennials to prioritize their spending by paying off the ones with highest interest first to keep them from putting a debt on their earnings.
“Use an app or the traditional pen and paper to track your spending,” the Bankero said
According to him, millennials should open an RCBC OneAccount to gel an all-in-one access to savings, checking, and time deposit features with comparably higher interest rates.