Building up a solid savings account is easier than you might think. Contrary to what many believe, you can be financially responsible while still living your best life. The key is to spend wisely and save smartly, all while steadily growing your wealth.
The rise of customer-friendly digital banks, like Maya, has provided Filipino workers with plenty of ways to grow their money while enjoying life. Maya offers innovative services to help make financial security achievable without compromising on fun. Here are nine tips to help you grow your savings without giving up the things you love:
1. Open a Maya Savings Account
Most traditional bank accounts don’t offer an interest rate high enough to match inflation, which means that even if your balance grows, its value may decline over time. A high-interest savings account can help you keep up with inflation and grow your money’s real value.
Maya Savings offers an interest rate of up to 15% per year, credited daily, which makes it a top choice for Filipinos looking to increase their net worth. This interest rate not only beats inflation but also grows your buying power. Plus, Maya’s easy-to-use app and great customer service make it simple to manage and grow your money as you spend on daily needs.
You can increase your base interest rate from 3.5% p.a. up to 15% p.a. by using your Maya app to pay for regular expenses, like bills and phone load. Paying with your Maya Wallet, Maya Easy Credit, or Maya Card boosts your savings rate and maximizes your returns.
2. Prioritize Consistent Savings
The key to successful saving is not about making occasional large deposits but being consistent with smaller contributions. Start with what you can comfortably afford, even if it’s a small amount, and let compound interest do the heavy lifting. As your income grows, you can increase your savings contributions.
3. Set Aside Savings and Investment Funds Right Away
Maya makes it easy to transfer money between your Maya Savings account and other banks or e-wallets, allowing you to set aside funds as soon as you receive your income. This proactive approach ensures that a portion of your money is saved before you spend it, helping you build a strong financial foundation and disciplined savings habits.
You can move money instantly and for free from your Maya Wallet to Maya Savings, and you can also transfer funds from other banks via PESONet or InstaPay. Transfers to other banks are free with PESONet (currently), and InstaPay transfers cost PHP 15 per transaction.
4. Save for a Specific Goal
Using Maya Personal Goals, you can set and save for specific financial targets, which can make saving more purposeful. You can set multiple goals with a guaranteed 4% interest per year on each. Whether you’re saving for an emergency fund, a vacation, or retirement, having a specific goal can make saving more rewarding.
5. Invest in Yourself
Earning more makes saving easier. By investing in courses, certifications, or books, you can increase your earning potential and open doors to better job or business opportunities down the line.
6. Be Cautious with Impulse Purchases
When tempted to buy something, give yourself a few days to think it over before spending. This pause can help you make more thoughtful financial decisions.
If impulse spending is a challenge, consider opening a Maya Time Deposit Plus account, which offers up to 6% interest per year. It allows you to earn more on your money while keeping it safe from impulsive purchases.
7. Change How You Think About Saving
Money saved is just as valuable as money earned. This mindset can make it easier to avoid unnecessary spending. Over time, as you develop this habit, making smart financial decisions will become second nature.
8. Don’t Deprive Yourself
While saving is important, small rewards for your progress can keep you motivated. Celebrating milestones with an affordable treat can reinforce your commitment to your financial goals.
9. Stay Healthy
Illness or injury can derail your financial progress, so maintaining good health is essential. Although some health issues are unavoidable, a balanced diet, regular exercise, and mental wellness activities can help you stay on track.
Looking after your health may cost a bit now, but it will save you much more in the long run.
Boost Your Wealth with Maya Savings
Maya Savings, Maya Time Deposit Plus, and Maya Personal Goals are excellent tools for Filipinos who want to increase their wealth while enjoying life. Starting July 1, Maya Savings offers up to 15% interest per year, setting it apart from other options in the Philippine market. Maya Time Deposit Plus offers a 6% annual interest credited monthly, with flexible tenors of 3, 6, or 12 months to keep your funds safe. Maya Personal Goals ensures a stable 4% annual interest per goal.
With Maya, you have everything you need to grow your wealth and enjoy your money without compromising your financial stability.
