Gaining a healthy savings account is much easier than you might think. Contrary to popular belief, anyone can be financially responsible while still living their best life. The key is to spend within your means while also building your personal wealth.
Thankfully, the rise of customer-focused digital banks or neobanks like Maya has given everyday working Filipinos multitudes of opportunities to keep growing their wealth even as they enjoy life. In particular, Maya has innovated several services that will smoothen your journey to a financially secure but still thoroughly enjoyable life. Here are 9 tips that will allow you to keep growing your net worth without missing out on the things that make life worth living:
1. Open a MayaSavings Bank Account
Most traditional bank accounts don’t have an interest rate that can keep up with annual inflation. That means that even if the peso amounts go up, the real value of your funds will likely decrease with time. Putting your cash in a high-interest savings bank account will help you preserve your money’s value and even make it possible to grow your real buying power passively.
With its interest rate of up to 15% per annum credited daily, Maya Savings is the best savings account Philippine depositors can get for ramping up their net worth. At that interest rate, your funds will not only beat inflation but can also rapidly gain real buying power. Maya Savings’ depositor-friendly interface and top-notch customer service also make it a snap to keep growing your funds even as you pay for other things you need or enjoy.
To increase your base interest rate from 3.5% p.a. all the way up to 15% p.a.credited daily, simply use your Maya app to pay for necessities you already spend on regularly, for example, to pay for your utility bills and to buy phone load. Paying with your Maya Wallet or Maya Easy Credit via QRPh, online, or with your Maya Card will also help boost the interest rate on your savings.
2. Prioritize Consistent Savings
Winning at the savings game is not about occasionally putting big amounts into your savings account. Rather, remaining consistent in your contributions is what matters the most. While it certainly feels “responsible” in the moment, putting in more than you can handle in your account is not going to be sustainable in most instances. If you have a limited income, it’s a good idea to start small and let the compound interest do most of the work. You can always increase your contributions as your income expands.
3. Immediately Set Aside Money Intended for Savings and Investments
Maya allows easy and free bank transfers between Maya Savings and other banks and e-wallets, which gives you the capability to set aside money responsibly to make sure you don’t spend it on unnecessary expenses. With this ease in fund transfers, you can ensure that a portion of your income is consistently directed toward your financial goals. This proactive approach will allow you to build a strong financial foundation and will let you develop disciplined saving habits.
You can deposit to your Maya Savings from your Maya Wallet instantly and for free, and you can also deposit to it from other banks and e-wallets via PESONet and InstaPay (The fee will depend on the source bank. All PESONet transactions are subject to a cutoff period. For more details, click here). You can also transfer funds to other banks and e-wallets via PESONet (free until further notice) and InstaPay (PHP 15 per transaction).
4. Save for Something Specific
Maya Personal Goals is an easy way to set clear financial goals that give your saving efforts direction and purpose. You can set multiple goals for a guaranteed 4% interest p.a. monthly on each goal. Whether you’re building an emergency fund, saving for a vacation, or investing for retirement, having something to strive for gives the sacrifice of saving real meaning.
5. Invest In Yourself
Saving becomes far easier if you have a comfortable income. By investing in courses, certifications, or even books, you can ramp up your earning potential and find better-paying employment or business opportunities down the road.
6. Beware of Impulse Purchases
If you see something you want to buy, sleep on it for a few days before tapping your savings. Giving yourself time to think over big-ticket purchases or even less costly expenses can help ensure you're making more thoughtful financial decisions.
If impulse spending is a big problem for you, consider opening a Maya Time Deposit Plus account. Not only will your money earn up to 6% p.a., but you’ll keep it safe from being spent on impulse buys that you might regret later.
7. Change Your Perspective on Saving
Money saved is just as valuable as money you earned. This is not a mindset that comes naturally to most people, and it must be actively developed over time. Having such a perspective can make it more difficult for you to spend money without thinking. Once it’s ingrained into your day-to-day living, wiser financial decisions will just come more naturally to you.
8. Don’t Deprive Yourself Unnecessarily
While it’s important to save, celebrating small financial milestones can strengthen your motivation to keep saving. Rewards don't have to be expensive—a nice dinner or a small treat can be all it takes to reinforce your progress and keep you committed to your savings goals.
9. Stay Healthy!
It goes without saying that even a mild chronic or acute illness or injury can affect your savings contributions and delay your journey to prosperity. Though health problems can’t always be avoided, maintaining a wholesome lifestyle will certainly put the odds in your favor.
To guarantee consistent growth in your net worth well into the distant future, don’t skimp out on healthy meals, exercise, and activities that keep you mentally sharp. Though economizing on these may save you a peso today, letting your health deteriorate will almost certainly be more expensive over the long run.
Grow Your Net Worth Effortlessly with Maya Savings
Maya Savings, Maya Time Deposit Plus, and Maya Personal Goals are the perfect wealth-boosting solutions for upwardly mobile Filipinos who enjoy the finer things in life. Maya Savings lets you save with a generous interest rate of up to 15% p.a. starting July 1, handily beating out other options in the Philippine consumer savings market. Maya Time Deposit Plus and Maya Savings Personal Goals can also help you passively ramp up your net worth. Maya Time Deposit Plus offers a substantial 6% interest p.a. credited monthly, and you can set a preferred tenor between 3, 6, or 12 months to safely lock-in your funds. On the other hand Maya Personal Goals ensures a guaranteed 4% interest p.a. credited monthly per goal. With Maya, you not only have a firm foundation for increasing your wealth but also more ways to comfortably enjoy your money without sacrificing financial stability.
