Showing posts with label Savings. Show all posts
Showing posts with label Savings. Show all posts

Sunday, January 15, 2023

New Year for a new 'Ipon' or Money Saving Challenge

2:16:00 PM


New year, new beginning! Every year, people write down their new year's resolutions. One of these resolutions is learning how to save or practicing to save. We all know that saving money is not easy but entails dedication and commitment to do the deed. Thus, the birth of 'ipon' or the money-saving challenge.

The majority of Filipinos, like me, love to save. Remember, when we were kids, we used to have that small or big tin canister with a slot for inserting coins? We would keep a portion of our 'baon' or allowance and put it into that improvised coin bank. Our reason for that is because we wanted to buy something. We have a goal! And that goal varies for each person. That's where it starts, our fondness for saving. 

At that time, we don't have any savings calculator to help us compute, like how much we need to save per day. Now, kids don't have to guess how much they need to save per day. All they need to do is work their fingers at the computer and viola, they can already know much it will be. 

As we grow old and responsibilities build up, our process of saving money evolves. Some of us keep our money in the bank, and others invest in business or stocks. No matter what, there's always that thing, the goal.

Most of us who participated succeeded in doing the 'ipon challenge' (money saving challenge) and are definitely in for another round of the challenge. This time, more challenging and a larger prize.

It's not the amount that drives us clearly to save, but the activity and the thrill of the deed of saving money.

There are many different types of savings goals that we can consider. Of course, we always regard the variables in our life to save money, like our financial situation and priorities.

Here are some examples of savings goals. As I mentioned, it varies depending on the variables.
  • Down payment for a house.
  • Saving for a child's education.
  • Saving for a vacation or major purchase.
  • Having an emergency fund.
With our goal listed, here are some steps we can take to help us achieve our saving goals: Determine our goals: The first step is to understand what we want to save for and how much money we will need. It can help us determine how much we need to save each month for our goal.
  • Make a budget: Look at the income and expenses and attempt to reduce the spending in areas where we can then use the money to contribute to our savings goal.
  • Set up automatic savings: Let us consider setting up automatic transfers from our checking account to our savings account to help us save consistently. It makes it easier to save without having to remember to do it manually.
  • Track our progress: Keep track of how much we have saved and how close we are to achieving our goal. It can help us stay motivated and adjust and make adjustments to our saving plan if needed.
  • Find ways to increase our income: Look for opportunities to earn extra money, such as taking on a side job or selling items we no longer need. We can use the extra income to boost our savings.
  • Stay motivated: It can be easy to get discouraged when trying to save, especially if we have a large goal. Find ways to stay motivated, such as setting small goals along the way or rewarding ourselves when we reach certain milestones.
Always remember it's important to be patient and consistent when saving. It may take time to reach our goals, but with discipline and determination, we can achieve them.

Tuesday, August 2, 2022

Sharing This: How do you spend your first paycheck? A finance expert weighs in

12:21:00 AM


Let's talk about money and savings. 

When one begins to start earning their own money, one of the most daunting tasks is learning how to manage it. Senior Financial Advisor, Certified Associate Financial Planner, and content creator Antonette Aquino shares tips on how to build good financial habits for yourself as early as your first job, or if you’ve been working several years and want to improve on your money management:

  • 1.Prioritize spending on needs and avoid splurging on things that will not bring you value in the future. Aquino also says that we can treat ourselves once in a while to enjoy the fruits of our hard work…for as long as it doesn’t jeopardize our future.
  • 2.Pay yourself first. Before paying for bills, commit to setting a percentage of your income to savings and investments. This includes putting money into your investment accounts and buying insurance. Make sure to do this consistently!
  • 3.Use the bucketing method to separate your finances. For people who are still trying to get the hang of saving, Aquino recommends trying out the bucketing method which allows you to have a clearer view of your spending and saving habits when all your funds are separated. Instead of having all of your money in one savings account, It is best to have four kinds of accounts:
    • a.Operating Fund - Allocate money for recurring expenses such as quarterly, monthly, or annual bills in this account.
    • b.Emergency Fund – Allocate 20% of your income to this account for unforeseen expenses such as a medical emergency or a job loss.
    • c.Financial Freedom Fund – This account is for the achievement of life goals and dreams, which include retiring early or going back to school.
    • d.Happy Account – This account is for all of your leisurely expenses like travel.
  • 4.When you earn more, don’t immediately upgrade your lifestyle. If you continuously level up your belongings and lifestyle every time you earn more money, you will never be able to hit your targets. Remind yourself to live below your means until you’ve begun to hit them.
  • 5.The longer you put off investing, the harder you’ll need to work to get to the same level of financial freedom as someone who starts investing earlier. If you start saving and investing as soon as you start earning, you will reap the benefits of financial freedom sooner rather than later.
  • 6.The importance of saving money is simple: It allows you to enjoy greater security in your life. If you have cash set aside for emergencies, you have a fallback should something unexpected happen. Once you’re in the habit of saving, you’ll forget there was ever a time when you didn’t save. In this area of life, the habits you build will make all the difference.

Start your financial journey with GSave
For those who want to begin their journey to financial stability, look no further. GSave, the first-ever savings account which you can open and maintain on your GCash app, has now built the GSave Marketplace — helping you control your money conveniently through safe and secure digital banking.

The GSave Marketplace lets users select a bank partner depending on their needs. Whether it’s interest rate or account accessibility, GCash provides trusted bank partners for you, including CIMB Bank and BPI.

With CIMB Bank, your money can grow at 2.6% interest per year - one of the highest rates in the country.. Meanwhile, with BPI, users can now open a BPI MySaveUp account through the GCash App, allowing them to easily view their balance, deposit and withdraw at their own convenience. BPI account holders will also be issued an ATM card for their account, so they can access their funds via BPI branches and ATMs nationwide.

Following through with its promise to provide a hassle-free experience to its customers, all you have to do to start your banking journey with GSave is a valid ID to verify your GCash account. Through GSave Marketplace, users can rely on and easily access where users can choose from a variety of saving products.

Get started on your savings today with GSave!

To know more about the service, visit

Tuesday, July 19, 2022

GCash and BPI seek to reach unbanked with BPI #MySaveUp

11:28:00 PM


There's always the need to save and probably saving is one of the weaknesses of Filipinos. We tend to live by the minute but if we want to make our lives better than usual, learning to save help. 

Did you know that 53 million Filipinos have no bank accounts? That is a staggering 69% percent of the country’s population from BSP’s Q3 2021 study.

The problem? Access. Many of them lack the documents required to open bank accounts. They opt to just keep their cash at home for easy access in case of emergency.

To encourage more Filipinos to go into formal banking, GCash, the country's leading e-wallet, recently partnered with the Bank of the Philippine Islands (BPI) to reach unbanked Filipinos, particularly working millennials.

This is part of the top mobile wallet’s continuing innovation to empower Filipinos and find solutions to digitalize their financial transactions, including paying for their purchases and bills, sending money to their loved ones, and building up their savings so they can have greater financial security and freedom in life.

The partnership between GCash and BPI offers BPI #MySaveUp, an in-app feature in the GSave marketplace.

"The goal of GSave Marketplace is to provide savings account options that would best fit their needs," Winsley Bangit, chief customer officer at GCash said. “The collaboration with BPI allows GCash users to enjoy the bank's wide reach and services nationwide. BPI #MySaveUp gives the underbanked and unbanked Filipinos access to formal banking through the GCash app.” 

Helping further scale up financial inclusion, BPI #MySaveUp paves the way for unbanked Filipinos to easily apply for and own a formal and all-digital account sans the long application process, allowing them to start their saving journey and achieve their financial goals while earning higher interest rates.

Through this partnership, doing financial transactions and managing an account become plain sailing thru their GCash account or BPI mobile app. This new feature also offers free fund transfer from a user’s BPI #MySaveUp account to his GCash wallet and vice versa.

Users also have an option to get a BPI Debit Mastercard in any BPI branch for only P150 so they can access their account and withdraw from thousands of BancNet and Mastercard ATMs worldwide.

"We, at BPI, are committed to realizing our vision of building a better Philippines. We are committed to continuously pursue financial inclusion programs in support of the BSP's goal for 70% of adult Filipinos to have formal financial accounts by 2023. This partnership with GCash brings us closer to this target as we provide more Filipinos a path towards financial wellness," said Maria Cristina L. Go, Executive Vice President and Head of Consumer Banking at BPI.  BPI #MySaveUp users can also win monthly prizes. Every Php 10,000 saved by the end of the month or have at least Php 3,000 worth of valid transactions within the month earns them 1 #Coin which they can use to buy a game card to win electronic GCs or eGCs from BPI. Applicants can open their BPI #MySaveUp account on their GCash app. They simply need to click the GSave icon then choose BPI #MySaveUp. Once in, they can open a savings account and proceed with using their GCash profile. After receiving the email confirmation from BPI, they can then finally start accessing BPI #MySaveUp. 

For non-GCash users, they just need to download the app, upload one valid ID and wait to be verified. Once done, they can enjoy all the products and services of GCash. 

Saturday, March 9, 2019

Cebuana Lhuillier Introduces Micro Savings with their Campaign #KayaNa : Unbanked Filipinos No More Movement

6:30:00 AM

One of the country's leading microfinancial services company, Cebuana Lhuillier, recently introduced the Cebuana Lhuillier Micro Savings, enforced with their campaign  #KayaNa : Unbanked Filipinos No More Movement. This is a more convenient and affordable means to save the individual's hard-earned money.

This newest product of Cebuana Lhuillier will create the company to be the cash agent of the Cebuana Lhuillier Rural Bank (CLRB), a platform for Filipinos to overcome the barriers of saving.

This move of Cebuana Lhuillier is to encourage Filipinos to save the proper way, instead of opting to keep the savings at home. The lukewarm attitude of the masses towards opening a savings account is attributed to the barriers to saving in banks. The lack of access to banks among the country's many cities and municipalities remains as the top deterrent, according to a BSP study. In fact, only 33% or 551 cities in the Philippines have access to banking institutions. The numerous documentary requirements is a major turn off for many, along with the high cost of initial deposit, high maintaining balance, as well as , high dormancy charges.

To address this barriers, Cebuana Lhuillier's Micro Savings enables Filipino to open an account with only one valid ID and a minimal Php50 initial deposit as requirements. The good thing about Cebuana Lhuillier's wide network is that they have around 2,500 retail infrastructures that you can deposit.

During the unveiling of Cebuana Lhuillier's Micro Savings, Sen. Chiz Escudero gave a short talk and facts about savings with some few data about the financial situation of the Filipinos, most especially when it is about opening a savings accounts.

Few words from the President & CEO of Cebuana Lhuillier Jean Henri Lhuillier, "With BSP's basic deposit framework, Cebuana Lhuillier Micro Savings completes the full roster of our services, all designed and developed with financial inclusion in mind. We've come full circle - from offering collateralized loans or pawning, remittance service, micro insurance and now, micro savings - all of these products were designed with Filipinos from all walks of life in mind especially the unbanked and underserved, who would not have access to these financial services given their circumstances in life."

Aside from the Micro Savings product, Cebuana Lhuillier also launched their eCebuana app which allows micro savings users to check their balance and send money through remittance, as well as load prepaid credits to their phones, and pay their bills.  This app is just the first step in a long line of innovations connected to the micro savings product.

With developments Cebuana Lhuillier pushes to adapt a new philosophy, which is called the financial wellness. This allows more and more Filipinos to steer their own direction and be captains of their own ship.

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Hi!, This is Marco a.k.a. Toto Blogger and Publisher. I created this blog to provide stories, personal experiences, entertainment, and insights on products I like. I'm here to share and inform you (readers) on things about music, movie, food, travel, and events.

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