News & Events

3 Advantages of Opening a Savings Account As Early as Your Teenage Years

Some say that the teenage years are always the best years in a persons’ life. For the most part, that holds true. High school/college life, being with friends, having no job, no bills to worry about, enjoying the summer vacation, etc. However, such stage in life is also the perfect opportunity to develop one of the most valuable skills in managing one’s finances, namely, saving. A great way of doing this would be to open up a savings account. You may ask, what are the advantages of opening a savings account as early as your teenage years? Well, here are just a few of them:

1) Being able to save for college expenses.
Opening up a savings account during your teenage years would enable you to save up early in your high school years as well, meaning, depending on how much you save a month, you may be able to come up with a preliminary fund for your college years. We are not talking about your college tuition fees, as those are definitely handled by parents. Rather, we’re talking extra fund for all of those college expenditures outside of the usual school fees, such as immersion trips, costly school projects, donations for outreach programs, etc.

2) Learning the value of money.
During your younger years, you may find yourself enjoying too much of your parent’s budget, with not a care in the world. You don’t earn it, you don’t put much thought into it. Hence, you do not make any necessary steps to save. Things may take a turn if you open up your savings account. Not only would you learn the value of money as whole, but would also realize the importance of money once it’s all used up. Saving teaches discipline in budget; it makes you WANT to save, as you know the absence of savings would mean “no amount left for school projects” for you. This learning can be enriched and brought all the way through your adult life. If you develop this discipline now, you may not have a hard time saving in the latter part of your life.

3) Being able to help with the household expenses.
If you’re the type of person who cares for the household expenses, then deciding to open a savings account would be the perfect opportunity for you to show more of that. Saving a few amount monthly would help come up with emergency funds, just in case sudden expenditures arise. Your parents would greatly appreciate your efforts, while at the same time be able to trust you in handling further money matters. It’s not every day that you’d be able to show your maturity in financial matters, hence, this would be a chance for you to show that you can do well when trusted with money.

With all of that being said, you’re probably looking for an insitution that you’d be able to trust with all of your life’s worth of savings. Look no further than Cebuana Lhuiller’s Micro Savings Account. Initially offered in Cebuana Lhuillier Rural Bank (CLRB), it is now available through our entire Cebuana Lhuillier branch networks. Simply put, you can use your 24K card at any of our close to 2,500 Cebuana Lhuillier branches in order to withdraw your savings. With a minimum deposit amount of only P50 and no minimum maintaining balance, it’s incredibly easy to apply for one. You can even check your savings via our SMS service, reliable and ready to serve you 24/7. Visit your nearest Cebuana Lhuillier branch now – we assure a fast, easy and secure transaction.