As a young adult, having your own money and source of income can feel liberating. This is the time when you want to buy all the things you didn’t get to have as a child. Most of all, being a young adult means you don’t have much responsibility except for yourself and your family. This makes it tempting for you to spend on things that aren’t necessary, especially with the convenience of online shopping.
While spending on the things you want is essential, most people need to see how crucial this period is to the future of your finances. As a young adult, you should start early on your investments and savings. This way, you can save for your retirement early and not cram on your savings by the time you get closer to needing it.
Join us here at Cebuana Lhuillier as we explore the importance of money management to young adults. Let us help you apply for a Micro Savings account to get started on your savings journey!
Importance of Money Management for Young Adults
Money management is all about learning the process of saving, investing, budgeting, and overseeing the use of your finances. It doesn’t sound like a lot of fun, but did you know that young adults who manage their money well tend to be happier than those who don’t? Experts suggest that people with savings are less likely to be depressed because they feel more secure with their finances and are more satisfied with their lives.
Aside from the psychological benefits, money management can also help you foster healthy financial habits. These habits can enable you to prepare for life’s milestones, like getting married, having kids, or purchasing your first car or house. You can look forward to a brighter future if you have sound financial management skills.
Ways To Maximize Your Micro Savings Account for Money Management
Just like typical bank accounts, Cebuana Lhuillier’s Micro Savings services allow you to save money and earn interest. However, they are catered more to low-income earners because they have low maintenance requirements. Once you apply for a Micro Savings account, you can use it to manage your finances in the following ways:
Pay Your Bills Easily
Paying bills is a part of healthy finance management. With a Micro Savings account, you can easily pay your bills online through the eCebuana app. Just access the Bills Payment section in the app and choose which bills you want to pay. The amount will be automatically deducted from your Micro Savings account. This way, you can just pay your bills in the comfort of your home!
Build Your Savings
For people with low income or little budget, saving enough money can prove difficult. However, a Micro Savings account can help you build the confidence to save. Unlike other financial products offered by banks, Micro Savings services do not demand big deposits and high maintaining balances. At Cebuana Lhuillier, you only need a minimum of ₱50 per deposit with no maintaining balance required.
In addition to your savings, you can also earn a 0.20% interest rate per annum. This is as long as you keep your balance within the minimum required to make interest.
Track Your Expenses
A Micro Savings account can help you track your expenses, especially if you have the app. Every time you deposit or withdraw from your account, the app will keep a record. It will also keep track of your online transactions when paying bills or transferring cash to other bank accounts.
Send and Receive Money Online
A Micro Savings account makes it easier for you to send and receive money online. With your Micro Savings account and eCebuana app, you can access local or international remittance services and send money anywhere you want. You can also receive cash from local and international locations, as long as you have the reference number for the transaction. The amount you receive will automatically register to your Micro Savings account.
Stick to Your Budget
With a Micro Savings account, you are more compelled to deposit your money for savings instead of using it for unnecessary purchases. Having easy access to a savings account can also help you develop a healthy budgeting habit. It also encourages you to follow a stricter rule in allocating your finances towards your needs, savings, and emergency situations.
Check Your Balance
When you use your app to access your Micro Savings account, you can automatically check your current account balance. This will help you keep track of how much you have in your savings. Monitoring your account balance also lets you know whether your bank is eligible to earn interest.
Apply for a Micro Savings Account at Cebuana Lhuillier Today!
There is no better time to start saving than now! Join us at Cebuana Lhuillier and build a brighter future for you and your family. Here, we offer Micro Savings account services to help you save money, earn interest, and enjoy hassle-free banking services.
There is no need to worry about hefty deposits or high maintaining balance requirements. Micro Savings is the ultimate bank account for low-income earners who want to save even the smallest amounts.
To apply for a Micro Savings account, you can fill out the Cebuana Lhuillier Micro Savings application form available in any of our 3,000+ branches nationwide. You can also sign up through the eCebuana app and register your account by completing the Cebuana Lhuillier Micro Savings online application.
A Micro Savings account is an integral part of the life of a young adult who doesn’t earn much but still dreams of being financially free in the future. It signifies your responsibility for yourself and your finances, and it shows that you are trying to be well-prepared for the years to come.
Save for your future starting today! Contact us for your inquiries.
Cebuana Lhuillier Micro Savings is a product of Cebuana Lhuillier Rural Bank. Deposits are insured by PDIC up to P500,000 per depositor. Regulated by the Bangko Sentral ng Pilipinas with contact number (02) 8708-7087 and email address co[email protected]. A Proud Member of BancNet and UnionPay.