Many people dream of a life where they won’t have to worry about their financials. Picture this: living day to day doing the things you enjoy the most while still getting to provide for yourself. This vision is possible for anyone with the help of a savings account where you can put deposit your cash for safekeeping. With this, you can have peace of mind knowing that your money is in good hands.
Start saving risk-free today with one of the best savings accounts available in the Philippines: Micro Savings by Cebuana Lhuillier. We offer a very affordable way to save money while keeping it safe for your future. Open a savings account with us now!
When Is the Right Time To Start Saving?
Some say that you should open a savings account as soon as you get a job, but did you know that individuals as young as 7 years old can open a junior account in Cebuana Lhuillier? Yes, you can. This gives you the benefit of saving as soon as you have your own money, whether from school allowance, Christmas gifts, minor side gigs, or other sources.
The right time to save is as soon as possible. Even a small amount can go a long way, especially if you’ve reached the minimum amount that makes you eligible for earning interest. It means that the money you are saving little by little can earn you an additional amount by just keeping it there until you need it.
To save larger amounts and utilize interests, getting work can help you earn more money to put into your account. However, budgeting also plays an important role, so you also need to learn how to spend efficiently and save for your future. Additionally, you can do freelance work on the side to add more to your savings.
Advantages of Opening a Savings Account Early
Opening a savings account as soon as possible can help you learn how to budget well, prepare for emergencies, and purchase things with your own money. However, saving money is not that easy.
Whether you’re still studying or already working, budgeting might be the most challenging part of your saving journey. Here are some tips you can follow to save as much as you can with what you have:
- Use Public Transportation – Taking a taxi or a ride-sharing application may cost two to five times more than public utility vehicles. To save more money, learn how to commute, invest in a bicycle, or just walk to your destination if possible.
- Cook Your Own Meals – You don’t have to dine at fast food or fancy restaurants regularly. Cooking your own dishes allows you to save money as you can control the ingredients, variations, and portions of your meals.
- Stay Healthy and Safe – We often overlook our physical fitness, but looking after our well-being is always a must. Being sick or getting injured might mean having to shell out money for medical appointments, medications, and other expenses.
- Prioritize Essentials – There are many things you may want to buy but take a step back from the temptation. Purchase your essentials first. If you have excess money from that budget, you can save it for the things you want to buy.
- Track Your Spendings – This takes time, but it can surely help you plan for the next weeks or months. You can find out what you have spent the most on and then determine if you can make the budget for that item smaller moving forward.
How Many Savings Accounts Should You Have?
There are many things you can save for in the future: emergency, education, and personal expenses. To allocate your money well, you can opt to open several accounts as there is no limit to how many you can have. Ideally, four would do—one for each: monthly living budget, monthly utility bills, emergency funds, and savings goals.
You can open more accounts if you have other categories in mind, like sales from your business, but watch out for banks that require a maintaining balance. Going below that amount may have negative effects on your account.
The benefit of segregating your money into different accounts is that it can help you learn to stick to your budget and use it wisely. In addition, it can help prevent overspending so that you don’t use up other funds you have been saving for other important matters.
Where To Open a Savings Account in the Philippines
Anything you value certainly needs to be protected well. Your hard-earned money, which you have spent hours working for, deserves to be safely kept for you to use in the future. If you’re looking for a trusted instituion in the Philippines to start a savings account, turn to Cebuana Lhuillier. We offer a convenient and safe way to keep your money with our micro savings services.
By opening a savings account with us, you won’t have to worry about storing your cash inside your house. You can also keep an eye on your current balance through our 24K online portal.
Here are other benefits you can enjoy when you open a micro savings account with Cebuana Lhuillier:
- No minimum maintaining balance
- 500-peso minimum savings to earn a competitive interest
- Over 2,500 branches to deposit and withdraw
- Pay bills online
- Withdraw from Bancnet ATMs (fees apply)
Easy Ways To Add Money to Your Savings Account in the Philippines
Budgeting your hard-earned money can be difficult for many people as there are many factors you have to consider, such as bills and other essentials. Sometimes, you even feel the need to treat yourself after a tiring day at work. Treat yourself because you deserve it. However, you also have to be careful about overspending.
If you are having trouble putting money into your savings account, we have a few tips to help you save as much as you can:
- Take Advantage of Promos – There are times when groceries have vouchers or discounted bundles. If the items applicable for that are what you need, purchase them so that you can add the excess from your budget to your savings. Also be on the lookout for online sales, promos, vouchers, and discounts on your watched items.
- Think Before You Purchase – Many things like clothing and gadgets are tempting to buy, but it’s important to ponder on these items before purchasing. Give yourself at least two weeks to think about it. If you still want it by then, make sure to buy with only your specific budget dedicated to it. You should also research on where the cheapest selling place could be.
- Turn Your Hobbies Into Cash – Doing the things we enjoy can sometimes be costly. However, you can easily turn this thing around. If you have a passion for painting, drawing, crocheting, cooking, or baking, you can start a micro business to turn some profit and add some money to your savings.
Requirements for Opening a Savings Account
Before going to a bank or their portal to apply for a savings account, learn about their requirements. You can do this by visiting their website and checking the necessary items to bring. If you’re having difficulty searching for it, we have listed some of the common requirements when opening a savings account.
- Valid Government-Issued IDs
- Most Recent ID Photos
- Filled Out Application Form
- Cash To Deposit As Initial Balance
Once you have prepared the items mentioned above, you can apply for a savings account by visiting the nearest branch of your preferred bank or their website. However, it is still best to check with the specific bank for the exact requirements.
How To Open a Savings Account With Cebuana
Are you ready to start saving money with us? Here’s a step-by-step process of how you can apply for a micro savings account at Cebuana:
- Prepare the requirements – 1 government-issued ID, 50PHP minimum initial deposit, and 150PHP for your card
- Visit any of Cebuana’s Branches in the Philippines.
- Ask for a client customer information file sheet and fill it out.
- Submit it to the branch’s staff with your valid ID and initial deposit amount.
- Wait for approval.
- Pay the fee for your 24K card.
- Receive your card and account details.
Opening a savings account can help you effectively manage your funds and prevent overspending. Additionally, depositing your money with a trusted institution ensures that your cash safe and secure.
Prepare for your tomorrow now and live comfortably in the future. Open a savings account at the best micro-financial services provider in the Philippines, Cebuana Lhuillier. Feel free to message us for inquiries.