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Micro Savings in the Philippines: A Convenient and Affordable Means to Save Money!

Introduction

Saving money is one thing people aim to do but is often difficult to commit to. While banks and other financial institutions offer several options to help individuals start saving money, these services are not easily accessible to everyone. Low-income earners are at a disadvantage because most of the resources available to them often come at a high price.

Act of Saving

One of the essential aspects of accumulating capital and ensuring a stable financial future is by saving money. This gives you a way out of life’s uncertainties and allows you to lead a more fulfilling life. Setting aside some funds for emergencies allows you to prepare for situations that require unforeseen expenses. Having an adequate amount of savings can also give you the financial freedom to take more chances or try new things.

Importance of Saving

Why Do We Need Money?

Money isn’t everything in life, but it is a critical component to get us by. It allows us to provide for ourselves and our families and helps us accomplish all of our life’s objectives. Money also gives us the freedom to support the things we care about, such as our basic needs and education. Additionally, we can use these funds to provide charity to those in need.

Our finances also enable us to obtain some of life’s intangibles. Money can help us gain independence, maximize our abilities and talents, chart our own paths in life, and achieve financial protection.

How much money should you have in your savings?

What exactly is the point of all this money-making? How much cash do you require? Your lifestyle and material requirements determine the answers to these questions.

Your financial condition determines how much money you should have in your savings. Everyone has an opinion about the amount of money you should have in your bank account. The reality is, it depends on your financial circumstances. The funds for your daily payments, discretionary expenses, and the part of your savings that makes up your emergency fund should all be kept in the bank.

Money isn’t fascinating in and of itself. What matters most is what money can do for you. Money provides you with flexibility and options. When you have a good income or financial capital, you can choose where and how you want to live.

So, where do you get your cash? Preparing for a successful career is the best way to meet your financial and lifestyle goals. Money should not, however, be the primary factor in determining your career course. In an ideal world, your profession will include work that you enjoy and can connect with.

Micro Savings Philippines

What is Micro Savings in the Philippines

Cebuana Lhuillier through its banking arm, the Cebuana Lhuillier Rural Bank, has unveiled the Cebuana Lhuillier Micro Savings account to give more unbanked Filipinos access to banking services. Through Cebuana Lhuillier Micro Savings, the company supports and helps promote the advocacy of the Banko Sentral ng Pilipinas (BSP) for financial inclusion in the Philippines.

Cebuana Lhuillier Micro Savings is a savings account that aims to make banking more accessible to Filipinos. It’s similar to a standard savings account, except it doesn’t require you to maintain a balance. In addition, it only has as a Php 50 initial deposit fee and has fewer documentary requirements.

The minimum balance requirements are often waived or extremely low, allowing users to deposit their funds in small increments.

With Cebuana Lhuillier’s nationwide network of more than 2,500 branches, account holders can deposit and withdraw money whenever it is convenient for them. You can also use your card to make cashless transactions in any of the 350,000+ Unionpay and Bancnet-accredited retail stores and withdraw cash at any of the 21,000+ Bancnet ATMs nationwide.

What is the procedure for opening a Cebuana Lhuillier Micro Savings account?

Fill out the Client Customer Information File Sheet and submit the following to any of Cebuana Lhuillier’s 2,500 branches nationwide:

  • 1 Government-issued ID
    • Birth Certificate (applicable to minors only)
    • Student ID (applicable only if the student is currently enrolled)
  • A minimum initial deposit of P50
  • P150 card fee (for clients without 24k card), P75 for card upgrade (for existing 24k card holders)

Benefits of Micro Savings in the Philippines

Since a micro savings account is less expensive and has fewer documentary requirements than a traditional bank account, it is a way for low-income families or individuals to save money and take control of their future.

Cebuana Lhuillier Micro Savings accounts are also available to children as young as 7 years old, so parents can teach their kids about responsibility and the importance of managing their finances.