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Money Matters: How To Save Even if You Don’t Earn a Lot

A Man Searching What Is the Best Bank To Open a Savings Account In, Person Using a Piggy Bank and a Laptop


People want to earn money to have a better life. We all want to be able to afford basic necessities, such as food and shelter, without worrying about financial constraints. Furthermore, we also want the freedom of earning our own income.


However, for you to attain all of these, you must first invest in your education to obtain the skillset that can make yourself more valuable to potential employers. And once you have landed a role that makes you feel satisfied with what you are doing and how much you are earning, you can now focus on what is ahead of you and start setting aside money for things you want, trips you want to go on, and more.


At Cebuana Lhuillier, we can help you set aside funds for the future by providing the best savings account for you. Our company was formally established in 1988, and we now own and operate various businesses that offer a range of financial services, including pawning, remittance, microinsurance, micro savings, and micro loans. With us by your side, you can now consider your search for the best bank to open a savings account is officially over.



Average Income of Filipinos 

Experts from the Philippine Statistics Authority shared that “the average income of Filipino families from January to June 2021 was estimated at Php 149.98 thousand.” They noted that “this [figure] is higher by 0.2 percent from the Php 149.71 thousand in the same period of 2018.”


Apart from the income increase for most people, key differences in spending patterns between low- and high-income families have also been noted. They shared that “expenditure on food remained to have the biggest share in [total expenditures]. Families in the bottom 10 percent income group spent 59.8 percent of their total expenditure on food, [while] the upper 10 percent income group spent only 28.0 percent of their total expenditure on food items.” This trend is also seen in other expenses, such as housing, water, electricity, gas, and other fuels.



Ways Low-Income Earners Can Save 

Here are a few things to keep in mind if you want your money to grow after opening a savings account:


Prioritize Your Health 

In order to be healthy and live a long life, you need to take care of yourself and be mindful of your body’s needs. You should always prioritize your health over anything else and ensure you get enough rest and nourishment. Aside from your physical well-being, you must also pay close attention to your mental state.


Prioritizing your mental health is crucial as it affects your mood, productivity, and ability to function. Many people find themselves in a rut if they are working nonstop, constantly exerting effort to meet one deadline after the other. This is why it is essential to take a step back and give yourself time to rest and enjoy life to remain healthy.


Be Frugal but Not Extremely Thrifty 

Thriftiness is a virtue that each one of us must live by. On the other hand, frugality means being conscious of your money and spending habits. These two are closely related, and they are traits that one must possess after figuring out which is the best bank to open a savings account in.


Saving money can be a daunting task for some people. Some people will be very frugal with every purchase and spend their entire paycheck on rent or groceries. In contrast, others might start impulse buying things they don’t need (or even want). Ultimately, there are many ways to be frugal without being excessively thrifty. The key is not to save a lot of money but to find creative ways to use it.


Take Advantage of Sales and Freebies 

Companies give sales and freebies to grab the attention of their target audience. These enterprises want to promote their brand and make themselves stand out from their competition. Additionally, one of the main reasons people take advantage of these offerings is because they offer a good deal on products already available on the market.


However, not all of these promos are worth it, so don’t be swayed to buy something just because you saw a buy 1 take 1 deal or a 50% off sign right above an item. You must research before making a purchase or signing up for any deal. This way, you can avoid paying for something that is not worth the cost.


Find a Source of Extra Income 

There are many ways to find a source of extra income. However, it is important to choose a business that will not take up too much time and effort. After all, you don’t want to arrive at your office for your full-time role the following day without any energy to complete your tasks.


With the rise of modern technology, there are now many ways you can make extra income. One of the best ways to do so is to start your own business. It may sound intimidating, but you have to keep in mind that you don’t actually need to set up a physical store to do so. In fact, this can be done by simply starting a blog, selling products you create, or even doing freelance work.


Make a Habit of Saving Money 

The first step to saving money is to make a habit of doing it. If you want to save money, you must be able to put away some amount of your income every month. One of the best ways to do this is by automating your savings using software applications like eCebuana.


You can also create a budget that outlines how much you want to spend on different things (food, entertainment, etc.) and how much you want to put towards monthly savings. This will help ensure that your spending is within your means and show where your money goes each month.



Cebuana: Helping Ordinary Filipinos Anytime, Anywhere 

If you’re still at a loss for which of the best banks in the Philippines to create a savings account in, Cebuana Lhuillier has got you covered. Our micro savings services provide Filipinos a more convenient and affordable way to set aside their hard-earned money for another day. All you have to do is maintain a Php 500 minimum balance to earn an interest rate of 0.20% per annum!




There are many ways to save money, but the most important thing is to set a goal and stick to it. Whatever you can keep, you should put it towards something meaningful and never let it go back into your pocket again.

Start by looking for the best bank to open a savings account in. Luckily, with Cebuana Lhuillier, you won’t have to search for too long. Feel free to get in touch with us today or visit one of our branches to learn more about how we can help you!