Millennials are already approaching their 30s, with the youngest ones turning 27 in 2023. At this point, having enough savings for the future can no longer be considered as a mere “want” but more of a “need”. After all, we cannot rely on our parents forever! With rising costs of living, it’s been hard for me to control my finances but I somehow got the knack of it with Maya’s features that not only helped me, but also somehow forced me to keep my money in the bank.
Here are a couple of tips that worked for me, in case you may want to include them in your to-do list this 2023:
Keep your money in a safe and reliable BSP-licensed bank
Although it’s originally known for being an e-wallet (as PayMaya), Maya has expanded to digital banking services earlier this year and they’re even licensed by the Bangko Sentral ng Pilipinas (BSP). Deposits via Maya’s Savings feature are insured by the Philippine Deposit Insurance Corporation (PDIC) for up to Php 500,000 per depositor so there’s nothing to worry about. But again, still best to be very vigilant in case you come across phishing links and scam tactics. Ensuring your money’s safety should always be the first step towards your main goals.
Choose a bank with a high interest rate (Maya has 6% interest per annum!)
When I started working, I didn’t really care about interest rates as long as banks kept my money safe. It was through the Maya savings feature where I realized that I can definitely grow my money after seeing the fruits of a 6% interest rate. Maya offers daily savings interest crediting that can be tracked via the transaction history. Although they initially offer a 4.5% interest rate p.a. (which I think is already high!), Maya users are entitled to raise it up to 6% for another 30 days just by using the Maya app (pay via QR, card, or mobile number, settle bills, or buy mobile telco load) for an accumulated spend worth Php 250 and up.
You can leave your money under your Maya Savings Account or Personal Goal and let it grow passively. To help you understand how much you can earn, let’s say you deposited Php 100,000 this December, you’ll be able to gain as much as Php 1,185 in just three months of actively maintaining your 6% interest rate p.a. by 2023. For traditional banks, saving for the same duration will only earn you around P200 or less!
Assign Personal Goals and DO NOT withdraw them ‘til the end date
Maya forced me to save up, thanks to their Personal Goals feature under the Savings tab – which also offers 6% interest until December 31, 2023. Because of the due date and goal amount that can be assigned to up to five active goals at a time, I felt the pressure and the need to deposit part of my monthly salary to every active bucket as I got closer to the due date. It helped me manage my finances – from monthly bills, travel expenses, to future savings. Plus, there’s a pang of guilt whenever I’m tempted to cancel a goal because that erases my record of putting in hard-earned money monthly. The money just goes back to the Savings tab, though!
Transfer funds via username instead of mobile number to avoid typos
As someone who is always in a rush, I sometimes make typos before sending money if QR is unavailable. Good thing Maya recently launched personalized usernames that can be used in place of mobile numbers. No need to memorize and input 11-digit numbers anymore! You can use your name or a pen name that is easy to remember for a hassle-free transaction. Just tap “Send Money”, key in the recipient’s @username, input the amount to send, tap “Continue” and “Send” and you’re good to go!
Try crypto if you’re feeling adventurous (and only if you have extra funds)
Although it’s a volatile market, you may want to try crypto if you have extra funds. There’s no assurance whether or not a year is enough to grow the cryptocurrency of your choice but if one of them kicks off, you’ll surely reap the fruits of your investment and possibly reach your 6-digit goal faster. Maya offers an in-app crypto guide, an all-in-one interface where you can buy and sell crypto, and 19 cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin.
Maximize missions and money management tools
Aside from Savings, Maya also has other features that have helped me in tracking my finances. Through the app, I was able to request for a bank certificate for VISA application and other legal purposes, get a copy of monthly bank statements in just a few taps, earn cashbacks during promo months, join in-app raffles through the Missions tab, and receive a virtual card that can be used for transactions that require a VISA credit card.
At the end of the day, meeting our financial goals will fall in our hands and how disciplined we are in handling our money. While there are uncontrollable factors to consider (e.g. inflation, lack of job opportunities, family debts), still take the time to go through investment and savings tips from reliable sources online, too!
Here’s to wishing that we meet our financial goals this 2023! Download Maya—your all-in-one money app at the Apple store and Google Playstore. And follow Maya on Facebook for more updates. To know more about Maya’s latest offers, check out maya.ph/deals.