Published: June 4, 2020 | Updated: July 27, 2021 | Posted by: Ricky Publico | Sponsored Content
Have you ever found a PHP 100 bill tucked inside your favorite jacket’s pocket by chance? There are moments in life where you sometimes get more than what you need. Have you thought about where you can save your extra money instead of spending it immediately?
It’s okay if you haven’t. After all, you deserve to treat yourself once in a while. But in the spirit of being practical during a crisis, you can always choose to save and grow your extra money lying around. If you don’t know what to do with it, here’s a list of money saving ideas.
Table of Contents
Say you saved a few bucks from your recent grocery run. Instead of doing your next online lockdown shopping spree, why not keep it in your account? One of the several money saving ideas is to keep your extra money in your low maintaining savings account so it can at least grow a little. Regular savings accounts can earn you up to 0.25% per annum.
But if you want your extra savings to grow faster so you can navigate the new normal better, you need to put it on a high-interest savings account. It’s one of the best money saving ideas because digital banks in the Philippines offer the highest interest rates out there. These rates can go as high as 4% per annum, which will definitely fast track the growth of your money.
Take for instance the ING Savings Account from ING Philippines. It has a high yield of 4% interest rate per annum on your savings, with no minimum balance required (for a balance of up to P10 million). To illustrate, here’s a comparison of earnings between a regular savings account and an ING Savings Account:
The best part? You can open an ING Savings Account using your smartphone. Download the ING Philippines app from your app store, prepare the requirements, follow the instructions on-screen, and you’re ready to grow your extra savings. No need to risk going outside. Stay at home and worry less about your finances with an ING Savings Account.
ING Savings Account Requirements
Once your documents are ready, just follow these simple instructions to complete your application in around 10 minutes.
Another good saving option out of all money saving ideas is building your emergency fund. After all, it is as important as building your savings. If you haven’t started, do it now while you’re still earning money from your work-from-home setup.
Take advantage of savings accounts with higher interest rates. Open a separate ING Savings Account and you can grow your savings faster versus other banks. You can also withdraw anytime when the emergency comes, at no fees.
Starting an investment fund is one of the best money saving ideas you could try, and for good reason. Since the quarantine will probably last for a few more weeks, make your extra savings work for you by adding them to your chosen investment. All you need is a minimum of PHP 1,000 and some determination. Here are some beginner-friendly options:
Maybe it’s time to dream bigger when it comes to deciding where to put your extra savings. Instead of just saving it, add it to your business capital instead. Let your spare cash become the foundation of your dream business. And while you’re stuck at quarantine, it won’t hurt if you open a high-interest savings account solely for growing your business capital.
By being more forward-thinking and resourceful, you can use your quarantine time to make your money prosper. Follow one, two, or all of these money saving ideas and don’t let your funds gather dust. Every little amount can help you reach your financial goals, even if it’s just a surprise PHP 100 bill from an obscure pocket.
This article was created in partnership with ING Philippines. Open an ING Savings Account and enjoy a 4% interest rate per annum with no maintaining balance and fees. Visit the ING Philippines website to learn more!
Ricky is the zaniest Senior Content Writer at Moneymax, with over five years of writing experience in the digital marketing industry. He is a huge fan of pro wrestling, smartphones, and binge-watching. Follow Ricky on LinkedIn.