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    Home»Business»Saving is Rewarding
    Business

    Saving is Rewarding

    Mommy IrisBy Mommy IrisJuly 30, 2019Updated:July 30, 2019No Comments2 Mins Read
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    We all look forward to those special days of the month when we finally get our due for our toil: PAYDAY. For many, that day comes with relief and excitement.

    That is, the excitement to go reward themselves with a special meal with family or friends (samgyupsal anyone?), that pair of sneakers they’ve long been eyeing, or a nice new toy to add to the Funko collection.

    But while self-reward is vital, some tend to overdo this at the expense of the need to save.

    A Bangko Sentral ng Pilipinas survey on consumer expectations for the first quarter of 2019 showed that only 36.6 percent of Filipino households have savings.

    This means 63.4 percent of Filipino households do not. Add to this, too, that as of 2017, only 22.6 percent of Filipino adults had formal financial accounts (bank, e-Money, microfinance, cooperatives), and the rest remain unbanked, according to BSP’s Financial Inclusion Survey that year.

    With the rise of financial technology, new platforms have emerged to provide ease not just in payments but also in saving. Leading mobile wallet GCash is encouraging its users to save more: deposit at least P1 peso for the first time in your GSave account and get a share from a pot of P2 million.

    So why save? It’s rewarding! Here are some reasons why:

    1- PEACE OF MIND

    Having spare money is vital in having a feeling of security in case of an emergency. Scrounging for cash in the middle of an unexpected event is highly stressful, so building savings as an emergency fund is important.

    2- SEED MONEY FOR HIGH-YIELD INVESTMENTS

    With consistency, savings reach a certain level over time that it could serve as seed money for investments with high returns, such as stocks, bonds or mutual funds.

    3- INCREASED HAPPINESS

    Having savings mean freedom from financial uncertainty and insecurity, and this ultimately leads to increased happiness, according to a 2013 survey by Ally Bank of the United States. Respondents in the survey said having spare money in the bank enhanced their well being even more than having a good job, doing regular exercise, or having a healthy meal.

    So how about starting your own savings? Start with just a peso. It will go a long way.

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    Mommy Iris
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    I'm a lifestyle and mommy blogger from the Philippines. Pinay Ads was created to share bits and pieces of my life and my family. I have a wide array of interests that include entertainment, movies, music, gadgets, traveling, food, baking, and more. So, I hope you’ll stick around and enjoy reading!

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