5 Spooky Money Myths Busted with the help of Maya!

5 Spooky Money Myths Busted with the help of Maya!

Thursday, October 26

This Halloween season, Maya, the #1 digital bank in the Philippines, is ready to unmask your financial fears! We're about to bust some common money myths that have been haunting your money moves. With Maya, you can wave goodbye to these misconceptions and master your money effortlessly. 

Myth #1: “Opening an online bank account is tricky and not safe.” 

Many believe that online bank account opening is complicated and poses security risks. However, with Maya, it's as easy as a few clicks. You can open a savings account without any minimum balance requirement, needing only one valid ID. Maya is not only user-friendly but also safe and secure as it’s regulated by the Bangko Sentral ng Pilipinas and deposits are covered by the PDIC up to P500,000, providing peace of mind for your online banking journey.

Myth #2: “Your money sleeps in a savings account.”

Some believe that stashing money in a savings account means it's just sitting there, dormant. Yet, with Maya, your money is anything but idle. Saving with Maya allows you to boost your interest up to 14% p.a. every time you use it for payments. Your money doesn't sleep; it grows as you spend.

Myth #3: “It's hard to save for big ticket items.” 

Saving for big-ticket items can be daunting, but Maya is here to make it easy and fun. Whether it's a dream vacation, your future dream home, or any significant purchase, Maya's Personal Goals feature empowers you to save smartly with a fixed 4% p.a. interest, ensuring your big dreams become a reality. 

Myth #4: “You need a lot of money to invest.” 

Many think that investing is only for the wealthy. But with Maya Funds, you can start your investment journey with as little as P50. You don't need a fortune to begin building your wealth. 

Myth #5: “Borrowing money is bad.”

Many people think that borrowing money is something negative, but the truth is: not all credit or loan products are cursed. Borrowing money can help finance a big purchase or handle an unexpected expense without drying up your savings. This is why Maya Credit is here to the rescue, as it offers up to P18,000 cash in a flash, helping you navigate financial challenges without fear. 

This Halloween, let Maya dispel these money myths haunting your financial journey. It’s time to embrace Maya's suite of financial treats on money management. 

Don’t let any money myth spook you again by learning about proper financial management and Maya. Visit maya.ph and mayabank.ph, and follow @mayaiseverything on Facebook, Instagram, YouTube, and TikTok.

Read More

Rakuten Viber partners with Taxumo to empower more MSMEs

Rakuten Viber partners with Taxumo to empower more MSMEs

Monday, March 13

 

Follow Taxumo on Viber for tax compliance tips, exclusive perks and more

Starting a business has always been challenging. For micro, small, and medium enterprises or MSMEs, the burden of ensuring business success falls on a few individuals and, in some cases, just one. For most entrepreneurs, taxes take time and attention better spent focusing on operations.

Leading messaging and conversational commerce app Viber continues to champion MSMEs and empower their businesses as it allies with online tax filing and payment platform Taxumo.

Launched in 2016, Taxumo, an affordable online tax compliance tool, offers solo entrepreneurs, self-employed individuals, professionals, and even corporations its real-time tax calculation and automated tax filing. It also includes multiple online payment channels so business owners can skip long lines at the bank. 

With its partnership with Rakuten Viber, Taxumo now has its own verified Viber Channel where it shares tax management tips, key dates and reminders on filing, brand announcements, and other useful content related to running a business. And because tax conversations don’t always have to be a heavy matter, Taxumo is also launching its own Viber stickers. 

As a treat for members of the vibrant MSME Channels FoodPH and Raket PH, Viber’s newest partner is giving away two-year plan subscriptions to the winners of Pinoy Dream Negosyo and to select merchants of the two Channels. First-time Taxumo users can also enjoy a 30% discount on their subscriptions using an exclusive code shared on their new Viber Channel. 

“Taxumo has always believed in empowering business owners to focus their time and energy on their passions and businesses instead of worrying about taxes,” says Ej Arboleda, Chief Executive Officer at Taxumo. “We’re delighted to partner with Rakuten Viber, which shares our vision of helping Filipino entrepreneurs achieve business success and stability and create real inclusive growth.”

“In recent years, Rakuten Viber has closely worked with MSMEs in the Philippines. We’ve seen how inspiring and passionate Filipino entrepreneurs are in growing their businesses. We also realize that tax compliance is a topic that they want to learn more about,” explains David Tse, APAC Senior Director at Rakuten Viber. “It makes sense to partner with Taxumo because this allows us to continue supporting MSMEs as they grow their business and contribute significantly to the economy.” 

With Taxumo, MSMEs can access simplified tax compliance in an easy and affordable way. Stay updated on tax-related news and enjoy exclusive perks by subscribing to its Viber Channel today.

Read More

OFW New Year’s Resolution: Welcome 2023 with better money habits!

OFW New Year’s Resolution: Welcome 2023 with better money habits!

Wednesday, January 18

For many Filipinos, 2023 is a new year faced with the same economic challenges from 2022. Continuous inflation has unfortunately made many Filipinos familiar with food and job insecurity issues by now. 

While the record-high peso to US dollar exchange rate has benefitted remittance flows from Overseas Filipino Workers (OFWs), the increase has been offset by the rising cost of living for recipient families in the Philippines.

Despite this, experts are hopeful that recent developments could still favor OFWs and remittances. Labor shortages around the world have led host countries to reopen their borders and express more demand for migrant workers, particularly in the healthcare and recreational industries. From January to September 2022, 760,000 OFWs were deployed, marking a 40 percent jump from 2021. The increased demand, along with recent deals with destination countries like Singapore and the United Kingdom aimed at improving OFWs’ working conditions, is expected to boost remittances to the Philippines by 4 percent for 2023.

However, the global economy remains volatile. This makes it the perfect time to create and maintain better money habits for a better financial future in 2023. 

“The financial landscape has been anything but stable over the last few years. Filipinos, especially OFW families, should ideally still exercise ‘cautious optimism’ when planning their finances for the coming year,” said Earl Melivo, Interim APAC Managing Director. 

For OFWs, there is the added challenge of helping their families maximize remittances back home while also budgeting for themselves abroad. Most times, the feasible way through is for workers to make the most of their hard-earned income as they work towards better opportunities. 

In the meantime, here are three ways OFW families can save and do more amidst inflation and other economic challenges in 2023:

Avail special benefits or privileges for OFW families

There are many programs that look out for the welfare of migrant workers and their families. In the Philippines, the Overseas Workers Welfare Administration (OWWA) is an attached arm of the Department of Migrant Workers which provides comprehensive benefits for its active members and their beneficiaries. These include medical insurance, livelihood assistance, and scholarships for dependents.

Maximize value out of sending money

Sending the right amount of money can make a difference. Sending big or small amounts at a time each has its pros and cons. Smaller and more regular transfers are often easier to budget. On the other hand, transferring larger amounts once in a while could be maximized when foreign exchange rates are high. 

You can keep track of the latest rates to know when it’s best to send money, such as through the WorldRemit app.

Set financial goals as a family

A recent trend on social media is forecasting and setting goals for the year. OFW families can ride on the same trend and discuss what they want to achieve together, and as individuals, over a meal and/or a video call. While everyone has personal goals, having specific financial goals for the family in mind, like saving for a downpayment on a house or paying off debt, can help motivate each member to make their own adjustments in working towards this common goal. This is not only a productive start to the year but also a good way to build stronger family connections.

“Budgeting and realigning our individual and family priorities to achieve financial goals may not be easy, but it is not impossible. Services like WorldRemit can help OFWs and their families achieve these goals quicker and support the foundations of a financially secure future in the long run,” said Melivo. 

With the projected increase in both deployed workers and remittances, WorldRemit maintains its commitment to champion OFWs—reaching workers wherever they are deployed and staying at the forefront of digital transformation in order to continuously bridge them with their loved ones. 

To learn more about creating and maintaining positive financial goals, visit: https://www.worldremit.com/en/blog/

Read More

Turn your holiday bonus into potential savings

Turn your holiday bonus into potential savings

Monday, January 2

Every employee look forward to the bonuses they will receive during the holiday.  Plans to purchase gifts for friends and loved ones have been made throughout the year. Lists have been filled and items have been added to online carts to prepare for the upcoming shopping spree. It is easy to think that going all out is the best way to go, but there is an alternative that can potentially be rewarding and profitable in the future. And that’s in setting up savings.

Allotting our holiday funds for savings is a thought that seldom occurs to many of us. But in these uncertain times with the rise of inflation and the surge in prices of basic goods, a second option to shore up savings could be the wise decision. Having backup resources can cover a multitude of emergency needs such as medical, maintenance, and repair expenses. So, if there is an opportunity to receive bonuses in the coming months, it could be prudent to designate an amount for your spending, and the rest for savings or other means.

Here are some ways how you can manage your holiday funds wisely:

Anticipate What’s Coming

There are several types of bonuses that employees can receive during holidays. There is the mandatory 13th-month pay, Christmas bonuses, special gifts or rewards, and even 14th month pay if you are one of the lucky few who receive this. Knowing how much you will get allows you to plan ahead.

Allot Expenses According to Necessity

You can also plan to spend your newly acquired resources by necessity. A good amount will surely be spent on gifts for friends and family, some for expenses for food and celebrations, and it is also prudent to set some aside for emergency purposes and the rest for potential savings.

There is No Need to Spend it All

One misconception is that this is the best time to spend everything since it is the holidays anyway. But being extra wise will really help especially if you designate a good portion of your bonuses for savings. This way, you prevent unnecessary spending and even allow for potential profits.

Choose to Save 

There are many opportunities to secure and grow your savings through reliable savings accounts and time deposits. And through EastWest, you can start to easily manage your savings to be able to supply your daily and future financial needs.

Whether you will have extra funds this coming holiday season or you have been slowly building up your savings, it is always a wise decision to save. Through EW, you can have a reliable partner that gives you easy access and smart security that will keep your money safe. Having savings gives you a cushion and a safety net for any situation that may come in the future. It also bolsters your potential funds through interest rates that can grow your money. You get all this and more when you partner with EastWest.

Read More

4 tips on how OFWs can save money amidst inflation

4 tips on how OFWs can save money amidst inflation

Monday, September 26

Today, around 1.77 million Overseas Filipino Workers (OFWs) support dependents back home while making a living abroad. While many OFWs shoulder this additional financial responsibility, they are not immune to the sky high inflation and rising prices felt around the world over the last few months. This macroeconomic circumstance combined with a personal obligation to loved ones may make the practice of setting aside personal savings challenging.

Only one in three OFWs are able to accumulate personal savings. While inflation is likely to remain high for the remainder of the year, money management and budgets are increasingly important. 

The following are four savings tips from leading global payments company WorldRemit.

1. Make realistic budgets 

Have long-term or short-term financial goals in mind? It’s important to set goals and amounts that are achievable when creating a budget. Monthly bills, remittances, and savings all must be prioritized, but discretionary spending can be factored into budgets as well. That is, as long as these extras don’t go over budget. 

The reason why savings are so important to one’s budget is because of its long-term value. 

While it is important for OFWs to make sure that they are making ends meet for themselves and their families, setting aside a portion of their income for the future can go a long way to making their dreams come true—whether they choose to stay overseas or return to the Philippines. 

2. Create a savings pot 

One of the simplest ways to manage money is to create a savings pot. These are specific accounts where people can portion out their savings in order to budget more effectively. This means, once an OFW receives their monthly pay, they can put aside money into savings and not touch it again to build interest and wealth. 

3. Pay down debt

Related to tip number two, OFWs will want to consider regularly allocating a portion of their expenses to any debt they owe. 

While borrowing money is sometimes necessary, it’s important to pay it off as soon as possible to prevent accruing interest and increasing debt even further. 

4. Monitor exchange rates when sending money back home

Sending money from overseas costs money, too. To ensure that one maximises the amount they are sending, users should choose a service with competitive rates and minimal transaction fees. 

Physical exchange services typically have low exchange rates but higher transaction fees, so it’s worth considering online alternatives. WorldRemit, for example, offers zero fees with new users’ first three money transfers. 

After their first three transfers, the digital payment service continues to offer competitive exchange rates and different ways for their family to receive money in the Philippines.

Read More

Money management tips to get you out of financial trouble

Money management tips to get you out of financial trouble

Sunday, July 17

 

Financial literacy is a skill not often introduced to kids. Somehow parents believe that their children will eventually figure out how to manage money when they grow up. Just like values, financial habits are set at an early age. Sadly, most parents also do not have capability to educate their children about money and oftentimes find themselves in a financial rut.  Knowledge in money management and budgeting determine how soon you can be financially independent.  Whether you are just starting a career or nearing retirement, it is not too early or too late to know these money management tips to get you out of financial trouble.

Make a list of the "must-set aside money" for these expenses

We all have needs and wants. If you do not have a list of the expenses that should be prioritized, you will not notice that you are spending more on your wants instead of your needs. Stop overspending on things you not really need. When you are on a tight budget, you don't have to fulfill every item on your wants list. Make the most of your income by changing your spending pattern. 

Change your savings equation

You were probably introduced to the equation that whatever is left from your income after you spend them on your expenses should go to your savings fund. Wouldn't it be nicer if you will already set a certain amount or a percentage of your income that will go directly to savings? By doing this, you will notice that it is easier to give up small expenses like frequent food deliveries for midnight snacking or buying too much clothes that you just use once and clutter your closet.

Reduce your debt

Having a credit card or a personal loan is not bad at all. But if your credit card debt is piling up and you are not paying off your loan, you will find yourself in an overwhelming debt situation. Also, you will suffer from bad credit rating. If you have outstanding balances on multiple credit cards, analyze which among your debts should you pay first. You can either choose the one you can afford to pay in full or choose the one that charges the highest interest rate and make sure you pay at least the minimum required payment. 

Look for a loan that charges a lower interest rate and borrow an amount that will help you eliminate your credit card debts that have higher rates. Having a bad credit rating makes it extremely challenging to find a lender but not impossible. Small loan for people with bad credit can be availed at creditloan.com and you can have the fund within 24 hours. 

Build an emergency fund

Depending on how much you can set aside, you can utilize your savings as your emergency fund or you can have a different amount allocated to build the emergency fund. Ideally, a fund that could cover 3 months worth of expenses is sufficient. But the recent pandemic has locked us for more than two years already and it is still unclear when everything will be back to normal. Therefore, never stop building the fund and consistently pour money into it. 

The pandemic has brought a worldwide economic crisis. As expected,  the poorest countries suffered the most but the first world economies are also badly affected. While the government is doing it's best to keep everybody afloat, it is inevitable that there are millions of citizens who are up to now struggling to put food on the table. It is better to let go of unhealthy spending habits and focus on being ready for unexpected expenses. Knowing you can dig up something from the pocket will save you from suffering from financial anxiety.

Money management requires discipline. As long as you track where your money goes, you will always be able to stay in control of your finances.  

Read More

Money Relationship Status: It’s Complicated

Money Relationship Status: It’s Complicated

Wednesday, November 20

Money is a topic that people avoid talking about and the most misunderstood. For Filipinos, starting an argument about money is like discussing sex, politics, or religion. Each person carries a strong belief and follow practices that hinder proper money management. We often hear the phrases “money is the root of all evil”, “God will provide”, and “malas ako sa pera” to justify one’s financial status or inaction. People use these excuses to not exert an effort to change their money relationship status from “it’s complicated” to “happily financially literate”. 

Just like any other relationship, a strong foundation is necessary to build something that is long-lasting. How we deal with money matters goes down to how we first understand it as a child. Revisiting my childhood memory, I remember that my mom always tagged me along whenever she goes to the bank. When I was old enough to understand, she showed me my bank passbook. She told me that she has been depositing the gift money I received every Christmas. I grew up with the habit of trying to save as much money as I could from my school allowance. 

The basic formula 

My first job after college was as an investment / accounting assistant in a bank. It should have made saving money easier for me. But earning my own money, I was tricked to believe that I am entitled to spend and pamper myself for working hard. 

income – expenses = savings 

Following the basic formula “income – expenses = savings” that most of us are familiar with, I noticed that I only save what’s left after splurging on things I don’t really need. Having a salary increase didn’t make me save more. It only made me spend more. While my mom taught me the value of saving, I was never given the responsibility of budgeting. 

income – savings = expenses 

It was only when I attended a workshop on financial literacy that I got introduced to a goal-oriented formula. The speaker said that we should set a long-term financial goal, make short-term sacrifices, and reward the self appropriately.

Whether you want to save 10% of your monthly income or P1,000 every payday, the challenge is to have the discipline to save. Limit your expenses, make small sacrifices (honestly, you don’t need to drink milk tea every single day!) to achieve your desired financial status. 

How about trying the Bente Bente? 

BDO Foundation’s Financial Literacy Campaign 

I was fortunate to be invited to a webisode taping on financial education as part of BDO ‘s efforts to support the financial inclusion advocacy of BSP. Watch this video with Ms. Ali Sotto interviewing BDO Foundation President Mario Deriquito.

BDO Foundation, the corporate social responsibility arm of BDO Unibank Inc. promotes financial education as a means to financial inclusion. In partnership with BSP, BDO Foundation produced financial education videos for the teaching and non-teaching personnel of DepEd, K-12 students in public schools, members of the Philippine Army, as well as OFWs and their beneficiaries. These videos aim to educate each member of these key sectors on how to properly manage their hard-earned money through saving, wise spending, investing, even avoiding scams and borrowing money from unauthorized lenders like 5-6.

Read More