Okay, this isn’t one of the topics I usually talk about here, but I feel it’s something that I should bring up. It’s not “sexy” but let’s talk about savings.
According to the 2017 The Global Findex Database of the World Bank, a staggering 66% of Filipinos does not have a formal savings account. Honestly, I’m kind of part of that statistic. While I do have a few bank accounts, none of them function as a real savings account that I leave untouched. In fact, I am a little loose with my expenses.
To be fair I’m good with money. I don’t splurge on random things and tend to think about a purchase days, weeks, and even months before I buy it. But I don’t have any clear idea of my outgoing cash flow. That can lead to trouble.
GCash recently sparked an online discussion in time for World Savings Day, an annual celebration of the virtues of savings and thrift, celebrated on October 31. The country’s premier fintech company is the first to celebrate it in the Philippines, and joined other countries like the US, Austria, Italy, Belgium, Colombia, Cuba, Dominican Republic, Germany, India, Indonesia, and more.
To celebrate, GCash is inviting everyone to achieve financial wellness through the basic financial concept of saving. It’s something that I’ve been thinking more and more about since I entered my 30s this year and living on my own. I think it’s time to start a real savings account.
GCash has a feature that allows you to save money. The app has partnered with CIMB Bank Philippines to launch GSave, a savings account that you can control on your smartphone. It’s one of the easiest accounts to maintain since it doesn’t require an initial deposit or maintaining balance. It doesn’t even have service charges for transactions! The best part? It offers an interest rate of 3% per annum, which is more than 10 times higher than those offered by other banks.
To access, all you need to do is download GCash and open an account. Click on the “Save Money” feature and you can start depositing funds! You can even schedule auto-deposits from your GCash wallet so you don’t have to spend time every month manually transferring.
I don’t want to wait until the start of 2020 to begin my savings journey. Starting this month, I’ll use my GSave to set aside cash and just let it be. I hope you guys can start, too, because you never know what’s going to happen!