Be a Wise Saver: Alkansya or Digital Savings
Saving or Ipon challenge is a hit again these days. I saw a lot of sellers of “alkansya” or piggy banks on my timeline.
In today’s digital world, do you still use alkanysa to save money? Yung totoo!
I am old school in terms of planning or writing down my expenses and plans for the day, even writing on a diary, but in terms of my finances I chose to go digital.
Using alkansya is not my thing anymore.
Why? because most of my income are sent directly on my bank, and since I have downloaded my bank apps, I do everything online. Wire transfer is more convenient for me. Everything I buy, I pay online. My bills, I pay online.
I save part of my income by transferring it to another bank account. I have a lot of banks actually.
I use BPI for my local campaigns since it has more branches and it would be easier for my clients to pay me.
I use Unionbank for my Paypal / foreign income since they don’t have a withdrawal charge and just a minimum of P350 annual fee.
I use Chinabank for our housing payment and I am planning to open a dollar account from them soon for my Adsense earnings.
For savings, I am considering CIMB since they are connected to GSAVE which makes it easy for me to fund using my GCASH account. PLUS, compared to other banks they give a higher interest rate of 3 – 4% per annum. They are accredited by the PDIC which makes your money with them insured for up to P500,000 per depositor.
Using alkansya is not bad if it works for you, but Bangko Central discourages people to do this for a long period of time because the money is not circulating. The effect, they need to produce another batch which financial analysis said that may affect inflation rate.
Plus your money is not earning interest, sayang naman. If you put it in the bank then kahit maliit kumikita ka plus you can use it to have a good credit score.
Anyway, ang importante may ipon kesa wala kahit saan mo pa gusto ilagay yan. This post is just giving you an idea that you have other options where to put it.
Cheers and I hope you’ll be able to finish your ipon/saving challenge this year.