Five Money Hacks You Should Know In Your 20s

So, listen up!

Live life with no regrets and take control of your finances before it’s too late.

Your 20s are definitely one of the most exciting phases of your life. You’ve got the energy to do things you want, discover new ideas that you want to try, and explore the world as much as you can. But your 20s isn’t just a time for adventure and exploration, it’s also a great opportunity to start saving and managing your money better as you build a better future for yourself. 

Now’s a great time to start money management practices that will reap great rewards years from now. To guide you better, here’s a couple of money hacks you can apply in your 20s:

Save early today, earn bigger tomorrow

One of the very basics towards a good future is saving. Even if you’re in your early 20s and still building your career, this is a good time to save up. It doesn’t have to be a huge amount right away—you can start small. The earlier you begin saving, the more you can earn as days go by. A good starting point is the 50-30-20 rule: 50% of your income goes to your needs, 30% of it goes to your wants, and 20% goes to your savings.

You can also boost your savings by taking advantage of high interest rates of some digital banks. A good example for this is Maya, an all-in-one banking app, which offers up to 6% interest rate p.a on your savings. Compared to traditional banks offering lower than 1% interest, digital banks like Maya offer a great alternative for people who want to grow their money quicker. 

Their savings interest rate starts with an already high 4.5%, which can be boosted to 6% for 30 days when you spend an accumulated amount of P250 via Maya QR, card, or your mobile number, or even when you pay a bill or buy load via the app. You can take advantage of this offer until February 28, 2023!

Enjoy your money responsibly

Another simple money hack is to compartmentalize your money and assign them to different categories. Allocate what is for your next travel goals, how much to save for your next gadget, or for the next bar to try. Alongside this, make room for an emergency fund. As the famous phrase by American businessman Robert Kiyosaki goes, “It’s not how much money you make, but how much money you keep.”

Before, people would set up different bank accounts for these various purposes, but if you already have the Maya app, you can take advantage of the ‘Personal Goals’ feature for Savings. Personal Goals lets you compartmentalize your savings according to various categories—be it a dream vacation, a new gadget, or a night out fund. What’s great about this is you earn 6% interest rate while saving for your different life goals.  

Trust only experts

Careful—money swindlers are still around. Loan sharks, scammers, and other forms of fraud and illegalities are still rampant nowadays. They have even adapted to the modern age, with web-based scams to phish info in places where we spend most of our time. Posing as legit and reliable, always look for secured establishment credentials such as official accounts and emails. Take advantage of the internet too by researching the bank company where you want to put your money. A good tip: ensure that you’re dealing with BSP-regulated institutions with a secure track record when it comes to handling your money. 

Do not share personal information

On the note of security, do not share your personal information publicly, especially the sorts of information that are being used by your bank. Sometimes, information might be asked, but evaluate closely who is asking and look again for credentials, especially when transacting online. Bank account numbers, full names, and PINs or OTPs to name a few shall remain confidential. No other person shall know these critically important details than you alone.

Take advantage of credits

It has been a common misconception that taking credit from banks will only drown you in debt—but not when you use it to your advantage. Having credit is not a bad thing. It allows you to access funds whenever you need it—especially when it comes to emergencies. 

Our tip: just don’t spend more than you can pay, and make sure to settle your dues on time. This will not only help you avoid additional charges, but also maintain a good credit history—which is essential when you plan to apply for major transactions such as a car or home loan in banks. 

Now that you know the five simple hacks for managing your money, you are on a good start to enact them. Begin by having a trusted bank that is designed for the new generation—Maya.

More than just a bank!

Maya is an all-in-one digital bank that lets you save, grow, spend, and master your money right from your phone. Apart from letting you grow your money faster with up to 6% savings interest rate p.a, Maya also offers a Crypto feature that lets you try out buying and selling crypto, and a Credit feature that lets you access emergency funds whenever you need it.  

Maya also offers other game-changing features that make money management feel like a good time. It is the first to introduce the use of @usernames to send and receive money—no need to input confidential and lengthy account details! And to make more fun and clever transactions, Maya partners with GIPHY so you can express your transactions with GIFs. 

It’s also worth noting that Maya is regulated by Bangko Sentral ng Pilipinas and insured by the Philippine Deposit Insurance Corporation up to P500,000 per depositor, making it a worry-free digital banking with Maya. 

Now that you know the tricks, it’s all up to you to embrace an ecosystem that enables you to do all of them at once!

To keep updated on Maya’s latest trends and offerings, you may visit their official website.