Even before we were old enough to understand the concept of money, many of us had already received valuable financial lessons from our elders. “Magtipid,” they'd say. “Hindi pinupulot ang pera.” These well-intentioned nuggets of advice come from experience, but times have changed. Our elders lived in a world vastly different from the one we navigate today. What once served as sound financial guidance may now be stopping you from growing your wealth in a fast-paced, hyper-connected, and increasingly digital landscape.
If you're ready to truly maximize your hard-earned money, then it’s time to critically examine these ingrained ideas and embrace smarter financial strategies.
1. “A Savings Account Means You’ve Made It”
For many Filipinos, the ultimate financial goal is to open a bank account and deposit their savings in it. This is seen as a symbol of responsibility and security. However, while saving money is important, relying only on a traditional savings account isn’t enough to build real wealth. For one thing, traditional savings accounts have low interest rates that don’t keep up with inflation.
Instead of letting your money sit idle, explore high-interest savings accounts like Maya Savings, where you can earn up to 15% interest p.a. boost* just by using your account for daily transactions. And since Maya is a BSP-supervised financial institution, your savings is insured by PDIC up to PHP 1,000,000 per depositor.
Additionally, don’t be afraid to explore other financial options when you open a bank account. The Philippines has banks that offer time deposits, mutual funds, and stocks that can help grow your money more easily, effortlessly, and safely. For example, Maya Time Deposit Plus offers a flexible and high-yield option for those who want to lock in their savings for 3, 6, or 12 months while earning competitive interest rates of up to 6% p.a.
2. “It’s Okay to Live Beyond Your Means Because You Only Live Once”
Some Filipinos love celebrations and showing off—fiestas, birthdays, weddings, and Christmas are all big events. Because of this, some people spend more than they can afford, even borrowing money or maxing out credit cards just to throw a grand party. But while celebrating milestones is special, overspending on them can lead to long-term financial struggles. If you’re not careful, you may be spending beyond your means without realizing it.
Instead of trying to impress others, focus on financial stability. One way to do this is by using budgeting apps to track expenses and set spending limits. Of course, some occasions require a big budget. If that’s the case, saving for it in advance can help. Maya’s Personal Goals feature is here to help. It allows you to set aside money for specific occasions and objectives while earning 4% p.a. interest monthly. That way, you can enjoy special celebrations (and the occasional splurge or two) without the stress of too much debt.
3. “Being "Kuripot" Means You’re Good with Money”
Being matipid (thrifty or wise with money) is great, but being overly kuripot (stingy) can actually work against you. When you always go for the cheapest option, you might end up spending more in the long run. For example, low-quality appliances or shoes may be cheap, but they may also break easily. As such, you’ll need to replace them more often, which will cost you more in the long run.
Instead of focusing only on price, think about value. Investing in quality products, education, or even health may require a bigger expense initially, but these can lead to better financial benefits in the future.
4. “Paying with Cash Is Always Best”
Many Filipinos still prefer cash transactions, thinking it’s the safest way to manage money. While cash helps control spending, avoiding digital payments or credit cards completely means missing out on some benefits.
A credit card, for instance, can help build a strong credit history. This is important when applying for a home loan, car loan, or business financing. Additionally, many credit cards offer rewards, cashback, and fraud protection—things cash can’t provide.
Similarly, e-wallets like Maya offer better convenience and security. Unlike cash, which can be lost or stolen, e-wallets provide a safer way to store and manage your money digitally, with features like PIN protection, biometric login, instant transaction records, and the ability to lock your account remotely if needed.
5. “Sticking to a ‘Suki’ Always Gets You the Best Deal”
In the Philippines, many people buy from the same vendor or store out of loyalty. They believe their suki (trusted seller) gives them the best prices. While this can sometimes be true, it can also stop you from finding better deals elsewhere.
Instead of sticking to one seller out of habit, take the time to compare prices from different shops and online stores. You might find better discounts or higher-quality products for the same price. Being a smart shopper means prioritizing value over personal connections, ensuring that you get the best possible deal every time.
6. “The ‘Bahala Na’ Mindset Will Take Care of Everything”
The bahala na (let’s see what happens) mentality is quite common in Filipino culture. Some people believe that things will work out on their own or that “God will provide.” While it’s understandable that faith in oneself or in a greater power is important for a lot of people, leaving everything to chance can lead to poor financial decisions. This mindset often results in a lack of financial planning, which leads to failing to save for emergencies or retirement. Instead of hoping for the best, take control of your finances. Build an emergency fund, invest wisely, and set clear financial goals so you’re prepared for life’s surprises. In fact, as another old Filipino adage goes, “Nasa Diyos ang awa, nasa tao ang gawa”—God helps those who help themselves.
The Bottom Line
Tradition is important, but when it comes to money, some old beliefs are no longer applicable. Moreover, financial success requires adapting to new and smarter strategies. The key is to take control, whether it’s exploring investment options, budgeting wisely, or setting short- and long-term financial goals. After all, real financial success isn’t about blindly following tradition—it’s about making decisions that actually work for you and your future.
Maya is here to help you take that step. Open a bank account with the Philippines’ #1 digital bank today and see how beautiful banking can be.
