Our mothers were our first teachers—and they could very well have been our first financial advisors, too! With the many things they have taught us about life, money smarts may be one of the most important and relevant ones as we navigate our adulthood.
This Mother’s Day, CIMB Bank Philippines, The Asian Banker’s Best Digital Bank in the country, pays tribute to the timeless money-saving wisdom passed down by Filipino moms, as shared by some of our customers.
No shame in bargain hunting
“Growing up, I’ve always been amazed at my shopaholic mom’s ability to find the best sales, discounts, and ‘buy one, take one’ deals. She always told me that there’s nothing wrong with finding the best deals and taking advantage of discounts, especially if they help her shop to her heart’s content without breaking the bank. Fast forward to 30 years later, and I’ve adapted the same mindset to my own shopping habits, especially for online purchases. I now take advantage of free shipping and cashbacks, as well as opportunities to earn rewards points. I’ve seen how my savings from these offers, whether big or small, have added up over time, allowing me to put the extra cash to better use.” – Julie, 35 years old.
A treasure trove at home
“Before the saying ‘we have (insert item here) at home!’ became a well-known meme, my mama has been using this line on me to help cut back on spending. Whenever I plan on purchasing a non-staple item, my mother always reminds me to ask around at home first to see if anyone in the family has that item lying around unused. From an extra electric fan, an obscure item of clothing, or even an uncommon cooking apparatus, my family has passed down to me some hidden gems they have tucked away. This saves me the trouble – and expense – of buying something new.” – Ariel, 31.
Think twice – then think again
“Moms are budgeting masters who can stretch every peso to make sure the family has everything they need. Now that I’m a mom myself, I now better understand my mommy’s constant reminders before to not give in to impulse buys and sleep on non-essential purchases. This not only gave me more time to think about my purchases, but it also gave me time to look for alternatives that are either more affordable or offer better value. Sometimes, I even realize that I don’t really need these items and end up not buying them at all. I then get to use my hard-earned money for other essentials instead or to add on to my savings.” – Angel, 31 years old.
Passive income is your best friend
“I always considered myself lucky that my parents never subscribed to the idea of relying on their children as their retirement plan. My nanay, who lived well past her 80s, instilled in me and my siblings the importance of being financially independent even during our retirement years. She taught all of us the value of earning passive income and helped us set up different revenue streams that can protect us financially against the rising cost of living and even in times of market volatility. Even if my retirement age is still far away, I now earn passive income thanks to my real estate investments. I am now more confident to face the future thanks to my nanay’s financial wisdom.” – Selena, 41 years old.
Hone your financial skills further with the help of CIMB. You can enjoy interest rates that are higher than most banks’ using CIMB Bank PH’s FastPlus and UpSave accounts. Through the Bank’s special promos, you can also earn as much as 10% per annum interest until May 31, 2025 to maximize your savings. Simply open a CIMB savings account, which only takes a few minutes on the CIMB mobile app with no minimum deposit requirement. If you are a verified GCash user, you can opt to open a GSave account as well and link it to your CIMB mobile app for easier management. Having any of these CIMB savings accounts gives you access to the suite of CIMB products and services housed in the mobile app.
You can also treat your mom and make the most out of special promos when you use CIMB Pay, the Bank’s QR PH-powered feature on the CIMB Bank PH app. Customers can use CIMB Pay to scan any QR PH code to transfer funds, pay merchants, and pay bills with zero fees. You can also enjoy exclusive cashbacks and freebies only when using CIMB Pay.