Pasukan na naman! Many are preparing for another exciting and challenging school year. Managing finances during this period is crucial, but with some planning and the right financial tools, you can help ensure a smooth transition for your family.
CIMB Bank Philippines, the most awarded digital-only commercial bank in the country, offers valuable advice to help families get ready for the new school year:
Expand your budget list
Aside from the usual expected expenses for the school year such as tuition fees, uniforms, books, and baon, consider all other potential expenses outside of these, too. This includes costs for projects, field trips, extracurricular activities, school supply replenishment, and the like. Plan for unexpected expenses such as medical emergencies as well.
Shop smarter
Take advantage of back-to-school sales and discounts. Compare prices online and in stores to get the best deals, and don’t forget to also check for second-hand options for textbooks and learning tools.
Encourage saving
Teach your kids the importance of saving by setting a good example. If you have children who are at least 18 years old, help them open a savings account to motivate them to save a portion of their allowance for future use.
Maximize financial tools
Make use of financial products that can help you manage your expenses, as well as ones that can help you grow your savings.
For immediate needs, you can have access to funds whenever you need them by applying for a Personal Loan from CIMB. You can experience an easy, convenient, and all-digital loan application in as fast as 10 minutes with only one valid ID and one payslip. You can acquire a loan starting from PHP 30,000 to a maximum of PHP 1 million, with flexible tenure options from 12 to 60 months. You can also receive immediate disbursement directly into your CIMB Bank savings account, or within 1-2 banking days if the disbursement is made to other bank accounts.
You can also plan for future education-related expenses with CIMB’s MaxSave Time Deposit, which enables Filipinos to grow their savings through offering high interest rates of up to 6.5% per annum. Choose from flexible tenure options ranging from 3-, 6-, 12-, or 24-month terms and see how this next generation time deposit product can help you boost your savings to gradually prepare for the future.
Gear up for an exciting new school year with the help of CIMB Bank PH. To know more about CIMB’s Personal Loan and MaxSave Time Deposit products, visit cimbbank.com.ph
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