Building strong financial foundations gets easier with time. Still, new savers must come to terms with a few challenges. The most obvious is the lack of financial knowledge, which can make it difficult to identify great opportunities such as a legitimate investment opportunity or a high-interest savings account. A lack of knowledge can, over time, turn into unrealistic expectations that fuel discouragement and rash decisions.
However, for many, the most difficult challenge to overcome is the instant gratification trap. With many Filipinos making more money than they’ve ever had, it’s understandable that some want to reward themselves. However, if one hasn’t developed the emotional tools needed to handle money responsibly, building savings and investments will become more and more difficult.
Rewarding yourself with fine dining or the latest gadgets is fine if you only do it once in a while. However, if you do it month after month, you may be eroding your long-term finances without even realizing it. If this sounds relatable, then delaying your gratification may be the best thing you’ll ever do for your financial future.
Why Is Delayed Gratification Important?
Being comfortable in delaying gratification makes it easy to consistently achieve larger rewards in the future. If you can let go of tempting but ultimately nonessential purchases, you will eventually free up more cash for your savings account and your investment portfolio. Soon enough, you will have the funds you need to buy a home, build a business, or do anything you find worthwhile.
Throughout your wealth-building journey, Maya is ready to help. With its high interest rates and simple onboarding process, Maya Savings may be the best savings account in the Philippines and your best option for successful saving. Let’s dive into how delaying your gratification will multiply the benefits of your Maya Savings account:
1. Builds a Foundation for Strong Finances
Even with the Philippines’ best savings bank backing you up, building wealth still requires consistency and discipline. For many, these qualities must be built up through practice. Once you get a knack for putting off impulse purchases, you’ll see your savings account grow, further incentivizing you to save and building better financial instincts in the process.
Maya Time Deposit Plus extends the benefits you get out of your Maya Savings account by growing your money at rates of up to 5.75% p.a.. Financial products like this are designed to help you maintain your financial discipline, guaranteeing better rewards than most regular savings accounts.
2. Prepares You for Emergencies
Delayed gratification helps ensure that you have something set aside for emergencies like job losses, major illnesses, or home repairs. Maya Personal Goals makes building emergency funds easier than ever, with a guaranteed interest of 4% p.a.
Personal Goals is flexible too. If you already have an emergency fund, you can use it to effortlessly prioritize savings for other purposes. Assign multiple goals and use this Maya feature to sustainably fund big purchases like concert tickets or a new work computer.
3. Helps You Take Full Advantage of High-Interest Savings Accounts
Compound interest works best when you consistently put cash in your savings. This is only possible if you’ve made a habit of delaying gratification. However, it’s ultimately a numbers game and your newfound discipline will be best served by a bank that offers better performance.
Maya is regarded as one of the best-performing digital banks in the Philippines. Aside from its already impressive 3.5% interest p.a. base rate, Maya Savings offers boosted interest rates when you use Maya for your everyday transactions, with up to 15% p.a. daily interest applied to your first P100,000 deposit balance—far superior to what traditional banks offer.
4. Reduces Daily Financial Stress
No matter how much you’re earning, living paycheck to paycheck without any financial buffer can be extremely stressful. Once you learn to delay gratification, you’ll develop a peace of mind that becomes stronger the more you add to your savings and investments. For that reason, learning to delay gratification is as much an investment in your mental health as it is in your financial stability.
5. Teaches You to Appreciate the Important Things in Life
After a few months of delaying gratification, you will start becoming more efficient with your spending and with your time. Without even thinking about it, you’ll begin to identify what’s truly necessary versus what’s merely driven by impulse. Keep at it longer, and you’ll become wiser, not just with your finances but also with other important parts of your life.
Start Saving Smarter with Maya
Today’s Filipino workers are, without a doubt, more prosperous and financially literate than they’ve ever been. You will be hard-pressed to find anyone entering the workforce who doesn’t understand the importance of savings and investments. Regardless, your savings and investing journey can feel overwhelming in the beginning, especially if you haven’t developed the necessary emotional tools.
When you’re ready to put delayed gratification into action, Maya will be ready to help you get the most out of it. Open a Maya Savings account and boost the interest rate to 15% interest p.a. on your first P100,000 deposit balance. Once you’ve set up an account, use Maya Personal Goals to sustainably allocate funds for your aspirations, and try Maya Time Deposit Plus for stable, long-term savings. Channel your delayed gratification responsibly and begin your financial success journey.
