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Last Updated on December 5, 2024

Even as the cost of manufactured goods continues to decrease relative to Filipinos’ growing buying power, the idea of “life purchases” is fast gaining traction. Consumers who are conscious of the long-term effects of their purchases are increasingly rejecting cheap and disposable goods and experiences in favor of more expensive but more meaningful, long-lasting options.
For most middle-class consumers, however, going for life purchases is not a decision to be taken lightly. Investing in quality often requires thoughtful planning and budgeting. Properly budgeting major life events like weddings or essential long-term purchases, such as a car or a home down payments, are likely among the costliest expenditures most Filipinos will undertake in their lifetimes.
Thankfully, the growing prosperity of the Philippine middle class means that there are a lot of financial options out there to help you pay for these important purchases. One of the most popular options, for good reason, is saving up money using a time deposit account.
What is a Time Deposit?
A time deposit account is a type of bank account where you deposit a sum of money for a fixed term, with the funds earning interest over that period. Unlike a regular savings account which allows withdrawals at any time, time deposits are designed for long-term saving and predictable returns thanks to their fixed terms and interest rates.
Time deposits are also a much better option than normal bank accounts for long-term savings because they penalize early withdrawals, encouraging financial discipline. In recent years, options like Maya Bank’s Time Deposit Plus account have allowed consumers to add even more to their initial deposits, all towards expecting greater returns once these deposits mature. What’s even better about this time deposit from Maya is that you can start with any amount and build up on it anytime, making it an approachable way to start your long-term financial goals.
Calculating Your Time Deposit Savings Toward Funding These 9 Big Purchases
Calculating the gains from time deposits was once challenging for regular consumers, but some Philippine banks now also provide calculators that make planning with these instruments considerably easier. To predict how much you can save up, just use a time deposit calculator Philippines-based depositors use. Don’t forget to use a time deposit calculator to see how long it will take you to meet these goals:
1) Home Down Payment
For most Filipinos, buying a home is going to be the most substantial investment they will ever make. A time deposit can be ideal for helping you set aside funds specifically for your down payment, with the fixed terms and interest steadily taking you towards your dream of homeownership.
2) Car Purchase
After your home, your car is likely to be your second most expensive possession. A time deposit is ideal for setting aside money either for a down payment or the entire purchase price, depending on your goals and your risk appetite.
3) Higher Education Expenses
Whether you’re talking about college tuition for your kids or your own advanced professional training, education can be costly. Saving in a time deposit means you can lock away funds to ease the financial pressure when the time comes to pay for school fees.
4) Dream Vacations
Taking a once-in-a-lifetime trip can be a deeply rewarding experience. For most Filipinos, however, such trips often require months or years of financial planning. With a time deposit, you can more easily build up your travel fund, earning interest while you anticipate your next lifelong adventure.
5) Wedding Expenses
Modern expectations have resulted in weddings becoming a massive financial undertaking. These days, everything from venue booking to catering and attire for the wedding party has become quite pricey for most couples. A time deposit account can be an effective way to save up for your special day without severely impacting your everyday funds.
6) Home Renovations
Even if you’re fortunate enough to own your own home, renovations to make it exactly how you want it can be costly. Funds from your time deposit account will make spending for these enhancements simpler, ensuring you’ll have enough money on hand when your renovation plans are ready to take shape.
7) Starting a Small Business
If you’ve always dreamed of launching a small business, setting up a time deposit is a disciplined way to build your start-up capital. Just be sure that your funds can cover costs like starting inventory, licensing, and operations for at least 3 to 6 months.
8) Emergency Fund for Major Health Expenses
Setting aside money in a time deposit also ensures you have a sum available for future health needs or emergencies to supplement your health insurance. This will give you significant breathing room and allow you to avoid immediate impacts on your daily funds before your insurance company pays out.
9) Retirement Fund Supplements
Lastly, while retirement savings are often managed through specific retirement accounts, a time deposit can be a smart supplementary tool for retirement. As the account matures, you’ll have additional funds available that will grant you access to a more comfortable lifestyle in your golden years.
Enjoy The Better Things in Life with a Time Deposit
Time deposit accounts promise a reliable way to save for significant life purchases without seriously impacting your current spending. Consider opening a time deposit account like Maya’s Time Deposit Plus today to set yourself up for these essential life investments. Don’t forget to use a time deposit calculator so that you have a realistic idea of how much you can expect once your account’s term is up.