Not too long ago, mothers had a simple to-do-list: prepare baon, check. Do the laundry, check. Clean rooms, check. Cook meals, check. The tasks were definitely not easy, but they weren’t complicated either. However, these days, the intuitively giving and nurturing nature of mothers have led them to another responsibility; another task to be added to their checklist: grow money.
The duties of a Filipino mother are no longer confined within the walls of a kitchen or a nursery. Filipino moms are stepping out of the backstage and into the limelight, making decisions when it comes to addressing their families’ financial needs, playing treasurer and bank manager in their household, pulling out all resources possible, just to make sure that the future is bright and comfortable for her loved ones. It may be said that this desire to provide more than domestic needs for the family led to the rise in working moms, because a family needs to earn more.
However, as the years have proven, earning is no longer enough for the Filipino family. When you’re just working to earn, more often than not, money comes short or, if you’re lucky, passes through your hands too quickly. Thus, Filipino moms are now actively venturing into the business of not just earning money, but growing it as well. Here are some ways to do just that:
1.Time Deposit and Special Deposit Accounts
Not so different from your ordinary Savings Account, Time Deposit and Special Deposit Accounts are products that banks offer clients who want to make their money earn a little more. The money a client deposits (and leaves untouched unless otherwise requested) earns through the slightly higher interest rate unique to these kinds of accounts. Your money “grows” by just sitting in the bank and earns the indicated interest rate at the end of the tenure, the amount of time that the money is held in the bank.
Nani Gonzales-Torres, a businesswoman and fulltime mom to Marga (7), Roycie (4) and Stella (1), states that this is one of the conservative (a.k.a. low-risk) investments she has made for her family. “Our SDAs and Time Deposits may not give us as high returns as other products but at least it’s earning even just a little. It is important to us that they be available to us when we need them,” she stresses. It would be best to consult your bank with regards to the amount and package they have setup for these products.