It’s amazing how technology works nowadays. Do you know that you can open bank accounts using your phone? I’m quite curious as to how these virtual banks operate.

“Virtual banks are similar to traditional retail banking services in that they will be able to accept deposits and give out loans. They aren’t expected to set up physical branches. Analysts at Citigroup estimate around 10 per cent of existing banks’ revenue is at risk over the next decade.” https://www.businesstimes.com.sg/banking-finance/hong-kong-starts-granting-licenses-for-virtual-banks

There are two known (as least what I know at this point in time) virtual banks in the Philippines. These are ING and CIMB. I will be trying both in the coming months. At this point, I really don’t have any preference, since I haven’t tried any of these.

Save Money With GCASH

Today, I found out though that GCASH partnered with CIMB. I, apparently, already have this new feature in GCASH called Save Money. And guess what? The money that you save here earns 2.3% interest, which is higher than what the your standard commercial bank offers.

The maximum daily withdrawal though is at Php 50,000 (still higher than the Php 20,000 withdrawal caps from ATMs and debit card transactions of some banks). The downside though is that the Maximum Deposit Limit is only at Php 100,000 over 12 months. I hope that they increase this limit to at least Pp 500,000.

Your money is also insured by the PDIC or Philippine Deposit Insurance Corporation. Another advantage is that there is no need to maintain a minimum balance in your account.

So, how do you compute for the interest? Check this out. I got this from GCASH.

I just started depositing money mid this month, so let’s see how this goes. I love though how banks are not making it convenient, too, for people to save and invest money (not just to spend it).

With these tools, you can automate the way you save and forget that you even have those funds. Save it for a rainy day!

I remember one of my favorite books: The Automatic Millionaire. You can check out the gist of the book here:

Goodluck on saving! 🙂

Money is a difficult subject to talk about. But with the right financial tools, anyone can learn to manage their expenses and stay away from financial troubles later on.

Those who know me would know that I like automation. And, I also like looking for financial tools that can make my life easier and my business run smoothly.

Today, I’d like to share three financial tools that can help freelancers manage their finances better. I’ve personally used these, and I can attest that they definitely work.

Financial Tool #1 – Wally for Expense Tracking

I’ve been a fan of Wally for almost two years now and I’ve been using it to tracking and managing finances.

What I love about it is that it lets me compare my income versus expenses. It also gives me insights on my spending habits.

One of my guilty pleasures is online shopping. I just can’t help it! I get curious about a lot of stuff, especially when it comes to beauty products and Zeeka’s things. I’m also into checking out local brands. Just check out my Instagram and you’d know what I mean.

And sometimes, I can’t help but be a bit impulsive.

But with Wally, I get to see the expenses I’ve made and categorize them according to their purpose. It lets you create your own budget, add tags and categories, and even the location of your purchase.

It also lets you add reminders for recurring payments, attach images and pictures of receipts, and even keep track of all financial accounts in one place. You also even set goals for savings and investments.

Wally also has a feature where you can track the loans you’ve made and strategize on payments to avoid incurring penalties.

The most awesome thing about the app? It’s absolutely FREE!

You can get yours today by visiting the App Store or Google Play.

Financial Tool #2 – Paypal

I have used PayPal ever since I started writing for a living. And being a recognisable brand all over the world, Paypal made it easier for local and international clients to trust me with their business.

What I love about Paypal is its flexibility. I can send and receive funds from my clients without the fuss. I can also integrate other apps and automate processes like recurring payments with ease.

I have always prioritized automation in running my projects and businesses. As an entrepreneur, it’s important for me to free my time so I could focus on the tasks I need to do. And Paypal has given me the option to do just that.

Paypal has come in handy for online payment options, especially for Manila Workshops and Taxumo.

Those who avail of our workshops find it easier to make seat reservations through our website. It also gives them easier access to ongoing promotions and deals with just a click of a button. Taxumo users also get to enjoy seamless payments when they use their Paypal to pay for our services.

This service from Paypal is an awesome tool you can use for your freelance business. You can use it to get direct payments from anywhere in the world transferred to your local bank account.

You can also add it to your website and other profiles for clients to make payments any time.

Here’s a quick tutorial on how you can also add a Paypal button to your website:

Financial Tool #3 – GCash

I’m such a fan of GCash because it’s so convenient. Ever since I started using it, I didn’t have to carry as much cash anymore.

GCash is perfect for freelancers, especially those who don’t have time for long queues just to pay their bills. With just a tap of a button, you can get your phone bills, credit card bills, and other utilities paid at your convenience.

Here’s a cool feature from GCash. Did you know that you can just scan your electricity bill to pay it on your GCash app?

Yep, I used to type in the reference numbers when I started paying our electricity bill through the app. This process is a bit tedious and is prone to errors, but it definitely beats standing in line at the payment centers or banks.

Thankfully, GCash now added a feature where you can scan the code at the bottom of the bill and saves you from all the effort.

GCash also has other features that freelancers can take advantage of. There’s GCredit, where you can use it as a credit card for online payments. And there’s also GInvest, where you can start investing your hard earned cash and get access to various investment funds.

You can check out my post for more information about GCredit here.

If you’re interested in investing, you can learn more about GInvest here.

Freelancing can be difficult, especially if you’re starting out or if you don’t have a steady stream of clients. That’s why it’s important for every freelancer to learn how to manage their finances well.

Good thing that there are financial tools available today that can help you stay out of debt and financial troubles.

What tools do you use to manage your finances? Share your finance-related tips with us below.

I’d like to live a cashless life. Seriously, I mentioned to my husband last month that I will only use GCASH or PayPal for any transactions or my UnionBank EON (this is not a sponsored post, btw). But seriously! I hate bringing cash, and I think we will be able to live our lives without cash. I want to challenge myself and I think I will be able to survive a week without cash. I will start tomorrow and I hope you can follow my journey starting tomorrow! I will document it via my Facebook (http://fb.com/mommyginger) and Instagram stories (http://instagram.com/gingerarboleda)

Today though, I’ll be sharing with you this new feature of GCASH (again, this isn’t a sponsored post). Just found cool that they have this!

As you may know, GCASH is a produce under a company called Mynt. Aside from GCASH, Fuse lending (a micro-lending company) is under Mynt. So these two basically combined forces to launch GCredit. GCredit is a credit limit available on the GCASH app which may be used for your payments and purchases. Example, after scanning  the QR codes of your favorite merchant, the app will ask you if you will pay via your GCASH money or GCredit.

You will need to activate your GCredit first and this “activation” is available when you use your GCASH app frequently for purchasing, loading and paying bills.

Now, how do you compute for interest. It’s very straight forward: [amount borrowed x 5% interest rate x (# of days borrowed / 30 days)].

You’re credit limit can be increased based on frequency and amount of transactions that you make. Credit limit starts at Php 1000 and can increase to Php 30,000.

Check out this feature and let me know your thoughts on this! 🙂

For more information, you can visit this: https://fuselending.com/gcredit/faq/