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Tag: EastWest Bank

  • Transforming Your Christmas Bonus Into Potential Savings

    It’s Christmas! This means that many employees will happily receive bonuses this month. Many employees look forward to their 13th month pay and other benefits before the actual holidays start. Plans to purchase gifts for friends and loved ones have been made throughout the year. Lists have been filled and items have been added to online carts to prepare for the upcoming shopping spree. It is easy to think that going all out is the best way to go, but there is an alternative that can potentially be rewarding and profitable in the future. And that’s in setting up savings.

    Allotting our holiday funds for savings is a thought that seldom occurs to many of us. But in these uncertain times with the rise of inflation and the surge in prices of basic goods, a second option to shore up savings could be the wise decision. Having backup resources can cover a multitude of emergency needs such as medical, maintenance, and repair expenses. So, if there is an opportunity to receive bonuses in the coming months, it could be prudent to designate an amount for your spending, and the rest for savings or other means.

    Here are some ways how you can manage your holiday funds wisely:

    Anticipate What’s Coming
    There are several types of bonuses that employees can receive during holidays. There is the mandatory 13th-month pay, Christmas bonuses, special gifts or rewards, and even 14th month pay if you are one of the lucky few who receive this. Knowing how much you will get allows you to plan ahead.

    Allot Expenses According to Necessity
    You can also plan to spend your newly acquired resources by necessity. A good amount will surely be spent on gifts for friends and family, some for expenses for food and celebrations, and it is also prudent to set some aside for emergency purposes and the rest for potential savings.

    There is No Need to Spend it All
    One misconception is that this is the best time to spend everything since it is the holidays anyway. But being extra wise will really help especially if you designate a good portion of your bonuses for savings. This way, you prevent unnecessary spending and even allow for potential profits.

    Choose to Save 
    There are many opportunities to secure and grow your savings through reliable savings accounts and time deposits. And through EastWest, you can start to easily manage your savings to be able to supply your daily and future financial needs.

    Whether you will have extra funds this coming holiday season or you have been slowly building up your savings, it is always a wise decision to save. Through EW, you can have a reliable partner that gives you easy access and smart security that will keep your money safe. Having savings gives you a cushion and a safety net for any situation that may come in the future. It also bolsters your potential funds through interest rates that can grow your money. You get all this and more when you partner with EastWest.

  • Reach Your Savings Goal This Year with Komo’s Digital Banking Analytics Tool

    The pandemic has drastically changed the way of life for most people all over the world. In the Philippines, the steady increase in safety and health measures resulted in a radical adoption of e-commerce, and subsequently, online and digital banking.

    In many ways, the Filipino community is largely conservative, doubting how new technology can actually make daily life more practical, more efficient, and, of course, more economical down the line.

    The answer to this? Komo, EastWest Bank’s digital banking service. Launched in August 2020, Komo stands for “Kontrol Mo Ang Pera Mo,” and is the first digital banking service that is proudly established by a local bank.

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    The beauty of it is that it is an exclusively digital banking experience using a dedicated smartphone app. Users can enjoy services, such as securely opening a savings account, transferring funds, settling bills, requesting for on-demand bank documents, and even availing of a customizable insurance plan with Troo Flex — all done from the safety of your home and never having to visit a physical branch.

    While one of the main reasons for opening a digital account is the convenience of never having to venture out and still enjoy the perks of retail therapy, Komo takes it a step further to help you keep your finances in check. This year, Komo is proud to introduce the app’s newest feature: Analytics, the country’s first Analytics tool in a digital banking service.  

    This feature is designed to make budget management simple, letting you take control of your spending instead of the other way around. It’s here to help you gain a better idea of your financial habits, in order to manage your money more efficiently.

    The Komo Analytics tool comes with an easy-to-navigate tracker that shows the movement of your transactions in real time and allows you to set and reach your savings goal. Here are some ways on how it can help you make better personal financial decisions.

    Set Your (Savings) Target

    The Analytics tool is integrated with a Savings Calculator that allows you to set your targeted savings goal. Based on the budget that you can set aside, it can calculate and provide you with a workable timeline on when you can meet it. It not only monitors your savings, but also helps to determine how much more you need to save to meet your goal and deadline.

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    Track Your Expenses

    Tracking your spending in your head is not the same as listing it down and seeing it in a full picture. With Komo’s Analytics, you will be able to see how your expenses fare against your actual savings, showing you a breakdown of your expenses for a more accurate view of where your money is going. With this, you can recalibrate your spending habits and move forward to making better financial decisions.

    Set Your (Realistic) Budget

    Oftentimes, the reason that people fall short of keeping to their budget goals is because the set target may simply not be realistic. Because the Komo Analytics tool is built for monitoring the movement of your finances, the dashboard shows insights and trends. This will help you set a more realistic budget that you can work with in making smarter decisions when it comes to that extra splurge.

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    The Komo app is available for download on the Apple iOS AppStore, Android PlayStore, and the Huawei AppGallery. All it takes is the advantage of technology and a little discipline. Learn more about Komo, the Analytics tool, and other services at https://www.komo.ph/.