How To Achieve More Financial Flexibility With Your Debit Card

A debit card can facilitate financial flexibility, let’s learn how.

It can be easy to feel pressured by what you see on social media—from fashion trends, to overseas travel, and other people achieving their life milestones, perhaps it seems like there’s no way to catch up.

This same feeling may extend to your finances, as you might feel anxious about not having enough to enjoy life today, let alone have a comfortable future.

Financial Flexibility:

One practical way to approach this feeling of anxiety is to think about how you can become more financially flexible. Financial flexibility refers to the ability to adapt to unexpected financial challenges, opportunities, or changes in circumstances without jeopardizing one’s financial stability.

“One practical way to approach this feeling of anxiety is to think about how you can become more financially flexible.”

In your case, this may pertain to how effectively you can manage your financial resources to respond to unforeseen expenses, take advantage of new investments, or adjust to shifts in your income.

When it comes to personal finance, flexibility involves striking a healthy balance between meeting today’s financial demands (like providing for your family’s daily needs or paying off debt) and planning for the future (buying a home, travel, retirement, etc.).

Achieving financial flexibility requires planning and discipline, but you can also take advantage of tools that you might already be familiar with to help you in your journey.

The Maya Savings Account Example:

Debit cards—like the free Maya Card that you’ll get when you open a Maya Savings account, deposit PHP 250, and spend at least PHP 500 —will add convenience when it comes to managing your finances and can help you get closer to achieving your money goals.

Let’s look into how your humble debit card can be your partner towards financial flexibility, as you cultivate a better money mindset and practice accountability for your financial habits:

1. Stick To The Budget You’ve Set For Yourself:

To become more financially flexible, you need to build habits that will ultimately lead to a level of financial stability that reduces stress and assures you of a financial safety net. Try seeking advice about financial stability or flexibility, and chances are you’ll come across the concept of budgeting.

Budgeting remains a cornerstone of financial success for people from all walks of life. There are different approaches to budgeting as well as a variety of budgeting tools you can choose from, depending on your needs and situation. Likewise, you can add your debit card to your budgeting arsenal since it keeps you conscious of how much money you have available for spending.

With debit cards, you can only spend money that you already have; hence, using one limits your spending to your available balance. Overall, using a debit card will help you stick to your budget while avoiding spending beyond your means.

2. Be Diligent About Tracking Your Spending:

As online banking and mobile banking apps are now becoming the norm, it’s easier to monitor your spending when you use your debit card. With just a tap on your screen, you can track your account balance and transaction history in real time.

Some banking apps also make it possible to set a debit transaction threshold which, while also acting as a security feature, can be utilized for setting limits on personal spending. You may also take advantage of these apps to set budgets for specific expenses or categories, such as savings, bills, leisure, and others.

“With just a tap on your screen, you can track your account balance and transaction history in real time.”

3. Avoid Interest Payments and Debt:

Using credit cards comes with the temptation to overspend, which can result in hefty interest payments if you don’t pay the full balance amount when the bill is due. However, with debit cards, you won’t face this same problem, given that you’re spending your own money instead of borrowing.

In addition, using debit cards removes the risk of incurring debt because you’re limited to your own available funds. Consequently, avoiding debt, either through overspending or because of accumulated interest, contributes to the fulfillment of your goal of financial stability and flexibility.

4. Maximize Debit Card Rewards and Other Benefits:

Today’s debit cards offer competitive rewards programs that can rival those of some credit cards, thus encouraging debit transactions over cash payments. As such, you should be on the lookout for debit card programs that come with benefits like discounts or cashback that you can also use for future payments.

Through regular debit card use, you may end up with a lot of opportunities for cashback or discounted payments that can in turn translate to significant savings. And while these perks might initially seem negligible, a few pesos saved here and there will eventually add up to big savings that will ultimately lead you to closer to clearing your financial goals.

Work Towards Financial Flexibility:

In the face of external pressures and anxieties about money, it will undoubtedly be hard at first to work towards financial flexibility. But it will always be in reach if you’re practical in your approach and wise about your spending habits, especially with your debit card. Use these tips to maximize the potential of your debit card in supporting your journey towards stability and long-term financial security.

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