Investing On Time Deposit

money matters, money talks

Last year I have made little progress with my personal financial goals. I divided the little man’s savings and put the other half in a time deposit. My money many not have earned as much after 3 months of time deposit but it was way better that the few cents the money in the bank account earns from monthly interest {and there’s even tax to worry about!}.

I have renewed my time deposit for another 3 months this year and plans to add more to the principal amount once I save up a substantial amount. I invested my money in a local cooperative here in our city, although it was filed in Bataan where my sister works. Apart from the time deposit that earns 4.5% interest/year, I also now have a savings account with the cooperative. The best part of being a member is that I can apply for a loan in case I need money. I can avail of a loan equivalent to the amount of my time deposit, something I can use in times of emergencies.

money talks, money matters

I actually opened an account with them for the little man in 2010, but was not able to deposit regularly, I hope I’d be able to add up a few more to my savings this year if my wallet permits.

While I was working, I was not able to keep a personal savings account since I spend most of my earnings for my family’s needs, but I am glad that I can do it now even when I only get to earn through my various works online. I may not save enough to buy my little man his own house in the future but I am hoping I save a considerable amount which he can use for his education or for his other needs in the future.

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2 Comments

  1. congrats Vix! That’s true investing in time deposit is way better than the regular savings account. I am also a member of our cooperative. My capital share is increasing overtime and another good thing of being a member is the privilege of applying for loans in times of emergencies. Our cooperative recently offered time deposits and I am planning to invest few months from now.

    1. it is good that there are a lot of cooperatives everywhere for people who are interested to join, we are not only investing our hard-earned money but are also able to help those who are in need in the process. long live the local cooperatives! :)

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