Embracing Loud Budgeting as a Love Language this Valentine’s Day

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This 2024, a new trend called 'loud budgeting' is gaining popularity, encouraging people to openly discuss their finances without feeling embarrassed. Contrary to the 'quiet luxury' trend of the past year, loud budgeting helps Filipinos be more honest about their financial situation, leading to greater empowerment in managing their money. 

This Valentine's Day, let's celebrate the love language of financial wellness.

Regardless if it's Php 299 or 2,999 or 29,999, communication is key to financial wellness.

Last month, Filipino social media exploded with discussions about the ₱299 engagement ring. People were split on whether it was about self-worth or long-term financial plans, and both sides had valid points. There's no right or wrong answer here; it all depends on what matters most to you or your partner. But what can we take away from this in terms of financial wellness as a love language? It's about being honest about one’s money habits.

Having open conversations with one’s partner about spending and saving money sets the groundwork to avoid misunderstandings and disappointment. Whether it's about a ring or any other gift, clear communication helps manage expectations and keeps the relationship on solid ground.

Empowering financial security: Nurturing smarter money habits

Supporting smarter money habits for the future involves embracing financial wellness as a love language and encouraging one’s partner to engage in sound practices to build financial security. It encompasses a commitment to fostering better money management skills, such as prioritizing savings. While opening a traditional bank account can sometimes pose challenges due to stringent requirements, present financial solutions offer numerous digital banking alternatives like UnionDigital. The platform not only provides savings accounts but also offers convenient features such as seamless cashless transactions, including unique selling points like QR code peer-to-peer (P2P) transfers, with person-to-merchant (P2M) coming soon, and FREE instant fund transfers via InstaPay, ensuring a smoother and more efficient financial experience. Its UBEH Save is a high-interest savings account that offers a competitive interest rate of up to 4% p.a., enabling customers to grow their funds more effectively.

Building on social ties

Nurturing love in relationships needs time, effort, and emotional investment. The principle of the emerging practice of loud budgeting prioritizes meaningful experiences over extravagant gifts. In a similar sense, building a solid financial foundation goes beyond mere saving and involves strategic planning and understanding one’s finances—an invaluable investment for long-term results. Just as personal ties require cultivation and attention, financial well-being thrives on careful nurturing and informed decision-making.

Endearing ties and reaping its rewards

Investing in love and finances brings fulfilling rewards: shared accomplishments, emotional connection, and financial stability. Celebrating relationships and financial milestones reinforces the value of invested efforts as these moments serve as markers of progress and dedication. UnionDigital Time Deposit is one product that highlights the significance of mindful investment. For as low as 1,000 pesos, users can already enroll in an account. With one of the lowest minimum time deposit rate requirements, UnionDigital’s Time Deposit removes barriers to investment opportunities, facilitating a solid foundation for ongoing financial growth.

Harnessing self-love as an investment

Investing in self-love produces lasting outcomes, enabling one to fulfill and meet his or her own needs. Consider practicing self-love by indulging in activities that bring joy, relaxation, and inner peace. The value of self-care doesn't have to come with a hefty price tag, and can be found in simple, everyday practices that prioritize mental, emotional, and physical well-being.

As the period ushers in the love month, it’s time to redefine the approach to love. By understanding that love is not synonymous with extravagant spending, but about taking meaningful steps in nurturing relationships, one can create a more sustainable and fulfilling foundation for both love and life. Just like love, financial management requires careful attention, investment, and decision-making. UBEH Save and UD Time Deposit are products by UnionDigital tailored to offer convenient solutions for saving and investing, all designed to help achieve financial well-being with ease and confidence. By embracing sound practices, one can create a life that is a harmonious blend of emotional fulfillment and financial stability.

UnionDigital Bank is the digital bank subsidiary of Union Bank of the Philippines. It is one of the six digital banks in the country regulated by the Bangko Sentral ng Pilipinas (BSP). At present, UnionDigital offers a wide array of financial services, featuring competitive offerings such as the P1,000 Time Deposit, high-yield savings account, QRPH payments and transfers, among others. In a significant move to enhance financial inclusion, UnionDigital is poised to introduce a cash loan product, distinguished by its entirely digital application process and quick crediting of funds within minutes.

UnionDigital Banks 1.73-M Customers in Four Months, Onboards PDAX as First Corporate Account Customer

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UnionDigital Bank, the digital banking subsidiary of Union Bank of the Philippines, today announced that it has acquired 1.73-M customers, reached US$ 70-M in loan book size, and collected US$ 50-M in deposits from its first four months of operations in the country. UnionDigital Bank has achieved double digit growth in digital loans to mass market communities through ecosystem partnerships powered by UnionBank.

“Since our launch, UnionDigital Bank has been focusing on serving the needs of the underserved communities within UnionBank by offering digital deposit and lending products to our ecosystem, and we will continue to support the needs of these customers with additional products overtime,” shared Arvie de Vera, co-founder, President, and CEO, UnionDigital Bank. “The series of milestones that we have been able to achieve is a testament to the strong execution power of the team, in accordance with our community-led business model.”

de Vera further credits this achievement to the Digital Bank’s “laser focus” on the fundamentals: prioritizing the balance sheet.

“As a bank we’re very clear: it’s not just about having a cool app or millions of users who don’t generate revenue - it’s about a balance sheet. It’s about growing the loan book because that’s where the revenues come from- it doesn’t come from payments, it doesn’t come from sign ups. Valuation is great, but it’s not profitability.”

As a subsidiary of the Philippine’s largest techglomerate, UnionDigital Bank’s success in growing its loan book is due in part to its sophisticated use of available data of consumer behavior within the larger Aboitiz ecosystem to create tailor-fit loan products.

“If you’re lending within an ecosystem, you have an anchor community, and that’s a robust way to provide credit because you have more data. Rather than using payments data, which is really not a good proxy for someone’s capacity and willingness to pay. But if you have robust set of data with context on their financial behavior, then you can properly price the risk, because you have historical data on the customer, you know you can give him a customized interest rate. A one-size-fits-all pricing is an inappropriate lending business strategy and sub-optimal consumer experience.”

UnionDigital Bank’s mission to drive financial inclusion begins with improving access to credit to the underserved communities by capitalizing on technology and decades of alternative data from the UnionBank ecosystem to create robust credit models that fit the Philippines.

In yet another milestone, UnionDigital Bank onboarded its first corporate account customer, Philippine Digital Asset Exchange (PDAX), marking the commencement of accumulating corporate account openings at UnionDigital Bank. Following PDAX, UnionDigital Bank aims to expand its partnership base with other leading communities and corporates, following its commercial launch.

Starting with PDAX, UnionDigital Bank has been expanding its partnership base with other leading communities and corporations. UnionDigital Bank looks to provide a smooth customer experience for corporates to make payments, transfer money, and even more core banking services such as treasury services, empowering businesses to do more with their financial assets.

"Corporate partnerships are vital to helping us reach the communities who need it the most. They are integral to the cohesive network the bank seeks to build and I believe their involvement is critical to reaching a fully digital Philippines," said de Vera. "With this in mind, the start we’ve had with PDAX joining us on our journey affirms my excitement to include more corporate partners. We look forward to collaborating with partners of the same caliber to maximize the difference we bring to the financial lives of fellow Filipinos.”

The PDAX corporate account partnership demonstrates how UnionDigital Bank is committed to being approachable to fintechs and regulated institutions by offering products relevant to them, their community, and partners.

“We are confident that UnionDigital Bank offers the banking solutions that digital natives, such as PDAX, need to continuously grow,” said Nichel Gaba, Founder & CEO, PDAX.

UnionDigital Bank dares to make bold strides that result in direct changes to how Filipinos interact with their finances digitally. A homegrown fintech expert, PDAX, being the digital bank’s first customer is a good start to kick things off, continuing our rally to support our higher purpose of Tech-ing Up Philippines.

The UnionDigital Bank app is now live for a limited set of customers. For now, the app is currently available by invitation only. Future updates on the launch will be available through the digital bank’s social media channels on LinkedIn, Twitter, and Facebook.

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About UnionDigital Bank

UnionDigital Bank is a digital bank entity wholly owned by UnionBank of the Philippines. We are a Bangko Sentral ng Pilipinas (BSP) licensed digital bank that aims to empower the country’s journey towards a fully digital economy. We enable Filipino communities, businesses, and regulators to leverage FinTech, Blockchain, and Open Finance technologies to achieve inclusive prosperity.

UnionDigital Bank is primed to pave the way for the future of finance and for the democratization of access to digital banking and virtual assets, empowering the lives of Filipino communities. Learn more at www.uniondigitalbank.io.

PDAX believes that blockchain technology and digital assets are the key to financial inclusion in the Philippines and can create a level playing field that can empower Filipinos. For more information on PDAX, visit www.pdax.ph.