There is not an ideal number of how much you should save as your savings money depends on several factors and one’s financial situation. However, there is still a need for each and everyone of us to save a certain amount of money to be ready for the future.

Why do you need to save money?

When it comes to saving, there would be more than one reason for you to consider saving from now. Some common reasons include:
1/ Potential risks in life: These are things that cannot be expected or foreseen, such as: sickness, accidents, etc. When these potential risks occur without financial support, you will easily face several difficulties.
2/ Potential plans in the future: You might be having future business plans such as opening a start-up business, buying a house for investment purposes, etc. As business plans would always need a certain amount of capital in the beginning, having a savings amount will help you to execute these future plans more easily.
3/ Be financially independent: Having your own savings means you are more likely to be financially independent instead of having to depend on your family, spouse, etc.

Each of us will have different reasons to save money instead of spending all of our monthly income. Saving money will help you to maintain your daily life and build a strong financial foundation for the future.

How much should you save before you are 30?

Your savings amount will entirely depend on your financial capability and your monthly income. However, to make sure you effectively save a certain amount of money every month, you can apply the following formula for your monthly income. In particular, you should break your income down into 6 main accounts, based on the JARS System of money management, including:
– Necessities account – 55%
– Savings account – 10%
– Education account – 5%
– Financial freedom account – 10%
– Entertainment account – 10%
– Charity account – 10%
As you can see, from this formula, you should save 10% of your income per month. When you have a certain standard, you can easily calculate how much you should be able to save before you are 30. For instance, you are currently 26 years of age and your monthly income is 20.000.000 VND/month. If you apply the above formula, you should be able to save 96 millions VND when you are 30 years of age. If you can save this much money, you can easily earn interest if you open a savings account or invest in your start-up business.

What is the most effective method of savings?

There are currently several savings methods of saving for you to choose from. Two of the most common savings methods are known to be independent savings and saving with a third party. With independent savings, you would start a plan on your own and execute your plan by stacking cash in your safe. On the other hand, opening a savings account at a bank or buying insurance are some examples of saving with a third party.
At the moment, the majority of banks offer several savings products for you to choose from. However, online savings account is the product that can help you plan and manage your savings more effectively. Timo is currently one of the banks in the marketing that also provides this savings product. Find out more about Timo Term Deposit with attractive interest rates here.

  • Important notes:
    From 5th July 2019, foreign nationals are no longer eligible for Goal Save Accounts as stated in Circular no. 48/2018/TT-NHNN. For Term Deposit Accounts, foreigners with a valid document proving residential status in Vietnam with at least 6 months validity will be eligible to open Term Deposit Accounts with a Term NOT greater than the remaining of its validity. Existing Term Deposits opened before 5th July 2019 will be continued until its maturity.

Every successful investor usually has a set of principles that they follow to ensure efficiency and profit for their investment. If you are thinking about starting an investment, read the 3 tips below to make sure your investment will help you to earn some extra income.  

1/ Do not start investment before having a plan

Planning is the very first step to help successful people achieve what they aim for. Before investing in something, make sure you define your goals and plan clearly. The planning process will help you to consider every important aspect of your investment and organize required tasks in a more reasonable and effective way.

Start your planning process with some market research to choose the right investment channel for yourself. Each investment channel will fit into different plans. However, every plan needs specific goals, strategies and timelines. Setting your desired income after 6 months or 1 year of investment will help you have a clear foundation to observe and evaluate the results, as well as adjust the strategies to help you achieve your desired income more easily. Don’t forget to have some backup plans for potential risks that can occur to protect your personal finances.

2/ Find a partner and seek advice from experienced individuals or organizations

If you don’t have much experience in the field you are planning to invest in, mistakes and errors sometimes are unavoidable. Hence, you are advised to find a partner to share the investment and complement each other with limitations on knowledge, experience and competence. Accumulating investment knowledge from different sources will help you have a diverse perspective on the market and help you effectively analyze and evaluate to make wiser decisions.

Additionally, you should also seek advice from experienced investment advisors and professionals. These specialists usually own a large source of knowledge and information about the market, as well as specific advice. This may cost you some more money, however, it will help you to limit potential risks and financial losses in the long term.

3/ Do not borrow money from others to start an investment

Starting an investment comes with several potential risks as the beginning is the period of time when you usually don’t have enough knowledge and skills to allocate resources, time and money to generate the highest efficiency and income. Therefore, to protect your personal financial situation, you should not borrow money from other people to start your investment. This will help you to avoid having an additional amount of debt in cases your investment does not success.

Above are 3 basic things you need to consider before starting your own investment. However, if you find yourself unready or unsure what to invest in, you can simply start opening a Term Deposit to earn interest while exploring different markets. When you put your savings into a Term Deposit, this will help to create more money for you to start your investment when you are ready. If you are ready and interested in open-end funds, find out more about investing with VinaCapital right in the Timo app here.

Have you ever been in a situation where you avoid doing something because you do not want to go through the hassle or you are worried that it might affect your relationships or your own personal financial situation?

Explore how Timo can help you solve some of the most common situations that you might be currently avoiding in the article below.


1/ Try a new digital product or service

Many people miss out on experiencing new digital products or services because they are worried that they will have to spend a lot of time learning how to use them.

To overcome this common concern, the Timo app is designed with the top priority of being simple and user-friendly. The layout and location of the main sections in the Timo app are arranged and presented in a logical way to ensure that anyone can use the app right after they have become a customer and have downloaded the app.

2/ Open a savings account

Do you keep a fair amount of cash at home because you feel like you have not saved enough to open a savings account?

With Timo, you can open a savings account anytime and anywhere. Instead of keeping cash at home, you can have as many savings account as you want right on your phone. Goal Save will help you to achieve any saving goal that you might currently have, such as: saving for a new motorbike, a new laptop, a holiday, etc. The number of Goal Save accounts you can have is unlimited, and you can start saving with even 500 VND. If you wish to open a savings account to earn interest, you can also do that in the Timo app with Timo Term Deposit. Not only does Term Deposit come with attractive interest rates of unto 7%, it also allows you to open a savings account at only 1.000.000 VND.

These Timo products were built to make sure that you will never have to worry about going to a bank or whether you have saved enough money to open a savings account.

  • Important notes:

    From 5th July 2019, foreign nationals are no longer eligible for Goal Save Accounts as stated in Circular no. 48/2018/TT-NHNN. For Term Deposit Accounts, foreigners with a valid document proving residential status in Vietnam with at least 6 months validity will be eligible to open Term Deposit Accounts with a Term NOT greater than the remaining of its validity. Existing Term Deposits opened before 5th July 2019 will be continued until its maturity.

3/ Going through complicated paperwork hassle for a loan

Getting a loan at traditional banks often requires a wide range of different documents such as: proof of income, mortgage assets, etc. When you bring these documents to a bank to apply for a loan, sometimes you can even face situations when you are asked to submit more supporting documents.

To make your journey painless, Timo Fast Cash does not require you to provide any proof of income or mortgage asset. The only things you need to do are to check if you are qualified for Fast Cash and fill in your application form in the Timo app. Once it is submitted, your application will be reviewed within 30 minutes.

After your application is approved and your Spend Account balance reaches 0, your approved Fast Cash limit will be activated. Although you cannot use Fast Cash limit at ATM machines, you can use it to pay via POS swipes, make online payments or money transfers.

4/ Asking for your money back



Some of us often avoid picking up the phone to call or message someone we know to ask for the money we lend them. This might be because we do not want to embarrass them, or we feel like it would affect our relationship with them.

With Timo’s Payment Request, you will have more of a subtle and polite way to ask for our money back. You can either quickly send a reminder to your friends/family or pay off a debt within a few swipes and taps. You can also manage your debts closely as they are divided into two separate categories – Outstanding and Completed. The debts paid from the Payment Requests you send out will be in the Completed section. Conversely, the payment requests you have not paid and the payment requests you sent out that have not been paid will be in the Outstanding section.  

5/ Shopping with your credit card

Owning a credit card does not always mean you would freely spend money without thinking about it. If you belong to the group of people who are careful in their spending, it is likely that you will face situations when you hesitate to buy an item because you may not be able to clear the outstanding about all at once.

With a Timo Mastercard, you do not have to worry about this anymore as any eligible transaction over 3.000.000 VND can be converted into installments with the applicable interest rate of 1% per month. Additionally, you would also be entirely proactive in paying for your installments as it is your own choice to settle your payment in 3, 6 or 12 months.

As you can see, Timo can help you to solve many concerns and challenges in a simple and convenient way. Learn more about us here.

After a whole year full of hard work and saving, how much of your account balance you are planning to save with the purpose of generating interest? No matter how much you are planning to put into your savings account, keep in mind that you should choose the kind of savings method that would not make your life difficult. To make this happen, check out how Timo Term Deposit works in the article below, as well as how it would help you to maximize your interest.

1. Start saving now without having to wait

Are you currently waiting for several things to happen in order to start putting your money into a savings account? For instance, you might be waiting to have enough money to open a savings account, or you already have enough money but are waiting to have free time to visit your bank to open a savings account. With Timo Term Deposit, you will not have to wait any longer as every step and procedure can be done within a blink of the eye in the Timo app. Additionally, Timo Term Deposit offers the following convenient features:

  • Low minimum requirement – 1.000.000 VND
  • Competitive interest rates – up to 7.6%/year
  • Start saving whenever you have money without having to wait for anything as a Term Deposit can be open in the Timo app within a few swipes and taps

Before opening a savings account to earn interest, a lot of people hesitate as they are concerned that they will lose a fair amount of interest if an urgent matter comes up and they end up having to withdraw their money ahead of time. If this is your concern, Timo would be a perfect option as we have a way to help you minimize the loss of interest in these situations.

2/ How to minimize losses of early withdrawal with Timo Term Deposit?

The highest possible interest rate does not always mean that it would help you to generate the largest amount of interest. In an unexpected situation that requires you to withdraw money ahead of time, the higher the interest rate, the higher the amount of interest you would lose. This is why Timo Term Deposit is designed to help you avoid losing a large amount of interest by suggesting users to split their savings amount in smaller accounts. This process can be done quịcly while you are opening a Term Deposit in the Timo app. Upon opening a Term Deposit, depending on the amount of money you wish to save, Timo will suggest you to either open 1 account or split it into 4 accounts. If your savings money is split into 4 Term Deposits, you can easily withdraw 1 during unexpected situations and continue to earn interest on the remaining 3 Term Deposits. With this feature of our Term Deposit, Timo account holders will not need to worry that they would lose all of their interests even when they are in the situation where they need to withdraw some of their savings.

However, be advised that early withdrawal is not always encourage as the best way to maximize your interest is not to withdraw any of your Term Deposits ahead of time.

3/ Unlimited number of Term Deposits is allowed

Hopefully this article is helping you to know how to generate interest from your savings, even with a small amount, as well as how to split your savings account so you would not lose all of your interest in unexpected situations.

Do keep in mind that as Timo Term Deposit encourages users to hold several small accounts, the number of Term Deposits you can open in the Timo app is not restricted. No matter how many Term Deposits you have already opened, you can still easily have another Term Deposit at only 1.000.000 VND.
Don’t leave your savings idle! Put it into work with Timo Term Deposit and enjoy your stress-free savings method brought from Timo!