Gretchen Ho has a good grasp of money matters.
She learned this foundation from her business-minded parents, the late James Ho and his wife, Annie.
At the launch of Salmon, a digital-first bank and digital financial services company, the 35-year-old host revealed how her parents taught her to save rather than spend.
"When we were younger, I think our parents advised us that cash is king because they had…all of their money are in assets, which they couldn't liquidate easily.
"So they told us…just don't buy. Just keep the money in the bank, have cash.
"And I kept it in a traditional bank for the longest time, like, just sitting there."
At the time, her passbook symbolized financial security for her.
“I remember the days you have to go to the bank? ‘Oh my god, magkano ang interest?’ Then they have to bring your passbook and print it out for you.
“And now, here we are, everything, you know, at your fingertips. You can wake up in the morning [to] check, ‘Oh, I made this much today.'"
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GRETCHEN HO ON SAVING WISELY
She was already in her 30s when she discovered that banks offer varying interest rates based on how much you deposit.
“And I thought I was being wise with my finances until I discovered the gift of time deposit, of high interest-savings accounts.”
Salmon Bank, for instance, has this promo valid until July 1, 2026, offering 8% per annum interest rate on time deposits.
So, if you have PHP1 million, it can earn gross compound interest of PHP82,388 in one year and PHP469,945 over five years.
Gretchen also underlined the importance of choosing a reliable bank.
“For me, number one when it comes to finances is trust. Ay, you have to be able to trust in the institution that you're, uh, giving your money to.
“So, the first thing that I did when, uh, we were approached [to endorse], I also put in money in Salmon Bank, was to check who are behind the corporation.
“And you could see that in their own website. They list all of the board of directors there. They put faces and names and people who can be accountable for your savings just in case anything happens, no?
“Second thing is, they have the best rates…Below one million, it's 6%.”
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GRETCHEN HO ON SPENDING LESS
To make sure Gretchen does not spend beyond her budget, she diligently monitors her spending.
“I track all my expenses. So for the, those who are OC here, I'm a math person, so I have an Excel file where I write down my expenses, my monthly expenses, the fixed ones and the ones that are variable to my behavior. So nakalatag lahat yun.
“I believe in the saying that what you measure, you manage.
“So, you need to be able to see how much you spend monthly.”
This tracker helps her keep monthly spending to a minimum while ensuring that all necessities are accounted for.
“And I used to dread having to face my own expenses. Like, who would want to see how much you spend, right? For shopping.
“But since I wanted to make the most out of my monthly salary from my news job, I’m really committed to writing it all down and telling myself na, ‘Okay, I gotta prioritize these—electricity, phone bill, etcetera, etcetera.'
“And then these are the ones that I could do away without, like shopping, food delivery, something like that.
“So nilatag ko talaga siya. And then I really made sure that I would keep my expenses to a minimal amount and save this much para I don't feel guilty."
Any expense "outside my regular newscast" goes either to her savings or to what she calls “indulgences.”
So far, her most flexible expense is food, which she can reduce by eating out less or avoiding food deliveries.