Many students believe that saving money is something they can do later, perhaps after college or once they have a full-time job. That’s usually because of the belief that saving only makes sense when you’re already earning a stable income. Additionally, student allowances are usually limited, so it may seem impractical or even impossible to set aside money. As a result, saving tends to be seen as a responsibility for the future rather than something to work on now.
However, the truth is that the best time to start developing good money habits is as soon as possible. Learning to save early helps you build financial discipline and sharpen your budgeting skills. These money skills help you become more independent and better prepared to handle real-world financial decisions later on.
The good news is that you don’t need a large amount to begin saving. Here are simple and practical ways Filipino students like you can get into the habit of saving, starting with what you have now.
1. Open a Digital Savings Account
One of the simplest ways to start your savings journey is by opening a dedicated savings account. In the past, this process often required multiple documents, an initial deposit, and a minimum maintaining balance just to keep the account active. Today, that’s no longer the case. Digital banks like Maya make it easier and more accessible for students by offering savings products with zero maintaining balance. With a Maya Savings, for example, you can start depositing as little or as much as you can. The sign-up process is also quick and hassle-free. All you need is one valid ID and a few taps on the Maya app to select the “open savings account online” option.
In addition to being convenient to open, Maya Savings is one of the most well-known high-interest savings accounts in the Philippines. With a base interest rate of 3.5% per annum, your money will grow more over time than if you saved in a low-interest bank account. You can further boost your savings account’s interest rate by up to 15% p.a. simply by using Maya to pay online, buy prepaid load, pay your bills, take on credit, or pay via QR Ph.
2. Create a Simple Budget for Your Allowance
Another way you can start saving is by creating a budget. Although this might sound intimidating, especially for a student, it’s simply about knowing where your money goes. Start by listing your weekly expenses, such as food, transportation, school materials, mobile load, and occasional treats. Once you’ve identified how much you usually spend, allocate specific amounts to each category and try to stick to them.
Even if your allowance seems limited, setting aside just PHP 20 to PHP 50 per week can make a difference. The important thing is to stay consistent. If you do this for a year, you have the potential to save up to PHP 2,600.
3. Set Savings Goals
Saving becomes more exciting and motivating when you’re working toward something meaningful. Whether it’s for a concert ticket or a gadget upgrade, having a specific goal gives your savings purpose. It’s also easier to stay disciplined when you know what you’re working toward.
To make the goal more achievable, break it down into smaller targets. Let’s say you want to save PHP 1,000 in two months, which means saving about PHP 125 per week. To help with this, Maya offers built-in savings tools that let you create specific savings “pockets” or goals within the app. With Maya Personal Goals, you can budget and organize your money for up to five different goals. This means you can have one goal to save for a new phone or gadget, another one for an upcoming school trip, and yet another for a concert you’re planning to attend. Additionally, all goals have a guaranteed interest rate of 4% p.a., helping you reach your goal amount faster. Furthermore, you can rest assured that your money is safe.
4. Take Advantage of Student Discounts and Freebies
As a student, your school ID can unlock many hidden savings. Public transportation and establishments near schools and universities often offer student discounts. In addition, streaming platforms, online course providers, and mobile plans sometimes have student-exclusive bundles or promos.
The key is to stay alert for these deals and use them to your advantage. Make it a habit to ask if a business or an establishment offers a student discount before paying. And just because you’re able to save money through these discounts doesn’t mean you should then spend it on non-essentials. Instead, put that amount into your savings account to steadily build your financial cushion.
5. Learn Financial Literacy at Your Own Pace
As a student, you’re in a great position to absorb financial knowledge that will benefit you for life. You also don’t need to enroll in expensive seminars because there are plenty of free resources online. Platforms like YouTube and TikTok have content creators who talk about budgeting, saving tips, and real-life money advice tailored to young people.
You can also explore local finance blogs, follow student-focused Instagram pages, or attend free financial literacy webinars hosted by banks, schools, or youth groups. The more informed you are, the better your financial decisions will be. Learning the basics of personal finance early helps you avoid common money mistakes in the future.
Saving money as a student may seem like a small step, but it’s one of the most powerful habits you can build early in life. You don’t need to wait until you’re earning a salary or running a business. With the right mindset, simple strategies, and the tools already available to you, you can start creating a financially secure future today.
Even saving just a few pesos a day can make a big difference over time. It’s not about how much you can save, but how regularly you do it. So, start now, and your future self will be glad you did.
