You’ve studied hard, and now you’re about to start your first job—congrats! It must feel amazing to finally start earning your own money. But before you celebrate and spend a paycheck you haven’t received yet on new clothes and gadgets, take a moment to think. Do you want to be in control of your income, or do you want money problems to control you? The answer is simple, right? Of course, you want to be financially smart and stress-free. Here are simple tips to set yourself up for success.
1. Set a Budget and Track Your Spending
It’s easy to feel rich when you get your first paycheck. You might be tempted to buy new clothes, eat out with friends, or treat your family. But make sure to do things in moderation. Otherwise, you could spend all your money before the month ends and find yourself needing a credit card cash advance to get by.
A good strategy is to create a budget that helps you manage your income responsibly. A simple way to do this is by following the 50-30-20 rule: 50% for needs (food, rent, bills, and transportation), 30% for wants (shopping, entertainment, and dining out), and 20% for savings and investments. You can make adjustments depending on your current and desired lifestyle.
Equally important, track your expenses by using a budgeting app or simply jotting things down in a notebook. Knowing where every peso goes will help you avoid overspending and keep you financially on track.
2. Use Credit Wisely
Credit cards can be great financial tools if used responsibly. They help build your credit history, offer financial flexibility, and even come with perks. For instance, the Landers Cashback Everywhere Credit Card from Maya gives you up to 5% cashback at Landers, 2% on dining, and 1% on other qualified purchases.* You could enjoy a generous annual cashback cap of PHP 200,000, making this one of the most competitive cashback credit cards available..
But remember, credit is borrowed money. You have to pay it back with interest if you’re not careful. Also, avoid maxing out your credit limit, and only charge what you can afford to repay in full. It’s ideal to stick to using your card for planned expenses like groceries, utilities, or fuel, rather than impulse purchases and luxury expenditures.
3. Make Saving a Habit
Make saving a priority from day one if you want financial security. Think of it as a non-negotiable expense—just like rent or utilities. Unlike recurring payments, though, small amounts added to your savings account add up over time and contribute to your future financial security. Being consistent will also build your confidence knowing that you’re in control of your finances.
A great approach is the “pay yourself first” method. Instead of spending first and saving what’s left, do the opposite. As soon as your salary arrives, transfer a portion to your savings account. With Maya Savings, you can automate this process and earn interest that’s higher than what traditional banks offer (up to 15% p.a on your first PHP 100,000 savings).
4. Spend Smart with a Goal in Mind
It’s exciting to have your own money, but set your financial goals before you splurge. Do you want to save for a dream vacation? A new laptop? A down payment for a car? Having clear goals helps you make better spending decisions and prioritize what truly matters. You can employ a saving tool, like Maya Personal Goals, which lets you budget and organize your money for specific goals. Even better, it earns 4% interest p.a., helping your money grow while you save.
5. Be Proactive, Not Reactive
One goal you should aim for is to start an emergency fund as soon as possible. Even setting aside PHP 500 to PHP 1,000 a month can make a big difference in the long run. But aim for at least three to six months’ worth of expenses in case of unexpected costs like medical bills or expensive vehicle repairs.
Similarly, think about retirement savings early on. That time may seem far away, but the sooner you start, the easier it will be for you. Look into options like Pag-IBIG MP2 or private investment plans to proactively secure your future.
6. Be Selective about the Financial Advice You Receive
There’s no shortage of financial tips on social media, but not all of them are reliable. Influencers often promote get-rich-quick schemes, high-risk investments, or unrealistic spending habits that could do more harm than good.
That doesn’t mean social media isn’t useful—just be wise. Get your information from reputable sources (like the Maya website!), cross-check data with other trusted sources like government institutions, and always research before making big financial decisions. If an investment sounds too good to be true, it probably is. Altogether, think critically, stay informed, and don’t let social media pressure you into making financial mistakes.
7. Avoid Lifestyle Inflation
As your income becomes regular, it’s tempting to upgrade your lifestyle—moving to a nicer apartment, buying a car, or dining at high-end restaurants more often. While it’s fine to enjoy your earnings, be mindful not to spend all your income.
Instead of increasing your expenses every time you get a paycheck, keep your lifestyle the same and allocate more money toward savings and investments. This strategy will help you build long-term wealth and financial security since you make your money work for you rather than just being spent on things you don’t need.
Be Financially Savvy with Maya
Financial success isn’t about how much you earn—it’s about how well you manage your money. Plenty of people with high salaries live paycheck to paycheck, while others with modest incomes build wealth by making smart financial choices.
As a Gen Z newcomer to the workforce, you have a big advantage: time. Every peso you save and invest today has the potential to grow significantly in the future. The habits you build now—tracking expenses, saving consistently, and spending wisely—will determine the kind of financial freedom you’ll enjoy later in life.
With the help of Maya, you have everything you need to take control of your finances, grow your wealth, and work toward a secure future. Start today, and your future self will thank you.
*Transactions that don’t qualify include: cash in, cash advance, quasi cash purchases, casinos and gambling, fuel, supermarket, pharmaceuticals, utilities, telco, and government.
