Share
You’ve probably heard it before: “save a portion of your income,” “build an emergency fund,” “start young.” But when your paycheck hits and most of it goes to bills, groceries, or helping out at home, saving can feel more like wishful thinking than an actual goal. For many young Filipinos, the challenge isn’t knowing that they should save; it’s figuring out how much is even possible.
Factor in rising living costs, unpredictable income streams, and the desire to enjoy life while young, and it’s easy to see why saving often gets pushed aside. But saving doesn’t have to feel impossible. With the right approach, it can become an empowering habit that balances your present needs with future goals.
This guide will help you figure out the right savings amount based on your lifestyle, goals, and income so you can move forward with more clarity and confidence.
Understand Your Financial Baseline
Before you can decide how much to save, you need a clear picture of where your money is actually going. That starts with tracking your income and expenses—not just in your head, but in detail. List your fixed costs like rent, utilities, or transportation, and then account for variable spending like food, shopping, or spontaneous plans. The goal isn’t to judge your spending but to see what’s left after the essentials are covered.
Once you know your disposable income (the money you have left after essential expenses), you’ll have a better sense of what you can reasonably set aside each month without feeling stretched too thin. You don’t need a complex spreadsheet to start—just be honest about your financial patterns and consistent with tracking. This baseline gives you the foundation to build a realistic savings strategy that works with your life, not against it.
Set Short-Term and Long-Term Goals
Saving feels more meaningful—and manageable—when it’s tied to something specific. Whether it’s next month’s concert tickets or a future home down payment, having clear goals helps you decide not just why to save, but how much, and how often. Start by defining what you want to achieve, then break these down into specific, time-bound targets. Short-term goals often require smaller amounts saved more frequently, while long-term goals demand larger sums over longer periods.
Feeling overwhelmed? As the #1 digital bank in the Philippines, Maya makes saving simple and accessible. You can easily open savings account online and start working toward your goals today. With Maya, for example, you can set up to five Maya Personal Goals accounts, which are customizable savings buckets that help you organize your money for the things that matter most. Whether you’re saving for a new gadget, building an emergency fund, or setting aside funds for your next adventure, Maya Personal Goals let you save with purpose. Set target amounts, track your progress in real time, and enjoy competitive interest rates of up 4% p.a. per goal.
Use the 50/30/20 Rule (Or Adapt It to Fit Your Life)
The 50/30/20 rule is a beginner-friendly method to determine how much to set aside each month. It breaks down your income into three basic categories: 50% for needs, 30% for wants, and 20% for savings. That last portion—the 20%—can be your starting point for building consistent savings habits. It's simple, flexible, and easy to remember, and you can make this portion bigger depending on your circumstances.
That said, this isn’t a one-size-fits-all rule. If you're dealing with student loans, supporting family, or working with irregular income, you might need to adjust the percentages. The important thing is to treat savings like a fixed, non-negotiable part of your budget—even if it’s just 10% to begin with. What matters most is committing to an amount that feels realistic now and gradually building from there. Small, steady progress adds up faster than you think.
Once you’ve decided how much to set aside, you can make your money work harder by placing it in the right financial products. For example, Maya Savings offers a base interest rate of 3.5% p.a., which is already significantly higher than the typical savings accounts from traditional banks. And if you’re an active Maya user—meaning you pay bills, buy load, pay with QR in-store, shop with your Maya Card online, or send money through the app—you can boost your savings interest rate up to an impressive 15% p.a. This means even your daily savings can grow faster just by being strategic about where you keep them.
If you’re looking to park your savings for longer periods, Maya Time Deposit Plus gives you the option to lock in your money for 3, 6, or 12 months at competitive fixed interest rates. This is great for medium- to long-term funds parking since it rewards you with higher guaranteed returns compared to letting money sit unused in a regular account.
Indeed, leveraging a Maya savings account and other high-interest savings accounts will allow you to maximize your returns.
Factor in Income Stability and Flexibility
Your ideal savings amount depends not only on what you earn, but also on how consistently you earn it. If you have a fixed salary, it’s easier to stick to a set savings percentage each month. But if your income fluctuates—say, from freelancing, commissions, or side gigs—you may need a more flexible approach.
Start by identifying your average monthly income, then set a baseline savings amount you can commit to even during leaner months. When you earn more than usual, add to your savings instead of spending the extra money. You can also divide savings into two tiers: a base amount and a bonus amount that varies based on income. This way, you stay consistent without overcommitting. The goal is to make saving a habit that adapts to your cash flow, not something you abandon when income gets unpredictable.
Consider Your Financial Priorities and Trade-Offs
There’s no magic number for how much you should save each month—it all comes down to your current priorities and what you’re willing to trade off. If you’re spending heavily on dining out, subscriptions, or shopping, ask yourself what matters more: those comforts now or the freedom that comes with having money set aside. The clearer you are about what you value, the easier it becomes to decide how much to save.
This doesn’t mean cutting out everything fun or enjoyable. It just means being intentional. Maybe it’s delaying a big purchase by a month or skipping a few takeout orders to free up funds. By aligning your spending with your goals, you give yourself room to save without feeling deprived. Ultimately, saving becomes less about sacrifice and more about making empowered choices that reflect what truly matters to you.
There’s no universal answer to how much of your income you should save—but there is a right answer for you. By considering your goals, income, and financial responsibilities, you can decide on an amount that’s both practical and sustainable. Start where you are, adjust as needed, and build the habit. And when you're ready to take action, Maya’s savings and online banking tools can help you stay on track and grow your money with confidence.
Previous Story
← 5 Tips for Leveling Up Your Personal Finances
You might also like
These Stories on Maya
4 min read
Oct 20, 2025 8:00:00 AM |
4 min read
Oct 17, 2025 8:00:01 AM |
4 min read
Oct 15, 2025 8:00:00 AM |
It’s everything and a bank. What more could you need?
For existing PayMaya users, update your app to Maya
