Whether it’s for future goals or unexpected expenses, setting aside money is a key step toward building financial stability. But for many Filipinos, saving can feel out of reach, and understandably so. With daily necessities to manage and monthly bills to pay, it’s easy for saving to take a back seat. Some may also believe they need to hit a certain amount before it’s worth starting, thinking it only makes sense to save when there’s extra money to spare.
The good news is that’s no longer the case. Thanks to digital banking tools and flexible saving options now available in the Philippines, it’s easier than ever to start saving. In this article, we’ll explore practical and creative ways to begin your saving journey, especially if you’ve always felt it was impossible.
Open a High-Yield Digital Savings Account
Many people keep their money in traditional savings accounts without realizing that their interest rates are barely keeping up with inflation. Thankfully, several digital banks now offer a high-interest savings account with better returns. Maya, the #1 digital bank in the Philippines, allows you to earn a base interest rate of 3.5% p.a.—much higher than the typical 0.10% from traditional banks. This higher interest rate helps your money grow faster, giving you more value for every peso you set aside.
What makes digital savings accounts even more appealing is how simple they are to set up. Unlike traditional bank accounts that require you to visit a branch and submit multiple documents, digital banks let you open a savings account online. For example, you can easily set up a Maya Savings account through the Maya app. Once you log in, tap “Savings” at the top of the screen and select “Start saving now.” Then, follow the rest of the instructions to complete the process. Additionally, it doesn’t take many requirements to open a savings accounts with Maya. You just need an upgraded Maya account, which you can get for free by submitting just one valid ID.
Start Small and Set Realistic Saving Goals
Since many traditional banks require a minimum balance to open a savings account, people with limited income often feel discouraged from starting to save. Fortunately, digital banks provide a more flexible and accessible alternative. Maya offers a high interest savings account that also requires no minimum balance to get started, allowing you to deposit as little—or as much—as you’re comfortable with.
If you want to stay motivated, connect your savings to a specific purpose. Whether it’s for a new gadget or a future trip, having a clear reason behind your goal can make it easier to stay committed. This is where creating Maya Personal Goals comes in handy. This tool lets you open a goal-based savings account where you can keep your money for up to 6 months while it earns an interest of 4% p.a. You can also have a maximum of five active Personal Goals. Once you complete the goal, the funds are automatically transferred to your Maya Savings account. In case you don’t have a Maya Savings account yet by the time you complete a personal goal, Maya will automatically create one for you.
Treat Saving Like a Monthly Bill
Another way to help you start saving is by treating it the same way you treat your fixed bills. Think of it as an expense you must pay each month, no matter what. For example, you can set aside PHP 500 from every payday and immediately transfer it to your savings account, just as you would pay your rent or electricity. Even if the amount seems small, doing it consistently builds discipline, and that’s what really drives long-term savings growth.
Think Long-Term with Time Deposit Accounts
If you’re serious about building long-term savings and want to earn even more interest, consider putting your money in a time deposit account. Maya offers Time Deposit Plus, which is easy to open and comes with higher base returns compared to regular savings accounts.
Similar to other time deposit products, Maya Time Deposit Plus works by locking in your money for a fixed period—3, 6, or 12 months in this case. During that time, you are guaranteed 3.5% interest p.a. that you can boost up to 6.00% p.a.* when you reach your target amount and date. Additionally, you can start with a low total goal amount of at least PHP 5,000 and deposit any amount at any time until you reach your target. The combination of structure and better interest makes this time deposit product a great tool for Filipinos who want to grow their money steadily over time.
Take Advantage of Interest Boosts and Promos
Digital banks are constantly competing for users, which is great news for savers. Many of these platforms offer time-limited promos and interest boosts to encourage you to deposit and save more. For instance, Maya lets you boost the interest rate of your Maya Savings account to as much as 15% when you complete specific tasks, such as paying bills, buying load, paying with QR in-store, or paying online with Maya. So, if you want to maximize your returns with little extra effort, keep an eye out for these kinds of offers.
Use Windfalls as Surprise Savings
Windfalls are those unexpected or occasional sources of income, like bonuses, 13th-month pay, freelance payments, or even credit card cashback. While it’s tempting to spend this money right away, putting aside a portion—say 30% to 50%—into your savings can be a game changer. Since this money wasn’t part of your usual budget, saving it won’t feel like a sacrifice. For example, if you receive a PHP 5,000 bonus, you can deposit the PHP 2,500 to your savings account, use PHP 1,500 for needs, and enjoy the rest guilt-free.
