Do you ever feel like managing money is similar to trying to cup sand in your hands? No matter how tightly you hold on, it seems to slip away between your fingers. And even if you know that the financial security of “future you” depends entirely on what “present you” does right now, saving and investing for the future can feel like a sand castle you can never complete. Between daily expenses, family obligations, and the occasional splurge, there doesn’t seem to be enough funds left.
Feeling overwhelmed? Don’t panic. It’s never too late to start achieving financial stability. Here’s how you can set yourself up for financial success five, ten, and even twenty years from now.
Build Your Financial Foundation
First, you need a solid financial foundation. That’s where a savings or deposit account comes in. Unlike cash hidden at home, money in the bank earns interest. Over time, those earnings add up, creating a financial safety net.
But not all deposit accounts are created equal. In fact, traditional savings accounts often offer low interest rates (ranging from 0.0625% to 0.125% p.a.). As such, it’s better to choose a high-interest deposit account that helps your money grow. Maya, the #1 digital bank app in the Philippines, offers a base interest rate of 3.5% p.a. for deposit accounts, with the potential to earn a boost of up to 15% interest p.a. through everyday payments.
Treat Savings Like a Non-Negotiable Expense
Most people save whatever is left after expenses, but that’s a mistake. Instead, flip the script: Save first. Set aside even a small portion of your income before paying bills or spending on anything else, and commit to saving consistently—every payday, without fail. Schedule your savings like you would any important financial obligation. Block a date and time to transfer money to your savings account, and stick to it. Maya makes it easy to move funds with just a few taps, so there’s no excuse to skip it. Prioritize your future. You owe it to yourself.
Consider Time Deposits
A time deposit is a great option if you want a secure way to grow your money without the risks of investing in volatile instruments like stocks. Unlike a regular savings account, a time deposit locks your money in for a fixed period—typically a few months to several years—offering higher interest rates in return. The longer the term, the higher the rate. Specifically, Maya’s Time Deposit Plus offers a guaranteed 3.5% interest p.a., which can be boosted up to 6.00% p.a. monthly when you reach your target amount and date.
The advantage? You earn guaranteed interest without worrying about market fluctuations. This makes time deposits ideal for medium-term financial goals like saving for a down payment on a house, funding a child's education, or building capital for a future business. Just remember that since your money is locked in, use a time deposit for savings you won’t need immediate access to.
Save for Specific Goals
It's often hard to save because the future feels so insubstantial, making present-day spending seem far more appealing. Maya solves this with the innovative Personal Goals feature designed to help you save for tangible and achievable targets. With this feature, you can create up to five different savings goals, such as a travel fund, emergency fund, or dream home fund. Each goal is separate from your main balance, making it easier to focus on reaching your targets.
What makes Maya’s Personal Goals stand out is its competitive interest rates and automation feature. You can set a fixed amount to be transferred regularly to your goal, ensuring that you build your savings consistently. This effortless approach ensures “future you” reaches financial milestones with ease.
Manage Debt
Many Filipinos rely on credit, whether through credit cards, personal loans, or informal utang from family and friends. But mismanaging your debt can trap you in a cycle that can harm your financial future. So, if you have debts, list them down and prioritize paying off those with the highest interest rates. The faster you tackle your debt, the more financial freedom you’ll gain. At the same time, be smart about taking on new debt. If you must borrow, ensure it's for something that will increase your wealth in the long run, such as education or a business, rather than short-term consumption.
Build an Emergency Fund
Unexpected expenses are part of life. Medical emergencies, sudden job loss, or urgent home repairs can throw you off balance. The best way to handle these without stress? An emergency fund.
In general, it’s best to save at least three to six months' worth of living expenses in an easily accessible account. This way, when life throws you a curveball, you won’t have to rely on debt or deplete your other savings. Start small if needed—even a few hundred pesos saved today can make a big difference. The key is to remain consistent and gradually build a strong financial cushion.
Plan for Retirement Now
Many Filipinos believe that retirement planning is something to worry about later in life. That’s a mistake. The earlier you start, the easier it will be. Also, relying solely on SSS or GSIS won’t be enough to maintain a comfortable lifestyle when you retire. Consider opening a Personal Equity and Retirement Account (PERA)—a tax-free retirement investment plan designed to grow your savings over time. The sooner you contribute, the more your money will work for you.
Would “future you” rather retire comfortably, traveling and enjoying life, or still be working just to make ends meet? The choice starts today. By taking small but consistent steps now, you can ensure a secure and stress-free retirement.
The Best Time to Start Is Now
No matter where you are financially, today is the perfect day to start setting up “future you” for success. Open that deposit account, start a time deposit, commit to saving regularly, and plan for your personal goals with Maya. The earlier you start, the easier the journey will be—so don’t delay any longer. Years from now, you’ll thank your past self for making smart financial decisions and taking action today.
