According to the World Bank Global Findex Database 2025, only 50% of Filipino adults have a formal savings account at the end of 2024. Of those that do, relatively few have the structured approach to saving that’s necessary for long-term financial stability.
If you’re not planning your savings, you won’t really go far with your money. If you only put away money when there’s cash left after spending or dip into your funds for non-essential purchases, your progress is bound to be slow. While putting away a little bit here and there may seem beneficial, this approach often leads to missed opportunities.
The good news is that almost anyone can save more if they learn how to prioritize. When you know what matters most, you remove multiple hurdles in meeting both your short-term needs and long-term ambitions. Let’s dive into some practical tips on how best to approach your savings priorities.
1. Learn How to Separate Needs from Wants
We are constantly being bombarded by conflicting messages. On one hand, we “know” that luxuries are, by definition, not essential. However, we are often under immense pressure from loved ones, peers, and the advertising industry to indulge in things like expensive dinners, travel, or new gadgets.
You must cut out that noise and focus on the basics. Your emergency funds, health costs, and household needs take precedence over lifestyle upgrades. Only when essentials are addressed should you let yourself feel comfortable pursuing your wants without guilt.
2. Use the Right Financial Tools
Having the right banks and platforms will help take some of the challenges of saving off your plate. For example, high-interest digital savings tools, like a Maya Savings account, make it easier to stay organized and protect your funds against annual inflation. Just as crucially, they give you the flexibility to adjust your goals as your priorities evolve.
3. Set Clear, Specific Goals
Speaking of goals, “save more money” is a good start, but it’s too vague to be genuinely motivating. As important as discipline is, you need sufficient motivation to make your savings strategy psychologically sustainable.
To start, label your savings with clear targets. If necessary, open a new account to better segregate a big-picture savings goal. Some digital banks offer ways to put savings goals in specific buckets that you can name. For instance, Maya has Maya Personal Goals, where you can open up to five unique savings “envelopes” for specific targets. Once you see“PHP 50,000 emergency fund,” “down payment for a condo,” or “tuition for the kids” on your banking app, you’ll probably find it easier to stay focused on the big picture.
4. Learn to Weigh Short-Term and Long-Term Objectives
While it’s good to focus on long-term goals, remember that there are also worthwhile short-term goals. Indeed, prioritizing only the distant future can make you especially vulnerable to present challenges.
For that reason, you want to fund your emergency savings (equivalent to about three to six months’ worth of expenses) as soon as possible. After that, you can consider setting up another fund for your other near-term expenses alongside the longer-term big-picture items. It may take a couple of years to get to this point, but it’s a necessary sacrifice to ensure you’re prepared for both today and tomorrow.
5. Break Down Large Goals into Milestones
If you’re not a big earner, a big savings target can be incredibly intimidating. However, breaking down something like a seemingly unreachable goal into smaller, more manageable milestones can make the task less daunting. For instance, saving PHP 100,000 in one go is not always easy, but you will probably perceive saving PHP 10,000 at a time toward that PHP 100,000 goal as doable. Don’t forget to budget a modest reward for each milestone, so you can better maintain your motivation.
6. Protect Your Savings from Impulse Spending
To reduce the temptation to spend outside your plan, keep your emergency fund separate from your daily spending account. Likewise, consider placing longer-term savings in a time deposit or safe investments that are harder to access quickly. This extra barrier helps ensure your earmarked funds are used only for their intended purposes.
7. Align Your Savings Plan with Your Current Life Stage
Your financial priorities will inevitably change over time. In your 20s, you might focus on building an emergency fund or getting insured. In your 30s and 40s, the emphasis may shift to family, housing, or even possibly retirement. Regularly reviewing your goals and adjusting them to the situation keeps your savings plan relevant and effective.
Each Peso Saved is a Path to Better Things
Prioritizing your savings isn’t about saying no to happiness. You are, in fact, investing in a deeper sense of joy that can only come with financial security. Once you adopt the right mindset and put your money in the right funds, you’ll find yourself moving much closer to the life you’ve envisioned.