When you’re just starting out in the workforce, the idea of saving money can feel impossible. You’ve only just begun earning your own income, and there are already so many competing demands—rent, transportation, meals, maybe even helping out your family. It’s easy to feel like there’s simply nothing left to put aside.
The thing is, saving for emergencies early in your career can make a huge difference later on. Even if you can only set aside a small amount at a time, the habit of saving steadily is far more powerful than trying to cut your lifestyle drastically. Plus, you don’t have to do it all alone. With digital tools from dependable partners like Maya, the #1 digital bank in the Philippines, you’ll find that setting money aside becomes easier and more rewarding.
In this article, we’ll walk you through practical, beginner-friendly ways to start building your own rainy day fund from scratch.
Start with Small but Consistent Deposits
Big savings goals often collapse under their own weight. In contrast, adding a few pesos at a time to a high-interest savings account may not feel like you’re doing much to start with, but your contributions will add up and reward you if you can keep to the habit. Even PHP 50 or PHP 100 per payday is enough to get things going; you’ll be surprised at how quickly small deposits build over time. The point is to establish the discipline of saving as soon as you start earning.
With a Maya Savings account, one of the best high-interest savings accounts in the Philippines, that habit becomes even more rewarding. You can open savings account with no minimum balance right in the Maya app. Once you’re set up, you’ll earn competitive daily interest and see your money grow automatically. Since interest is credited the very next day, you’ll see the impact of those small but regular deposits almost immediately, which can help reinforce the habit you’ve started.
Have a Defined Goal
It’s hard to stay motivated when you’re saving toward nothing in particular. Without a clear target, you might be tempted to let contributions slide or to dip into the fund for non-emergencies. A practical first step is to decide on a realistic milestone, such as building up at least one month’s rent or setting aside a flat PHP 5,000. This goal will give you both direction and encouragement; it makes saving feel purposeful instead of like an open-ended chore.
Once you open savings account online via the Maya app, why not make your goal more tangible through Maya Personal Goals? The feature allows you to create up to five separate goals, each with its own name, amount, and due date. Each Personal Goal earns up to 8% p.a. on balances of up to PHP 100,000, with tiered interest rates that start at 4% for the first PHP 20,000 and gradually increase up to 8% for amounts above PHP 80,000. These goals earn while you’re able to track your progress visually, which can help keep you motivated. Once a goal is completed, the funds are automatically transferred to your Maya Savings account, which ensures they’re protected and continuing to grow.
Separate Your Rainy Day Fund from Everyday Money
An emergency stash won’t last long if it sits in the same account you use for groceries and ride-hailing. Mixing funds makes it too tempting to overspend or underestimate how much you’ve actually saved. Separate your emergency fund from the money meant for daily spending to create a clearer line between the two. That way, you face less risk of accidentally spending funds you should be putting away.
If you have funds you can afford not to touch for an extended period, it may also be a good idea to start a time deposit. Maya Time Deposit Plus, for instance, offers fixed terms of 3, 6, or 12 months and interest rates of up to 6% per annum. This is a tried-and-true way to keep your money safe from impulse withdrawals while letting it grow faster than it would in a standard account.
Remind Yourself to Contribute
Life gets busy, and saving is easy to forget unless you give yourself small nudges. A calendar reminder on payday, an in-app alert, or even a sticky note on your desk can serve as a gentle push to move money into your fund. These cues don’t add to your workload but keep your commitment front and center, which is often all it takes to stay consistent.
Think about What Non-Essentials You Can Cut Back
Your rainy day fund may already be hiding in your daily habits. Fewer takeout meals, trimming down on subscriptions, or carpooling only once in a while and taking the jeepney, bus, or train instead can free up pesos you didn’t realize you had. Cutting back doesn’t mean living without; it means identifying small, low-impact areas where you can redirect money into savings without compromising your lifestyle too much.
Put Windfalls and Bonuses toward Your Fund
Holiday bonuses, commissions, or even unexpected cash gifts can vanish quickly if you treat them as spending money. Why not redirect even half of that extra income toward your rainy day fund to give your savings an instant boost? Consider splitting the difference, enjoying some while saving some, to get the best of both worlds.
Set Milestones for Yourself and Celebrate Them
You may not feel like you have anything to celebrate when you reach your first PHP 5,000 or PHP 10,000 in savings, but these funds are proof that your rainy day fund is taking shape. Make time to recognize these achievements and pat yourself on the back for them, as they’re proof that you’re making progress toward an important financial goal. Your celebration doesn’t need to be extravagant; a small treat or simple acknowledgment can do a lot to refresh your motivation and keep you focused.
Don’t aim to build your rainy day fund by setting aside huge sums overnight. On the contrary, this process is about persistence, discipline, and making choices that protect your future self. To make the process easier, explore the savings options available in the Maya app and start building your financial safety net today.
