While we might disagree on financial strategies, most of us will agree that saving is a cornerstone of long-term financial stability. This is clearly a mainstream opinion, with more and more people looking up search terms like “how to open savings account online” and “where to find a high-interest savings account in the Philippines.” Whether it’s for covering emergencies or important life milestones, having cold, hard cash on hand gives you control over your situation as well as peace of mind.
Yet despite knowing its importance, many Filipinos do not prioritize saving as an everyday practice. Many know how to open savings account products on their phones, but instead of saving steadily, they wait for big cash windfalls. Portions of bonuses, 13th-month pay, or even occasional inheritances may get tucked away in savings, but not much more is added to the fund afterward.
To be clear, saving from a lump sum is undeniably helpful, especially if you put it in a high-interest savings account. Unfortunately, emergencies don’t wait for December bonuses, and investment and job opportunities can pass you by if you’re not financially prepared.
The truth is, saving small amounts consistently is a far more reliable way to grow your money, especially with a high-performance fund like a Maya Savings account. Thanks to the tools offered by digital banks like Maya, building this habit has never been easier. Let’s dive into why saving a small amount each day beats reliance on cash windfalls.
1. You Create Habits That Build True Wealth
In the vast majority of cases, wealth is the product of consistent effort, sometimes spanning multiple decades. When you make saving part of your daily or weekly routine, it trains you to prioritize your future. In contrast, relying only on windfalls often puts you in a “one-day millionaire” mindset, where money disappears just as fast as it comes in.
2. Daily Savings Add Up Faster Than You Think, Especially with Maya
Just as a basic example, setting aside just PHP 100 a day translates to PHP 36,500 a year. Mind you, this doesn’t even factor in any interest. With Maya Savings, you enjoy a generous 3.5% interest p.a. and can boost this up to 15% p.a., simply by using the Maya App for everyday payments.
Over the Maya App, you can also access tools like Maya Personal Goals. Through Maya Personal Goals, you can create dedicated savings pockets for specific milestones, like modest luxury purchases or vacations, and watch them grow steadily over time. These small, manageable steps are far more productive and easier to commit to than waiting for your 13th-month.
3. You Benefit from Compound Interest Earlier
Interest earnings compound on themselves over time. This means the earlier you start saving, the more time your money has to earn interest and grow. For that reason, a peso saved today will become worth far more than one saved years from now because of compounding interest. With Maya Time Deposit Plus, specifically, you can lock in competitive rates starting at 3.5% p.a., which can be boosted up to 6.0% p.a. when you reach your savings target. You can also choose flexible terms of 3, 6, or 12 months, so your money grows securely while compounding over time according to your duration.
4. You’re Always Ready for Life’s Unexpected Expenses
When you save daily, events like medical emergencies, critical home repairs, or even sudden foreign trips are far less likely to force you into debt. And since Maya is a Bangko Sentral ng Pilipinas-supervised financial institution (BSFI), your funds are insured and guaranteed by the Philippine Deposit Insurance Corporation for up to PHP 1 million.
5. It Helps You Avoid Overspending Windfalls
When we come into a lump sum, there’s a higher chance that we’ll spend more than if this money came to us in smaller chunks at regular intervals. Psychologists call it the “windfall gain effect,” and it’s a perennial danger for savers who want to prioritize long-term goals. The 13th-month salary is often subject to this, leaving savers with far less cash in the bank than they planned for.
Saving daily helps develop the mental strength to sidestep this trap. Instead of waiting for large lump sums, you already have money quietly growing in your account. When the lump sum comes in, it doesn’t feel so large in comparison, helping you avoid the dreaded windfall effect. If anything, daily saving means you’re more likely to put more of your windfalls in your savings, growing your wealth faster.
6. You’ll Gradually Develop Peace of Mind
Some Filipinos prefer to hold on to their cash themselves or put their extra cash in simplistic investments because they distrust financial institutions. While this is not exactly ideal for financial stability, these fears are not necessarily unfounded. That’s why choosing a secure digital platform is critical.
As the #1 digital bank in the Philippines, Maya employs a combination of hi-tech fraud monitoring, biometric logins, and customizable user controls over the Maya App to keep your money safe. Saving every day on a trusted platform like Maya ensures you get peace of mind even as you create your nest egg.
Every Day and Every Peso Counts
In most cases, waiting for big breaks is simply not a sustainable way to save. Saving what you can, when you can, is more often the winning strategy for building real wealth over time. Focus on consistency over big lump sums, and your money will grow safely.
With Maya, you can even begin your savings journey today. With industry-leading tools like Maya Savings and Maya Personal Goals, and the security of a BSP-supervised, PDIC-insured digital bank, you can save a little every day with complete confidence.
