The One Thing You Can Do Today To Start Saving Money

September 14, 2016

We all want to save money but not all of us is ready to commit to what it takes to succeed in create a money cushion. I’ve been building my emergency fund since forever and up until today I am still miles away from my target. But I am not giving up and you too should not. Today I’ll share to you the one thing you can do today to start saving money. Its easy, fast and effective and I bet not everyone has considered this matter yet. Just last week I had a workmate who asked me about budget and such then I learned one of the biggest mistake we all make when trying to save money. That huge mistake is not having a dedicated bank account for savings.

Why Have a Second Bank Account

The common situation is that we own a payroll account from a certain bank. People think that this savings account is good enough to get by  in terms of our financial but applying for a second one will surely change your money game.

Reason #1. Automate Your Savings

Banking nowadays is much better compared to before because it offers automatic money transfer ideal for those who are serious in saving their hard-earned money. Automating your savings is the best and the easiest way you assure that you make it to your  money goals either yearly or monthly. 

How To Do It?

First, apply for a second savings account under your payroll account. 

Once your application is approve you will need to apply both on a online banking program where you’ll need a username and password to log in. For Metrobank Users I have a post on How to Enroll in Metrobank Direct Online Banking you can CLICK HERE

Application to online banking may differ from bank to bank but below are the common steps taken from my post The Basics of Online Banking:

1. Visit your bank’s website.
2. Check out their Online Banking button. This should be available on the top most part of the website.
3. Follow through the online enrollment procedure.
4. An email will be sent to your inbox for confirmation.

On your online banking dashboard you will see your two applied accounts and transferring is a click of a button away. You can now see your dedicated second savings account growing with your savings. 

Reason #2. Back Up Account

I misplaced my payroll account one Saturday of June and had no idea where I put it. I immediately called the Metrobank Hotline to ask what I should do. I needed to withdraw my salary since I am going on a medical check up that very day. To my surprise the agent told me that it is either I freeze my bank account which will not allow me to do any withdrawal at all even if via counter. Also if I freeze my payroll account I will need to undergo a whole lot of procedure and wait until Monday.

Then I remember my second savings account which holds my emergency fund. I immediately checked whether my salary is still intact on the payroll account and transfer everything on my second count without a doubt. I was able to withdraw and have my check up. What I learned from this experience is how a second bank account can save you from cases of missing cards, identity theft and other unwanted situation. This will give you an access to your money without worry.


Reason #3. Designate Your Money Better

Another obvious reason why a second savings account works best in saving money is because you can easily designate where your money go. If you only have your payroll account to rely then you will easily lose track of your savings. 

Here’s how a second savings account helped me designate my money better:

  1. I automatically transfer an “X” amount of money to my emergency fund right away. This second savings account only has my savings. 
  2. I set my budget and withdraw only the amount I have to use. Receive my 50-20-30 Budget Template via email. Send me a message at
  3. As much as possible I keep at least 500pesos on my payroll account every payday for additional savings.

Without a second savings account I’ll probably mix my savings to my spending money. A second bank account allows me to save first then spend later. This helped me a lot to save money no matter what. Also one great reason is the fact that both bank accounts will earn interest for you. This maybe little but better than nothing, right?

Your Action Plan

Now here’s what I want you to do. Create a dedicated bank account for your savings. Better if you apply with the bank you already have (e.i. your payroll account) so you can do online bank transfer at ease. 

If you already have a second savings account then start saving money now. Every pay day or every month fund your savings without fail. This will ensure you have enough savings in case emergency happen or to buy the things you want. You can revisit my posts All About Banking Part 1 and Part 2 for information on how to choose in a bank. 

Final Notes from SavingsPinay

To sum it up I highly suggest for you to have a second savings account solely for your saving fund. This is the one thing you can do today to start saving money. Applying for a savings account in the Philippines is very easy.

You just need visit your chosen bank and talk to a bank officer. You will be given Account Opening Form to fill-in. Next present two valid IDs and 2×2 photo and Your signature specimen. After about 15-20 minutes your savings account (physical card) is ready. Your next requirement is to change the PIN to your own personal choice. Easy, right?!

I also did a good post on Investment Options You Can Try With Your Bank. This post i dedicated for people who can’t take the risk of direct stock investing or mutual fund. You’ll learn other investment options that your local bank actually offers. Choosing to start saving money now is important. Again and again I say that the you owe it to yourself to save.

Next On SavingsPinay

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  • How To Make Your Current Budget Work For You?

Clariza Glino

Izza of SavingsPinay helps Filipinos bridge the financial literacy gap one content at a time by providing insights and tips on budgeting, saving, investing, side hustle and growing your net worth. Aside from this blog she also writes at, a beauty and lifestyle blog for frugal Pinays and manages,, a wedding and event business since 2011. For inquiries, topic suggestions or future collaborations email her at

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