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Chapter 3Level 1: Managing your cash flow

Budget your money

Pick a budgeting method that fits your life and still lets you enjoy it.

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Where to keep and track it

Digital banks

Digital banks are a good home for your emergency fund and short-term savings. They usually pay higher interest than traditional savings accounts, many have no maintaining balance, and you can open an account on your phone in minutes.

As of November 2026, BSP-licensed digital banks include GoTyme Bank, Maya Bank, Tonik, UnionDigital Bank, UNOBank and Overseas Filipino Bank. Digital-first banks like CIMB Bank and SeaBank, and e-wallet savings like GCash GSave, work in a similar way. (Listed alphabetically by type, not as recommendations. We're not affiliated with any of them.)

What to check before you open an account

  • PDIC insurance: deposits are insured up to ₱1,000,000 per depositor, per bank. Check the bank is a PDIC member.
  • Interest rate: check the regular rate, any promo rate and how long the promo lasts.
  • Tax: interest is subject to a 20% final tax, so you earn a bit less than the advertised rate. A 5% rate becomes about 4% after tax.
  • Transfers: check how easily you can move money to your e-wallet or payroll bank through InstaPay or PESONet, and the fees.
  • Access: time deposits pay more but lock your money. Keep your emergency fund where you can withdraw it anytime.

Money management apps

Tracking your spending is easier when it only takes a few seconds. The best tool is the one you will actually use every day.

  1. 1A spreadsheet. Free and flexible. Our Google Sheet templates are made for Filipino budgets, and PlanWealth.ph also has a free 90-Day Money Reset guide.
  2. 2A budgeting app. Apps like Money Manager, Wallet by BudgetBakers and Spendee let you log an expense in seconds and see where your money goes by category.
  3. 3Your bank or e-wallet app. GCash, Maya and many digital banks show your spending history, and some let you set savings goals.

What to look for

  • Quick logging, so you record expenses right away
  • Categories you can change, like load, commute and padala
  • Monthly reports that compare your spending with your budget
  • A PIN or fingerprint lock to keep your data safe
  • Free features that are enough to get started
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