The Pros & Cons Of Saving Thru A Piggy bank, Passbook & Debit card

It was the year 1995 when I started earning a portion of my daily baon. I was seven, in grade two and had fifteen pesos a day to spent. Ten pesos in the morning, five pesos in the afternoon. I couldn't remember why I decided to deprive myself of my entire baon but I remember exactly HOW I was able to earn. My Php15.00 can go a long way in 1995. It could buy me a sandwich, pancake, pineapple juice and some hard candies. Instead of splurging my baon, I kept it. I saved it all. To be able to have a meal during recess, I take some pandesal from breakfast or carrots. Back then, mother usually buys a carrot (it doesn't cost much in the 90s) for dinner, I ask some and grate it in the morning, pack it and eat it for recess. My teacher was so proud of me when she saw me eating fresh carrots one day. A month later, I was able to earn more or less one hundred pesos from my carrot diet. Mother was so proud of me when she learned about it. Later, she asked if she could borrow it for pamalengke. We had a sumptuous dinner that night as mother and father talked about how thrifty I am and how my younger siblings should emulate my spending habits.

When I entered high school, one of my closest friends introduced me to a Student Savers Account. I asked her why she saves money when I accompanied her to our local bank one day. "I'm trying to save for my college fees," I was stunned. Apparently, it was her mother who told her how expensive it was to go to college, the fees, dormitory, supplies and other expenses. "Pero high school pa lang tayo e," I demanded. "I know," she said. "It's better to prepare early." It hit me like a lightning bolt. True enough. My friend was able to pay for her college conveniently while I was left scraping for leftover money and doing part-time jobs so I could afford to go to college. Kaya I told myself, I will get my kids an educational plan so they don't have to worry about a thing and they could focus on their studies instead.

Eventually, I applied for a savings bank account. My husband was working as a construction worker in the city. Every week or two, he sends me money. I saved a portion of his padala on my savings account. I was trying to save for my labor expenses too because I was pregnant with my daughter then. My husband face lit up when he saw I deposited around Php5,000 on my passbook from all his padala.

I opened a new account and availed a debit card fifteen years later after my piggy bank savings. I started working as a freelance writer then. Since I work at home, all payments go to my savings account. I opened an account to get my Paypal earnings because the only way to get it is to link it to a bank account. It was more convenient and transaction fees were smaller. I left a portion of my weekly earnings on my debit card whenever I withdraw money. That's how I saved. Eventually, I found out that it was ineffective.


  • It motivates me to save on a daily basis.
  • It lets me save spare coins from sukli sa pamasahe, pamalengke, meryenda, etc.
  • It didn't judge me if I can only save 15 pesos a day. (Hey, when you save 15 pesos a day, that's 105 pesos a week, 450 pesos in 30 days and 5,400 pesos a year!)
  • It becomes alkansyang-dukot if you are not disciplined enough. It means you get some, when you need some. As a result, you don't earn much. 
  • My savings didn't grow. I get exactly what I earned.
  • The fear of someone may get your piggy bank so you toss and turn every night. It usually happens when it's almost full.


  • It gives me peace and security knowing that my savings is safe, secured and locked in a vault.
  • My savings grow through interests.
  • Helps me reduce my spending habits because I cannot go to the bank to get some 300 pesos. It's a huge hassle especially if there is a long line of depositors.
  • When I withdraw money, I tend to get more because I feel like I might need it in the future.
  • Some days, I don't feel like depositing money I intend for savings because it's another busy day at the bank, another travel to the bank, so I end up keeping them in my wallet and eventually spending it.

  • I get to save a portion of my Paypal earnings directly once I received it from my card.
  • Leaving a portion of my weekly/monthly earnings wasn't effective because I end up using them later.
  • I tend to use my savings as payments.

From my saving experiences, I realized that being disciplined is the key to save more.


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