I was once a part of the majority of Filipino who had a problem when it comes to saving my disposable income. Many people right now is experiencing a lot of difficulties keeping up with their savings account .I once heard that some Filipinos are good spenders but very bad moneysavers .So if you are experiencing trouble saving money I have some tips for you on how can track.
Tip # 1. Write down your goals and focus on it- As a human being we keep being swayed by many things, let us all admit we are always prone to distraction. Knowing where you are right now and understanding the reason behind why you are in that position will help us immediately to create an action. If you want to buy a house or a car someday make it as a goal and motivation. Money without a name is waste money.
Tip # 2. Change the formula- I have been doing this since last year and it truly works. When you got your salary either on the 15th or on the 30th of the month because that’s the normal payday we got here in the Phil. I would recommend you to follow this formula. Salary minus 30% (10% for Tithes + 20% savings) is equals to expenses. Right now, Filipinos usually follow this formula: Salary minus expenses is like earning but not saving.
Tip # 3. Budget- It is not enough that you take out the 30% and let the 70% of your money go down the drain.I am encouraging you to learn how to plan, write it down, analyze where your money is going plus look where to cut cost and put your savings in a really good investment vehicle which can beat the inflation . If you were addicted to food and expensive coffe learn how to minimize it so you can save some money and not just impress everybody. Stick to the plan but always make some necessary adjustments.
Tip # 4. Join a community of savers, investors, and financial mentors – Like the old saying goes "Tell me who your friends are and I will tell you who you are" . If you are determined on saving money and you want to succeed on your financial goals I would rather mingle with a group of people who can assist me instead of me spending my hard earned money just to please a lot of people that I realy don't like. The idea of going out on a Friday night with a friend is good but if it will stops you from reaching your goals then better leave it behind or drop it.
There are lot of ways in saving money but starting from the basic will simply help us avoid wrong financial decisions in the future.
Proverbs 13:11 Wealth gained quickly will dwindle away, but the one who gathers it little by little will become rich.
if you have questions and suggestions please feel free to leave a comment.
If you have questions send me an email at david_angway@yahoo.com
David Isaiah Angway is a Registered Financial Planner and a Financial Evangelist
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