I was scrolling on my Facebook feed this morning and one of the posts I've read was from the Finance page I am following which is The Global Filipino Investors (TGFI), and their post is about a Bingo card that includes the things one has done with their Finances.
When a post is about financial literacy or where I could learn something on how to manage my finances and grow my earnings, I am all ears.
I read the things mentioned in the card and I thought I should write an article about it, and so here it is.
Things I've Done in Finance!
1. Have your own Bank Account
I do have my own bank account. I created my first savings account on BPI when I was in the first year of college, and it is the main bank where I put my savings. I consider the money I am saving there as my Emergency Fund. I also have a bank account in LandBank which I opened before for a scholarship I applied to. Now, I no longer save money there but I use it whenever I withdraw some funds. I also have online bank accounts like the Gcash Savings Account that is connected to CIMB Bank, and a Fast-Plus Account on CIMB Bank as well.
Having different bank accounts help me to manage my finances better as each account has their own purpose.
2. Have a Passive Income
Being in the crypto-verse has opened opportunities for me to have a passive income where I just let my money work for me and I am earning even if I'm asleep. Of course, being in crypto, there are a lot of risks that come with it but I can still manage the risks by always monitoring them. My main passive income is through staking my coins in DeFi platforms like Pancakeswap, Cub Finance, and the newest is the Ebenswap.
3. Started to save Extra Money
I started saving my extra allowance when I was still young, about 6 years old. I am always saving money, especially if there is something that I need or want to buy. But most of the extra money I have now is saved and not spent on unimportant things. I just save it for future purposes.
4. Studied Finance
I did not literally study finance as a course in college but I can say I am studying Finance through reading financial books and articles, and by watching vlogs or videos that will enhance my knowledge about managing my finances well.
5. Tracking your Budget
When I was still living in a dormitory, where there is a weekly allowance for me to budget, I always track my finances and budget the money accordingly. There should be some for savings, food, load, school-related stuff, and transportation.
Now, I'm still tracking it to know where did my money go.
6. Invest in Stock Market
I haven't tried investing in the stock market yet but I am already investing in the crypto market, which most of us do. I guess, investing in crypto is riskier than in the stock market. However, I am also looking forward to venturing into stock too just for the sake of diversification and for the experience too.
7. Made a list of Financial Goals
I am a goal-setter so I always have a list of goals, especially financial goals. Some goals are set for weekly, monthly, yearly, and even after 5-10 years from now. Setting financial goals is what keeps me motivated to work hard and be productive every day. It also guides me with my financial decisions like choosing between instant and delayed gratification.
8. Have a credit/debit Card
I don't have a credit card and I don't plan to have one because having credit is a sin (a bad thing) to me. As much as possible, I don't want to be indebted to loan sharks or banks. If there is something I want to buy, but I can't pay it with cash, that means I can't afford it.
I do have debit cards that came from my Saving accounts, and I only use them when I need to withdraw money, which is obviously the main purpose of these cards.
I am a woman who aspires to have Financial freedom which is the sole reason why I am working hard every day to earn some cash both in the crypto-verse and the real world.
Having financial freedom is not just about having a lot of money in your bank account, but also having the time freedom to do whatever you love to do whenever you want to do it.
Managing our finances well and having the right money mindset is what will help us to have Financial Independence.
Cheers to Having Financial Freedom!
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