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I encountered some people who are just like me, getting surprised that it's already weekend. Time follows its own pattern, and as far as we know, it has never deviated from its course. It's just that we feel it passes by so quickly.
This reminded me that I am not getting any younger, and so is everybody else. Days turn into weeks, weeks into months, months into years, and before we know it, we will then be old. And old age comes with different challenges.
And of course, we don't want to be working for money until we are old. And as much as possible we want to enjoy the sweet life while we are still young and able.
The farm boy and I have had some series of financial blunders in the past that made us experience being broke. After bouncing back from that situation, we both agreed we need to do something about our finances so that we won't find ourselves again in such a distressing situation.
I don't remember how we come up with these or where we might have copied them but I had them written years ago and pinned on our wall. They have become our personal guides to keeping our finances at least in order.
DISCLAIMER: The ideas and thoughts expressed in this write-up are my own opinions and or experiences and should not be regarded as financial advice.
As the words imply, savings is the first thing we take away from our income and is not lower than 10%. Where possible, we save more than 10%. This idea came from "The Richest Man in Babylon" where it said, "a part of all you earn is yours to keep." This savings will never be touched no matter what need arises. It is intended as savings that will be invested in time.
We are still learning and though we have some investments in stocks, we still have to grow our holdings. We also have some in crypto and thanks to Noise and Read, we are adding to it.
Here in PH, there's a savings option in PAGIBIG where one can save either monthly, quarterly, semi-annually, or annually and share dividends every year. We have been paying our premiums since 2011 and I can say we can see its growth.
I admit we used to live extravagantly in the past. We never budgeted. We just spent whenever we wanted and never even thought about setting something aside for emergency purposes.
But having learned our lessons the hard way, we started keeping tabs on our expenditures.
Budgeting doesn't mean becoming so stingy to the extent that we do not give in to some of our desires. It means living within our means and still have fun, add to our savings, and investments.
Since we save the 10% from our income, the 90% are budgeted for our living expenses, donations, entertainment etcetera. When we don't spend all of the 90%, we set aside an additional 20% as part of our emergency fund. I can say we never had any difficulty since we started this scheme.
Obviously, this has nothing to do with finances or it has to a certain degree, but it is included in our guide. I guess it is needed in any undertaking or in life in general. "No man is an island" as the famous adage goes. We do need other people in order to live a full and successful life. High-quality relations to me means the absence of toxicity, there is harmony, and there is "give and take." It also means associating with people who share your goal or if not, at least encourage you to be better and do better.
These have been on our list for some years now and had become our guiding principles to handling money and still enjoy life at present.
How about you read stars, have you any principles you follow in matters of your finances? Please share them too, thank you :)