Financial Tips

Have you ever thought what your future may look like?

Nah?

Have you ever planned how your legacy lives?

Would they have the same misfortunes like you?

Tsk tsk. You have not thought of that too?

Well we are the same. (LOL!)

But really, we have to take things seriously as we are not getting any younger. Especially if we started to build our own family.

Now a days it is a challenge to SAVE. Why? Because you would need discipline.

We have to discipline ourselves not to do or buy things that we are used to example:

• Riding a jeepneys instead of taking a cab

• Bringing an own tumbler with water instead of dropping off 7/11 daily to buy a bottle of water before work.

• Buying 3 in 1 coffee instead of Starbucks

• Going shopping once a month instead of the usual daily shopping spree

• Eating at home than in restaurants

• Netflix and chill than watching movies in Cinemas

• Buying milktea every payday than daily

• If there's any chance for you to bring your own lunch pack cooked at home than buying in your company's or school's pantry

There are many things that can be mentioned in here. I want also to emphasize about QUITTING VICES. Like example, SMOKING. But of course do it slowly so your body can take the withdrawal process. Like if you usually takes 2-3 boxes of Marlboro a day then maybe you can lessen it to 1. Just one step at a time.

I am not saying all these to tell you that you have to deprive yourself with things that you enjoy and deserve. It is your life and you might have everything figured out.

As a friend, I want to remind you somethings that can make you realize that we can live by doing or buying less that the usual so we can S-A-V-E.

NEW FORMULA of SAVING:

Before it was:

So your net income or salary minus savings equals expenses. That would mean whatever is left you would have to budget it for day to day expenses and bills such as your food, rent, water bill and electricity bill.

But don't you think something's missing in there?

Let me introduce to you the NEW FORMULA:

But this does not mean the first formula is totally gone because after this new formula you would have to follow the old formula too.

Now why?

What this change have to do with us?

SELF PAYMENT

Something new right? Maybe this is something you have never heard before. But self payment can be at any form but during our company event there was a seminar and the speaker was a financial advisor. She has multiple jobs and one of those were under real estate and insurance but she did not advice people to go directly to investment. Though, self payment can be an investment but be very mindful. When you say self payment, it is one way of thanking yourself for a job well done and surviving for 15 days working under pressure or stress. You can buy new clothes or shoes and etc to make you feel happy at once.

So what did the financial advisor advised to us?

She mentioned that before you deduct your salary with savings pay yourself first. How?

Go and get yourself a health care insurance for you and your family or maybe education fund for your children. It may depend on how much you can afford, you may adjust as long as you got some amount for this.

It is best that before you invest on any businesses, invest on yourself then start saving 6 months worth of your full salary as much as possible. It will serve as your emergency fund. While you would also have to save 2-3 months worth of your full month salary for back-ups and/or gateways.

WORD HARD AND PLAY HARDER

Do not just be in this world to just work your ass out then die. Enjoy!

But then again know your limits or discipline yourself.

...end thoughts...

I am not a financial advisor. I am just sharing thoughts I have learned from our event and hoping it may help others especially my dear readers.