Achieve Financial Growth
In this progressive world where there are various innovations that are emerging, it is also important to note how are we going to adapt to these changes, especially the question is “ is our budget ready? or are we financially stable to sustain our needs and wants?. For that reason, it is crucial to understand the value of saving money as well as managing the finances well during this time of crisis. Through managing finances, we will be able to understand our behaviors and actions towards spending or saving our money. Where does the money that we worked hard for go? Does it go to something that is beneficial for us or for just mere useless things? Every centavo of our money is valuable and is the worth of compensation for our hardwork as well as perseverance. That’s why we need to track our expenses, monitor and be consistent with them so that we will not question ourselves on why we come up with not having enough money at all in our pockets. If it goes in the right place then it is good for us and if not we are at fault. It is our sole responsibility to budget our income wisely in accordance with our obligations. When we take what we learned from our financial failures and acknowledge our situation then, it will be much better for us to save and spend money while being comfortable with it and not deleting or restricting ourselves towards what we exactly deserve.
According to Benjamin Franklin, “Failing to plan is planning to fail”. This is what struck me the most as when I started my side hustles while studying and earned a little with work, I did not realize that my money is gradually decreasing. Although I did some tracking of my expenses, the problem is that I overlook and forgot the important part which is to plan ahead on where to put specifically the money that earned. Little did I know that it is already below what I expected it to be. I did not even save some for myself or in case of emergencies. In my mind, I was clouded with my excitement about earning a small amount of money on my own. For those actions that I did, I have some regrets and learned that it is important to have prioritization as well as provide target goals so that I can enjoy more the money that I earned in the future. Head knowledge is not enough to be considered financially wise but it is also important to put those skills into action.
Furthermore, the webinar that was conducted was very informative and it did increase my understanding and awareness in terms of handling my finances. It did help me in some ways to better acknowledge my shortcomings and improved so that I will be able to save enough money for myself and provide enough for my own. Moreover, it allowed me to improve my habits in saving and budgeting in order to achieve financial growth. Therefore I would like to remind myself of the last three steps that were introduced to save money wisely (1) Create a Spending Plan and get yourself comfortable to stick to it! (2) Set up a financial system and (3) keep practicing; keep your goal in mind. I am hoping that I will be able to practice these concepts on my own and exercise these in handling my personal finances starting today and in the future years to come.
