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Saving Money: 4 Disciplines For A Savvy Millennial

Saving money has been a dilemma especially for millennials. With all the trendy stuff everywhere, savings go thinner and thinner. Everyone is easily distracted and tempted to buy new gadgets, travel to places and buy in the new fashion. Money smoothly flows out of our pockets in just a matter of a day.

According to statistics, 62 percent of millennials under 30 say they are experiencing “some” financial stress, also 15% says that they are being faced with a skyrocketing financial stress. Moreover, there are only 20% of millennials think that they can retire at the age of 65. This means that they are not sure of their financial stability and their preparation towards it.

Here is my quick tips to start your millennial savings.

Saving Money Tip: Consistency on little efforts yields to big results.

Start little. You don’t need to have a huge amount to start your savings. Start with what you have and take it slow but consistently. Ideally, savings must be 25% of what you earn. But, you can start from 10% of it and increase it after some time. Make it 15%. Then, you can shoot up to 25%, while you still enjoy your essentials and necessities. Do it every day, faithfully. In the long run, you will see the fruit of your labor.

Saving Money Tip: Spend less than you make.

Saving Money

This is a common knowledge but still is worth the repeat. According to a report,  nine (9) out of ten (10) millennials overspend, under save or take additional debt at least one month per year. That is troublesome, right? Overspending sometimes is an unaware habit. Make sure that before spending any of your resources, keep a portion for saving. And be very decisive not to touch the saving unless an unforeseen critical situation arises. Having a monthly list of things to buy or pay will ease your management of the budget.

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Saving Money Tip: Don’t hop the bandwagon.

With the access to social media platforms, you can easily see what’s new with your friends. They may either have new fashion outfits, traveled to different places, or eat some delicious food. And it’s hard not to aspire and do the same. However, you have a different situation in your hand with different sets of priorities. This time, you should be determined to save money because spending it is a lot easier. Discipline is necessary. That may be difficult at first but in the end, everything will pay off.

Saving Money

Saving Money Tip: Save while you enjoy.

I am on a journey of starting my own discipline of saving a portion of my income. I can tell it is really hard with the kind of setup that I have for myself. However, what I realize as of this moment is that to save is not really to sacrifice one’s enjoyment. It only needs a proper management of priorities. Starting little with the goal of increasing the saving over time, spending less with the essential needs, and discipline on priorities will align you to save while you enjoy. You will have to make goals and monitor your progress. From their, small efforts combined over time will become a huge result.

Bonjour!

I am convinced that savings won’t grow without you starting it. Let’s try it for a little amount. Every day, with discipline and determination, just keep doing it regularly. Look far ahead to what the future holds. That little amount that you have at the moment will become an investment that you will surely enjoy. Start little, start now! Think bigger, live better!

Saving Money

 

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October 30, 2017
Financial Management: Start A New Journey + Doable Tips
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Money Tips: Money Through The Eyes Of Love

Money Tips

Money has been a red-hot topic in every generation particularly to today’s “millennials”. This makes financial literacy and management an essential tool to thrive on this aspect. Looking up the latest money tips, everyone just wants to earn, save and invest. But the concept of money and savings is tainted with doubts, disappointments, and disasters due to lack of right information, system, and decisions.

Now, I want to discuss money in comparison with “love”. Interesting, right? I am not saying we must love money, rather money has some unique qualities that are comparable to love. How do you love? Can love grow? Can love be shared and given? Can love return to the lover? Can love be lost? Now, let’s talk about love and money!

Money Tips: Love, just like money, is investible.

Everyone has the ability and the potential to love. It’s in our nature. We love and crave for love. Love is a powerful thing that can grow in time. It becomes undefiable when we know how to invest it in a right person. To grow love, we invest our time, emotion, and our resources. This is one picture of money. We can’t deny that money is an essential thing today. We all have the ability and the potential to earn money. But, to maintain or even grow the money we have, we must be dead sure on how and where we invest it. Understand different aspects of investments from bank saving to an insurance policy or to shares and stakeholdings. Each investment option has its purpose and perks. Just like in savings, invest your money in the bank when it’s a short-term period (from time-to-time you can withdraw) while you can invest in an insurance or a house renovation when it’s a long-term one.

Money Tips: Love, just like money, doesn’t always yield to an ROI at your first shot.

Not all who fell in love for the first time gets the jackpot. Not all first love stories succeeded to stay strong and intact for years. Some fell to the ground, while others realized it’s not working and went to next relationship. Sometimes, it takes several heartbreaks to arrive in your destined life partner. Most of the relationships grew outside the first shot of love. In like manner, you have no assurance that your money invested in something will return to you in folds. Even the Giant of the Giants, Bill Gates and his team, once had an investment that did not turn out well.

Money Tips

Despite efforts to sell our wares as far afield as South America, we had virtually no customers. Traf-O-Data was a good idea with a flawed business model. It hadn’t occurred to us to do any market research, and we had no idea how hard it would be to get capital commitments from municipalities. Between 1974 and 1980, Traf-O-Data totaled net losses of $3,494. We closed shop shortly thereafter.” – Paul Allen

When it happens, that your investment fails, don’t lose the vigor of your life. But just like these people, don’t give up. Arise and account another day into your history book. Learn from it and better yourself. That is the best ROI from a failed investment.

Money Tips: Love, just like money, earns a compound interest.

With the right investment of your time, emotions and resources in love, you can never imagine the return of it all. You will never know the weight of your investment until its return has been recognized. Just like that, your money in the right investment will go nowhere but to return with interest. As it does not always yield to an ROI at the first glance, it takes your time, consistency and right decision to start a life-long dream of compound interest. Start now, and continue with consistency. If you grasp the power of a compound interest, surely success will just flood you on your doorsteps.

Money Tips: Love, just like money, is best when shared with the right people.

Love that is expressed and shared with the right people can be the best leisure to spend your resources. Just like that, when we earn to have money, one way that we can enjoy it is to spend some with our family, friends and special someone. It is because we are creatures of memories. We tend to create memories in order to make our future. We spend our money to create memories that will propel and push us into motivation. The laughter, joy and hilarious moment spend with the right people is another ROI. Why not? Money matters. But memory matters more and family matters most. Do not be afraid to spend some of it for good memoir’s sake.

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Money Tips: Love, just like money, must be managed properly to save some for one’s self.

When in love, never forget to leave some of the love for yourself. Never go empty trying to spread your love everywhere that you go so thin. As what Jesus said, love your neighbor as you love yourself. Based on the construction of the sentence, loving your neighbor comes first. But in essence, loving yourself came first being the standard given. We project our love to others reflecting how we love ourselves. We cannot give what we don’t have essentially.

Money Tips

Much the same, let’s not spend all our money that at the end of the day we don’t have money left for our own tomorrow. Savings will save us when our external investment heads on to fail at some point. Just like love, when the relationship won’t work out anymore, that same love you have for yourself will keep your sanity. We can achieve this by having a proper financial management that won’t make us sacrifice a lot while we save a portion of our finances. From a little amount, begin to gradually increase it periodically.  Start saving now!

Parting Words of Love

Love and money have a lot in common in a good sense. I don’t know what you went through both in love and in money. You might have gone through high water or hell fire. You might have made it through the flood and the brimstones. But I want to say to your total being. You have gone through what you have gone through, even when it hurts so much, just to learn things books can’t give you; blogs can’t give you; your coach can’t give you; your teacher can’t give you; your adviser can’t give you. That is your best ROI for you to start afresh and to become who you are today. It was not about the people around you nor the money that you only had. But it was all about the potential that is in you. You must understand that what you have in you is something you can invest to grow it, share it, and enjoy it. 

No matter how hard it is to earn, save and grow your money, DO NOT GIVE UP!

Never give up on something that you can’t go a day without thinking about. – Sir Winston Churchill

Money Tips

 

Check out other events in this blog!

 

Related posts
Saving Money: 4 Disciplines For A Savvy Millennial
November 10, 2017
Sun Life Philippines Launches Three Digital Financial Literacy Initiatives
October 30, 2017
Financial Management: Start A New Journey + Doable Tips
October 30, 2017
Event

Sun Life Philippines Launches Three Digital Financial Literacy Initiatives

Sun Life Philippines

Boosting its efforts to make financial literacy accessible to Filipinos, Sun Life Philippines offers three free online resources to help many learn and plan for their future. Together, they provide a three-step push for individuals and families towards achieving their dreams: attend the Brighter Life Institute, begin their journey with the My Future Fund Calculator, and connect with the #SINAG online journalism contest.

“Nowadays, Filipinos are more empowered in taking charge of their finances. They are turning to online resources to help them understand financial concepts and manage their money. Given our expertise and experience, we want to be their go-to partner as they progress in their financial journey,” declared Sun Life of Canada (Philippines), Inc. Chief Marketing Officer Mylene Lopa.

Sun Life Philippines: Attend the Brighter Life Institute

Open for enrollment since 2014, the award-winning Brighter Life Institute or BLI is an organized learning program inspired by MOOCs (massive online open courses). For this year, BLI rolls out the Moving Up module – a set of lessons which aim to teach families basic financial planning practices and the value of honest conversations about money, even to one’s children.

The Moving Up module takes its cue from Sun Life’s ‘Money For Life’ philosophy, which shows a holistic journey through four different life stages. With lessons spanning from creating a household budget to preparing for future milestones such as a college education, BLI’s latest offering can now be accessed via http://brighterlife.com.ph/bli-moving-up/.

Sun Life Philippines: Begin your journey with the My Future Fund Calculator

For a glimpse of how an insurance-with-savings product can help in reaching one’s dreams on time, the My Future Fund Calculator is available via bit.ly/myfuturecalculator. Just set a target date, choose a My Future Fund nearest the target date, and pair it with a suitable Sun Life variable life insurance product.

My Future Fund is perfect for families who are preparing for a specific purpose, like a college education or owning their own home.

Sun Life Philippines

What’s more, users of the My Future Calculator can get a chance to win P25,000 cash when they share it on Facebook and subscribe to Brighter Life Institute through the Plan 4 Your Fam, Win a Future Fund promo. Full mechanics here.

Sun Life Philippines: Connect with #SINAG Online Journalism Contest

Now on its fourth year, #SINAG invites Filipino bloggers and online journalists to be part of Sun Life’s financial literacy advocacy by sharing and posting about their insights and experiences on money management.

Sun Life Philippines

From securing their future to learning about financial instruments, #SINAG is a valuable compilation of life stories and advice from writers who also believe in the benefit of being financially prepared.

Interested writers can send a link of their entry to editor@brighterlife.com.ph. Full contest mechanics can be found here. Clueless on where to start? The Brighter Life Institute and the My Future Fund Calculator are good jump-off points to select a #SINAG-worthy entry.

For updates on Brighter Life Institute, My Future Fund Calculator, and #SINAG, follow us on social media via @sunlifeph.

~

Check out other events.

 

 

Related posts
Saving Money: 4 Disciplines For A Savvy Millennial
November 10, 2017
Money Tips: Money Through The Eyes Of Love
November 10, 2017
Financial Management: Start A New Journey + Doable Tips
October 30, 2017
Event

Financial Management: Start A New Journey + Doable Tips

Financial Management

It’s been a couple of months since I left my regular office work and took a huge leap of faith in pursuing blogging as of today. I am not speaking for the end of itself, but I am speaking as someone who had some transition especially on my finances. I lost over 60% of my usual income a month since then. Financial management became a top list topic by that time til now.

For over two and a half years at my office work, I never had that sense of savings in my hand even when I tried (*smirk). Although, I am not saying I am spending on worthless things at all. I spent my salary commonly on my payments, dental and aesthetic maintenance, food, some stuff that I am really happy having them now and of  course, the first on the list, tithing. Basically, I was living just enough for everything financially and working just to make a living. Now, what happened when I got a cut down on my income and my aspirations on financial management?

Financial Management: A Turnaround

A couple months now, I am earning just about 40% of my previous salary. It’s not easy, I must say. Living a lifestyle of buying what you need and now thinking everytime you have to buy, “do I need this as of the moment?” This season of my life is developing some self-awareness as to how and where I invest my resources. I bet, you will also when you know that you just have a little compared to what you used to have. Right?

But having limited resources should not limit you from buying what is essential. When you buy something and you are dead sure that it is essential for the time being, think about this.

The price of a commodity will never go to zero. When you invest in commodities futures, you are not buying a piece of paper that says you own an intangible of company that can go bankrupt.” – Jim Rogers

Financial Management

Sometime in the future, we will value what we have bought now because we know and realize that the price of commodities will never go to zero, instead they go higher. As of now, when I buy something, I am pretty sure it won’t cost the same years, even months from now. If it’s essential, I go for it!

Financial Management: Savings, Not Sacrifice

When I look back from today, I am seeing different goals I have set along the way. I followed through and monitored my new goals and reassess them now. I realized that to save is not a total sacrifice. I enjoy eating the food I want, buy things I need, and go where I want to go now as I would before exiting my office job. Plus, I can meet new people and live the reality and the beauty of life and community.

To save is not a sacrifice but a matter of financial management. Thinking about my rat race a couple of months because I thought I won’t have enough for the day, God was actually teaching me, step by step, on managing the resources He blessed me with.  As I have said, I developed new goals and align my budget on them, monitor them and reassess the whole thing. At the end of it all, I had an extra untouched money. It all started from saving a little every day. The loss of 60% of my previous salary is not that painful anymore when I began to start a fresh and start it right.

financial management enjoy life

 

Financial Management: Enjoy Life Now, Still Save For Later

So, does it feel like you are reading your own story in my experience? I started my own journey in managing a bit of my finances in my little efforts. Over time, when you are hitting your goals and monitor their progress, you will begin to see the picture of a better life. The quality of life will improve. After all, that is the ultimate goal, right?

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Before I let you go, here are some tips you can take home to help you thrive every day!

4 Major Tips To Survive The Journey of Financial Management

Develop Different Sources of Income

Most of us, especially the younger gens “millennials”, is programmed and cultured to have one full-time job and that’s enough! That’s not a totally bad idea. However, it can be better to have at least two sources of income. The cash flow would be smoother.

With the type of your current work, if you can, you can additionally play along different freelance or part-time works to add up to your inflow money. That could be very challenging. Hey, I am there and still progressing today. And that’s a whole lot lesson to learn on time management skills

Afterall, if you want to have one source of income and you want to focus there, make sure you have enough that you are able to set aside a portion into your savings. While there is an actual flood of freelance opportunities for you depending on your skills and network.

Avoid Working in the Hassle of Metro City

A metro city commonly hosts several and some of the largest companies in the country coming from the capital. This fact makes it even more attractive for anyone to want a job in it. I’m not exempted.

Well, while its beauty can’t be covered, so is the ugly truth in it. Having the bustle and all, the cost of living and working in a metro city, Metro Manila, is higher compared to a city from the province. Consider the lifestyle, can you save or is it just enough to buy your basic needs? Remember, to save means to support your essentials in the present while you can keep a portion for the future. How is your travel time from home to work? Is it taking you hours? Take note, time is the most expensive currency every working individual has. Don’t waste it.

Unless you need to work in the metro city, consider finding a job closer to your home so that you can really save from your salary.

Create a Monthly Budget and Track Daily Expenses

According to the research report conducted by Head Solutions Group on behalf of TD Ameritrade Holding Corporation in 2016, nine (9) out of ten (10) millennials overspend, under save or take additional debt at least one month per year. That’s a lot considering its respondents were from the west! Imagine if the people who participated in the survey are from us who are suffering badly from economic collapse domestically or within the household.

However, budgeting is not easy as it may sound. To start, we need to really have a historical data on our daily expenses and we can approximately estimate a monthly budget from there. As for me, I am trying to take note of my daily spending essentially to come up with an effective budget plan. Make a list of what to buy monthly or periodically; this will also save you time and energy.

Sure, it’s very challenging and crazily difficult. But as you do it every day, it will just be as normal as you breathe in and out. You will become more motivated when you are seeing the money you are saving daily adding up.

Connect with Respected People in the Field of Financial Management and Literacy

Have the people around you and get the right voice to listen to. We may not be able to befriend all financial management and literacy gurus in the country but most of them have active blogs and social media pages. You can start by following their story and their life lessons. We emulate their process and learnings as we duplicate their financial success!

Financial Management: Start Now!

What are you waiting for? Start your own story of financial success and inspire more people to achieve financial independence. Start a little but start it right! I will leave you this very truthful quote from Albert Einstein.

“Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.”

You will never know where your little coins or couple of peso bills can take you. So treasure them and keep them in your savings. You will definitely get a compound interest when you know how to invest every single one of them!

The transition and the new field I am venturing into will go a long way still, I know! Let’s see each other along my journey! Start your little steps now towards financial stability and independence in the future!

~

Check out other events in this blog!

 

Related posts
Saving Money: 4 Disciplines For A Savvy Millennial
November 10, 2017
Money Tips: Money Through The Eyes Of Love
November 10, 2017
Sun Life Philippines Launches Three Digital Financial Literacy Initiatives
October 30, 2017