Top Social

Top 10 Most Important Lessons to Learn in Personal Finance- #9

Tuesday, October 21, 2014

I try to as always incorporate new things that can spice up this financial blog such as including webinars of past posts through my Youtube channel (If you want to subscribe click here) and creating posts based on Filipino financial terms such as paluwagan and 5/6.
In addition to the above I decided to create a series posts and as a premier I will be posting the Top 10 Most Important Lessons to Learn in Personal Finance.


#9 Pay Yourself First

I have this addiction to saving. Even when I am still at school I will save. This probably is the reason why when I got my first job I spent too much for I felt like I deprived myself during my school days.


Thankfully I learned to go back to the pay yourself first policy. I realized that it is important to save more than anything else. I don’t want to grow being an employee without any savings at all. It is my responsibility for my future self to be prepared financially. My mom always tell us, “Ayaw namin ng Papa niyo na tumanda nang walang pera, humihingi pa sa inyo.” Remember Papa A and Papa B???


The idea is to Pay Yourself First no matter what, right after you receive your pay check and/or deposit through ATM (most of us do) SAVE a portion by leaving it on your ATM or by depositing it to another savings account.

Imagine saving 500pesos every paycheck since the time you land your first job. That will be 1000/month that 500pesos will now be 120,000pesos in 10 years.
That's for saving just a tiny portion of your income how much more if you are religiously saving 2,000, 3000 and even 5,000 a month?!

When you automatically save it will be part of your life habit thus making you better in managing your finances. You will notice slowly but surely your emergency funds grow and in case of unwanted financial situations you are ready to face the challenge!!!

3 Easy Ways to Kick Start Your Pay Yourself First Habit

Step 1. Choose an account separate from your payroll and your other savings account where this fund will go. You may choose to open BPI Direct Save Up Plus Insurance or just a common savings account, the deal is that it has to be different from your other accounts.

Step 2. Determine Your Saving Rule. As this will be a policy you will create for yourself, the decision as to how much you need to save and the intervals can only be determined by you. Try to asses how much your income is and how much you can really commit to your monthly saving fund. For me its 1000pesos a month and a goal of top up every year.

Step 3. Please Manage To Do it Automatically. If you can apply an account through online please do so for it will be easier to do the saving automatically. You also need to keep track of your savings so that you’ll have an idea how much you already have. Remember Saving is Not About Being Selfish.

MORE ARTICLES HERE:


 
Be better in your finances. Save Now, Invest Now and walk your way to success. Sign up in my Email List and receive templates to get you started in your Financial Wealth. Follow me on Facebook and Twitter for better updates. Godbless

Post Comment
Post a Comment