Learn to live within your means at least for now. Learn the art of delaying gratifications. Learn to budget your money and make sure you include savings. Wait until your money grows, then you can have the wants you’ve been wanting for. Otherwise, you will always be working for money.
According to National Economic Development Authority or NEDA, only 40 out of 100,000 Filipinos have Bank deposit accounts. (www.rappler.com/business/22107-how-many-filipinos-own-a-bank-account) This is sad but true. Some Filipinos open bank accounts because they are required by their company for payroll purposes. Some, for remittances from their OFW family member. Some, for pension purposes only.
Only few have voluntarily opened their own bank accounts. It’s time for you to have your own. This will help you train yourself to save regularly. This will be your ally in your journey to financial freedom.
Once you have a savings account, try your best to deposit regularly every time you receive your salary. Set how much your emergency fund be and start building it. If it’s too hard for you, start from small amounts; 200, 500, 600 until you form the habit of saving in the bank. You’ll be surprised how much money you have saved in time.
While building your emergency fund, you should also be learning on how to grow your money. The internet is very rich of information. There are free e-books, videos, and articles about saving and investing, and you should grab these free offers. Actually, many free materials on the internet are very informative that you can actually start venturing into some of the investment opportunities in the Philippines like the stock market.
Ask people who are knowledgeable about investments and who are already into it. Don’t ask your friends or family members who know nothing about stock market or real estate or mutual funds and the like. You will only hear discouragements from them which will only impede you in your journey to financial independence. Do your research. Start investing on knowledge. Buy books about personal finance or attend seminars.
Once you are out of bad debt, achieved your emergency goal, and have enough knowledge on growing money, you may now start investing a part of your monthly income. You may now choose the best investment instrument that suits your needs and goals.
Don’t stop educating yourself though. There will be numerous temptations, frustrations, confusions while investing. So, it is necessary to continue learning. Join some investors’ forums or if you like you can also avail of online mentors from trusted organizations like the Truly Rich Club to guide you in your journey to financial independence.
It’s not yet late, we still have time to escape poverty.