Do not get pleasure from spending but get satisfaction from saving and investing. You should divert the source of your gratification from spending to saving. You should feel more excited buying assets than buying liabilities. Instead of waiting for promo prices or hovering your mouse over the online shop to look for discounted gadgets, signature clothes, appliances and consumer products, you should be watching, waiting, deciding of which company’s shares of stocks are you buying next.
As the experts say, we should strive to save an emergency fund which is at least an equivalent of our current 3 months’ salary. “Argghh!!! Really? How could I do that? It’s actually very simple, form a habit of saving. Make it a rule to save a portion of your salary monthly. You can begin by setting aside 100 pesos or 200 pesos, 500 hundred pesos regularly. If it is really difficult for you, start from 1 peso a day, 5 pesos a day, 10 pesos a day to form a habit. Start today. Don’t procrastinate. For some who have already mastered the art of saving, they save 10% or 20% of their monthly salary before they start spending.
Read, read, read. Many Filipinos today are so lazy to read. What they love to see are the viral nonsense videos of some people dancing around a banana tree or the like. Change the habit. Educate yourself with different investment instruments in the country. Lessen your Facebook time. Spend more time reading articles and watching videos about investing in the stock market, Mutual funds, VUL, UITF. Join forums and ask questions from those who have already started. They are more than willing to help and answer your questions.