Monday, January 23, 2017

Tipid Tips


I was only able to start saving when I was already in my 30s. I'm special because I had Miguel to take care of. I survived paying for grad school because my Aunt bailed me out of tuition fee-credit card debt. Since then I made sure that I would make sure I paid all my dues every month. My Mom also kept reminding me that it's important to have a good credit standing especially if you eventually need to get a mortgage or an auto loan. I've since completed payments for my tiny car and I hope to finish our mortgage soon.

Living in a tiny home helps a lot. When you don't have much space it means you should just buy the things that you will use. When I was living in a bigger place I tended to buy more groceries and my mother-in-law said that our pantry looked like a supermarket shelf. Of course, I then learned the lesson that you should only buy enough so that grocery items get used before it expires.

Here's what helped me become a spend-thrift:

1. Budget. Best to budget at the beginning of the year based on your expected salary. Allot payments for taxes and savings before other items. Travel and lakwatsa is unfortunately at the bottom of my list now because I have other priorities to focus on.

2. Live simply. Pope Francis keeps reminding us about this. All my expenses revolve around my family and what will make them happy. The only indulgence I have now is buying stuff for my hobby (quilting!).

3. Stop comparing yourself to others. Sometimes you end up buying stuff because you think you need it. And sometimes this is because you think you need an item to fit in. I know I'm different and oftentimes the odd person out. I have since embraced this and just live based on what makes me happy.

4. Think about your future and the future of your family. I always think about this and because I have a medical condition I want to make sure that my family will not have a hard time in the future if I get sick again.

5.  Identify what is important for you and prioritize your spending.

And make sure you don't let money take over your life. Have fun!