|This was our wedding arras given to me by my Mom. It was from her arras when they got married.|
After that super dry period I told myself I needed to save. I had to. I was 28 when my cardiologist told me that I needed to eventually have heart surgery. You can just imagine how worried I was, but with hardwork and many, many prayers things just worked out. There were also many angels along the way who helped me.
I think one of the things that should be taught early in school is financial planning. My Kuya gave me a challenge a couple of years ago -- to be financially free by the time I'm 50. The clock is ticking so I'm trying to work my way towards it. My Kuya gave advice last year on how I can manage my money better especially since we're an empty nester now (no more tuition fees to pay!!!). Here's what he suggested I do (I compute it after setting aside money for tax) --
10% investment to build passive income
10% to upgrade yourself
10% to celebrate
10% keep for emergency
55% everyday expenses
Start at 5% tithing
What I like best about this plan is the amount set aside for celebrating. That helped me move on from the mindset that I'm still broke. I've been that way for fifteen years and it's been easier for me to spend for my boys than to spend for myself. I guess that's how it is when live in fear (I don't want to leave my family in a bind). Now that Miggy's done with school, I could relax a bit and enjoy my hard-earned money. Kuya's list is helping me better plan my future.
|Eating at Jollibee is celebration enough for me.|
It's never too late to start saving. I was a fresh grad when my Kuya taught me not to spend beyond what I'm earning. The only financial hole I fell into was my student debt. I was stuck in it for a long time. After I got out of it I made sure I did not fall into that trap again (well taking graduate studies eventually paid off). I've also disciplined myself to live within my means.
What about you? How do you save?
CB//160 #StuckAtHomeDay/190 #WFH108 #StayHome #BeKind