Money Saving Issue for Pinoy!

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All of us know the importance of saving but actually doing it well is a big problem. Why? because we have so many excuses or let say "palusot" yes this is true each person have their own "palusot" why they can't save. This excuse makes for them as hindrances to have a saving. We need to know these hindrances and develop an action on how to overcome them. Here are some of the common reasons why we can't save and become an obstacle in achieving our dream of financial freedom. 

• Small Income or Salary

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This is the reason that most people say why they can’t save they will say “kulang na kulang pa sa pang araw-araw na gastos yung kinikita ko paano pa kami makakapag-ipon niyan?” or “sometimes dalawa na nga kami mag-asawa nagtatrabaho eh hinde pa din kami makaipon ang liit kasi ng sahod namin”. Hmmm! ganyan din ako dati palagi ko dahilan yan and even I start to work abroad dahilan ko pa din yan. But you know because of this reason I find myself now learning to budget my salary and start investing. I make this reason as a challenge to find a way on how to budget my salary, learn a way on how to do it & find a way to increase my income. Stop complaining and start doing something to rise above your poverty. Use this as a challenge to find a way to increase your income.

Actually the reason why you can’t save is not your income but our spending habit. We have to identify if our spending is a wants or needs. Many of us are wasting our money on a lot of things that we don’t really need. You or someone close to you is probably guilty of this habitual irresponsible spending. Sometimes the worse case is using their credit card to satisfy their wants, but did you know that by using your credit card you actually spend your money that you did not have earned yet. Hinde mo pa nga kinikita o sinusuweldo ay nagastos mo na. Every one of us has an ability of saving regardless of our amount of income. “Pano mo masasabi yun isang tao na mahirap at hinde kayang magkaroon ng savings kung araw-araw mo naman nakikita sa kanto na nagiinum, nagsusugal o naninigarilyo”“yun iba pa nga diyan napapaghandaan yun pera para i-bet sa sabong ehh pero yun paghandaan yun para sa kinabukasan nila hinde magawa”Palusot na lang yun dahilan di ba? So, how much you are earning now is not an issue it’s about your bad habit of spending your income that’s why until now you don’t have a saving. Come on, break out that bad habit of irresponsible and careless spending. Lalo na kung maliit lang talaga ang pinagkukunan mo ng income. Spend less than you earn and live below your means. Be wise in spending your money, remember that saving does not depend on your amount of income it is in your habit of spending it.

• Manaña Habit (Saka na lang)

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This is one of our habit “saka na lang” ako mag-start magsaving or mag-invest first time ko magkapagtrabaho kelangan enjoy ko muna yun sahod ko at saka single pa naman ako ehh”. Days, months and years past you still not start your savings and you now begin to start your family “saka na lang kami magsaving ni misis wala pa naman kami anak ehh enjoy enjoy lang muna pagmay time”. Days, months and years again past and you now have children additional expenses now add to your budget it means saving now is becoming more difficult to do. Because of the additional expenses for your children, you still don’t start any savings and continue to work hard to provide your family needs. But, thanks’ to SSS or GSIS because it is compulsory for the employee & employer to pay for the contribution at least you have a saving.Hmm! Do you think the money you will get from this is enough for your living when you stop working without any source of income or help from your children? I’m sure not enough because the money you get from SSS or GSIS will not beat the so called “inflation”. When you get older that’s time you will realize and say “Sayang huli na ang lahat kung noong umpisa pa lang nagstart na kami mag-saving at mag-invest maeenjoy sana namin ng maayos ang aming retirement at hinde kami aasa pa sa aming mga anak.” A very sad story but unfortunately this is the reality. If you want to read a very inspiring story regarding this, story about Lola Penny & Lola Pilar from Bo. Sanchez the story is about saving for your retirement and the importance of it click here to read. 

Don’t make your saving to be in this habit “saka na lang” because in the end you will find that you are run out of time. Start your saving as early as possible don’t wait for the right time because the right time is now. Remember at investing time is our greatest ally.

•     Lack of Self Confidence & Hopelessness

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Most of us have no self confidence, hinde pa sinusubukan ehh umaayaw na at madami na kagad mga negatives na masasabi “hangang ganito na lang buhay naming lumaki akong mahirap mamatay din akong mahirap”. Lastly they will find someone to blame because of their poverty “Kasalanan ng gobyerno ito hinde itaas ang sahod namin tapos taas pa ng taas mga bilihin pano kami makakapagsave” hay kawawa naman si gobyerno. Not all of our poverty we blame to our government it is your choice to be poor and do nothing to uplift you situation. You don’t try anything to make some changes to your life and you’re afraid to loss. Don’t afraid to fail because it will make you stronger make it as a lesson to succeed next time. Many of us are already choose to stay in their present life situation today, even though they know that nothing will happen to uplift their situation. Kung baga pinagtitiyagaan na lang, don’t let this happen to you act now start to save & invest wisely. You do not know unless you try, don’t lost hope to succeed and you know its better you tried & lost than you never tried it at all. “Pagsisihan mo yan pagdating ng araw at palagi mo iisipin na kung ginawa ko yun anu kaya, siguro ganito ako ngayun”. Start now, believe in yourself & believe you can. If others can do, definitely you can do it.

•    “Bahala na” Attitude

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“Bahala na” for me this means you let everything by chance, a word without direction and plan. Madalas sinasabi natin ito kapag gipit ka na “Sige gamitin na lang muna natin yun savings pambili ng bagong flat screen tv yun ang uso ngayon ehh bahala na palitan ko na lang yan pagdating ng suweldo”. Yun ay kung mapapalitan, pano kung dukot sa savings mo yun ginawa mo hinde kurot. I mean yun lahat ng saving mo ay naubos para maibili nung gusto mo at hinde kurot na bumawas ka lang ng small amount sa iyong ipon. Building wealth requires planning, determination and doing it regularly or be consistent with it. Making it a habit of setting aside an amount of money every salary and later invest it wisely. “Bahala na” is a lazy word relaying your future by chance or depend your future to others. The responsibility of achieving financial freedom is depending on you, act now starts to learn how to save and invest towards your goal.

•     Your Family Keep Asking & Asking for More

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This situation is hard for us we cannot refuse our family members or relatives if they keep asking more than we can give. This case is common to us as an OFW. Our family back in the Philippines may ask more than we can give, sometimes they will give a reason that would make it hard for us to say no. But you know one thing we must learn to say “NO” and prioritize our own needs too. Yes it is true, that it is a good thing to help “sabi nga nila mabuti na yun ikaw ang magbigay keysa ikaw ang bigyan”hmmm! But remember giving more than you can give may hurt you both sides in the long run “one is enough, two is too much”. Giving favor for every demand they ask will affect your goal in saving we must learn also to balance the situation, we need also to know if they’re asking is “wants” or “needs”. Let them realize that you are working hard for that money and you count for every peso you earn. Tell them and explain to them your goal that you need also to prepare for your future.

Continue your goal towards financial freedom start to learn & educate yourself to achieve it. Read books, attend a seminar about money management & investing, join groups that educate about financial literacy, surf the Internet and don’t let anyone discourage you. Avoid people who will pull you down “crab mentality” instead join a group or people with the same attitude and mind set like you, who will give you advice, support and motivate you to reach your dreams. May God Bless you towards your journey to your dreams.

Read Also:
Investing in the Philippine Stock Market?
Truly Rich Club & the Stock Market
Where I Should Put My Investments

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