Is it Important for a Couple to Have the same Set of Mind in Terms of Financial Matter?

         A couple that is compatible with regards to their finances or let say with the same set mind is very rare to find it for now. It is because some couples do not give time to talk about it, some are lack of idea and not aware about their financial situation. In addition, sometimes one of them doesn't have interest to talk about it and just say “Ikaw na bahala”.  But often this financial matter becomes the reason to have an argument and misunderstanding between a couple. Then, later on sometimes if not settled, it ends up in a worse case. That’s why this financial matter must be taken seriously by a couple and not to be neglected to talk about it.  

       Well, it is common for us that we let our wife handle this matter.  We just give our salary to her and let her drive the wheel to budget all the expenses and saving as well. This is good if one of you doesn't have any idea how to do it, but it is much better if we have a companion than doing it alone and the best companion is your spouse. It is said “Two is better than one”. A Couple should have both Financial aware with the same set of mind in handling their money.  It is vital for a couple to have both one goal and understanding about their financial situation. They must discuss each other what is their goal, how to achieve this goal, how they will plan to budget their income and make a saving and all matters regarding their financial. Without discussing and planning it in the end not only your financial will suffer, but your relationship too.

Photo Credit:paperblog.com

         It is normal for a couple that they have some argument regarding financial problem or let say they have some misunderstanding about “Money”.  If one of you don’t have an idea or understand what their spouse doing, then conflict may arise. But don’t let this argument come to worse instead make it as a challenge to strengthen your relationship. Discussing and planning your finances together with your spouse will give a great benefit in your relationship. It enhances your bonding and gives an enthusiastic effect in your relationship. Being openness to each other and have an open mind is the key for it. Sometimes, I know you can’t avoid disagreement, but the secret here, avoid saying something that could make offend for both of you. Also, both of you must have patience when argument arises and make your tone low with compassion to each other.

Additionally, I will share with you a video from ANC On The Money... ↓

          Let me end up my article, with some few questions. Did you and your spouse have both the same set of mind with regards to your finances? I mean, are you both aware about Saving, Budgeting, handling your Income and also in Investing? Did you both discuss and plan how you will manage your income? Or you just let one of you to handle this matter? Hmmm! Feel free to comment your answer or idea to give additional information to others.

          I hope you get some tips on my blog about saving, budgeting and investing and again Thank you for visiting my blog and see you in my next post. May god bless you!

Also Read:

The Importance of Writing Down your Expenses
The Importance of Building your Own Emergency Fund
"Ber" Months Na!
An Advice for OFW before leaving our Country

P.S.1 Subscribe to my blog to receive my latest post directly to your email Inbox it's free>>Subscribe to My Personal thoughts About Life ..

P.S.2 By the way I joined truly rich club, dahil sa club binuksan nila ang aking kaisipan about investing, saving at iba pa. They guide me and motivate me to reach my financial goal, iniimbitahan ko din kayo to join us click here to sign up.

THE IMPORTANCE OF WRITING DOWN AND TRACKING YOUR EXPENSES

       Do you know the importance of writing down and tracking your daily expenses? Tracking your expenses is actually the first step to start your budgeting and saving as well. Without doing this you're like a person groping in the dark. I’ll give you some reason why doing this is important.  In doing this it helps you a lot whether you do it in weekly or monthly basis. I've been doing this for the past 3 years up to now and believe me it helps me a lot.

Photo Credit:thepeacefulmom

        I remember before when I’m not aware of the importance of it, I have always seen my wife before going to bed, holding a ball pen and with here notebook writing all the expenses we consume during the day.  When I look close to her notebook I was surprised she writes down all the expenses from fares, bills, groceries and even the expenses when we eat in a restaurant. "Tumatawa ako at sinasabi ko" Anu yan? Meron ka pala diary ng mga expenses natin para saan pa yan? Ha ha ha. She just stares at me, smile and she said. “Para alam ko kung saan napupunta suweldo mo at suweldo ko baka dumating ang araw paghanapan mo ako” ha ha ha. She knows the importance of it, but she did not explain to me because she knows that I will not listen.  But after I become aware about financial matters, heard from some financial adviser and read articles about financial literacy. Now I know, the importance of what my wife doing and I’m proud of her.

        It is very important that you list down all your expenses daily from small to bigger amount. You can do it in a modern way by using an excel spread sheet or on a piece of notebook. So here are some reasons why writing down and tracking your expenses is important.

•     You will see where you hard earned money goes.
•     It gives you an idea how much you are spending per month or week.
•     You can easily point out which expenses are just wants or needs.
•     It’s help you to save more by adjusting your expenses.
•     It gives you an idea on how to budget your salary in the next month so that you will not be over expense.
•    You can also use that data to challenge yourself to lessen your expenses for the next month.
•    You can see the progress of your budgeting every month.
•     It gives you control of your finance.
•     It shows your financial habits if it is good or bad. 
•     It gives you a feeling that you control money and not money control you.

       
       So that’s it, from the start you will find annoying and difficult, but if you do it regularly it become your habit. If you have some idea to add on how tracking down your expenses helps you. Please share it with us, feel free to comment so that it will give an additional information to others.

I hope you get some tips on my blog about saving and budgeting and again Thank you for visiting my blog and see you in my next post. May god bless you!

Also Read:

How to Start a Savings?
Money Saving Tips
Why We Should Invest?

Where I Should Put My Investment

Truly Rich Club

P.S.1 Subscribe to my blog to receive my latest post directly to your email Inbox it's free>>Subscribe to My Personal thoughts About Life ..

P.S.2 Do you want to gain Financial wealth & Spiritual abundance at the same time? Join us at the Truly Rich Club now! founded by Bo. Sanchez, its purpose is to "help good people become rich". Because of the guidance I get from the Club, I’m now investing in the Stock Market! I’m inviting you to join the Club too. If you’re interested, click the link here → Truly Rich Club.

How Inflation Affects Us?

        I know you heard about Inflation in a T.V. news or you read it in a newspaper, but maybe you don't care and did not try to understand what it is. Now this is the right time, na dapat makialam ka na at alamin kung anu ba itong Inflation and how to defeat this inflation. Before we go to the topic, I give you a definition of Inflation from Investopedia & Wikepedia;

From Investopedia;
"The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling. Central banks attempt to stop severe inflation, along with severe deflation, in an attempt to keep the excessive growth of prices to a minimum."

From Wikepedia;
"In economics inflation is a persistent increase in the general price level of goods and services in an economy over a period of time."

         Sa madaling salita "Inflation" yun tinatawag na pagtaas ng mga bilihin from basics needs hangang sa mga iba pa nating pangangailangan sa ating pamumuhay.

         Did you know how Inflation Affects us?  I know you feel the effect of inflation, but you just keep quiet and let it pass year by year. Maybe one reason is because your company gives you an increase every year, that's why you didn't care for it anymore. But if you realize it, the increase in your salary is just a money illusion. Why? They gave you increase, but the price of your basic needs also increases. 
         It means, yun karagdagan suweldo sayo ay sapat lang upang makabili ka pa din ng mga pangangailangan mo kahit na tumaas na ang presyo ng mga ito, katulad ng pagkain, pamasahe, kuryente, tubig at iba pa. The question is? May nagbago ba sa sitwasyon mo ngayon na tumaas ang suweldo mo, wala di ba? paulit ulit pa din dahil ang totoo hinde naman nadagdagan yun kita mo kahit na every year ka nagkakaroon ng increase sa suweldo.

          Inflation is silently pulling you down you never notice or expect it, but it slowly brings you down. Even your money in your own regular savings account in the bank also cannot escape from this inflation. See image below from the National Statistics Office (NSO) report of average inflation rate. 

         I know you will ask and so How this will affect me and my Savings in the bank? I'll give you a simple example.

         Let say monthly you save Php 1,000.00 in one year you have Php 12,000.00 Wow! ang laki na ng naipon mo. Let say with interest of 0.375% per year sa loob ng isang taon ang kinita ng pera mo ay Php 45.00. So you have now Php 12,045.00 yan ang pera mo sa bangko sa loob ng isang taon. Pero ito ba talaga ang actual value ng pera mo? Let consider the table above for the average inflation rate for the year 2012 which is 3.2% . To get the actual value of your money for 1 year we add the interest and deduct the inflated cost. [Php 12,000.00 (Total Amount of Saving) + Php 45.00 (interest @ 0.375) - Php 384.00 (Total Amount of Saving x 3.2% inflation rate) = Php 11,661.00 (actual value of your money)].

Note: This is a rough computation it is for illustrative purposes only to show how inflation can affect your savings.

        So you see in the sample computation na bumaba yun tunay na halaga ng pera mo and your money is actually beaten by inflation. I just want to emphasize that don't just let your money sleep in a bank, invest it slowly in any investment vehicle that is convenient to you, so that your money truly grow and beat inflation. Start asking & learn the different type of investment option that can truly defeat Inflation. "We cannot avoid Inflation but we can fight back and defeat Inflation by learning how to Invest & where to Invest".    
                                                                       

       Hope you learn something about Inflation through my blog and see you in my next post. Thanks for reading & God Bless to you....

Disclaimer: I’m not a financial expert adviser, I’m the same as you looking for the best option where I can put my money to make it grow and I found out through investing and now I’m at the stage of studying & learning the different investment option.      


Read Also:
Why We Should Invest?
Money Saving Tips
How to Start a Savings?
Money Saving Issue for Pinoy

Subscribe to my blog to receive my latest post directly to your email Inbox it's free>>Subscribe to My Personal thoughts About Life ..

P.S. By the way I joined truly rich club, dahil sa club binuksan nila ang aking kaisipan about investing, saving at iba pa. They guide me and motivate me to reach my financial goal, iniimbitahan ko din kayo to join us click here....

Money Saving Issue for Pinoy!

Photo credit: peratree.com

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

Photo credit: bpmwatch.com

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

Photo credit: definitelyfilipino.co

“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

Subscribe to my blog to receive my latest post directly to your email Inbox it's free>>Subscribe to My Personal thoughts About Life ..

P.S. Do you want to gain Financial wealth & Spiritual abundance at the same time? 

 Join us at the Truly Rich Club now founded by Bo. Sanchez, its purpose is to "help good people  become rich". Because of the guidance I get from the Club, I’m now investing in the Stock  Market! I’m inviting you to join the Club too. If you’re interested, click the link here Truly Rich  Club.                                                                                                                                                          

Investing in the Philippine Stock Market

Photo credit: philstar.com

Investing in the Stock Market, maybe if you hear the words stock market you will say “oohhh” What? Stock Market? And maybe you will say investing in the stock market is for rich people or for people who studied accounting, finance or any course related to the stock market. This is all not true, investing in the stock market is for all, kung yun house maid ni Bo. Sanchez nakapag-invest sa stock market tayo pa kaya. Noon ganyan din mga sinasabi ko “Stock Market anu yun, hinde ko kaya mag-invest diyan dahil baka malaki ang ihuhulog ko na pera at tsaka engineer ako wala ako alam sa stock market”. Until, one day one of my friends told me about the stock market, he gave me e-books about how to invest in the stock market, a webinar video and he also introduced to me about Truly Rich Club of Bo. Sanchez. After I read all of those e-books and watch the webinar video all of my negative thinking about Stock Market it changes. In addition, when I joined Truly Rich Club it become an eye opener to me that "I can invest in the stock market". Kung hinde mo pa nababasa ang e-book ni Bo. Sanchez na “My Maid Invest in the Stock Market, and Why you should too” click here. This e-book will definitely inspire you to invest in the stock market.

Photo credit: trulyrichclubreview.com

Investing in the stock market is letting your money work for you and by means of compounding interest you slowly build wealth over time. For me, this is the practical way to make your money truly grow but you should know that investing in the stock market is a long term. The money you will invest should be the money that you will not need tomorrow, next week, next month or next year. That’s why you should again budget your savings. Example kung naguumpisa kana ngaun na hatiin yun monthly salary mo and let say you give 20% of your salary in savings. So, yun 20% mo from your salary will be now representing as 100% as your savings from that take 25% as your investment in the stock market and the rest 75% you can invest in the short to medium term investment vehicle. 

Everybody can invest in the stock market and in fact for only 5,000.00 pesos you can start investing in the stock market. Visit colfinancial here. Register on their 7 days free trial account to experience the features of COL Financial trading account online platform.

Photo credit: trulyrichclubreview.com

If you are now inspired & motivated to invest in the Philippine stock market jump start now choose an option to fill up the application form click here...

Note: COL Financial is the recommended stock broker of Bo. Sanchez Truly Rich Club and I'm not an affiliate or employee of COL Financial.

Now, I will share with you the part 1 of the 5 part Webinar series that I watched and inspire me to invest in the stock market. The title of the webinar “Take the Leap, Invest within the week” from stockmarketforpinoys.com

Part 1 The Goals of Investing

To download the remaining part of the webinar and download the e-book of J3 Patiño go to this link www.stockmarketfor pinoys.com 

Disclaimer: I’m not a financial expert adviser or a licensed stock broker, I’m the same as you looking for the best option where I can put my money to make it grow and I found out through investing. I’m very happy that I joined truly rich club, dahil sa club binuksan nila ang aking kaisipan about investing, saving at iba pa. They guide me and motivate me to reach my financial goal, iniimbitahan ko din kayo to join us click here to sign up.

Subscribe to my blog to receive my latest post directly to your email Inbox it's free>>Subscribe to My Personal thoughts About Life ..

Read Also:
Where I should put my Investment
Why We should Invest?
How to Start Savings?
Truly Rich Club & the Stock Market

P.S.1 Many thanks to Sir  J3 Patiño for letting me to feature his webinar series here in my blog.

 P.S.2 Do you want to gain Financial wealth & Spiritual abundance at the same time? 

 Join us at the Truly Rich Club now founded by Bo. Sanchez, its purpose is to "help good people  become rich". Because of the guidance I get from the Club, I’m now investing in the Stock  Market! I’m inviting you to join the Club too. If you’re interested, click the link here Truly Rich  Club.