7 Money Management Strategies

When I was single and not yet a mother, my week nights were busy attending events or probably rendering overtime at work.  It also involve...

When I was single and not yet a mother, my week nights were busy attending events or probably rendering overtime at work.  It also involved weekly trip to spas or nail salons, meeting friends for dinner or for spontaneous out-of-town trips, say Tagaytay.  I didn't mind coming home in the wee hours of the morning.  Life then was all about ME, myself and I.  I had the time of my life, as if there's no more tomorrow.
Now that I am in my 30s, a wife and a mother of two handsome boys, I look at life in a different perspective.  Wait a minute, let's make that a 180 degree change in outlook.  Self-centered changed to Self-sacrificing. Come-what-may style before, now Focused.  Carefree turned to Cautious.   Major expense on the latest gadgets replaced by cost on tuition fees or vaccinations.  Over-spending is now Budgeting.    Even Bar-Cocktail Menu has evolved to Children's Party Packages.  
I did not ever wish to turn back time nor feel a bit of regret that everything today is totally different.  I actually feel empowered that I've embraced singleness with zest and gracefully transformed to the woman I am now.

Money, Money, Money...
Photo from Flckr Creative Commons by Mang M
The woman now is also more concerned about Money.  Budgeting.  Saving.  Investing.  Many has said that money is the root of all evil.  I believe not.  The love of  money and greed is the root of all evil.  This misconception came from a misinterpreted bible verse (1Timothy 6:10).  For if it is true that money is evil, then we would all strive to be poor just to be good.

According to the book "Ang Pera na Hindi Bitin" by Eduardo O. Roberto, Jr. we are all blessed by God with money so we can take care of it and make it grow for ourselves, our family and enable us to help others.  The book is a quick guide on simple money management which is practical to follow and easy to do.  It teaches us not how to make big money  but how to handle whatever money we have based on biblical principles.  The more efficient stewards of money we are, the more we will be blessed with it.  Here's sharing with you what the book has taught me.


    Piggy Bank
    Photo from Flickr Common Creatives
    by 401 (K) 2012Save.
  • Save. Do the "Automatic Millionaire" Savings System.  Inspired by a book "The Automatic Millionaire" written by David Bach, it's a simple principle of automatically saving a portion of your salary on a monthly basis. You could write to the bank where your salary is deposited to debit an amount you're comfortable with and transfer it to another account you will open.  It can be as little or as much as you think you can set aside comfortably.  Discipline and sacrifice is needed if you want your money to grow.  Imagine if you cut your daily Starbucks habit, this could yield to P4,500 a month!  Open a Time Deposit account, for some it's called Special Savings account.  Better if no ATM, so you don't get tempted to withdraw it.  These type of savings accounts earn higher interest rates vs regular savings account.  Imagine saving P4,500 a month results to P54,000 a year.  Let's just say you keep on doing this for 20 years, boom, you're a millionaire!  
  • Give.  This book also teaches the value of giving.  If you trust in God to provide for you and your family and if He can see you are good steward of his blessings by sharing it, He will bless you with more!  If you have more, then the more you should be spending wisely and responsibly.  Prioritization is the key.  It doesn't really mean you have to give away your hard-earned money, but having an extra allows you to help your relatives or friends in need and also the poor.  Giving makes you feel RICH.  Rich not in material things, but in the overflowing contentment and happiness of being a blessing to another individual.  Remember to always give with a cheerful heart!
  • Photo from Flickr Creative Commons by MileHiPentax
  • Get out of debt and stop borrowing.  I'm sure you've always heard this from peers, "Baon na baon ako sa utang eh."  Maybe one time or another, you've said that yourself.  I'm guilty of this too!  First step to getting out of debt is to pay it.  Communicate with your debtors or creditors of your intentions of paying them back.  It's better to pay little by little than not to pay at all.  Next, Credit Cards.  The plastic cards that you swipe for purchases are actually good,   IF you know how to use them wisely.  If after swiping you pay the whole amount before cut-off date, you'll not be charged interests.  But if you're one of those, like I was before, who swipes the cards for shopping in amounts larger than what you are earning or willing to pay, and if you do that regularly, then you're in deep trouble.  Cut the plastic cards, stop overspending then start paying more than the minimum amount. If you are also borrowing money just to acquire things to impress your neighbors or friends (if they're real friends), you'll be in trouble as well.  Remember what Will Rogers said, "Too many people spend money they haven't earned, to buy things they don't want, to impress people they don't like." Are you one of them? 
  • Live Simply.  Now that I'm a family person and have learned my lessons about over-spending, I live a simpler and quieter life.  Yes, once in a while we still travel (on a budget), we go shopping (when there's SALE and I have an extra and I pay in cash), and we buy LCD TVs and other gadgets (only if existing has broken or lost or if we really need one).  It's as simple as in Fashion, it's not the price tag but the confidence of carrying the clothes you wear.  Living simply doesn't equate having nothing.  As long as you possess what you need and your family lives comfortably and you are secured for having savings in the bank for the rainy days, then go for it.  Be frugal, don't overspend, don't envy your neighbors, don't be swayed by peer pressure and keep expenses lesser than your income.
  • Put up a business.  I am a working mom but I never stopped looking for means to earn extra. The sidelines I looked for also served my passion and interests.  Bonus is, I get paid doing it.  But of course I make sure when I do it, my work doesn't get affected.  There are a lot you can do actually.  You could start an online shop, thanks to Multiply and Facebook, setting it up makes it easy.  I've tried this myself, named it  The Ice Shop and it added around P3,000 to P6,000 to my income.  If you also have other talents, explore and put it to good use.  I'm humbly blessed with a modulated voice, so in 2006 I started getting singing gigs with our acoustic band (which we do til this day) and also was employed by a company to be their voice talent for their hotline.  If you have experience in theater, you could look for talent agencies to submit your profile for some TV commercial projects. The minimum talent fee I got for doing a commercial was P18,000. As mentioned in my earlier  post, I'm a Human Nature dealer and it helped me get an extra 1,000 to 3,000 per month.  There are a lot of other possibilities.  Just be creative, hardworking, patient and positive.  Remember not to overdo it for you might have lesser time with the family.  Don't forget that you're doing this for your them.
Index Mutual Funds
Photo from Flickr Creative Commons by Sunsfinancial
  • Invest.  The book mentioned four investment ideas.  First, Real Estate.  I've always dreamed since I was a child of owning an apartment or a building which people could rent or lease.  The author of the book suggested to attend Larry Gamboa's Think Rich Pinoy Seminars to learn more about the nitty gritty on  real estate investments at thinkrichpinoymanila(dot)blogspot(dot)com.  Second investment suggestion is Mutual Funds.  Check out companies such as Sunlife Financial, First Metro and Ayala Life who offer investment packages for as low as P5,000 to P10,000 for starters.  To know more about smart investing, attend financial 101 seminars or visit PinoyMoney Talk.com. Third investment idea is Stock Market.  According to my research this is a risky type of investment, if you are up for it, you may do this.  Buy share/s of "Blue Chip" stocks (shares of big and stable companies) whose value appreciates in the years to come, then sell when the price increases.  Check Citisec online for free seminars on stock market.  Last investment idea is Small Business, Franchise or Direct Selling distributorship.  Don't invest in pyramiding structured companies, "If it's too good to be true, it probably is."  Trusted Direct selling companies such as Human Nature Avon, Fuller Life, Amway, offers minimum capital but maximum earning potential.  You could put up a traditional business like what my parents did, a small merchandising store that helped financed our education.
  • Educate yourself.  Lastly, like what our parents always say, "Wala akong ibang ipapamana sayo kundi EDUKASYON." Now that I'm a parent myself, I so agree to this.  Building your knowledge on your line of expertise or adding a new skill will help you rise above any challenges.  If you're employed and have an opportunity to attend educational and enriching seminars or trainings, be glad, don't sleep on it, take advantage of it.  Everything you invest for your intellect will later help you flourish in life.
When I bought the "Ang Pera na Hindi Bitin" by Eduardo O. Roberto, Jr. for only P50.00 I already made an investment.  For less than a hundred pesos, it enriched my knowledge in money management.  I thought to myself, I should have started investing earlier.  But rather than regretting something you didn't do, why not START doing it NOW?  Now will never be too late as long as you take action.For somebody new to financial management, this book is for you.  It is direct to the point, it's written in a conversational language (Taglish) you would easily understand, it leads you to more than 10 guide references and it's also based on biblical principles.
This 104-paged book will surely affect your perspective on money without getting bored nor sleepy, just like how it has made a difference in me.  
Other Reviews:
"Ang Pera na Hindi Bitin is a wonderful, engaging, funny, practical and biblically-sound book on managing money that Pinoys will enjoy and learn from." - HEINZ BULOS, Editor, MoneySense Magazine

"This book's title along makes this worth reading." - LARRY GAMBOA, PhD., Author, Think Rich, Pinoy!

"This book will bless many." - CHINKEE TAN, Author, For Richer & For Poorer

"Ang Pera na Hindi Bitin" written by Eduardo O. Roberto, Jr.  is published by OMF Literature.  Find them on Twitter: @omflit and visit their website for more details.

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  1. Hi Mommy Practicality! I am one lucky momma today for bumping into your blogsite and for reading this article about MONEY MANAGEMENT. This is so helpful & a mind-opener for a mom like me with a little bit to spend for other extra-expenses which is not really important. I can relate mostly on what you have written here & I think I really have to cut-off all those negative financial moves like overspending & borrowing if not necessary, and start saving now for my two kiddos! Although I have other sideline or extra-income with a direct selling company, my income is still not enough for us, but I am positive now that I can budget wisely with your helpful tips. Thank you & more power to your blogging!


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