Let's get Financially Knowledgeable

Hi Mothers!!

Sorry for being absent for the last couple of days. I have blogger open waiting for your posts and leaving comments on some blog posts pero I can't seem to create my own entry kasi.

Nowadays, I am really busy reading books (on PDF), checking blog posts and researching about financial matters. You see, it has just been now that I got somehow, financially manageable. I remember my 20-ish self celebrating life to the fullest. I started working at the age of 18 after my Nanay said that she can no longer send me to college. I felt bad somehow pero I got excited din that I will then work and start to earn my own money. I found my first job 3 months after I stopped going to college.

I had my first salary, I even asked Daryl to go with me on one of the banks in Pasay to check if my pay check has been deposited. I was really shock seeing P4,000+ on my ATM. Hahaha! I don't know what to do. Nagtampo pa si Daryl na di ko man lang daw sya nilibre ng Jollibee. Hahahaha!

Fast forward to today, I have James who fully depend on me in terms of everything so I have to become financially capable. I feel weird talking about finances talaga because it wasn't me as far as I remember pero being a mother changed a lot in me. Isa na to dun. Daryl and I are living on our own now. Although we sometimes get help financially by his Mom, and somewhat Nanay too, I wanted to think differently. It was really funny talking finances to Daryl because he knows me well with money.

One night, I was talking to him about being financially free, being a millionaire and retiring a millionaire too. All he did was to nod then said "Ang tanda mo na mag isip, Be." hahahaha. I just "oh yes, I am.". I have too.. I mean "we have to" diba?

Well, kaya ako nagkakaganito nowadays kasi, I saw my officemates' book entitled "Kasusweldo pa lang, Ubos na" by Vic & Avelyn Garcia. It teaches how you could minimize your spending which was for me was really informative. It teaches you on how you could live below your means.

I also borrowed the book (from the same officemate) "Kuntento ka na ba sa Kaperahan mo?" from the same author discussing how you could track your finances and how you could manage to save. There were some example forms provided too which I find really interesting. I am excited to have it applied on my life..

Pero olats.. waley..

Hahaha! Hindi ko na handle ng maayos because Daryl and My paychecks fall a week apart so mejo alangananin ako. When the time came na alam ko na ang diskarteng gagawin ko, Daryl decided to resign. Yes, you read it right. Wala sya work now and in search pa. After some reminders, mas tumimbang sa kanya ang mga reason to leave so I respect it. Currently, mejo relax pa kasi kakaalis lang nya so hopefully, makabawi din sya before the month ends. First of all, aasikasuhin muna nya ang mga lisensyang kelangan nya so he could apply sa airport. Bless us, Lord!

I also read Bo Sanchez' "8 Secrets of the Truly Rich" which was a very nice book if you're going to talk about finances. I have read his "My maid invests in the stock market" last year naman which I forgot and was not applied sa aking everyday life so hopefully, this time, I'll be able to make it. I am really motivated so push ko na talaga 'to.

Now, here's my plan.

I want to build an emergency fund first kasi this is what mostly the books and blogs are telling me. I have to have one for emergency situations such as: 1.) unemployment 2.) Calamity 3.) Sickness. Based on what I read, ideally 6 months of your monthly salary. Mejo malaki for me so to make it more realistic, I wrote down 3 months lang muna. After that, I can continue with the other 3 months pa. I even checked kung saang bank ko ito ilalagay and I choose BDO for it. It was just funny kasi when I went there earlier, the teller discussed that it would be good kung sa savings account na lang muna. What she's trying to tell me is that, I can easily withdraw money kung gagamitin ko which was ideally what emergency fund should be. I was thinking about it still kasi I have a savings account na walang laman sa BPI already. I think I would just have to keep that don't you think?

Next, Pay off debts. It was surprising pero true. If I want to be able to invest later on and be ready for my own retirement, I should be debt free. Honestly, I don't know how I do it pero I am sure there'll be a way. I just have to figure it out. As much as possible now, I am trying to avoid debts and gladly, hindi ko na nadagdagan ang dati. I just have to find a way to pay off my credit card debt and I should be okay.

Then, Invest. The earlier, the better. Investment is a matter of time and money. I have plenty of time before retirement then I will give my money a plenty of time too to compound. I am really looking forward to that. I am trying to study more about it and surely, after kong ma fulfill yung emergency fund then I can proceed with investment. It was funny kanina sa BDo nga when I inquired of their service, the teller asked me, how old am I. I said I'm 24 turning 25. The teller replied "Ay, sobrang bata." Napasagot tuloy ako na "Ilang taon po ba dapat? (to avail of their service). Tapos sabi ng teller, "Hindi, mas bata, mas ok." Hahaha. Muntik na akong matawa kasi akala ko she's trying to tell me na hindi pa ako pwede kasi ang bata ko pa. Anyhow, I was thinking of which service to get. For the mean time, my focus was to reach my emergency fund's goal/ My 52 Weeks Money Challenge, Coop Money and Other surprise Money will go there. Sana by the end of this year or early next year, ma reach ko na ang goal! =)

Have you read their books too mother? Any tips on savings and investments?