What my Parents told me about Money
Myths about money have been passed on through generations from families to families. These beliefs have caused problems and made ripple effects causing more problems. But worry no more if you want to be wiser about your spending, savings, and investing, here are common money myths you should stop believing:
I have to earn more to start saving
Now that you’ve started earning you may think to yourself that the amount you earn can only cover your basic needs and the occasional cheat day binge so you wait for the time you get a raise to start allocating money to your personal savings. Adapt to money managing and saving habits as early as you can make all the difference as you start to build the foundation of your wealth. Trends and sale events will come and go, prioritize the items you have to spend based on what you need daily to live.
Set yourself up for a safe and secure life by spending for your basic necessities. Don’t fall into the trap of levelling up your lifestyle right away, live within your means that will allow you to save for the future where you will have more responsibility that entails expense. Remember, what matters more is the amount you are able to save and not the amount you make.
Set yourself up for a safe and secure life by spending for your basic necessities. Don’t fall into the trap of levelling up your lifestyle right away, live within your means that will allow you to save for the future where you will have more responsibility that entails expense. Remember, what matters more is the amount you are able to save and not the amount you make.
I have to earn more to start saving
Now that you’ve started earning you may think to yourself that the amount you earn can only cover your basic needs and the occasional cheat day binge so you wait for the time you get a raise to start allocating money to your personal savings. Adapt to money managing and saving habits as early as you can make all the difference as you start to build the foundation of your wealth. Trends and sale events will come and go, prioritize the items you have to spend based on what you need daily to live.
Set yourself up for a safe and secure life by spending for your basic necessities. Don’t fall into the trap of levelling up your lifestyle right away, live within your means that will allow you to save for the future where you will have more responsibility that entails expense. Remember, what matters more is the amount you are able to save and not the amount you make.
Set yourself up for a safe and secure life by spending for your basic necessities. Don’t fall into the trap of levelling up your lifestyle right away, live within your means that will allow you to save for the future where you will have more responsibility that entails expense. Remember, what matters more is the amount you are able to save and not the amount you make.
Having a credit card is bad
Back then, it has been a common story in every household to beware of the ‘plastic loan’. Credit cards are brought into bad light even up until now. From the expensive shoes, shopping sprees, online purchases and other luxuries that you swipe your card into. But the matter of the fact is, credit cards are not bad at all. It’s actually the credit cards that allow users to have a financial breather when things go out of hand and gives financial capability in times of emergency and dire situations. Cards also provide cheaper spend because of promos and points that you may earn. At the end of the day, it’s the mishandling of debt and overspending way over your means that creates a bad image for credit cards. It’s all well and good until the bill comes.
Having control of yourself and the ‘plastic’, makes one understand the true value of money and the power you have over your finances. And at the end of the day, what’s important is we enjoy our very own individual freedom.
Having control of yourself and the ‘plastic’, makes one understand the true value of money and the power you have over your finances. And at the end of the day, what’s important is we enjoy our very own individual freedom.
Having a credit card is bad
Back then, it has been a common story in every household to beware of the ‘plastic loan’. Credit cards are brought into bad light even up until now. From the expensive shoes, shopping sprees, online purchases and other luxuries that you swipe your card into. But the matter of the fact is, credit cards are not bad at all. It’s actually the credit cards that allow users to have a financial breather when things go out of hand and gives financial capability in times of emergency and dire situations. Cards also provide cheaper spend because of promos and points that you may earn. At the end of the day, it’s the mishandling of debt and overspending way over your means that creates a bad image for credit cards. It’s all well and good until the bill comes.
Having control of yourself and the ‘plastic’, makes one understand the true value of money and the power you have over your finances. And at the end of the day, what’s important is we enjoy our very own individual freedom.
Having control of yourself and the ‘plastic’, makes one understand the true value of money and the power you have over your finances. And at the end of the day, what’s important is we enjoy our very own individual freedom.
Financial responsibilities are for grown-up adults only
It’s taboo in the Philippines to talk about finances at a young age. Some are lucky to discuss this with their parents, but majority of Filipino millennials figured this out on their own.
Financial responsibility is a broad concept but it is mainly about being smart with your finances, budgeting well, and spending within your limits. Filipino culture is family-centric so it is usual for parents to keep their children at home even after graduation. But this culture may also bred the inability for newly-grads to appreciate the value of paying for something to make each household running.
Financial responsibility is a broad concept but it is mainly about being smart with your finances, budgeting well, and spending within your limits. Filipino culture is family-centric so it is usual for parents to keep their children at home even after graduation. But this culture may also bred the inability for newly-grads to appreciate the value of paying for something to make each household running.
When you suddenly move out in the middle of your career, and you have no idea how to spend your own living, you’ll be shocked at the amount of money you need to lash out to live decently. If you’re living with your parents for your whole life, you won’t need to worry about budgeting, paying for your bills, and looking for cheap finds in the mall for your household needs such as pans, plates, utensils, etc. What you’re just worrying would be the sale at your favorite brands, but that’s not life.
Learning this at a young age will give you an advantage later on, but it’s not too late to learn this today because it will be harder for you to navigate when you start it much later. Start by pledging for one bill at home, and allocating a portion of your income for your family’s grocery needs. You can also ask your parents to teach you about finances, what and where to spend on, when to know if you’re ready for big purchases and how to finance those, and how to save money for your goals.
Learning this at a young age will give you an advantage later on, but it’s not too late to learn this today because it will be harder for you to navigate when you start it much later. Start by pledging for one bill at home, and allocating a portion of your income for your family’s grocery needs. You can also ask your parents to teach you about finances, what and where to spend on, when to know if you’re ready for big purchases and how to finance those, and how to save money for your goals.
