My Saving Goal… A bit of success

Thank God. Thank God. Thank God. 

My Saving Goal was a bit of a success. Guess I am lucky because I was able to claim the I items I pawned since I can’t remember when.  The items pawn contract have been renewed many times already just to prevent it from getting auctioned. 

Though not all was claimed I am still aiming to claim the last one soon enough before it gets auctioned. After one of the items a pawned was not claimed when I overlooked the date on the contract I must have learned my lesson big time. I never wanted any of my pawned items to be forgotten and auctioned. I promised myself to invest more on jewelries as a saving option and to make up for the lost one.

Hopefully,  we will be able to invest too in gold buying soon. I came from the home gold miners from the town of Paracale in Camarines Norte and I want to invest in gold buying if budget and time permits. That is added to my bucket list if businesses I want to invest into.

My Saving Quote for Today

Savings….

Savings….

Savings….

Savings is more difficult for me compared to studying in school or growing a child. Savings is a lesson we learn from experience, never from school, never from our parents and never from friends. This is what I thought savings is. 

I’ve worked as an employee for more than a decade, I’ve experienced promising job offers and had enjoyed it for many years. But I was no different from someone who lives on a paycheck to paycheck. Savings is not in my vocabulary. Any amount of money I received from my pay are all gone at the evening of my next payout.  I did not learn about savings until I experienced having no money at all, being chased by the bank and when I have nothing to pay my credit cards. I have no value at all.

Today, I’m still trying to learn to save. I am thankful to see and digest  savings quote from the internet. The very first time I started to listen to videos from YouTube about savings was after I gave birth to my 2nd child. It was On the Money on ANC hosted by Edric Mendoza. Another personality I looked after when it comes to teaching on savings is Bo Sanchez.  These two individuals,  though I have not met them personally have thought me many things on savings. The 20/80 Saving Rule is a teaching I have adopted from the videos I watched online. 

Doing the 20/80 Saving Rule have benefited me before on a short term goal I have set as a goal. It saved me a lot on one of the emergency financial issue I used to have.  Just recently, I have also started to save a certain percentage of my sales from the laundry shop. 

My Paymaya Physical Card

While driving this morning I was surprised to receive a text from 2go informing me that a parcel would arrive. I suddenly remembered the Paymaya Card I ordered online. It was faster to arrive than expected,  I thought it would be arriving early next week because the website indicated 5-7 days. 

Thankfully,  I had it activated online and it was successful. 

There you go, that’s the activation successful confirmation page. I am so thankful for this because it means better access to my Paymaya funds when needed. I am good as long as there’s ATM available around.

With this, I can easily withdraw also the funds I receive for my Smart Money Padala business. Not to mention the easy way to pay transactions online.

My Saving Goal

And so today,  I started my savings of 20% of my laundry sales and another 10% of my laundry sales.. Actually, it was for yesterday’s sales and today’s sales. 

I already have a plan for the 10% sale which will go to buying laundry chemicals while the 20% sales is still hanging. I just wanted to start saving. 

So good luck for me

Money Lessons 

The recent incident with BPI made me sad for all those who posted their experience in social media.  However, things have had happened and all we have left are lessons we can pick up on. Let’s see what we get.

1. Putting all your money in one bank only is not a good idea. Shall the same thing happen to one of the bank that holds your money, you still have another bank to run into.

2. Have an effort to have your account in a passbook.  It will give you a solid transaction record of all your activities.

3. If possible, only put the amount of your money for daily need in an ATM account. This gives your access to your banking needs anywhere anytime.  It is best to have another portion of the money in a passbook, it gives you control of yourself from splurge buying and overspending.  Lastly, having a checking account gives you a security for huge purchases. This feature also give you an impression of a more credible individual with the privilege of having a transaction with reputable persons or institution.

Money is an important tool we use in our day to day living.  Taking care of it should be taken seriously to secure our future. Making trips to the bank to do all these at least one day after payday or payday itself should not hurt your schedule.  Remember to do this before your trip to the grocery and department store after payday.

80/20 Saving Rule

Filipinos were not taught the basics of savings. Many parents have been preaching their children to save but only verbatim. Lucky are those who sees examples and follow it unnoticeably.  

My personal experience in learning how to save was a lesson hard learnt, cowardly done, and not religiously practiced. Yes I was told to save but not carefully guided. When I received my first paycheck,  I didn’t have a goal in mind. I just have the money and I will spend it when situation arise until I am left with nothing and I will be impatiently waiting for my next payday. That happened for years and did not feel any worry about my finances.  I thought everything would be OK as long as I have a job.

It was only when I have my family and experiencing financial difficulties when I realized that I should have savings. Searching for resolution on my financial difficulties I came across the 80/20 Saving Rule. 

The 80/20 Saving Rule is a guide we can follow to allow to save and enjoy our earnings at the same time. 80 percent of our income goes to our financial need, anything we need to spend on and anything we need to buy. 20 percent of the income goes automatically in savings. It doesn’t matter where you put the savings, be it in a shoe box, in a jar or in the bank, as long as it’s safe you are good. 

The savings can also be for a short term or a long term goal. It will depend on your need and goal. But it is important that you strictly follow your rule. 

Don’t trust me, don’t believe me. Just try this one and see it for yourself. Try to cut on your snack expenses for one week, instead pack your snack from home. An estimate of P50 savings per day or P250 savings per week if you do this on a workday basis. A saving of P1000 would be effortlessly achieved. Think of what you can do with your P1000 bucks.  Should you continue the program, you can have this to start opening an account is a small bank that does not require big amount to start up an account.

Try this with something that would excite you. You can plan your out of town trip and see what you can sacrifice from your unnecessary expenses to save up for your out of town trip.

After trying the savings out of sacrificing some unnecessary purchases, you could be ready for your 80/20 Saving Rule which would be a direct cut out of your earning.