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Money Talks (Win a Daily Organizer!)
When I first started working, I gave myself the go signal to go crazy, splurge and live out my working girl with money fantasy. This was also around the time that I got a credit card, so I felt empowered and entitled, definitely not the most reliable combination when it comes to money matters:p
Fast forward almost two years later and my bank account is not as fat as I would like it to be, but I actually have no regrets with my money decisions. With my own money, I was able to finance my vacation to the US, treat my parents and siblings to countless lunches and dinners, donate to the construction of our church in Moalboal and pay for my car's monthly installment. Of course, I also bought clothes, shoes, makeup and numerous other seemingly trivial things with my paycheck. But somehow, my lust for retail therapy slowly waned and now my new preoccupation is how to amass riches beyond my wildest dreams...or something like that.
Seriously though, these days, I have been very conscious about my spending habits. I started listing down everything I spent on for a month and I was surprised to see all the useless things I threw my money at (hello restaurants!). I was still living within my means but even my uncritical eye could see that I could have done so much better as regards saving up.
With my "I was deprived as a student" angst out of my system, I now categorize purchases as either needs or wants. Of course, needs are prioritized and wants are analyzed to see if I really and truly "cannot live without it". I treat credit cards as instruments of convenience and not as mystical tools that can magically conjure up that Prada bag for my enjoyment. I strategize over what I have right now and think of ways to make my net worth grow without depriving myself in the process. Making money is actually fun :p
Two of the sites that I regularly frequent now for my financial education are: It's Time! and You Want to Be Rich. Both sites feature practical and easy to understand posts on money management, and do not overwhelm with financial jargon and mumbo-jumbo.
Incidentally, It's Time! is giving away 5 Sun Life Financial Daily Organizers to 5 Kikay Exchange readers. To qualify for the raffle draw, tell us about your financial goal(s) for 2010 in the comments section. Contest is only open to Philippine residents and will run up to midnight of January 20, 2010.
Also, you can get an additional chance to win a Rudy Project watch by posting the same goals on the It's Time! Forum.
So let me start by saying that my financial goal for this year is to go beyond my savings and checking account and to eventually dabble into mutual funds. Of course, with the ongoing wedding and nesting preparations, my finances will be severely stretched but that's where the challenge of good money management comes in (perhaps less eating out and more home cooked meals?).
Here's hoping that we all attain our financial goals for 2010 and that we reach that level where we can make money work for us and not the other way around.
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Less drinking. Never get wasted. No more gambling.
In short, less vices!
wah.. i need this planner. my goal is to keep track of my scheduled exams and school projects. i started buying a planner last year, however, i sometimes forget to put the notes on the specific date.
as of this year, i haven't bought any. just too lazy to go to the bookstore to buy one. although i should already since school for 2010 has already started. will do if i don't win one of the planner giveaways.
my formula: MONEY-LUXURY= FINANCIAL GOAL
wherein:
Money
- the amount that comes from my salary
- income from my business
- my bonus or given as a gift
Luxury
- gambling
- branded clothings
- daily fast food dine in
- weekly out of town getaway
- non-stop TV watching and radio listening
Financial Goal
- to save almost 50% from my salary and business income
- to use my savings in purchasing house & lot
- to expand my business
i'm in dire want to have this planner :)
my financial goal this year is to eliminate cc debts. i have learned from this a lot.
i also want to save enough to upgrade my bike and my laptop, both of which i use for work to improve my craft, hence improve my earnings.
bushpipe is at bushpipe*at*yahoo*dot*com
my first car. although i know the monthly installments are bearable to other people, yet for me, it's such a burden. i hope this year, i can already buy that blue honda jazz i've been eyeing since it came out here in the philippines.
To reach my 1 million peso goal this year. Period. I've been planning that since last year. Hopefully, as per my computation, provided that I don't spend much on luxuries and unnecessary things, I may reach it.
for 2010 these are my financial plans - clean the credit slate and save up for home of my own.
i've always believed in savings and budget, but a foiled investment has changed that. i look back and learn from this fall and little by little move on and start right. to turn things anew, i have learned to invest in something solid. and to merge my plans with what the parents support, i hope to save enough this year to afford a home. and who knows, within the next 365 days, will finally BE WITH mr. right *wink!*
torque15
iamtorque15 at gmail dot com
Annually, we always have this financial family meeting. We discuss all the things about money. We make sure that each and every member understands it, esp. my 8 and 6y/o kids.
These are the conclusions of our meeting:
a.) My kids is will save thier daily monetary baon. We'll deposit it in the bank monthly.
b.) Their xmas, bday and other special ocassion monetary gifts are additional savings in their time deposit.
c.) We'll be targeting a 50% savings from my hubby's padala each month.
d.)We decided to lessen kiddie events/ activities. Malling is only 1x/ month.
e.) We decided to dine into fine dining restos only on special ocassions.
f.) Only important things should be listed in the grocery. Limited budget only. No more additionals :D
g.) Everything is timed.. aircon, tv, water pump etc. Lessen usage of everything.
Will not lend money anymore.........!
I know this will work out :D
I'm getting married this year and my financial goal is to save up for it! My fiance and I are planning to shoulder all the wedding expenses, so we need to be frugal to be able to do that. =)
Specifically, that means:
* we're eating out less.
* minimize shopping.
* setting aside a portion of our paychecks for the wedding.
(An organizer could totally help us with the wedding planning details, i hope i win! :p)
I'll save up for my future wedding with my bf.
i don't think i qualify for the contest right now, but i'll be back there very soon ;)
my financial goals are very specific (in order of priority):
1. tuition for that nice school here (about fjd30,000.00 per term, around php750,000.00 yikes) for robyn, spread out over 3 years starting this year.
2. approximately fjd2,500.00 (php62,500.00) for home improvement. shelves, new paint, installations and a small chandelier hahaha we have already started on this one :) we got the new 42" tv and sound system which we are paying off weekly at fjd40.00. and i got a sewing machine for christmas so i've been sewing curtains!
3. a second-hand car so we don't have to use the company cars for leisure. we can get good ones for about 8,000.00 - 10,000.00 fjd (max. php250,000.00).
4. fjd50,000.00 (php1.25mm) for a franchise, on company's business loan and affiliated with the family business. eventually, so we can have other revenue streams as we expand the family ;)
Got 3 college kids by next school year and i need more solid investments that will continually provide regular income to sustain their education up to medicine proper. Through many years of accumulating passive income from TDs, mutual funds, insurance policies etc., etc., I feel I am now ready for something more aggressive this time. I'm so excited to try my hands on real estate like establishing chains of apartments for rent. This 2010 wish will definitely come real! That's for sure!
me too. Am done with shopping. IT comes with being married I guess.
i love your blog.
I was googling for shopping destination in Hong Kong and am here now on your page.
I am Denise Katipunera
As a Christian, I believe it is not only an obligation but a blessing to give back the "first fruits of our labor to our God." I would start tithing again or give back 10% of my salary to God. It's my lifetime investment and everything starts from there.
My husband and I plan to hit our ___ million by the first half of this year. We plan to build an attic by June 2010, so that means, we should have at least P200K budget for that, too.
My personal financial goal is to save at least 10% of my monthly salary and invest that in time deposit. How would I do this? 1) Curb my shopping by staying away from Midnight Madness; 2) Buy only the essentials; 3) Bring baon to office, as much as possible; 4) Continue to join contests so that the possibility of winning and getting free stuff would be higher.
Our 2 daughters will be celebrating their birthdays come June 2010. We would like to celebrate it simply, nothing grand and extravagant but a meaningful birthday. I would like to have at most P50K budget for that, good for 100 pax.
By the end of the year, we hope to have invested part of our income in the education plan of our 3rd daughter.
1. Strictly set aside part of my salary in savings.
2. Be more aggressive in investing my saving in time deposits or investment funds.
3. Be wary of spending based on wants.
4. Find more sources of income.
LOL on the "Im a deprived student" angst. Hehe! I went through that too when i started working. Suddenly, all the things , makeups and bags mostly, that i want, i can buy without a blink of an eye. But after evaluating my spending lifestyle for 3-4 months, i realized that all the things i bought are really just wants, not needs. Now i am happy i am a "recovering" spending addict, and although i still buy makeup and bags to satisfy my craving, i do it with more wisdom and i keep a better watch on my finances
My financial goals this 2010
1. To open another time deposit. I did my first TD towards the end of 2009, i hope to be able to save up enough for another TD
2. Increase my working days, since i am a freelancer, therefore expanding my financial capabilities
3. Continue the paluwagan system in my sister's company where i contribute to. The interest is small, but i like the feeling of my money helping someone out as well as earning a lil more cash
4. Open a business, but i dont know what kind of business yet
I don't know if i can really achieve my goal but its worth a try anyway
1. stop spending on "stuff" and deposit excess money from sweldo to the bank ASAP to avoid spending it
2. Save enough money to buy motorcycle so I no longer have to commute to work
3. Start saving to help pay for impending expenses for married life (wedding, new house, car, furniture, appliances etc..) even though SO has explicitly said that he will PAY FOR EVERYTHING.
Goals:
1.) Cut credit card - live within my means by paying for it in cash
2.) Set aside P500-1k per payday for the future
3.) bring baon to the office & cut back on the Starbucks caffeine fix. 3-in-1 most times of the week. Starbucks can't do without it - at least once to 2x per week
Thanks for the mention, Jill. I appreciate it :) I will check out It's Time too and hopefully win myself the organizer - haha. Since the start of the year, I have been a little worried with the expenses that I need to pay - insurance premiums, car, new baby on the way. But this morning, I got on the phone with my financial planner and she calmed me down and put things on proper perspective. Really, what does fear, or worry, do? (and haven't I lectured my mom enough about those?) Here are my (fearless) goals for 2010: put more investments in stocks, buy hubby new car, healthy baby boy, travel to Europe, get MoneyDoctors, Inc. going (our financial planning company).
Yes, looking forward to a bright 2010. Good luck with the wedding preparations - fun!!! :)
Save money for travel purposes and use credit cards wisely.
I will teach my two year old daughter the importance of saving.I bought small coin banks and everytime we have coins I let her put the coins in her coinbank.This way,she can learn the importance of saving.
To save money in my daughter's savings account and to plan carefully and prioritize things before buying.
my financial goal this year is to pay all my debts and save for my family.
I simply want to start saving for my own family. Late last year, my little girl was welcomed to the world and it's because of her that my husband and I want to save up for a better future for our family. This year, we intend to celebrate, just the three of us, our first year as a family and I intend to bring them abroad although as early as now I would like to start saving for "us" and not just for "me". I have finally changed my attitude that I do not always need to be buy something for myself every payday but instead put it in our savings account for the future of our daughter.
Financial Goals
1. To clear Red card debt by January / February
2. To downgrade myPLDT Plan to 990 by February
3. To clear Silver card debt white Toshiba Laptop by May
4. To save at least P5,000 / month of my salary
5. To save at least P50,000 for the whole year
6. To cut down expenses on food, travel and shopping
1. I have already allocated a portion of my salary increase to my company's investment plan for employees to increase my forced savings.
2. I also increased my contributions to our Savings & Loan Association as part of my forced savings. I will finish paying off all my credit cards within the first quarter of the year (only 2 months to go and I'm done, yay!!!), afterwhich any charges to the credit cards will need to be paid in full on due date. This means no more impulse buying.
3. I'm planning to join a group of friends on an Asian trip by the end of the year. I have no intention of charging the airfare to my credit card so I'm starting to save for it already.
4. I also made a month to month cashflow based on my net take home pay and expenses just to see how will I be doing for the rest of the year and just to keep track of it all. It makes me smile everytime I look at it. :)
This year i decided to put a Time Deposit account to finance the house i want to buy. This account would be the untouchable one since this is dedicated for my own house.
I am a slave of credit cards eversince I owned one. I am overjoyed whenever my credit card company increases my credit limit. Now, I hate to admit it, but I own three cards and my savings is zero! Unlucky girl.
But I made a promise this year to cut my card (after paying in full -- hopefully this May). Before the year ended, my birthday and christmas gift to myself is pay in full one of my three cards (and I did it -- now, just using this card for installment basis, practical shopper now). So hopefully in the middle of the year, I only have 1 card left unpaid and from there I could manage my finances. It's about time for me to save and be practical of the things I need.
This organizer is for me!!! Recently, my husband and I discussed about how we could better manage our money. This came up when we thought that it was about time to move out from his parents' house and truly be on our own. We want to find out if we could really afford to do so this coming year, so we agreed to set aside a certain amount of our monthly income for savings, tuition fee for our boys first, then allot amounts for food, utilities and other monthly expenses...and then whatever is left, is what we should spend for rent or monthly amortization.
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