Most Filipinos do not think long-term savings. Once they get their pay checks, they immediately indulge themselves in spas, eating in fine-dining restaurants, shopping for high-end or branded clothes and apparel, own the latest gadget, and more. But what most Filipinos are missing is that they are not thinking for long-term goals. They could have used some of their money to invest in products like green barley that will give them extra income or start a small-business venture but they would rather devote their time checking out the latest trends and boast it to their friends. They are spending beyond their means.
The Culture of Spending for Pinoys
The problem with Pinoys is that they like bragging to their relatives and friends with what they have. Even if they don’t have the capacity to spend more because of their money issues, they would pawn some of their jewelry or their home appliance, borrow money from their family, and use their credit cards so they could get what they want.
Here’s a typical example of Pinoy ‘spending’ indulgence. The city or barrio fiesta is just around the corner and your neighbors, officemates and your relatives are expecting you to prepare a buffet and a lechon for the said occasion. Instead of saying “no” because you are in a tight budget, you invite everyone you know because… well, it’s a fiesta! Money becomes an issue so you resort to borrowing money or pawn whatever you have for the meantime so you can prepare a wide variety of delicious food for the whole lot. The day after the fiesta ends, you finally feel the weight off your shoulders. You are finally in debt.
This kind of “culture” needs to be stopped. Why? Because no one knows what the future holds for them. Sure, you may be earning a lot of money from work; however, what will happen if the company you are working for filed for bankruptcy and there’s a massive employees lay-off along the way. You suddenly have no job because you were one of the unlucky few who got fired. Once you’re out of work, the rest will follow – not being able to pay your bills, you cannot stock up food and groceries for your family, and much more. What’s worse is that you don’t have a back-up plan because you didn’t have an emergency fund. It’s a lose-lose situation.
The remedies to make you broke-free
In this case, we want to teach you how to be broke-free by controlling what you spend on a day-to-day basis. You can begin by making your own healthy lunch or “baon” as a substitute from fast food lunches. As a replacement of Starbucks’s Frappuccino and junk food, you can make your own sandwich for snacks. Also, try to lessen texting and only use your prepaid credits for important messages.
There are also more ways to make you free from being broke. If you have loans and bills, pay them first to avoid interests and surcharge. When doing grocery shopping, try to pay in cash instead of using credit cards. Invest in long term stocks or try joining green barley daddy networks as extra income, earning a new skill, or even monetize Facebook and Twitter for business and networking. More importantly, once your pay check arrives, divide the money immediately for groceries, bills, allowances, gas, etc. and put them in separate envelopes.
There are also misconceptions that if you are a credit card holder, you can afford everything. That is plain ridiculous and most people end up getting more debts because of their credit card bills. If you have one, cut them into half or put them in a place where you won’t be tempted to use it. To make sure that you don’t use it, call the credit card company and let them know that you are discontinuing of their services. Credit cards don’t help you save with expenses – it will make you poorer than you already are. Slash those cards to avoid hefty bills later on.
You should have an emergency plan
In dire situations, you must have a back-up plan. You should even have an emergency fund. Never sacrifice your future just because of impulse buying or because you desire some of the things that you have been craving for. We’re not exactly saying that it’s bad to have a new iPad, eat out in expensive restaurants or buy fashionable clothes if that’s what you want. However, you must learn the value of money and use it when necessary. Think about the precautions of your actions now because it will reflect later on in the future.
For an extra income, you can sell healthy products or start up your own business. If you don’t know how to start one, ask around. Do some research and interview your local entrepreneurs on how they prospered in their business. Don’t hesitate to ask for advice and tips if needed be. Go an extra mile and ask around for small-time jobs that will benefit you later on. Do whatever you can to succeed and have money for the future.
Whether you want a business or not, the most important thing is this: start living simply, be responsible with your money and live within your means. Lastly, manage your money wisely.
[feature href="http://greenbarleydaddy.com/green-barley-online-store/" buttontext="Invest Now!"]I want this business now![/feature]
About Eidderf Tubale
Who writes this wonderful content anyhow? Eidderf is a social media strategist samurai, an all around master marketer in the home business and internet marketing industries. He's passionate on how to start your own home business, earning online while keeping your day job, teaching internet marketing and helping others on how to have a successful online business. He is the founder of GreenBarleyDaddy.com and EarnOnlinePhilippines.com.