Why Is It Hard For Me To Save Money?
Saving an ample amount of money is not totally the easiest to do. It would take heightened self-discipline more than anything else. That is why I have come to put into writing this vlog which I happened to watch from my suggested section as I was browsing through the YouTube platform.
I just wanted to take down simplest notes which I believe would be most effective and worth documenting from a Youtube Content Creator, Miss Bianca Gonzales, this very smart lady deserves millions of subscribers in her YouTube Channel "Paano Ba 'To" because all of her uploads are helpful and worth our time watching since you can really learn a lot that you can apply to your daily life's journey.
This one got most of my attention as I have come to watch her interview with Mr. Chinkee Tan, the man hailed as "Mr. Chink Positive" the man who knows each and every detail about what matters most about money, living a life with the best financial capabilities.
Just when Miss Bianca Gonzales asked, How can I save money? Why can't I save money? What are some people's mistakes why is it so hard for us to save money?
"Experience is NOT the best teacher why? because it's painful and costly but learning from other people's mistakes and experiences is the best teacher..why go through the mistakes of others if you can learn from them you don't have to gamble all your money for you to understand how bankrupt a person feels you don't have to be a drug-dependent person for you to understand how a drug addict feels.."
According to Mr. Chinkee Tan, here are the most common mistakes why it is hard for us to truly save money:
"My salary is yet too low"
Since my salary is too low how can I save? Yes, just like what Mr. Chinkee Tan says, that's totally a very wrong notion of saving. It just practically means that if you do not know how to save from having a small income, then how can you learn to save from having a large income? Yes, it's so true that there is no difference at all, it's just you and only you are the only one who entirely holds your money, does that mean that when your income increases you already know how to handle saving up from your finances? So the problem is not the income but the problem is the person who has been handling the income and the attitude of the person who has been handling the income.
I totally agree with Mr. Chinkee Tan that it truly seems that there is indeed a miracle when we have come to think of it during the moment that we only have a very low salary all our needs have been met but as time goes by when the opportunity of having an increased income it seems like our life has been lacking and even imprisoned us from having debts! The reality is that, the more we earn, the more we spend! The moment you increased your income, you also increased your standard of living and you can never see it in the long term.
One question that Bianca Gonzales asked; "What is the sign that I am now ready to buy my own car?" What is the sign that I am ready to invest for my own Condo?
You should then be able to answer from this question; "How much money can you stretch in terms of the rental budget that won't destroy your monthly budget?
If it is within your budget, go ahead! If you honestly cannot sustain it from your income there is no reason for you to gamble for it! It is just the same thing as buying a car.
In buying your dream car or dream house/condo it is not only budgeting that you need to consider but also as what Mr. Chinkee Tan has the perfect term for as "plan spending" which means, "you plan it first before you spend it.." The main problem with ourselves is the attitude of impulse spending or impulse buying..it doesn't compensate when our income is limited and our expenses are unlimited as well.
One last bomb question that Super Bianca throws at Mr. Chink Positive was " For young professionals, what would be your recommendations for their saved money for them to see something at the end?"
Mr. Chinkee Tan: "The first thing that you need to save for is not for your trip, not for your cellphone, not for your car, not for your house, the first thing that you need to save for is CALAMITY FUND.
A Calamity Fund is very different from the Emergency Fund. What is a calamity Fund? It is when you suddenly got sick, broke your important things or your house got flooded..anything that is not intentional and is beyond your control from happening.
Secondly, you have to build up your EMERGENCY FUND.
An Emergency Fund is your monthly expense..if your monthly expense is like for example 25,000 pesos, you have to set aside at least 3-6 months of your income (which is the most healthy one)
Emergency Fund Sample Computation:
3 months : 75,000 pesos
6 months : 150,000 pesos
Why is this so? It is so because just in case something happens to you, you got sick, remember you already have your Calamity Fund. You can now pay anything that has been destroyed from your properties but sometimes you need time to recover. What if you have 2 months out of work, you have 6 months (of your income) to tide you through that you won't be in debt and in 6 months you can recover in terms of sickness, just in case you lose your job, your business slows down, your Emergency Fund can tide you through in terms of your monthly expenses from which you will never need to borrow money from anywhere or anyone.
So, these are the 2 Funds that you initially need to set up: CALAMITY FUND and EMERGENCY FUND
Before you even think about Travel Fund, Investment Fund..because when you come to think of it, you bought a property, a car without a Calamity Fund and you don't have 6 months of Emergency Fund, the moment you lose your job, what will happen to the car? for sure it will be repossessed by the bank!
What a brilliant idea from the person who knows it all about each and every corner about our hard-earned finances!
Always remember, that there are always possibilities in every impossibility just have a handful of courage as you go through the journey of life!
I just wanted to take down simplest notes which I believe would be most effective and worth documenting from a Youtube Content Creator, Miss Bianca Gonzales, this very smart lady deserves millions of subscribers in her YouTube Channel "Paano Ba 'To" because all of her uploads are helpful and worth our time watching since you can really learn a lot that you can apply to your daily life's journey.
This one got most of my attention as I have come to watch her interview with Mr. Chinkee Tan, the man hailed as "Mr. Chink Positive" the man who knows each and every detail about what matters most about money, living a life with the best financial capabilities.
Just when Miss Bianca Gonzales asked, How can I save money? Why can't I save money? What are some people's mistakes why is it so hard for us to save money?
"Experience is NOT the best teacher why? because it's painful and costly but learning from other people's mistakes and experiences is the best teacher..why go through the mistakes of others if you can learn from them you don't have to gamble all your money for you to understand how bankrupt a person feels you don't have to be a drug-dependent person for you to understand how a drug addict feels.."
According to Mr. Chinkee Tan, here are the most common mistakes why it is hard for us to truly save money:
"My salary is yet too low"
Since my salary is too low how can I save? Yes, just like what Mr. Chinkee Tan says, that's totally a very wrong notion of saving. It just practically means that if you do not know how to save from having a small income, then how can you learn to save from having a large income? Yes, it's so true that there is no difference at all, it's just you and only you are the only one who entirely holds your money, does that mean that when your income increases you already know how to handle saving up from your finances? So the problem is not the income but the problem is the person who has been handling the income and the attitude of the person who has been handling the income.
I totally agree with Mr. Chinkee Tan that it truly seems that there is indeed a miracle when we have come to think of it during the moment that we only have a very low salary all our needs have been met but as time goes by when the opportunity of having an increased income it seems like our life has been lacking and even imprisoned us from having debts! The reality is that, the more we earn, the more we spend! The moment you increased your income, you also increased your standard of living and you can never see it in the long term.
One question that Bianca Gonzales asked; "What is the sign that I am now ready to buy my own car?" What is the sign that I am ready to invest for my own Condo?
You should then be able to answer from this question; "How much money can you stretch in terms of the rental budget that won't destroy your monthly budget?
If it is within your budget, go ahead! If you honestly cannot sustain it from your income there is no reason for you to gamble for it! It is just the same thing as buying a car.
In buying your dream car or dream house/condo it is not only budgeting that you need to consider but also as what Mr. Chinkee Tan has the perfect term for as "plan spending" which means, "you plan it first before you spend it.." The main problem with ourselves is the attitude of impulse spending or impulse buying..it doesn't compensate when our income is limited and our expenses are unlimited as well.
One last bomb question that Super Bianca throws at Mr. Chink Positive was " For young professionals, what would be your recommendations for their saved money for them to see something at the end?"
Mr. Chinkee Tan: "The first thing that you need to save for is not for your trip, not for your cellphone, not for your car, not for your house, the first thing that you need to save for is CALAMITY FUND.
A Calamity Fund is very different from the Emergency Fund. What is a calamity Fund? It is when you suddenly got sick, broke your important things or your house got flooded..anything that is not intentional and is beyond your control from happening.
Secondly, you have to build up your EMERGENCY FUND.
An Emergency Fund is your monthly expense..if your monthly expense is like for example 25,000 pesos, you have to set aside at least 3-6 months of your income (which is the most healthy one)
Emergency Fund Sample Computation:
3 months : 75,000 pesos
6 months : 150,000 pesos
Why is this so? It is so because just in case something happens to you, you got sick, remember you already have your Calamity Fund. You can now pay anything that has been destroyed from your properties but sometimes you need time to recover. What if you have 2 months out of work, you have 6 months (of your income) to tide you through that you won't be in debt and in 6 months you can recover in terms of sickness, just in case you lose your job, your business slows down, your Emergency Fund can tide you through in terms of your monthly expenses from which you will never need to borrow money from anywhere or anyone.
So, these are the 2 Funds that you initially need to set up: CALAMITY FUND and EMERGENCY FUND
Before you even think about Travel Fund, Investment Fund..because when you come to think of it, you bought a property, a car without a Calamity Fund and you don't have 6 months of Emergency Fund, the moment you lose your job, what will happen to the car? for sure it will be repossessed by the bank!
What a brilliant idea from the person who knows it all about each and every corner about our hard-earned finances!
Always remember, that there are always possibilities in every impossibility just have a handful of courage as you go through the journey of life!
Comments
Post a Comment