10 years ago, I was broke and in debt. I couldn't afford to send my son to school and I had debts in my name amounting to more than 300k because I trusted the wrong person.
5 years ago, I made the choice to do freelance work. It was a leap of faith but it was a choice that I made for my health and for what I was hoping would be financial stability.
2 years ago, I started to learn ways to save money. Finally, I had enough saved that I could afford to contribute to our Hong Kong family vacation. I could also afford to send my son to school and pay off his tuition fee in one go.
However, it wasn't enough. I would always feel like money just passed by and that it appeared when needed. I needed something more stable. Something better.
Last year, I started monitoring all of my spending. I would list down in a notebook all of the things I spent my money on. It did not matter if it was just Php5. It went on my list.
At the end of the month, I would list down everything in an excel file and then calculate how much I spent. End of the year, I was shocked to see that I have spent so much on miscellaneous things, things that I don't even remember anymore.
I WAS APPALLED.
2. INVISIBLE 50 Challenge. Every time I received Php50, it goes straight to Miss Piggy, the coinbank.
3. Paluwagan. I joined a weekly saving scheme in our home. We will give a fixed amount weeky and by the 3rd week of December, we will be given back our money.
4. Always balance my checkbook. This is crucial because a balanced checkbook is a testament to being able to handle and track your finances.
5. Investment and Insurance. I finally got my first ever insurance/investment plan and I even got to convince my 18 year old sister to invest as well.
It took me 38 years to finally have a grasp on how to grow and handle my finances but I am glad that I finally did. I think this is one of those cases where it's better late than never.