By GINA DE VENECIA
Dear Inang Mahal,
I’m already in my 50s but for some reason I don’t have extra savings. I was able to buy a few properties but I find it hard to save money and I always end up having almost zero balance in my bankbook at the end of the month. I know people who have less income, who are able to save money and I want to be like them too. Any ideas on how to save money?
Mandy
Dear Mandy,
We save money because we can’t predict the future. And, saving money will give you peace of mind because it will give you more options in life. The more money you have saved, the more you control your own destiny.
Consult with an accountant or expert about financial problems. It will be the best investment you can make for a more secure financial future. Before you can learn how to save, you must first work out (a) how much to save, based on your income and monthly expense, (b) which expenses are fixed and which are variable, (c) whether you have other sources of income aside from your salary, (d) what are your assets and whether you can liquidate some assets to have more cash flow, (e) what are your liabilities (such as credit card debts and mortgages). There are many factors to consider, and most of us do not have the skills to do it. Go to an expert, and you’ll feel better.
When it comes to handling expenses, there are limitless opportunities to save money: Make a list before you go shopping – and stick to it; Invite friends over instead of going out; Repair clothing instead of tossing it; Avoid convenience foods and fast food; And for heaven’s sake, quit smoking if you’re still a smoker. The habit is not only expensive, but potentially deadly as well; and so on. The ways to save is endless, really.
With Affection,
Manay Gina
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“Beware of little expenses; a small leak will sink a great ship.” – Benjamin Franklin
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