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10 Steps to Filipino Financial Freedom

10 Steps to Filipino Financial Freedom

Hi! This is Krissy of MoneyLifeBlood. (Btw, you can add me up at Facebook @moneylifebloodofficialblog). I’ve started this personal finance blog in the hopes of improving my own finances as well as learning from recent personal finance updates, events and people. Saving isn’t a culture these days given the influx of branded phones and stuff, hence the need for further education on this matter. I’ve also started a personal finance group in Facebook called Filipino Financial Freedom Forum. Here’s the battlecry of the group:
  1. Get out of debt.
  2. Create emergency fund.
  3. Determine your financial goals.
  4. Budget your money.
  5.  Get insured.
  6.  Invest regularly.
  7.  Increase cashflow.
  8. Monitor your finances.
  9.  Enjoy the fruits of your labor.
  10. Share your blessings.

For those who have already read a number of personal finance blogs, books, been in Facebook groups and forum tackling personal finance, this list may be of ordinary news to you. But for newbies out there or beginners who would like to revamp your financial life today and need a fresh start, here’s the list of basic principles that can help you.
Let’s now tackle each step one by one:

The first step towards our goal Filipino Financial Freedom is to get out of debt. Obviously you can’t meet your financial goals if you are stuck in debt. And debt here is being referred to bad debts as there can be good debts like mortgage loans which put a roof above your head and you can convert to rental property.
Second step is to create an emergency fund. Emergency fund acts like a buffer – it gives you a sense of security. Kumbaga sa ating kultura, may dudukutin kapag nangailangan. Just like an ant saving up for rainy days, we should also save up for an emergency fund worth about 6 times your monthly income.
Being financially free is definitely a journey – unless you’ve won the lottery and you know all these things but still, even if you win the lotto, you still need the basics of financial planning to manage your money wisely. Why are you in this journey? To finance wedding costs? To send your kids to good school? To fund charity activities? Determine your financial goalsand stick to your gameplan.
Do you realize the pains of busting your own budget? That’s why you create those grocery lists and to-do lists before shopping? The beauty of budgeting your money entails discipline, repeated behavior and hard work. It looks easy though but it’s not. Why don’t you grab a piece of paper or check out the memo notes of your tablet to key in your monthly budget and expenses? You’ll discover a lot about your spending power and spending weakness.
Insurances are meant for things you don’t want to happen like death and accident. Insurance can also be used for future expenses such as big-ticket item spends, wedding, education, etc. Shop around insurance providers, ask all questions you want to ask your agent before signing a document, and remember to insure yourself to ensure your loved ones too.
Investing is a habit. You may opt to invest every month every paycheck or you can do it regularly like quarterly or yearly. There are many options today such as automatic debit from your account or auto transfer to separate account. You can also do cost averaging when buying mutual funds or stocks. Just like the waves you can experience shortfalls too like when you run out of money to invest due to emergencies but that’s fine.
How do you increase cashflow? For those who are employed, usually our options are to start a business or invest. You can do direct sales, investing in dividend paying stocks or buy a franchise. There are many ways to augment your income from employment given the right strategy.
Track your finances through MS Excel or android applications available today. You can monitor the performance of your mutual funds and stocks online as well. By this you are held by your goals and your mind is conditioned to achieve them in time.
It’s not about the money. It’s about what you do with your money. Just wanna enjoy a rave party or a rock concert perhaps with your earnings? Go ahead – have a purpose why you are in this financial journey. Make your whys strong enough for you to be driven and highly charged up.
Usually this item always comes in last but for me, it’s always been part in between. Sharing your blessings is not like only after you have achieved your financial goals. You do this every time you have an opportunity to give. It’s not about the fleeting feeling of giving, nor the sense of self-importance. It’s about sharing a piece of you to another person who in that moment needs you.
Follow these 10 guiding principles and you’ll be on your way to our dream Filipino Financial Freedom. The journey won’t be easy as there will be humps and bumps along the way, but for as long as you keep your eyes on the target, you’ll surely be headed towards achieving it.
Question: Do these principles need to be followed chronologically? Ideally, yes, but if you feel like you can jumble the order depending on your personal needs, go ahead.
Happy learning!
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