It’s Savings Consciousness Week!
Pursuant to Circular Letter No. 2019-038 of the Bangko Sentral ng Pilipinas (BSP), the week of June 30 – July 6, 2019 is Savings Consciousness Week. This annual event dates back to a Presidential Proclamation by President Fidel V. Ramos. Let me paraphrase said proclamation.
The Philippines 2000 was the vision of a developed Philippines reaching an industrialized status by the turn of the century. This could only be achieved if all sectors of society fully realize the vital role of savings. In order to hasten capital formation and accelerate the country’s economic progress through non-inflationary means, all sectors of society - banks, other financial institutions, schools, government institutions down to the barangay level are enjoined to spread the importance of saving.
If you want to see the original proclamation with all its whereas clauses, click link. 
We at FQMom.com join this effort of spreading the importance of saving.
In fact, our efforts are not just for June 30 – July 6 ever year, but all year round!
For today’s article I wish to discuss two important aspects about our savings mindset that can help not just our awareness but our actual practice of saving.
1. The concept of deprivation
When you hear the word saving, what thoughts come to mind? Most would answer sacrifice, tiis, give up something, deprive. It’s as if you’re taking away something from yourself. The usual sentiment is that of deprivation. But if you pause and really think about it, are you depriving yourself when you save?
No! You are in fact, prioritizing yourself when you save. You are prioritizing your future self over short-term pleasures now. The truth of the matter is, it is when you neglect saving regularly that you actually deprive yourself of a healthy financial future.
2. The concept of readiness
Most people wait for the right time to start saving. They wait for the time when they feel they have extra cash to spare. Waiting to have extra cash is for items that are not necessary. These are luxuries. But saving is not a luxury. Saving is a need. It is something that should get priority allocation. This only ceases to be a priority allocation once you have accumulated more than enough for your old age.
The First Basic Law of Money
The above shifts from the common mindsets are contained in the first basic law of money as narrated in The Retelling of The Richest Man in Babylon. In the book, the main character Arkhad was listening to his mentor Algamish, “I found the road to wealth when I decided that a part of all I earned was mine to keep. I pay myself first! It should not be less than one-tenth, no matter how little you earn. It can be as much as you can afford.” If you want to watch this chapter of the book, click The First Basic Law of Money and listen to no other than former BSP Governor Nesting Espenilla reading it to you.
I invite you all to check your money habits and even those of the people within your circle of influence. Are you observing the first basic law of money? With regard to the percentage, you may want to start as high as you can. I usually prescribe a starting point of 20% then increase the rate as you earn more; otherwise, all your increase in earnings will just be eaten up by lifestyle creep.
I was so happy last week that my newest employee started off with a high savings rate when she received her first sueldo! She still lives with her parents and is quite frugal with her monthly expenses. Even our household helpers are trained to increase their savings rate upon receiving a salary increase.
I invite you all to heed BSP’s call to observe the National Savings Awareness Week. Help at least one person acquire the right mindset about savings. And most importantly, help him/her automate this habit.
Cheers to observing the first basic law of money! 
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ANNOUNCEMENTS
1. Mom and Mom and Son Podcast - Season 3 Episode 1 ("YOLO" TO "YAGO")
Welcome to the 3rd episode of the Mom and Son Podcast! We're so proud to have finished half of 2019 and we're so excited to continue creating content and sharing stories with all of you in our next season.
Today we discuss the importance of Saving and Investing NOW! People often coin the term "YOLO," meaning "You Only Live Once," as the reason to live and focus solely on the present, forgetting about our future. FQ Mom introduces a new term "YAGO," which means "You Also Grow Old," so even if we must always make the most out of today, we should also be wise when it comes to our tomorrow.
This episode is brought to you by ING Philippines, the country's first all-digital banking platform.
#MomAndSonPodcast
Stream it now!
Spotify
https://open.spotify.com/episode/7qF7UUZkLEUSljwHJHNLjg?si=B4_5AOijRe2DrQrjejpWJQ
Apple iTunes
Buzzsprout
https://www.buzzsprout.com/241447/1350574-mom-and-son-podcast-season-3-episode-1-yolo-to-yago
YouTube
2. Thanks to those who already bought the FQ Book, especially to those who took the time out to send me their feedback. Your feedback is food for my soul. To those who have not gotten their copy yet, here’s a short preview of FQ: The nth Intelligence
You may now purchase the book in major bookstores, or if you want autographed copies, please go to FQ Mom FB page (click SHOP), or FQMom.com (click BOOKS), or email us at FQMomm@gmail.com
3. Want to know where your FQ stands? Take the FQ Test Challenge now! Click link. http://rebrand.ly/FQTest
Rose Fres Fausto is a speaker and author of bestselling books Raising Pinoy Boys and The Retelling of The Richest Man in Babylon (English and Filipino versions). Click this link to read samples – Books of FQ Mom. She is a Behavioral Economist, Certified Gallup Strengths Coach and the grand prize winner of the first Sinag Financial Literacy Digital Journalism Awards. Follow her on Facebook&YouTube as FQ Mom, and Twitter&Instagram as theFQMom. Her latest book is FQ: The nth Intelligence.
ATTRIBUTIONS: Photos from blog.chandlerknowlescpa.com, Bangko Sentral ng Pilipinas, organika.ge, and shutterstock.com, modified and used to help deliver the message of the article.
