4 smart ways to manage your money when you have just enough

MANILA, Philippines — Keeping and finding a job has become difficult. Retrenchment and layoffs have become commonplace and those who had saved for the "rainy days" had a buffer for a month or two before their savings depleted.

With the pandemic clearly driving insisting on us being financially savvy and prepared, it's a good time now to put into practice some smart money tips.

1. Don't be afraid to ask questions.

Registered financial planner and host of ANC's "On the Money" Salve Dulpito underscored the need to be open to asking questions about personal finance.

Most Filipinos grew up not being part of the decision-making process, she said, and this involves issues related to money.  

"Nahihirapan tayong mga Filipino kasi hindi naman tayo pinalaki na pinag-uusapan ang pera. Ang mga magulang ayaw nakikita na nahihirapan ang mga bata so hindi tayo part ng decision-making. Tapos pag may nagsasalita about sa pera, nagsha-shy away ang mga tao kasi nayayabangan, judgmental or preachy pero gusto ko lang sabihin sa mga bagets, 'wag na 'wag mahihiya. There's a lot of free advice on the internet. When you ask, it's okay to say na wala akong alam," she said during the Facebook Live session of Jobstreet's Virtual Career Fair last month.

By being open to asking questions, a wealth of knowledge is available for those who are eager to explore ideas and strategies to manage money effectively.

2. Set saving goals.

"Kung hindi mo alam ang goal mo, magkakamali ang timeline mo. Mali yung risk na kaya mong kuhain," Dulpito said.

Lay down your plans in a dreamboard, Dulpito suggested. "I do this by using my dreamboard. I-drawing ninyo ano ang gusto ninyong mangyari in 10, 20, 30, 40 years. If alam mo goal mo, alam mo rin kung kelan mo kailangan yung perang in-invest mo. At pag alam mo na 'yun, mafi-fix mo ang cash flow mo. Ibig sabihin, ito 'yung kinikita ko, magkano ang iipunin ko? Para maabot ko 'yung timeline at deadline ko".

3. Keep track of your expenses daily. Yes, daily.

YouTuber Charm De Leon gives advice on financial planning and adulting on her channel. She shared a key point for those who are on their road to managing their personal finances well.

"A lot of people immediately go to investing because that's exciting—the thought of growing your money," she said.

Though it might be tempting to think of the infinite ways to invest or grow your money, she shared that before even thinking of that, you should think of what you're working for.

To be able to do this, a basic, indispensable activity is to track your expenses. Backtracking is crucial, too, to even as far back as three to six months by checking your bank statements, passbook and credit card bills. This will show you where you're losing or spending your money.

"When you don't know your money habits, you can't move forward to saving and investing. Track your expenses first. That's one of foundations when it comes to personal finance," she explained.

4. Reward yourself but have a limit.

This is very basic as these times have shown that it is but wise to be frugal, even though there are countless exciting sales in malls and online shopping extravaganzas.

TikTok creator and account manager for an online shopping platform Ady Cotoco admitted to being heavy on rewarding himself especially after a long day's work, but he is quick to share that one must set a limit for those rewards you plan to give to yourself.

"I am heavy on rewarding myself if you have the money for it, but I set a limit too. Always think twice when buying things especially those priced P10,000 and above. You might find yourself not liking or wanting the phone you've been eyeing two months ago," he shared.

For Duplito, meanwhile, "Money is never the most important thing but knowing how to handle money allows you to do the things that are most important in your life."

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