Mommy blogger Madz shares practical money advice that she learned firsthand from her Ilocano mom!
It's a common notion in the Philippines that Ilocanos are really good at managing their finances, so we're sure that these seven tips will prove to be very useful!
Practical money advice from an Ilocano mom!
1. Save for the rainy days
Saving money for the rainy days, or for leaner times, helps prevent you from having money troubles in the future. Having a good amount of money saved in case of an emergency or a large, sudden-but-necessary expense is really helpful.
2. How much you earn isn't as important as how much you save
Let's face it, not everyone earns the same amount of money. However, the key to making that money last is to maximize and save as much as you can. If you're earning 100,000 pesos a month, but you have no savings, someone who earns 20,000 pesos a month but saves half of it is more financially stable in the long run.
3. Health is very important
One of the biggest expenses that any family will have is if someone gets sick. And the best way to prevent sickness is to keep your body healthy. That's why it's important for families to always do their best to be healthy, not just to avoid any expenses, but also to have a good quality of life.
4. Focus on quality, and not the price
A lot of people base their purchases on how much money they will save in the short term instead of the long term. What's the use of saving money on a cheap appliance, only to have it break after using it twice right?
Make informed purchases, and look for a balance between cost and quality. Look for things that will last a long time, and you'll save yourself a lot of trouble in the future.
5. Have a list whenever you go shopping
The best way to avoid any unnecessary expenses during shopping is to have a list with you. Having a shopping list helps ensure that you won't buy anything that's not necessary. And you'll think twice about making any extra purchases.
6. Live below your means
Lastly, it's important to always live below your means. Don't try and maintain a lifestyle that you can barely afford. If you're thinking of buying a car, but you can't pay for the parking or the gas, then it's better to just commute. There's no need for a flashy or fancy lifestyle if it's going to make you waste your money on unnecessary things.
ABOUT THE AUTHOR:
I'm Madz, stay-at-home mom to my energetic and charming little girlie. I am into anything frugal, creative, and well... pink! This blog is about sharing parenting lessons I've learned, products that help us rock mommyhood and making time to do what makes our soul happy so we can be mommies n' more!
Source: mommynmore.com
ALSO READ: 5 Money management mistakes married couples should avoid!
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