Saving is one of the most challenging things to do especially for Filipinos. They are fond of spending especially if they get a bonus or a bigger amount of money than they usually earn. Only a few can save from their monthly income. You can say that this is one of the many reasons why it’s quite elusive for Filipinos to live a better life.
This may be one of the reasons why many institutions and even individuals, are teaching the Filipinos about financial literacy. In this manner, those who don’t spend wisely might be able to learn a thing or two on how to save up.
Aside from the seminars, the internet can also be a source of becoming financially literate. There are videos on YouTube where people can learn how and since vlogging is the “in” thing nowadays, it has been so helpful in spreading ways to save from your income. Celebrity couple, Richard Poon and Maricar Reyes shared their video on how they manage to save. They use the “envelope system”. By using this system, they label each envelope according to their expenses such as electricity, water, rent, and savings. They set aside a certain amount for each expense and put it inside the envelope.
The couple learned this through Poon’s good friend, Chinkee Tan. Tan is a well-known financial advisor and according to him, this method helped him when he was neck-deep with debt. When you get to watch Tan’s videos, there are a lot of things about finances that you’ll be able to learn about.
They advised their followers to refrain from spending the money they have set aside and placed on the envelope for unnecessary things. This can be a very effective method of saving but a lot of discipline is needed if you are tempted to spend what’s on your savings envelope.