As the saying goes, “Behind every successful man, is a strong woman.”
And as we celebrate Women’s History Month, we empower all women out there.
I am grateful to be surrounded by a lot of achi friends, a-is, kwe-bus, my mom, ta-ke and my ama. They are my role models and I learned a lot from them on how to live life and how to handle money. I am sharing with you the secrets that I learned from them on how to become a strong woman on money matters.
Here are financial advice for women:
1. Set financial goals for yourself alone.
Set your own financial goals so that you will always be motivated to earn income or save more. It’s important to set a budget. Commit to a fixed amount to save every month so that you don’t spend it on unplanned and unnecessary expenses. For household expenses, I’m sure you can save a lot more if you’re conscious about the consumption of food, electricity and water. Being resourceful will save you a lot of money, too.
Also, set a deadline for your savings goal. Sometimes your plans change over time due to the people around you and other aspects, but surely, it will be a big help to your kanchu or to your family. Having your own savings gives you the power of choice.
2. Create a separate account for yourself.
As you save money every month for your goal, put it in a savings account. If it becomes bigger, place it in an investment instrument that aligns with the timeline of your goal so that it will grow. Here are some examples:
|less than 2 years||Time Deposit|
|3 to 5 years||Bonds, UITF, Mutual Funds|
|5 to 10 years||Stocks, Real Estate|
3. Be simple and content in life.
It can be expensive to be a woman. We need to spend for the parlor, make-up, body treatments, and more to maintain our beauty. But sometimes, natural beauty is more beautiful. We must not spend carelessly.
Here are some tipid tips every woman must know. It’s okay to re-wear your gowns and other clothes. It’s also wasteful to unnecessarily discard clothing that has only been worn once. After all, it takes a lot of time and effort for a designer to design and create a garment, among other things.
It’s okay to just maintain 1-2 luxury bags and shoes. If you buy a lot of these, remember that someday they may just dry up and crack and become trash. Your hundreds of thousands will become garbage whereas if you save and invest, it can become millions over time.
Don’t buy new gadgets unless it’s necessary or if the old one is breaks. Gadgets depreciate. These are not investments. Also, always wait for the sale before buying new things. The sale always happens sooner or later. Take advantage of credit card promos and any store vouchers offered.
4. Insure your ang.
It’s important to insure your ang. With the current pandemic, life is really uncertain. It’s best to have a back-up fund or security fund. Make life insurance policies your Plan B. If ever your most fearful thing happens, like losing your ang, you won’t have a hard time being a breadwinner and a housewife at the same time all by yourself.
Life insurance proceeds will help you to grieve properly without worrying about finances. It gives you time to adjust and move on with life. If your ang is not a believer of insurance, tell him that this is the one of the ways he can make you feel his love and care.
5. Set up your retirement fund.
Preparing for retirement is sometimes neglected maybe because it feels like “matagal pa naman” or the busyness of our daily lives. I advise you to prioritize retirement as life expectancy is becoming longer. Study shows that the average life expectancy nowadays reaches up to age 94 due to medical advances. It’s really wise to start young in preparing for your retirement fund.
For more financial advice, check out our articles here.
About the author
Sheila Ong is a legacy architect. She helps Chinoy families plan and design their financial homes by not only creating a strong financial foundation but also peace of mind, allowing families to do what matters most, which is to have more time to spend with each other. It’s her passion to empower each Chinoy family to create a legacy of love from one generation to the next through proper wealth management. As a naturally shy person, she evolved into becoming a public speaker driven by her advocacy. She has transformed many lives, including the lives of her team of financial advisors and the lives of about 400 families who are now financially secure. Sheila also values family time as she is a full-time mom to her son.
If you want to know more, you may send her an email at firstname.lastname@example.org. For more information, you may also check out her website, https://legacyoflove.info/ and Facebook page, https://www.facebook.com/legacyoflovewithsheila/, and subscribe to her newsletter here.