Are you experiencing financial stress lately?
Good news! Why is it good news?
You’re not alone. It’s okay to admit that there are still times you struggle with how to use your money wisely.
Here are a few realities you may be experiencing yourself:
- You want to work within your budget but you are also struggling with impulse buying. Worse, no one is giving you tips on how to fight it.
- You promised yourself you will start saving and to be fair, you did start to put aside money. But you just couldn’t say no to a random weekend getaway your friends invited you to.
- You are spending more than what you are earning.
- Your credit card bills are mounting.
- You no longer have enough money to spend to last you until the next payday.
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5 Powerful Money Lessons We Can Learn from Chinoy Tycoons, Sy, Gokongwei and Tan
Here’s even better news! YOU can do something about it. Nobody else can fix your financial problems for you other than you. I can teach you all the disciplines needed in order to achieve financial freedom, but YOU have to make a decision to actually follow it.
Here are my thoughts on how you can start to spend your money wisely:
TIP 1: MAKE A LIST OF YOUR PRIORITIES.
Identify important areas where your money should go first. Think of basic needs and obligations first before your wants.
TIP 2: CREATE A BUDGET.
A budget will act as a guide, a compass that will help you allot certain amounts for specific financial obligations.
TIP 3: WORK AROUND YOUR BUDGET.
The secret to increasing your savings and budget for later R&R is to stick to your budget at ALL times. Spending outside of the budget is a big NO-NO!
TIP 4: AVOID IMPULSE BUYING.
Don’t feel bad when everyone you see in the mall is flocking in a store with huge “Sale” signs all over it. Sure, you will get tempted. But trust me, it is better to look away and wait until you have enough to actually buy something you need, or want, even if there is no sale.
TIP 5: SAVE.
Be deliberate in your commitment to put aside money. You are going to thank your younger self later in life for committing to this discipline.
THINK. REFLECT. APPLY.
What do you usually spend your money on?
Do you spend your money on important things?
What are your priority expenses that you need to stick to?
To avoid further financial stress, please check out my latest book DIARY OF A PULUBI http://bit.ly/2yPVcDf
(Chinkee Tan is a top Filipino motivational speaker, wealth and life coach whose goal is to inform, educate, motivate, and disturb. His vision is to help people become financially-literate and debt-free. For more info about Chinkee Tan, please visit his fan page at FB, Twitter and Instagram. Also follow VIBER PUBLIC CHAT GROUP search chinkee tan, and VISIONCHINKEE on You Tube for more news and encouragements.