I bet you are. I’ve received countless of emails from amazing Filipino professionals who just got the sweet taste of their first ever paycheck – but do not want to experience the bittersweet feeling of losing it all.
What do you do when you’ve gotten your first salary but you have no idea what to do with it to make it more valuable in the long run?
Here are 8 money tips you can start with:
Let’s say you work 40 hours a week, 4 weeks a month. Your total working hours for the whole month is 160.
And then you received a salary of P18,000 for the first month you’ve worked.
Hourly rate = P18,000 divided by 160 hours
Hourly rate = P112.50 rate per hour
That P800+ rate for a 3-hour Vikings buffet feast for yourself?
It costs around 7 working hours of your life.
It makes you think twice about spending your money recklessly, don’t you think so?
It’s a no-brainer that you need a savings account to secure your rainy day fund for you.
Why do you need a rainy day fund?
Job stability is a myth, my friend. Therefore, you have to be prepared – you may lose your job at anytime, but you can’t lose your bills being delivered to your house every month.
Keep in mind that your savings account is different from your payroll account, though. A payroll account is for withdrawing. A personal savings account is for saving.
(READ: Here are five Philippine banks with the lowest initial deposit requirement.)
A budget is your financial map. Without it, you’ll just get lost in a world of depleted bank accounts, useless spur-of-the-moment purchases and lots and lots of ugly debt.
Start setting up a budget today.
We’re getting old. And a part of this means that we’re not covered by our parents’ Philhealth protection anymore.
Better get a Philhealth plan for yourself now. It’s only P200/month!
6. Find out if you need income protection.
Life insurance.
If you have 2D = debts and/or dependents, you need life insurance to financially protect your family even when you’re already gone.
7. Before investing in anything, understand about the basic concept of it first.
It’s saddening, but I receive emails that tell me:
“Lianne, I already signed this… I already paid for this.. BUT I don’t really quite understand what they were talking about…”
“Lianne, I already met with someone. They say it’s a good deal. I signed it, but I don’t know what makes it a good deal?”
“Lianne, I have my contract na. But now that I have questions, my advisor/agent/consultant isn’t replying to me.”
My friend. Please. Do yourself a favor:
If you don’t understand, don’t shake his hand!
It’s YOUR money. It’s YOUR responsibility to find out what happens to it.
(Here are 5 important investing points that you should definitely know about)
If it still isn’t clear, shoot me an email at liannemarthamlaroya@gmail.com or text me at 0906 243 5059 and let’s discuss.
8. Once you undertand the basics of investing, start investing as soon as possible!
Simply put, the younger you invest, the higher your investment can be – in the long run.
My 15-year old brother started investing early.
BONUS TIP: Don’t forget to give back to the community. It can be as simple as having a “Pondo ng Pinoy” bottle and giving it to your local church every month. 🙂
Following all these 8 money tips ensure that you are the one who’s in control of your money.
As I say, if you don’t control your money, this means that your money controls you.
And you don’t want that, do you?
—–
Want to get started managing your money/budgeting/investing? 
Email: liannemarthamlaroya@gmail.com
Twitter: @MsLianneLaroya
Mobile: 0906 243 5059
And we can even meet personally for a FREE financial planning session! Let me know so we can finalize a schedule that works.
If you find this post helpful, please SHARE it to your friends. Who knows, you might help them by educating them. 🙂 Thank you, wonderful people!
Lianne