One thing is for sure, never tayo sure about what the future holds for us, lalo pag dating sa ating financials o pera! Marami man tayo nito o hindi, dapat smart tayo about our money – diyan pumapasok ang ating Financial Intelligence Quotient or FiQ.
What is FiQ?
Ang ating FiQ is how smart we are when it comes to managing our money at kung paano natin ginagamit ang ating knowledge at diskarte – para sa pag-iipon, paggastos, at pag-iinvest to maximize our money and make the most out of life!
It’s one thing to know how money works, but it’s another thing to use that knowledge and make it work for us sa kanya-kanya nating buhay. To do this, dapat ibahin natin ang perception natin sa pera at mag-practice tayo ng better financial habits for the future we want for ourselves, and the ones we love.
Game? Game! Let’s start with these 6 habits you can do to help boost your FiQ!
Habit #1: Rethink your relationship with money
Basically, ire-evaluate mo ang relationship mo with your money. Ask yourself basic questions like: Saan ko ba talaga ginagamit ang pera ko and anong role niya sa buhay ko? To enjoy and have fun ba? To provide a better life for myself and/or my family? To achieve my dreams? Yung mga tanong na ganito (and others like it) are the things we have to ask ourselves to better understand our money and spending habits. Because when we do, we understand what we need it for and are able to make better, more informed decisions about how to use it and make it work for us.
Habit #2: 'Wag kakalimutan ang long-term goals
Usually, most of us budget for the day, the week, maybe the month. And that’s not wrong, since 'yun ang pinaka urgent at kailangan talaga for us to live day-to-day. Pero, puwede rin tayong maging more strategic about how we budget our money. When we are, it shows na meron tayong itinatabi o pinag-iipunan for a specific goal, whatever that may be – imbis na gastos lang ng gastos without a plan.
Being strategic about your budget means making long-term goals; looking beyond our daily, weekly, or monthly expenses and thinking about our plans and goals in the next few years. Plano mo na bang magpamilya? Bumili ng bahay? Magbakasyon? Magtayo ng negosyo? Eto ung mga long-term goals that we should always keep in mind and also give priority to when we manage our money.
Habit #3: Live within your means
Living within your means starts with your budget. Set a strict budget for your expenses, your savings, and your disposable income or the money you can spend outside your budget – at sundin ito religiously! Kapag well planned-out ang ating long-term goals against our everyday expenses, we can take more charge of our spending habits, but more importantly, take care of our financial well-being and truly live within our means.
And it starts with the little things: 'wag mag-milk tea everyday, magbaon imbis na kumain sa labas, mag-MRT imbis na mag taxi, things like that. Remember, every peso we save now is a peso we can use for our future.
Habit #4: Bantayan ang urge to splurge
As discussed earlier, part of living within your means is to save now and invest in the future. Kasama diyan ang pagbabantay sa ating urge to splurge.
Paborito nating mga pinoy magpabudol sa Double-Double Sale. Tama? Kahit hindi naman kailangan talaga, sige bili nalang dahil mura naman o kaya buy-one-take-one. And this is just one example. But rather than giving in to the urge, why not put that money away and save it for the future. Remember, always keep those long-term goals in mind. Choose long-lasting satisfaction over instant gratification. 'Pag ginawa natin ito, we become less susceptible to spending more than what our disposable income allows us to.
BUT… this doesn’t mean we can’t treat ourselves from time to time. I mean, deserve naman nating lahat ng new shoes or an expensive meal once in a while. Treating ourselves is important too! Basta, always remember not to overspend at the expense of our long-term goals.
Habit #5: Magpakatotoo ka in life!
Para maging smart ang financial decisions mo, ang unang dapat gawin ay magpakatotoo! Be real with yourself about your current situation and status in life. Kung family provider ka, don’t spend like you did back when you were still young, wild, and free! Be aware of your current life stage: Nakatira ka pa ba sa parents mo? May sinosoportahan ka pa ba apart from yourself? What are your daily expenses like rent, food, utilities, transpo? Eto ang mga tanong na makakatulong sa’yo in putting your financial decisions into context to help you prioritize your spending.
Hindi same ang life stage nating lahat. Iba-iba ang ating mga priorities, spending power, at financial capabilities, and there’s nothing wrong with that. Kailangan lang natin tanggapin where we are in life and adjust our spending based on that to make smarter choices. When we do, mas may chances tayo to thrive and upgrade our lives when we are more capable – magstart ng business maybe? matuto mag invest sa stocks?
Sky’s the limit basta we take our time and learn to trust the process. Wag mag madali.
Habit #6: Never stop learning!
Maraming paraan para pataasin ang ating Financial Intelligence Quotient (FiQ). Sa panahon ngayon, in this thriving digital world, all the information and tools are at your fingertips to help you grow your money and make better financial choices. Manood ng videos about stocks and other investments, mag basa ng articles about opening a business or learning a new skill you can monetize, gumamit ng app to help you track your spending better, the possibilities are endless!
What’s important is to always be in a learning mentality and to always be open to opportunities that might come your way. Make the most of the resources available to you at siguradong you’ll be on your way to increasing your FiQ and a better life for you at ang mga mahal mo sa buhay.
UnionDigital Bank believes in financial inclusion to help every Filipino make their lives easier and better.
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