Kuripot Tip: Money Tips From the Chinese

Image from Today Duke

Kung Hei Fat Choi! Ni hao ma? The only thing I know so don’t judge.

Since it is the Chinese New Year, it is also best that this post would be related to it. Not the New Year however but it would be centred to the Chinese.

When we look at the richest man in the Philippines, it would be Henry Sy of SM Group with a net worth of $12 billion (Forbes List August 2013). The second one is Lucio Tan of LT Group with a new worth of $7.5 billion. The third is Andrew Tan of Megaworld with $4.6 billion. I bet you know the common denominator here. It takes no rocket science knowing that the top three richest men in the country are Chinese. So with that, there must be something that the Chinese people and businessmen do that they prosper with their venture. Even more, there are many things that we can learn from our Chinese brothers and sisters with regards to handling their money. Here are some principles we can definitely apply.

Frugality

Being frugal is a virtue to the Chinese. This is actually a concept that has been taught to them for many years. Dao De Jing even states that the greatest resources one can have are love, generosity and frugality. It is no wonder that being frugal is an integral part of their culture.  It is no wonder then that they were able to save tons because of this trait. They don’t tend to brag their material possessions. Most of them live in ordinary homes with ordinary vehicles. Some Chinese individuals also dress simply even if they have millions in their bank accounts. You may not even know it that they are rich by the dozen.

Savings

With regards to savings, hands down to the Chinese. They have a system on how much they would save from their income. Most of us save like 20-30% of our salary. They however save as much as 50%. Can you imagine that! The bulk of their salary is directed to savings. I bet some of us can’t handle that. However they can. And they have proven time and time again that it can be possible. And look where they are right now?

Teaching

Chinese teach their kids about money when they are still very young. They let their children work and attend to their business regardless of age. This makes the kids appreciate how they were able to get money hence they would not waste it over petty purchases. Most of the time these kids are also the ones handling their parent’s business in the long run. With the experience they got from their youngster years they are more capable of handling it when they will grow old. And most of the time they succeed. If only we Filipinos can be able to do the same. That is teaching our children how to handle money and how to run our business. Most of us don’t seem to incorporate that simply because they are kids. But little do we know that the immersion they get when they are young, the more impact on it when they grow.

Cash

Many Chinese are debt-free. As much as possible they pay cash on their purchases. They do not incur debts at all. If they happen to borrow money, they always see to it that they will be able to pay it in full in the shortest time possible. True the family might have to cringe a little during this time however they know they are trying to pay a loan. Everyone in the family understands and everyone sacrifices for the meantime. But in the end, it is them who will benefit the most.

Camaraderie

Chinese have strong ties to their fellow Chinese. They go to the same church, they bond with each other, they live in the same compound and even marry another Chinese. Even more, when a fellow Chinese needs money to start-up a business, they would also be helping them with regards to finances. Such trait is something we can see in a lot of the Filipino Chinese in the country. Their support for each other is something we cannot fathom.  Remember Dao De Jing’s love, generosity and frugality? Even if they are frugal, they are also generous. That is why they help each other.

These are some of the things we can duly learn from the Chinese. These traits make them a good example on how we should manage our finances and our money. And I am certain the three richest men in the Philippines have been embedding these also in their system most especially when they were starting up. Remember Henry Sy’s humble story?  So let’s pick a trait or two and for sure, it will financially help and aid us.  

P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 5 already! Did you deposit the next amount yet?

P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.

Behind Kuripot Pinay

The shy kuripot pinay

My financial life is one rollercoaster ride. As far as I can remember we were never financially rich. My father didn’t finish high school and my mother didn’t finish elementary. I was brought up in a very simple household. My father is the one working while my mother is a housewife. My father being a hardworking person that he is jumps from one job to the next. His longest job that I can remember is in a printing press. My mother who wants to help the family somehow opened up a small sari-sari store beside the house.

My parents always stress the value of hardwork and money. That is why I can clearly remember I was already saving up coins since I was three. Since we don’t have money to buy for that beautiful piggybank, my ‘alkansya’ is a plastic baby powder. My father will simply cut a hole at the back where I can slide those extra coins I was able to save.

The family’s finances plummeted when the printing press where my father works closes. He has been working there for the longest time and it is the only skill that he is good at. We need to move out our house since we cannot manage anymore the rent and we lived in the room of my uncle’s house which is relatively far from where I am studying. My parents resorted to selling vegetables in the market. They would wake up so early to gather the goods and sell it until 9am. Good for them if they were able to sell all. As for my case, I have to commute my way to school. My father would somehow fetch me in his bike after class.  

I can see how my parents tried their best to give us a better life than they have. My father would always talk to me about going to college and having a degree. If there’s one thing they would be able to inherit to us, it would definitely be education. Hence, my father juggles two jobs at the same time in order to prepare me for college. He worked in another printing press while selling vegetables early in the morning.

We struggled so much when I was in college. I am thankful for the scholarship that was given to me. Since the matriculation is not covered, I know my parents have been struggling to come up with the amount. I’ve heard they would ask for loans from our family friends and my father’s boss. Nonetheless, their sacrifices paid off since I was able to graduate. And I cannot be more thankful. I know they incurred a lot of debt in the process however my parents were the ones so proud during my graduation. They were able to realize a dream that they were not able to achieve themselves.

I still carried with me their teaching on hardwork and money. However, I know I fell many times with the money part since I started getting my salary. I was able to finally buy the things that I don’t have before such as gadgets, clothes and more. Instead of me helping my parents pay off my college debt, I am incurring debts on my end too. For how many years of working, I was not able to save and I am still financially struggling.

That is when I realize I need to change my finances. I started incorporating Income-Savings = Expenses. Little by little I was saving and I was able to pay not only my debts but also my college debt. I was also able to acquire a few online jobs by that time that increased my income. I am proud to say I was able to achieve the amount I never imagined to have for the longest time.

Now, with my teaching job and a few online jobs, I was able to save much per month. Some of my assets are also in my stocks and other investments. I was also able to help my parents put up our construction business. My parents are no longer selling vegetables in the market and my father is no longer employed. They run the construction business and have been very successful with many city projects under their name. Soon we will open our hardware business too. I am also self-employed with my little baking business and an online business. Not to mention my other income streams such as a few passive incomes and my investments.

Anyone is more than capable to shift their finances for the better. My money experience from my parents when I was young until I worked has brought many life lessons. Even more my financial mistakes had led me to this life that my family and I are enjoying today. What started out as a coin saving in a plastic powder bottle is now a savings in many modes. And I am proud to say that at the age of 27, I have more than enough. 

P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 5 already! Did you deposit the next amount yet?

P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.

Lessons From The 52 Week Money Challenge

Image from Mhina Gonzales Gerodias

Four weeks has passed already! So how are you holding up with the 52 Week Money Challenge and 52 Week Money Challenge Version 2?

I bet the first four weeks are just like a walk in the park. Well I cannot blame you. The first weeks after all are the easiest. However, you need to brace yourself because hard weeks are coming. Remember amounts compounded by the week and the values are increasing.

In spite of it all, there are many things you can be able to appreciate with the 52 Week Money Challenge and 52 Week Money Challenge Version 2. If ever you are one of the many who accepted it, you are in the right way my friend. You deserve more than a pat in the back. You will not only be able to save this much amount of money, but you can also be able to know the varied lessons the challenge teaches us.

Forming the habit of savings

Every week, we are required to set a specific amount of money to comply with the 52 Week Money Challenge and 52 Week Money Challenge Version 2. I know it can be a chore sometime. But the challenge is actually making the savings a habit. According to a Self-Improvement Mentor it takes 21 to 30 repetitions in order to form a new habit. If we are going to compare it with the challenge, it will take 21 to 30 weeks for us develop the habit of savings. That is more than halfway of the year! This means if you continually put in money for the challenge every week, in no time at all saving would come out naturally rather than a chore. You would even anticipate it and soon you will get addicted to it (in a good way that is).

Discipline

The first few weeks can be a pain I know and how much more in the weeks to come. You may have to stash a few visit to the malls or your favourite coffee house in order to supplement the required amount of the week. In order for you to reach the amount provided by the challenge, you may have a few sacrifices. But don’t worry it is for the good. With that, you develop already the discipline of money. You already know what is more important and that is to SAVE rather than to spend. Some key habits of ours tend to take a toll in our finances like going to the mall and ordering coffee in expensive coffee house. If you redirect your money from there to your savings, then that my friend is discipline.

Accepting the 52 Week Money Challenge and 52 Week Money Challenge Version 2 is already a winning move for us. In the end, we don’t only have money from the challenge but we will also be able to develop the habit of savings and discipline. These two are our gears to make the most of our money and to develop financially smart choices. And soon enough we will emerge winners. 

P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 5 already! Did you deposit the next amount yet?

P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.

Kuripot Tip: Losing Weight While Saving Money

Image from The Skinniest You

I am certain we are still in the verge of getting rid of those unwanted fats from the holiday eating and celebrations. I for one is guilty of such. The best conclusion in line with this post would be not buying food hence no eating and for certain you will lose weight and save. I must say, that can be an alternative however you would be dying inside. Remember the song by Timmy Thomas? Dying inside I was dying inside, but I couldn’t bring myself to diet. I know that’s the wrong line but it sounds good, right? Can I have a nod?

It is always best to lose that unwanted fats while saving money in return. It is a win-win situation for you, isn’t it? As such, in order for us to get started, here are some frugal tips you can apply.

Maximize your gym registration

I assume you are now hitting the gym. I also assumed that you are already a member. If yes it is best that you get to maximize that registration. Being a gym member is pretty expensive. Especially if you are enrolled in a high end one that requires thousands upon registration. In that case, it is fair enough that you get to maximize it. Hit the gym every other day or even every day. You can do cardio in the treadmill in between workout days. Bump out the laziness and consider how much you shelled out in the first place just to be a member. Assess if the number of times you work out is equal or greater than the money you paid for. It would be a total waste if you paid thousands only to work out four times a month when the gym is pretty much at your disposal.

Hit your office gym

For individuals who don’t want to shell out thousands for gym registration, try out your office gym. There’s no need to register at all. Most companies now have gym rooms within the office. Trainers may be present or not however you can always ask your officemates for their program. You may even look at the Internet for inspiration.

Pack healthy food

Another thing that can literally cripple our finances is because of food. We often buy food outside. If you strive to lose weight without the need to spend, it would best to prepare your lunch at home and pack it up. If you don’t have the time, you can always bring fruits to your office. Plus, healthy food is very easy to prepare. For instance, you can just throw in your favourite vegetables like cabbage, lettuce, carrots, and tomatoes to make a salad. You can blend in your favourite fruits to make a smoothie. You can extract up those fruits to make a juice and bring it to work.

Exercise in the office

So you think you don’t have time to do some exercise? Why not exercise at the office instead. There are many workouts you can do in there. A good example of this one is walking. Instead of pushing your chair to the next cubicle to talk to your officemate you can walk. You can even commute your way to work. Do little stretching in between tasks. You can even tow your chair away and use an exercise ball instead. Stand up whenever possible, take fitness breaks as well. There are still tons of possibilities you can do just to sneak a quick workout or two. There are even desk exercises that even your workmates will not notice.

Drink water instead of sodas

Instead of spending tons in sodas that you can buy at convenience stores near the office, buy water instead. Bottled water is way cheaper than commercial juices and carbonated drinks. In order to cut the spending, bring water from home or you can just refill from your office pantry. No calories and no spending.

Do exercises at home

There are varied exercises that you can do at home. You can do Pilates, simple yoga, push up, pull ups, squats and more. You can even dance away at your house. You can jog around your subdivision, walk around and more. These are simple exercises that you can do at home without spending tons. You can even do this with your family. It will definitely be a good bonding experience for everyone.

Losing weight while saving is definitely possible. You only need to look for cheap or no expense alternatives that are within your reach. Even more, you only need to maximize the things and places that you have today and insert a few workouts. With discipline and consistency in no time, you would feel light not only with your body but also with your money.

P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 4 already! Did you deposit the next amount yet?

P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.

Kuripot Tip: WINning in Shopping

Image from HD Wallpapers

As a girl, shopping is something I love to do. We always adore those shoes, bags, clothes and more. I was on a phase before when I am addicted to shopping and I would just get anything I want in a whim. So much for being a shopaholic eh (cough, impulse buyer, cough).

I’ve learned my financial lesson the hard way. All of my income went to clothes I rarely use. Or perhaps a pair of shoes that didn’t even sees the light of the sun and even the moon and more. Even worst, I incurred a lot of debt on my credit card. My face is absolutely horrifying every time I would open that credit card letter. Simply imagine a scene in a horror movie in the victim’s face. That’s my face right there.

After I settled my shopping debt, I know it is time for me to do something with my shopaholic attitude. This time, I incorporated WIN in it.

So what is WIN?

WIN = Wait for IT Now

I know it is supposed to be WFIT but it doesn’t read right. So let’s stick with WIN as it sounds cool.

So what is this WIN strategy?

Every time I would find something I like above 2,000 (shopping border), I would just Wait for It Now. This means that instead of buying that item now, I would simply wait and sleep on it.

Now that sounds absurd right? Why would I wait and sleep on it? Here are the reasons why.

Wait for the sale

This is one reason why I put WIN in shopping. Most of the time, if I would simply wait on it, and sooner or later the item would go on sale. I have this experience wherein I bought one expensive pair of shoes. I was happy with my purchase, no regret at all. After three days I went to the same store only to find out that the pair was now on sale. It was even 50% off. Can you imagine my dismay? I could have saved close to 1,500. Oh the horror! I felt my heart was taken out of me and I was gasping for air, hyperventilating and angry (cough exaggeration cough). But you know what I mean. That is why when there’s a store I would really like, I signed up to be included in their customer repository. They normally text or email you if they will have a sale. Then that’s the time I would go there and check if the items I want are on sale and below my 2,000 border. Oh the feeling when you get to buy something below the retail value (insert happy face here). 

A chance to save

Instead of using a credit card to purchase the item, I tend to put WIN in shopping. This means, I save up for it first before purchasing. It may take a while before I get to have a chance to buy it however it is always better to use cash instead of swiping my credit card. Plus, I am not crippling my monthly expenses because of the purchase.

Knowing if it is a need or want

The beauty of the WIN strategy is that sooner or later you will get to realize if that item is a need or a want. Oftentimes, when we shop, we always see the items as a need that is why we rush it to the cashier. Not to mention the pressure of the salesperson and their sweet words. However, when you tend to wait for it, you will have the time to think about it. You can do an assessment if that item is something you need or something you want. If it is a want, then there’s no need to purchase it. In the end, you would be able to save tons. If it is a need, then you will have to wait for it go on sale or save up for you to be able to buy it.

If it’s meant for you, it’s for you

This is my boyfriend strategy every time we shop above the 2,000. We would come back every week or every month to the store to check out if the item is still there. Then we wait for it to go on sale or save up for it. If we come back with the money and if the item is still there, then it is meant for me. If not, then boo too bad it’s not meant for me. But hey at least I can use the money instead for another purpose.

Shopping can be a life threatening situation to our wallet and bank accounts. However, if you incorporate the WIN (Wait for It Now) strategy, you will surely be able to shop smart. So on your next visit to the mall and you find something above your shopping border, resist the urge to get it and WIN your way through it.

P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 4 already! Did you deposit the next amount yet?

P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.

The Week That Was 20-25

Image from Today I Found Out

Woot woot! Another great week has passed so fast. Before we knew it, January would end and we will welcome the month of hearts. But before we get excited let us recap this week's post shall we?


Practicing the Art of Budgeting

Image from Pakglob

As requested by a one great reader of mine, she wants to know how to properly budget. I know for one how tough this is to do. I too have failed many times. That is why I present tips on how to start it the easier way. This was also what I did to come up with a successful budgeting approach. It all started with a goal in mind followed by a way to track money. Then I create a simple budget in terms of percentage. 10% for tithe, 20% for savings and 70% for expenses. From there, you can further subdivide the percentages like the expenses. That hard part is sticking to the budget, but since you have a goal that can be your motivation. And sometimes, give yourself rewards.


MaxiMIZIng Your Credit Card

Image from fredericksburg

There's nothing wrong owning a credit card. However, if you tend to max it out every month, then you are doing something wrong and grave. In here, we present varied ways to maximize its use. This includes not carrying it everyday because you would be tempted to buy stuffs because it is at your disposal, keep track of the receipts, paying it in full and never to cash advance from it.


Paying It Forward 52 Week Money Challenge

Photo from Daniel Ignatius @thewintercynic

Another way to finish the 52 Week Money Challenge easier and faster. This incorporates the paying it forward mechanism. This means that we pay a week in advance especially to those heavy week. With this, you will be able to ease the burden in the later weeks of the year. Not to mention, you could be able to finish it in less than 52 weeks!


Time Management for Money Increment

Image from boscoanthony

Didn't you know time is your ally with regards to increasing your money? That is why this posts talk about ways on how you can be able to maximize your time for your earning potential. This includes knowing your productive time, not wasting it, being aware of the time and to spend it like money. After all, this is one asset that we can never get back.


On Money and Honey

Image from Sheknows

Is money taboo in your relationship as boyfriend/girlfriend? Then perhaps it is time to rethink about that. More than sharing the love, a couple must also share about finances. This could help strengthen the relationship most especially with regards to money. Start talking it out with your special someone. Incorporate the 50:50 Rule, be frugal when going out on a date and most importantly be a financial partner and scrutinizer to him or her.


Talking About Money In The Family

Image from bainesandernst

The most important core to discuss money is in the family. As much as possible, everyone must know the financial health of the family. Parents should be able to discuss this freely to their kids and also the kids to their parents. Tips are presented here on how to get the family started.

I hope you all have a blessed day with God and your family!

P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 4 already! Did you deposit the next amount yet?

P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.

Talking About Money In The Family

Image from bainesandernst

Are you discussing money with the family? Are your parents transparent with money matters to the kids? As an adult, do you talk about your finances to your parents? Raise the hands of those whose answers are yes. I see quite a few hands. Yes I have psychic ability my friend and I can count the number. That’s our little secret, ok?

Family is considered the smallest unit of the society. It is where we impact and shape lives. Who we are is reflected of what family we have. It is with this regard that this is considered one important core. Apart from family issues and family plans, it is also important that every family must be talking about money! Yes money. However, this is one of the most difficult topics to deal with. I bet you would not even tell your parents how much you are earning. Plus, your parents in turn will also not tell how much they are earning. Money and finances is the most taboo and fearful subject that we can encounter. How much more in the premise of our family. Even more, our parents as much as possible would want to shield us with this one. They would want after all for us to live a better and stress free life. We often tag our parents as strong individuals and tough. They are our support, our shield and our fortress. And talking about money makes them open, prone and fragile.

However, this is something that the family must discuss. Money matters are something that must be transparent so every member of the family would understand. With such understanding, other members of the family would be able to help and contribute.

Here’s how you can start.

Set a date and time

The first thing every parent must do in order to jumpstart the money conversation is to set a date and time. Require every member of the family to be present. You may hold it during the weekend or during a meal like dinner.

Be open and transparent

This is one fear of many parents. They don’t want their children to know their problem all the more about money. However, let them understand what financial situation you are in. Is the family in huge debt? Are there things that need to be cut off since the family is striving for finances? Knowing what the situation is, your children would surely understand why this will be done. They in turn would also cooperate.

Discuss financial goal

It is also important to tell the family the financial goal. What does the family would want to achieve in the long run? Do you want to own a house instead of renting one? Would the family want to get out of debt before the year ends? That financial goal will then be the family’s inspiration to be frugal and to be wise in money spending. And they will know where the money would go with all these sacrifices.

Involving money decisions

Your kids regardless of age must also help to decide on family money decisions. Including them in such an important undertaking would give them that sense of responsibility. It is also a good training ground for them on how they will handle their own money in the future. Consider their suggestions and their input. The more heads working on a problem, the better the result will be.

Let money be an open discussion within the family. Let the entire member be responsible when it comes to finances. Let them appreciate what money is so they would not squander it. Remember, families shaped us. So let us shape the kids to be financially smarter and financially wiser.

P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 4 already! Did you deposit the next amount yet?

P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.

On Money and Honey

Image from Sheknows

The best things in life are free. Now that I've discovered what you mean to me. Woooo sing with me, now! I feel like a concert star on stage. Talk about shifting my blog from personal finance to performing eh?  

Sure, love is one of the best things in life. And it is absolutely given for free. I haven’t heard so far of someone paying another person just to love him or her. Or pay another person just to be in relationship with him or her. Truth be told, it is free however as you proceed with the relationship needless to say you would need to spend for movies, date night, gift giving and more. Talk about money and spending. I guarantee that you will surely have a budget intended for your girlfriend or boyfriend.

I happen to stumble upon a comment in a YouTube video that when you want to save, it is best to drop your girlfriend. This statement totally makes sense. When you are in a relationship, most of the time, it is expected that the boy will always step up for the bills. Good thing if you are married wherein you will have what we call as conjugal money, but you are not ‘yet’. This post is directed to the unmarried ones or those who are still in a relationship status.

So how do you handle finances within the relationship?

Talk about it

Oftentimes the concept of money is taboo in the relationship. They might be chummy and sweet with each other, talk about building the future, how many kids they will have but they don’t talk about money at all! So how can they build the future without it? How can they sustain having x number of kids if they don’t have money? That is what I’m telling you. As much as possible openly discuss money with each other. Let the other person understand your financial situation and also understand their financial situation too. Be comfortable talking about it. This could definitely strengthen the relationship and all the more you can see how he or she will handle money should you be married soon.

50:50 Rule

When going out on a date or even watch a movie, as much as possible split the bill. Now let’s tackle this carefully. If your boyfriend would gladly tackle the bill for you then good. However, if the men is always shouldering the expenses, then that’s bad. Women out there I am not saying you don’t let men save you from that bill. He is your knight in shirt and pants after all. Of course who wouldn’t want to be treated right? But you are in a relationship with the other person. He is not running a charitable institution. Apart from that, spending your money will also define that you can carry your own expenses. You can manage and pay for yourself. That defines financial independence. And girls, we should stress that out to our partner loud and clear. You may also have the other one treat you for the time being and you will treat your partner the next time you go out on a date. Now that’s being fair and square.

Be the financial partner and scrutinizer

Even if you are just in a relationship with someone, be more than a girlfriend or boyfriend to them. Be also a financial partner and scrutinizer. Now what do I mean by this? Whenever you go out on a date with your partner and he or she happens to see that big SALE tag, don’t simply persuade him or her to shop his or her heart out. I know you are simply supporting him or her and there’s nothing wrong with that. However, step up if you have to. Ask them if they would need to have that item or they can just let go with it. Ask if it is necessary for your partner to buy it now. Your partner would then rethink the purchase and they may not proceed with the transaction. See, you were able to save your partner from spending big this time.

Be frugal

When you are in a relationship and go out on a date every single day, it is important to be frugal sometimes. Don’t eat every single night in a fancy restaurant and grab your couple’s favourite latte after. Both your finances will suffer in the long run. Learn to be frugal in the relationship. Schedule dinner at home with his or her family. With such, you can be close to his or her family and you won’t be spending for dinner at all. Learn to appreciate dining at low end restaurant. Explore new venues where you can stash a few hundreds from that bill.

Money is often an issue that married couples tackle every single day. This is also one of the causes of their breakups. With that, it is important that even if you are still in a boyfriend/girlfriend state, you need to be talking about money with each other. Be more than a partner to him or her. Be a financial partner too. This is a good training ground for the both of you and will prepare you in the next stage of the relationship. So when you are married, you both are financially wiser and financially smarter. And money will never break your love apart. 

P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 4 already! Did you deposit the next amount yet?

P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.

Time Management for Money Increment

Image from boscoanthony

Are you always complaining that the 24 hours is not enough? Do you find yourself always in a hurry? Do you wish to have more time? Time after time?

Just like budgeting, time management is a chore. We have many things to do in a day and many things to accomplish only to find out yet again that the time we have is not enough. With that regard, we tend to sleep late, have more unfinished projects and the cycle repeats by the day.

Time is one of the things we freely have. With regards to money matters, time is money according to Benjamin Franklin. Hence, if you want to be rich, or you want to burst into a song that is I wanna be a billionaire, so freaking bad, you must use your time wisely. If we push into investments, time is an ally. They would often persuade you to invest today, to invest now. Because in due time after x number of years, the money that we had invested will yield greater value, millions even. As such, it is important that we make a balance between time and money. And even more, we use good time management to increment our money.

So exactly how we should do this? Here are some helpful tips.

Maximize your productive time

Do you have a particular time of the day where you feel you are more energized? Do you have that time where you work so fast or you can be able to catch up fast? That is your productive time. As such, use that productive time to do work and maximize it. For instance, I for one am productive early in the morning usually from 6AM to 9AM. I can write a 400 word article in 20-25 minutes during that time. If I will write a 400 word article at night, it will usually take me 2 hours. Knowing my productive time, I schedule all writing commitments including my blog posts. It is with that I can be able to finish a lot of tasks. And I always make an effort to wake up early just to use that productive time of mine.

 Say no to time wasters

When you are not working what are you doing? Are you navigating through your Facebook page? Are you clicking on a few friend’s name and chat with them? I am not saying Facebook is bad. But if you spend like three hours or four hours every day just to update your status, comment on some posts and more on Facebook, then I will tell you, you are wasting your time. However, if you earn from that wherein you manage your client’s Facebook page and you are generating money on that time, then that is good! And which is better? Of course the one that generates money while you’re at it. If you find yourself, idle or doing things that cannot let you earn money, it would be best that you get back on track and use it for more productive ventures that would let you acquire money. You can still surf the web and go to Facebook but again, but don’t pour much time in there to the point that you cannot be able to finish anything.

Awareness

When you are aware how you spend your time, you will efficiently use it. A common time mistake that we are all guilty of is that we are not aware. For instance, we do this work and that only to find out it is already past six. Then we cram and finish things in a jiffy. If we know how much time we left here on earth, we tend to maximize the remaining time and do more things with our family and loved ones right? Because we know and we are aware. That is what I am talking about. It is ok to be engrossed with what you are doing but do not neglect time. Remember the more you pay attention to it the more efficient and productive you will be.

Spend it like money

Money is so precious that as much as possible we don’t want to spend it. Same goes with your time. As much as possible, nurture the time that you have because you will never get it back. So be frugal. Invest in activities that could help you improve your finances and your knowledge. Do not just squander it to activities that will have no impact in your life. Find ways that can help you generate money and invest your time in there.

Time is one asset that we must maximize. As much as possible, we should always be doing things that can help us improve not only our finances but also ourselves. Spend it to things that matter and spend it to those who matter. So that when we look back, we can say, we spend our time well and we didn’t regret every second of it. 

P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 4 already! Did you deposit the next amount yet?

P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.