Money Matters For Beginners

In this world that we live in, there is no doubt that money is one of the most essential things that we really need whether we like it or not. Money will always have a great impact to our lives and to our love ones. Some will think that it is a measurement of hierarchy and social status for as cruel as it can get some would say that if you have no money, you have no friends, no social status and of course, no social life. So understanding that concept, it may not be 100% accurate but at least practical to get us ready for the unexpected or worse, the unbearable.

First of, either you're a student or income generating mogul, at least you should have a Bank Account other than your Salary or Wage or Paycheck Account where you get your Allowance and Salaries. Have a personal savings account where you train yourself to build your life savings and will prohibit yourself from withdrawing. Save and Save and Save until you have that fulfillment of having your own Bank. Your first goal when saving should be to build yourself an emergency fund that could support your lifestyle and future bills for at least Six months of setbacks.

One important note though before saving or when you are saving, be sure that all liabilities are paid and you shall not incur anymore liabilities after payment. Restrict and discipline yourself enough to live below your paycheck or allowance in order to prevent having debts in the future. 

Second is to challenge yourself to save more or constantly. Discipline yourself to save before you spend. This means that when you receive your paycheck or allowance, take a portion of that cash and put it in your personal savings account immediately to avoid being misplaced into buying anything else. Also, you must take note that no matter how much you put into your savings account, big or small, it will give a great impact to your financial growth as long as you do it constantly, repetitively and honestly on up to how much you can save.  So now I challenge you into making your own bank account and start a weekly or monthly challenge of saving 20 pesos or more! 

Let me know about what you think below if you are still a beginner in Savings or you already have a savings account.