MONEY, what do you do with it?

SB1 While the Mommies and Daddies were all eyes and ears on the speaker, the little ones were also busy at their arts and crafts corner

SB2Here, taking an oath that I shall be a parent with high FQ and will design my parenting and life conducive to High FQ! SO HELP ME GOD!

SB3

I  was fortunate to have been invited to hear the inspirational and very educational talk of Miss Rose Fres Fausto, the First Filipino Behavioral Economist.  I felt that it was timely as I have come to a major realization lately about handling finances and teaching our kids more about saving and managing money wisely.  Honestly, I have not really been good with money.  Growing up, I was not fortunate enough to get everything I wanted.  If something was trending, I was always the last one to own it because of the price decrease since the hype has subsided.  Since I started earning, the tendency was to buy everything I could and my justification was always, I did not have that when I was a kid.  And when I became a parent, you have that thinking ” you cannot deprive your children because you have experienced not getting what you wanted”.. Though with the kids, our strategy was, if you deserve it, then you will get it.  Having a husband who loves spoiling me and the kids, he is on the same boat with me as to saving up and all for the future and planning trips and stop already being spontaneous.

However, another honest thing I will say is having heard for the first time, FQ: Financial Intelligence Quotient.  For me, it means having the “strength” to say NO to things you really do not need.  I can say, people have different views on what to do with their money.  Some want to save and enjoy the money upon retirement.  Others, live by the day.  They enjoy their money and live each day as if it’s their last. Some just save and if they are fortunate enough to live long to enjoy their savings, well and good, if not, then more for their children.

I learned the three LAWS OF MONEY which I want to share with you:  1. Pay yourself first.  Income-Savings= Expenses rather than, Income-Expenses= Savings.  2. Get only into a business you understand.  Seek advise only from competent people.  3. Make your gold work for you.  Make an army of golden slaves before you buy luxury.

The most important thing I learned was CHANGING YOUR OWN MIND SET.  If you used to say, I never had this before or I was deprived growing up, now I try to always say, Do I need it? I want it but do I really want it? I like so many things, well who does not?  Saying no to something I think I can afford was always a struggle.  But now, now that I already know myself,  having this attitude like ” takaw tingin” but on things and once I have it, it’s like really no big deal and that I do not get attached to my material stuff probably because it is also my business and I cannot say no to a client who wants to buy what I personally have, I can say that I can finally think about buying something few times over.  If I think I can resell, then I buy it.  If only to keep, then I don’t.  I am on a rehab.  This way too, no self-pity for not thinking of depriving myself especially of things I know I will appreciate only for a little while.

When my kids were younger, monetary gifts were used to buy their clothes, shoes or toys.  But years back, I started opening a bank account for each and every monetary blessing goes to their account, regardless of how small the amount is.  Security Bank encourages kids to be smart servers. Start as early as you can on opening a savings account for your children. Now that Ryle is working, most of his money go to his savings account.  The account that is not allowed to be touched any day except for Christmas, when he gets money to buy  gifts  for some important people in the workplace (within a budget).  They also have piggy banks they open every Christmas time, either to buy toys or put in the bank.  Ryle also has his responsibilities so he understands more the value of his hard earned money.  The younger ones on the other hand learn everytime we get an opportunity to inject THE VALUE OF SAVING AND BEING FRUGAL in a particular situation.

It is best and good to save but I think we should also get to enjoy our money.  Life is full of surprises and it’s good to reward yourself or your children sometimes with something you and they deserve.  Does not have to be really pricey. But I believe a reward is good sometimes.  I asked Miss Fausto, what if you die early and never got to enjoy your money?  People have different views like I mentioned earlier– so she said, then more for your children.. or if you get to be given a long life then you get to enjoy everything when you retire.. Chris and I say, responsible making, managing and saving money is best! I am a work in progress 🙂

 

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