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I’ve been working for almost two years now and you would think that by now I would’ve mastered my finances. Unfortunately and embarrassingly, that isn’t the case. The first few months of my job has been me indulging my every want while also getting my needs. I’ve been invited to a couple of talks from Sunlife PH but last Saturday’s “Let’s Have Some Funds” definitely made me realize a lot of things.

The talk targeted millennials 35 years old & under. It focused on the struggles of saving as a millennial today. A talk was given by Mr. Mark Bonifacio, REB. His talk entitled “Money Under 30” tackled the many struggles of saving in your 20s.

The mindset of “Ay meron pa naman next sweldo eh.”  is a mindset that I, myself, am guilty of. This line of thinking often traps me in the petsa de peligro situation wherein I splurge on the first few days after getting the paycheck and become Mr. Crabs trying to get myself through the last days before the next one. My, oh, my, is it a struggle… and yet, I repeated this cycle the first year of my employment. I cannot begin to tell you how much money I wasted on sales and promos.

Here are some tips I learned from the event:

1. Find ways to earn more.

A great way to have money for the future is having a steady and consistent means of income while maintaining a regular job. This lets us (in a way) save while earning. An advantage of having different streams of income is always having a little extra whenever you need it. Earned income can come in the forms of a part-time job, or a couple of gigs. Passive income can come from a business you put up.

2. Pay your debts and avoid using the credit card.

Oh, the dangers of the credit card. It creates a false sense of security and makes you splurge rather than save. I personally prefer to use my debit card because it’s real-time spending, rather than spending money I don’t even have yet. It’s like that idiom, “Don’t count chickens before they’ve hatched!”

3.  Invest in yourself and have a vision of your goals.

Our generation is guilty of falling into the prey of working the 8-5 office jobs. Unknowingly, some of us settle for something we never really wanted. We settle because of the pay, or the security of it all. While it is important to be financially secure, it is also important to follow what you’ve always wanted to do. It may have changed over the years but it is important to know where you’re going. In doing so, we allow ourselves to transform into the best versions of ourselves. If taking up classes, masters degrees, or even PHDs can help realise your vision, do it. It may be costly but in the end, it’s yourself your investing in.

4. Take care of your credit score

Similar to number 2, it’s important to take care of your credit score. This can be a blessing in the long run as companies will look at records when you apply for loans in the future. If they see that there are records of you running from credit card companies or you’ve had a standing loan for a company, these people will know. 

5. “If you save money today, you will be saved by your money tomorrow.”

This quote absolutely rings true in emergency situations where you have no one to turn to. In emergency situations, it’s always ideal to rely on yourself rather than anyone else.

Overall, the talk really woke me up and made me realize how much money I was wasting. It’s so important to secure yourself and secure your future rather than aimlessly waiting for the next paycheck.

Sunlife Philippines’ talks and seminars always leave a little something for me to learn and practice. If you want to attend one of their talks, stay updated and follow their Facebook page and their website.