You know what I love most about having alkansya?
Its the sound of the coins when you shake it. It is just fulfilling to know that slowly your savings are getting bigger and heavier.
It made me realize how every piso counts! I remember a year when I saved almost 2,768 pesos from collecting loose change! That amount can already buy you new clothes, new makeup, a grocery for a week or additional stock investment!!!
In this episode I want you to Unleash the Power of Alkansiya.
The idea that every piso counts.
A lot of Filipinos think that saving is difficult because it requires huge budget cuts.
When you say savings, you automatically think of economizing, and not being able to fully enjoy your hard-earned money.
However, it’s just a matter of having nerves of steel to save money automatically, and then reaping the rewards in the future.
Admittedly, it’s not as easy as it sounds. Especially when you have all these things to factor in.
1. No money to save
As reported by the Philippine Statistics Authority last year, there are approximately 12 million Filipinos living below the poverty line. When you have no money to spend, naturally, you have no money to save. A large percentage of Filipinos are unemployed or living in poverty. Those who are employed and earning money are not earning enough to even have money left to save.
2. Delaying saving
How many of you tell yourselves to start saving money, but then that day comes and you just shrug it off and postpone it to the next payday? You do this every time there’s an emergency that you need to pay for, or there’s a new product that you absolutely must have. Before you know it, a whole year has already passed by and still zero savings!
3. Bad spending habits
When you have money, you usually spend it extravagantly on yourself and your family. After all, that’s the reward of all your hard work. In just a matter of days, all the money that you have left just goes to pay your bills, with no extra to go to your savings account.
You use whatever cash you have left to pay off existing loans and your growing credit card debt. And then when that’s settled, you feel comfortable enough to start using your credit card again. You even apply for a new personal loan so that you can purchase those things you were not able to purchase before because you were paying off your debts.
4. The need to help family and friends
The Filipino is all about the family. You work hard to provide a good home for your loved ones, send your kids to good schools, and make sure they have a pretty comfortable existence.
But this amount of love and care also extends to your parents, siblings, cousins, nephews, and nieces, and even your goddaughters and godsons. When a family member is struggling financially, you will still take them in your care, even if you can no longer afford it. Because that’s just how Filipinos are; family always comes first.
5. Limited knowledge
When it comes to savings and investments, a lot of Filipinos lack education. Not everyone understands the different methods of money management, or ways you can invest your money, or how the banking sector works. Most Filipinos who don’t speak or understand English also have a hard time understanding bank terms and conditions and other complicated banking services and concepts.
Consequently, you end up just receiving your paychecks without exploring how else you can make your money grow. Oftentimes, you are intimidated by or scared of investments because of your impression that it’s only for wealthy people, or for people who are experienced in finance and money management. You get intimidated by figures too complex to learn and financial jargon too confusing to remember.
6. Having no financial plan
When there’s no financial plan in place, there is no urgency to save money. You will not be forced to take a portion of your income to build an emergency fund because you don’t have an emergency fund to begin with. Most likely, the only financial plan that you have is to receive your salary every payday, settle your bills, and pay off some of your debts.
Stop scratching your head trying to figure out how your bill accumulated so much, instead start doing something about it with these strategies on how to pay off your credit card debt and get out of that financial slump as soon as you can.
The Every Piso Counts Mentality
When you have this sense of value to every piso that you earn you become better in spending it. You are aware of how many piso will cost you in buying that branded bag or that studded heels. You know that your piso today can be thousands later so why spend it in not that needed items.
Owning an alkansya is a very good habit for it purposely give you motivations to save.
I suggest saving only coins such as loose change through it. Bigger money should still be saved in a bank so that it earns interest. If you have enough savings already then its time for you to try investing to stocks, mutual funds or even your own business.
Sabi nga di ba, lahat naman nagsimula sa piso! Stop the Piso lang Naman mentality and start saying Piso Din Yan! This way you won't let go easily in your impulse buying!
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