The Filipino culture says that
you take the responsibility when you get your first job. Be responsible with
your parent’s retirement and send the next sibling to school. If you are
fortunate enough and you are an OFW, send 90% of your income back home. The
latest Standard & Poor Ratings survey says that only 25% of the Filipinos
are financially literate. Thus, this same culture and mindset is passed on to
generations.
Today, there is a new breed of
Filipinos who would like to change that landscape. There are financial advisors
and financial planners who would teach you about financial planning. From
simple to complex matters, you are sure enough to be on the right path for so
long as you are talking to a registered financial planner.
As for you who would like to know
where to start, there are steps you should follow but allow me to share with
you the top basic things to increase your cash flow if you want to achieve
financial peace. By making sure that
your cash flow is good then you will be able to fund the other facets of
financial planning.
Cut Down Expenses
Cutting on
expenses is one of the most basic things to asses in your cash flow. There
might be items in your expenses that are categorized as miscellaneous – those
that are not really necessary – and or emergency. Make sure to identify a real
emergency, mind you, a Mall wide SALE is not an emergency!
You may start by
putting everything on paper your day to
day expenses even up to the last centavo and at the end of the month, transfer
it on an spread sheet so you can take a study on one month’s worth of expenses.
There are also FREE applications for android and iOs devices, and these
applications make your life easier.
Increase Your Source of Income
Once you have
laid down all your expenses and everything is really necessary, then you don’t
have any other choice but to increase your source of income. Increasing your
source of income means not only proving to your boss that you are worth a
salary increase, but assessing also yourself if your skills still match your
current position. Maybe you have outgrown your position and the next higher
role should be more appropriate.
If you are still
young then you should be adventurous enough to match your skills with the
demands in the industry today. If you are no longer relevant to the industry
then probably it is time to learn a new skill.
Monetize Your Skills
Make an
inventory of your skills and talents. Maybe it is time for you to explore that
talent you have been wanting do. With the opportunities the World Wide Web have
created, you will find a place in the market today. Also, the emergence of
social media makes it possible to connect to as many people as you want and you
can make it your platform to offer your products and services.
If you are good
in singing then why not try becoming a wedding singer, probably you are good in
hosting or maybe you are good at organizing stuff and an events organizing
business could be best for you.
If you will
monetize your skill, you have to plan on when you will put time on it
especially if you are still employed. You have to calendar your activities
because it will also be unfair to your employer if you are not giving your best
with your full time job too.
Ask Your Employer for Personality
Development Program
Employers are
also supportive of the development of their employees. Thus, you may ask your
employer of the available personality development programs they have for you.
Some companies offer FREE financial literacy workshops, Soft Skills Training
and many other trainings which they think is relevant to their workforce.
Some employers,
offer a training loan package at 0% (zero) interest and salary deduction
arrangement for so long as it is for personality development.
By educating
yourself, makes you an informed Filipino Citizen and makes you more productive
and empowered. Thus, making you earn more by having a more confident
personality, being educated on matters concerning your financials, gives you
a clearer mind too.
Improving yourself and your cash
flow allows you to think smartly on your day to day decisions. By having a
healthy cash flow, it allows you to fund your financial goals such as retirement, wedding
fund, major expense and if you are a parent, for educational fund among others.
Thus
Cashflow is really a King!
