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  • Writer's pictureAimee Capulong

The Timeless Path to Financial Freedom: Oldies but Goodies Edition


Timeless Path to Financial Freedom: Oldies but Goodies Edition

“Used correctly, a budget doesn't restrict you; it empowers you” by Tere Stouffer.

Financial freedom! For some, if not all, this is the ultimate goal we want to have. Worry less and enjoy more. YOLO as the young generation calls it. Moreover, the path to achieving this goal is widely open due to existing apps designed for this purpose. But then, it needs determination, discipline, and consistency to succeed. And while it is a challenging task for most households with just enough means to cover the basic family needs, budgeting always comes in handy. It doesn't have to be complicated and perfect, it just needs time and effort. With that, let's dive into the timeless path to financial freedom: oldies but goodies edition!



Timeless Path to Financial Freedom: Oldies but Goodies Edition


Growing up in a family of four, my parents were government employees. My mother was the one handling the “books” while steadily controlling the family cash flow. I would see my mom write in her big record book the income and expenses of the family. At the end of each month, she would have something “to the bank” along with two lines under. She would look like a victorious warrior after a battle. And for someone doing this for 20 long years, it's an accomplishment! 


Back then, I already knew the importance of budgeting. I never saw my parents argue over money or heard that someone was looking to collect debts and obligations. Why would that happen when my mom has everything stapled and labeled every month? Yes, you read it right and clearly. For bills, tuition, allowance, name it and she already had it prepared and ready.


Today, as a mom myself, I have inherited this skill from my mother. So, I do budget plans with my own family too. There is a saying in Tagalog “paglaki ng butones, paglaki ng ohales” which means as your salary increases your expenses or bills go up too. And it's true! In millennial terms, lifestyle inflation. That's why, let me share these budgeting tips I learned, mostly from my mom and my own experiences. Let's go!



Record and Evaluate All Expenses


First thing first, make a list of all possible expenses each month. Then, evaluate and rank them according to priority or prioritize according to your needs. While this may sound like a tedious activity, this step is very important. Being able to identify and prioritize the needs of the family is essential to a successful budgeting journey. Food, utilities, and kids’ education are mostly on top of the list. Again, prioritize according to needs.



Create a Simple Tracking System


Now to record what's coming and outgoing of your finances, make a simple Income and Expense form or the Money In and Money Out system. This is to see if your income will suffice with the expenses mentioned or identified. Utilize budgeting apps which are a lot to be found in Google Playstore. As of this writing, I'm using the Expense Manager App, which you might consider exploring. Or simply have a notebook and enter the necessary information as shown in the sample image below.

Monthly Budgeting Sample Form


Start the Habit of Saving Money


Another finance tip I've learned from my mom was the habit of saving money which you can include a portion or an amount for savings in your expenses. This is one effective strategy to set aside even a small amount as an emergency fund or just plain savings for the future. It is a lifesaver! Remember, there’s no thousand if there’s no peso. So, save any amount you can and make it a habit towards consistency. Subsequently, you may use the simple guide of income - savings = expenses.


Related Post on the habit of saving money: How to Process Your Modified Pag-ibig 2 or MP2 Account



Reward Yourself


Never forget yourself in your budgeting. What I'm trying to say is reward yourself with the money you've earned. Depending on how your planning goes, bear in mind the necessities. But aim for a reward at the end of the month or every period of budgeting. This way, you will be motivated to focus on the importance of budgeting for the household while keeping in mind to enjoy once in a while. An enjoyment to give yourself and your family memorable moments even when you’re on a budget. I remember going with mom to the local grocery store and she would allow us to have chocolates or chips. Also, she would let us go to the moviehouse once in a while as treats. Keeping budget while enjoying!



Keep It Simple Sister (KISS) Principle


The last thing I'd like to share is the simplicity concept. Apply the KISS (Keep It Simple Sister) principle. I swear with this because it's what my mom would always tell me. You don't have to complicate things out there! Keep it simple and doable for it to be successful. And it's evident because handling finances shouldn't be complicated until you choose what's doable for you.



Final Thoughts


While it is difficult to start planning, identifying, and prioritizing needs over wants, resisting those tempting shopping apps or plain tiresome to record expenses even to the last centavo, achieving financial goals is still the best motivator. Never be discouraged if plans don't turn out how you want, however, always remember to spend within your means. Lastly, whether you aim to buy a property or go on a vacation with your loved ones, budgeting is still one of the best options to do. It's a timeless gem ability that anyone can master. May it be for the young and young at heart, anytime or anywhere.


That's it, the timeless path to financial freedom: oldies but goodies edition. To my fellow mommies and sissies out there, go for financial freedom. Aja!💪


Financial Freedom You Deserve!


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Guest
6 days ago

As a first time mom, who's my mother is not fun of saving and budgeting it's harder to do it all by myself. Pero ayun nga sabi nila kung anong pagkukulang or mali ng mga magulang natin ay di na dapat ulitin / gayahin. So, here I am, learning everything about budgeting specially for my small family and blogs like this really helps.

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Sheneri
Sheneri
6 days ago
ตอบกลับไปที่

Hello to you. Thanks for sharing your experience and commenting on this particular blog.

If you have a topic in mind that you'd like to know further, feel free to suggest and will consider it for future blogs.


Also, if you want to receive blogs like this direct to your inbox, I'm encouraging you to subscribe through this link [https://www.sheneri.com/myblogs]. It's totally free!


Hope to see you in subscribers list:)


God bless!

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Guest
7 days ago
ได้รับ 5 เต็ม 5 ดาว

Thank you so much for this helpful tips.

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Sheneri
Sheneri
6 days ago
ตอบกลับไปที่

Hello to you. Thanks for sharing your experience and commenting on this particular blog.

If you have a topic in mind that you'd like to know further, feel free to suggest and will consider it for future blogs.


Also, if you want to receive blogs like this direct to your inbox, I'm encouraging you to subscribe through this link [https://www.sheneri.com/myblogs]. It's totally free!


Hope to see you in subscribers list:)


God bless!

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Guest
15 พ.ค.
ได้รับ 5 เต็ม 5 ดาว

Great! Thanks for this. Good financial practices that need to be inculcated in every generation.

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Sheneri
Sheneri
6 days ago
ตอบกลับไปที่

Hello to you. Thanks for sharing your experience and commenting on this particular blog.

If you have a topic in mind that you'd like to know further, feel free to suggest and will consider it for future blogs.


Also, if you want to receive blogs like this direct to your inbox, I'm encouraging you to subscribe through this link [https://www.sheneri.com/myblogs]. It's totally free!


Hope to see you in subscribers list:)


God bless!

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Guest
15 พ.ค.
ได้รับ 5 เต็ม 5 ดาว

Having a record of all the expenses or even the income is something I never learned growing up. I had to learn it the hard way. It was only when I already had uncontrollable debts that I realize it is very important to keep track of where my money goes. I still strive to keep a record of it consistently to this day because yeah it's kinda tedious but thanks to this, I was reminded again on why I should do it. Love this article. Thank you sis Aimee. ❤️

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Sheneri
Sheneri
6 days ago
ตอบกลับไปที่

Hello to you. Thanks for sharing your experience and commenting on this particular blog.

If you have a topic in mind that you'd like to know further, feel free to suggest and will consider it for future blogs.


Also, if you want to receive blogs like this direct to your inbox, I'm encouraging you to subscribe through this link [https://www.sheneri.com/myblogs]. It's totally free!


Hope to see you in subscribers list:)


God bless!

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