Smart Tips on Managing your Finances
Protips written by Maloi Salumbides


It’s been unusually cold these past few days here in Manila and the weather reminds me of a witty Pinoy saying, “Kapag maikli ang kumot, matutong mamaluktot.” While it talks about flexibility and adaptability as helpful virtues. This saying is often used to encourage wise spending and saving.

While browsing through a back issue of Good Housekeeping (Jan-Feb 2005), I came across these helpful financial tips by certified public accountant and certified great mom Karen Galarpe. I hope that these pointers will help us stretch our hard-earned peso and encourage us to become better financial stewards.

1. Live below your means. (Take note: she said live below and not just within your means.)
2. Go easy on debt. (Remember: Debtors are slaves to their lenders.)
3. Have only one credit card. (This will make monitoring your expenses less complex.)
4. If you have a two-income family, try to live on one income. (Maybe an income of ½ for starters until you are able to adjust to a one-income budget.)
5. While you’re still single, travel, study and buy a house.
6. Invest in a pre-need plan.
7. Prepare for your retirement. (It’s never too early to think about this. Time flies so quickly. One day, you’ll wake-up and you realize that you’re already sixty.)

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