Maybe you’ve already heard that there’s value in starting small. Without a doubt, pwede ito ma-apply kapag nagbi-build ka ng good financial habits.
At kahit bata ka pa (Hello, Gen Z and Gen Alpha!), managing what money you have now may lead to a healthy understanding of finances.
Your first introduction to money would probably be your allowance or baon. Here are a few tips to start your journey to build mindful financial habits:
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Track how much you spend. Mas madali kung titignan mo muna kung ano ang expenses mo in a week or month. Pwedeng gastos ito sa food, transportation, materials sa school projects or requirements, phone data subscriptions, or leisure. Whatever those are, ilista mo at ilagay kung magkano nagagastos mo.
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Create a budget plan. After knowing what your weekly spending is, you can start creating a budget based sa allowance mo. Pwede mong i-adjust how much you should spend on each category, depende sa priority mo for that period. Example bring a home-made lunch instead of eating out or ordering via a food delivery service. Yung na-save mo, pwede sa materials for school projects o ibang gastusin.
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Practice “stop, look, and listen” even on spending. Since your allowance may be limited, you need to practice mindfulness and to ask yourself some questions before buying something that interests you: “Kailangan ko ba ito?” or “Will this affect my budget?”. Huwag ka magpa-FOMO; you can always say no to things that are not a priority for now and spend on them when you’ve saved enough.
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Start setting aside a small amount. You can still set aside a small amount when you budget your allowance. Kahit maliit lang, enough na, basta consistent ka lang. Helpful din to have a goal for why you’re saving, such as buying a new pair of shoes and clothes, or a treat for your loved ones. Ang importante ay ma-develop mo ang good saving habit.
Kahit student ka pa lang, having mindful financial habits now can prepare you in handling bigger financial decisions in the future. At kapag ready ka na mag-adulting, you’ll be able to apply the same habits on other things, such as buying your first home, investing, starting a business, among others. Start now and thank yourself later!
Want to know more about building good financial habits? Read our free Earnest e-book. You can also follow @earnestph on Instagram and TikTok.
Disclaimer: This article is for general information purposes and does not constitute formal financial advice. Always do further research before making financial decisions and seek professional advice from a certified personal finance counselor. For more information, read the Earnest disclaimer here.
