Advisor, Sun Life Financial
Jehan de Guzman
Who here had a piggy bank when they were younger? We bet only a few weren鈥檛 taught to 鈥渟ave鈥 since the first time they received Christmas money. But, we want to ask now: what does it really mean when we say we should save as聽adults? We got one of our friends,聽Jehan De Guzman, a full鈥憈ime financial advisor at Sun Life, to talk about the importance of saving, and how saving isn鈥檛 just dropping some leftover coins into a piggy bank.
What is saving?
The most basic thing about saving is聽that you聽really聽have聽to聽live within your means.
It鈥檚聽easier said than done because it鈥檚 so easy to spend聽nowadays, but checking your spending habits really is the first听补苍诲听key step. Know your spending triggers and don鈥檛 spend more than you earn.
Is spending less the only way I can save? What are spending triggers?
Refusing to buy the most recent gadget and resisting to shop over the weekend sale are only a few ways to save.
Another way鈥攁nd we strongly suggest this鈥攊s to make a cashflow list. A cashflow list is basically a table or chart where you list down all your sources of income per month on one side, and then jot down all your expected expenses on the other. Include absolutely everything that you spend on鈥攍eisure, transportation, parking, insurances, business, salaries, tuition fees, loans, clothes, etc. These are your spending triggers. We have聽a sample and聽an entire list聽below so you can create a more comprehensive list聽for yourself.聽By writing them all down, you can easily see where your monthly money really goes.
础谤迟听
After making a cashflow list, what now?
Seeing exactly what your expenses are will present you with the most difficult questions: Do I really need a聽鈧2,500聽monthly聽cellphone subscription? Is it necessary to buy new accessories every month? Is an out鈥憃f鈥憈own trip really something I can afford right now?聽The cashflow list and the questions you will be answering will, of course, depend on your priorities and non鈥憂egotiables so, feel free to add and remove items for your聽personal聽cashflow list.聽Make sure to also include your investments so that you can really allocate budget for them every month.
If you鈥檙e finding it difficult to list where your money goes, then that鈥檚 also a sign that you should be more聽conscious聽of how you spend your money.聽Make a cashflow list starting now and it will absolutely make a difference to your spending.
Planning to聽save is only the first step to successfully managing your finances. It聽is an equally important step聽to discipline yourself by doing away with聽the unnecessary items聽and religiously sticking to your budget聽for the non鈥憂egotiables. Once you鈥檙e able to聽plan how to save, we鈥檙e聽sure that there will be more聽save聽to make your future plans.
Jehan聽De Guzman is a full鈥憈ime advisor and manager at Sun Life Financial.聽From being a project manager in a bank to being an interior designer, De Guzman聽eventually found purpose and fulfillment in聽being a financial advisor as she takes聽part in improving financial literacy among Filipinos. As clich茅 as it may sound, she proudly claims that finding a job you love is indeed possible.聽If you wish to contact聽her, you may reach her聽at聽09156488284听补苍诲听[email protected]听补苍诲听[email protected].
We would also like to thank Sun Life Financial for the infographic shown in the article.
