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Apr 12, 2016

5 Reasons Why We Need To Save

I have to admit when I first started saving, it was difficult and felt like I was depriving myself of the good things in life because I was a big spender. Now, I realize that saving was one of the best things that I did. It has helped me in working out my life goals especially in the financial aspect.  Mahirap magtipid ng pera, pero mas mahirap kung wala kang dudukutin sa panahon na kailangan mo ito. Here are some reasons why we need to save money.

1. For Emergencies.
Sometimes major events happen along the way. Like unexpected hospitalizations and  devastating calamities. Sa mga ganitong bagay, nakapaghanda kaba? Paano kung si bunso or ang nanay mo na ospital bigla, at wala kang naitabi. Isa itong malaking dagok sa finances mo dahil malamang para maipagamot ang mahal mo sa buhay, you might have to take out a loan or sell something very  valuable that you own to get that instant cash. That is why it is always a good idea to have money set aside, so that in case something happens, meron kang dudukutin.

2. For Unforeseen Expenses.
What are these unforeseen expenses? Roof leaking, broken water pipes, car breaking down at kung ano pa. Kung wala kang perang naitabi, malamang mangungutang ka na naman. Sasakit na naman ang ulo mo because the sudden expense was not included in your monthly budget.

3. To Buy Something We Like.
If you want to buy a big ticket item like the latest Iphone (let’s say you want to buy it to reward yourself,) then you have to save for it. Ang iba nangungutang nalang talaga kasi sabik na sabik bilhin ang isang bagay, It is foolish to take out a loan just to pay for it. You get your gratification satisfied in a moment, but you will be paying for it for a long time. It is not worth it in my opinion.


4. To Enjoy a Comfortable Retirement.
All of us will eventually retire from our jobs, but here is the thing, we only retire from our job, we don’t retire from life. The income that we are so comfortably receiving will stop coming in when we get to that point in life, but the expenses will continue. Saan mo kukunin ang pang araw araw mo once na ubos ang retirement pay mo? Actually pwede ka namang umasa sa mga anak mo and I am sure they won’t mind also. However, if they have their own family, their priorities will change. Hindi na ikaw ang una sa listahan. The in-laws will come into the picture also, which can cause disruption in the peace and harmony you have between you and your child. Would you be willing to compromise on that kind of set-up? I don’t think so, kasi chances are, di ka talaga magiging priority and you might end up disappointed… and heartbroken.


5. And Finally, To Have Some Money To Invest.
Saving is good, but saving alone is not enough. You should find means to grow your money. Kasi kung mag iipon ka lang ng pera at itatabi mo, di yan magiging sapat sa mga darating na panahon lalo na kung nagtatabi ka para sa  pag-reretiro mo. 

Bakit?  

Kasi habang tumatagal, lumiliit ang halaga ng salaping tinatabi mo dahil sa INFLATION.  Ano ba ang inflation? Inflation is the increase of the price of the goods and services over a period time. In short, nagmamahal lahat, in short, lumiliit ang halaga ng pera na itinabi mo.  And the only way to fight inflation is to invest your money. But don’t be hasty in dipping your toes in investing yet, as the lack of education on the subject can be fatal to your financial health, study first, read financial books and check out articles online.

Your ability to save will determine your financial success in the future, It will be difficult in the beginning because of the lifestyle adjustments you need to endure. Pero minsan kailangan din ng konting sakripisyo kung may mga pangarap tayo na gustong matupad. In the beginning, try setting aside 10% of your income, hindi kaya? Make it 1%, then slowly work your way up month after month after month, before you know it, you could probably be saving 20% of your payslip without you even realizing it.

So develop that habit of saving, set aside a small amount of your income every month, until you are comfortable and then take it to another level. Trust me, your future self will thank you for it.

Contributor:

Heston G. Chu, Registered Nurse in Abu Dhabi for 4 years. He is also an Associate Financial Planner licensed here in UAE. His goal is to help other OFWs manage their finances and assist them in securing their future by achieving financial freedom.

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