financial wellness

08
Apr
2020
10 Ways to Stretch Your Food Budget

10 Ways to Stretch Your Food Budget

Reading Time: 10 minutes

One of the simple joys of life is to be able to eat the food you love when you want them. However, with the prices of consumer goods, including food items, ever increasing; it has become harder and harder to eat delicious and healthy food at home. Instead, most of us have resorted to fast food fare which can be unhealthy for us physically but also budget-wise. So what are ways to stretch your food budget without depriving yourself of the foods you love to eat and making sure that you and your family are still eating healthy?

How do you survive grocery-shopping with a limited budget?
Photo by leonie wise on Unsplash

Here are some tips that can help you stretch your food budget:

1. Plan Your Meals

The best and surest way to maximize your food budget is to plan what you are going to eat ahead of time. The easiest way to do this is to plan at least 2 main dishes and plan the rest of your side dishes and snacks around those dishes. Your 2 main dishes will serve as your menu’s theme for the week.

Here are other benefits of planning your meals ahead of time.

  • Choose a healthier recipe for a dish or dishes you love.
  • Include dishes that you and your whole family loves.
  • Add new dishes that you want to try out.
  • Include new ingredients that you are interested in.
  • Think up cheaper options for expensive ingredients.
  • Identify food items that your family loves so you can include them as your pantry staples.
  • Create a shopping list that follows your meal plans and budget.

The best benefit of having a meal plan is that you do not waste food. Sometimes you buy items that end up just sitting in your fridge or pantry because you don’t know what to do with them. With a meal plan, every ingredient you buy has a purpose and you will definitely use them.

Your meal plan is what you will be eating for the entire week, so make sure to have at least 2 options so you don’t tire of just eating the same dish every day. After shopping for your ingredients, start washing and chopping and store your food items in the fridge so you can easily take them out to cook.

2. Prepare Your Meals

To save even more money and time; you can also cook your meals ahead and portion them separately for each day of the week before you store them in the fridge. Then just take them out of the fridge and reheat when its time to eat. This is a great way to help make preparing baon easier each day since you don’t have to cook everything, each time. Some people prep their whole week’s meal and then prepare bento boxes daily for themselves and their kids to take to work and school using the precooked and prepared dishes.

Some people have taken meal preparation to the next level by preparing meal ingredients ahead of time and freezing them so they last for months at a time. Each night, they transfer the next day’s meals from the freezer to the fridge to thaw a bit so they can cook and/or reheat the next day.

You don’t have to go to this extreme though. You can start small by planning for each week. Once you have several dishes that you can shop for and prepare without even writing down the ingredients and measurements, then you can eventually plan your meals for a whole month.

Having soup in your menu is a great way to maximize your ingredients and enjoy a hearty meal.
Photo by Jade Aucamp on Unsplash

3. Don’t Shop When You’re Hungry

A surefire way to reduce your spending is to eat at home before you go shopping. Studies show that shopping while hungry makes people buy more than what they need. They end up buying things they don’t really need because they were just attractive to them visually.

In the case of grocery shopping, this means that you will buy food that you won’t eat and you will waste more food instead. This would also bust a whole in your budget. So make sure you eat at home first, or you eat your lunch or dinner first before you go inside the grocery store.

Not only will you have more energy to shop but you will also avoid trying to rush through your shopping so you can get a meal afterwards. So shop when you have already eaten so that you also have the energy and patience to read labels and compare prices, if necessary.

The same rule applies when you’re planning to go on a night out. Bar drinks are usually expensive. So invite your friends over to your house instead for a pre-bar session. Ask them to bring a bottle of their favorite drink and sip away. This way, you avoid the cost of expensive bar beverages while still enjoying your favorites. You can even mix your own drinks and create new ones.

Just make sure that you and your friends don’t get too tipsy or you might not even get to go out. Or, you might find yourselves deciding not to go out and chatting the night away instead. That would really mean a big chunk of savings for all of you.

4. Stick to Your Shopping List

Most of us have the habit of just popping into a grocery store “just to see” what can interest us. This often leads to buying items mindlessly just because we found them cute or we suddenly are inspired to have a use for them in the future which we immediately forget as soon as we have paid for the item. And then we wonder where our budget got ruined.

After you have done your meal planning, then go shopping but remember to eat first. When you are armed with a list of what you need to buy you are less likely to buy indiscriminately. Of course, it does happen that we keep our shopping list in our side pocket and we forget to take it out as we browse the isles while shopping.

So even before you go inside the store, take out your shopping list and use it. That is to say, STICK TO YOUR SHOPPING LIST and you sure will be able to stretch your food budget.

5. Buy In-Store Brands

You might have noticed the in-store brands in the same shelf as your usual food items. We mostly just pass by them and reach out for our favorite brands instead.

If you’re on a tight budget it’s helpful to check out the in-store items as they are cheaper and more often than not, they contain the same ingredients as popular brands.

In-store brands also get their ingredients from the same suppliers as popular brands. They’re just packaged and branded for the store’s label. So be sure to check out in-store brands, the next time you spot them in the supermarket isle.

That said, there are some exceptions when it comes to your shopping list. That’s what we’ll explain next.

Tomatoes in season? Include spaghetti or pizza in your menu or make some fancy treats.
Photo by Kasumi Loffler from Pexels

6. Eat and Buy in Season

When planning your meal, be sure to include food items that are in season. Remember your lesson on supply and demand: the greater the supply and the lower the demand, the lower the price tends to fall.

Vegetables and fruits in season tend to be in lower demand because people see them all around which makes them also lower in price. So make sure to know what fruits and vegetables are in season and use them as your main ingredients in your meal plans.

Buying produce in season helps you stick to your shopping list but it is also a reason to buy more of these items. Another reason to buy more of an item is if they are on sale, in which case, you can BUY IN BULK but make sure to observe these rules.

  • The item is in your shopping list.
  • If not in your shopping list, then substitute it for an item in your shopping list.
  • If not in your shopping list, make sure that you can store it well so that you can use it for your next meal plan.
  • The expiry date is not too soon (for canned and packaged goods) and you can use it up before the expiry date.

Buying in season and in bulk is one sure way to eat more and still stick to your budget.

Beans are a great addition to your soups and salads to maximize nutrition.
Photo by Trần Toàn on Unsplash

7. Focus on Density

While you try to stretch your budget, make sure that you are still eating healthily. A great way to do this is to make sure that your meals include food items that can be used for a lot of different dishes but are also low-priced. This means you get the maximum amount of nutrition from these foods for a minimum cost.

These foods can be part of your pantry staples and may include the following:

  • Rice – incredibly filling and can be added to soups and stews
  • Dry beans – also filling and doubles in size when cooked, also a great source of protein
  • Eggs – can be used for different dishes and a good source of protein
  • Sweet potatoes – comes in different varieties and can be used alone or as a substitute for other items in many dishes
  • Peanut butter – a good source of protein and can be used to add flavor to different dishes including sauces and dips and even smoothies

You will find many more high-calorie but low-priced food items as you go along your food budgeting journey so make sure to read the labels as you browse the isles and ask around when you go to markets. It is also a good practice to buy from local fruits and vegetable vendors peddling their produce in your area. You not only help them generate income, you also get local produce at a better price than in the supermarket.

Sunday markets offer more fresh produce and more variety than groceries.
Photo by Min An from Pexels

8. Shop at Sunday Markets

To further stretch your food budget, it is a good idea to shop directly from the source of the fruits and vegetables. You are lucky if you live near a farm as you can buy from the farmer directly but if you live in the city, the next best thing is to shop for your produce at the Sunday Market.

There are a lot of vendors in these markets so you have the option to look for those who can offer you the best price for the items you need. Here are some more benefits of shopping at Sunday markets.

  • Fresher products than in grocery stores.
  • More variety of produce than in grocery stores.
  • Learn about your produce from the vendors themselves.
  • Get to know your local farmers.
  • Get organic produce for a lower price than in grocery stores.
  • Become a suki of a vendor and enjoy discounts.

Another benefit is of course, you get some exercise as you lug your purchases around.

Got a favorite comfort food? Teach yourself how to make it.
Photo by Creative Free Stock from Pexels

9. Get Cooking

We love sitting at a table to enjoy our “comfort food”, the food which is familiar to us since childhood and which we tend to crave every now and then. But most of us only enjoy these kinds of food when we go to a restaurant and when our mom cooks them for us. Well, why not get the recipe from your mom and learn how to cook them yourself?

Your mom would love to show you how it’s done and you get major points for bonding time with her. And when you’ve perfected her recipe, you can modify it to your own liking and learn more recipes from her too. Once you’ve started cooking on your own, you’ll gain more confidence and you can come up with recipes of your own.

Learning how to cook also means you spend less money eating outside. You can even take your favorite dishes as baon to work. That’s another way to stretch your food budget.

How to get started? There are tons of videos online to help you with knife skills, simple recipes for beginners and so on. Tune up your research skills and start learning.

Instead of using meat, learn to use spices to amp up flavor in your dishes.
Photo by Mareefe from Pexels

10. Go Meat-less

Ever heard of “meatless Mondays”? The idea is to eat healthier by eating dishes with no meat during Mondays. Well, you can take this idea and run with it to stretch out your food budget.

Instead of just going meatless one day of the week, you can EAT MEAT ONLY ONE DAY OF THE WEEK.

We all know how much pricier meat products are compared to fruits and vegetables. So try to plan for dishes that require no meat in them and if they do, then use less meat and bulk up the dish with items that can substitute for meat. Here are some of them.

  • Tofu – the most popular of all, you can marinate it in any sauce and it soaks up the flavor. It also comes in different textures: tempeh, seitan, and TVP (textured vegetable protein). TVP is available and very affordable in your local palengke.
  • Mushrooms – they are filling and has that meaty “umami” flavor.
  • Jackfruit – if you like the texture of pulled pork, this is a good substitute; also good for lechon kawali.
  • Banana hearts – use this to make lumpiang shanghai, burgers, pulled pork and even lechon kawali.
  • Potatoes – soaks up sauces like tofu and can be fried and mashed.
  • Beans and legumes – cook them, add a bit of spice and shape into burgers or nuggets.
  • Cauliflower – ever heard of vegetarian buffalo wings?
  • Eggplant – can be mashed or fried into slices and soaks up sauces well.

The great thing about experimenting with substitutions is that you will be able to discover more and you get to try new ingredients while still ensuring that you eat healthy.

Those are our top tips for stretching your food budget while eating healthy. Start with a small tweak to your eating habits and you’ll start feeling better physically as well as financially.

Don’t have a budget yet? Try out the money jar budgeting system and personalize it for your own use.

Updated. First published in Pinoy Smart Living on 11.06.2018.
Feature Image Photo by Eaters Collective on Unsplash.

Posted by H.J. Rangas in Financial, 0 comments
18
Mar
2020
How To Improve your Finances During a Crisis

How To Improve your Finances During a Crisis

Reading Time: 2 minutes

The current crisis has not only negatively affected the people’s health and wellbeing, it has also affected the world economy. Many industries are now falling. Companies, factories and stores are closing. People are losing their job. Unless this crisis will end soon, many people might find themselves with money worries in the near future. Although income might stop coming, household expenses will not. Debt and mortgages are piling up. Thus, it is important for everyone to how how to improve your finances especially during a crisis.

Here are some things that you can do right now on how to improve your finances during a crisis:

1.Review your budget

Take a good look at your monthly budget. If you don’t have any budgeting plan, now is the perfect time to start having one. The money jar budgeting system is a good way to start creating your survival budget in this tough time. If you are already having a rough time, then you need a budget more than ever. A budget will help you track down where your money is going. It will also help you plan on your future spending.

2.Cut Expenses Immediately

Take advantage of the times. Refrain from going out unless necessary. Focus on the basics. Nutrition and health should be the main concern of everyone. Do not buy non-essential items. Stop eating out. Your main goal right now is to cut down on expenses. You don’t know how long this crisis will last so it is important to have as much emergency money as possible.

3.Talk to Creditors

It is almost impossible to keep up with bills if you are being quarantined especially if you have no savings. The best approach is to talk to your creditors and explain your situation. Ask about your options.  The good news is that since you are not alone in this crisis, many governments already issued indefinite moratorium for those affected. Banks and insurance companies have started implementing assistance programs. Utility companies are following suit by waiving fees and postponing disconnections. 

4.Look for Other Sources of Income

If your income has already been affected, now is the time to look for other sources of income to boost your cash flows. There are many ways to earn even from the comfort of your home. Search online. Look for something that you are good at.You can be someone’s virtual assistant. You can do online tutoring.You can start creating your own blog or vlog. You can create webinars. The possibilities are endless.

5.Improve your Financial IQ

If you are worried about your finances during this pandemic, that is an indicator that there is a need for you to improve your financial IQ. To be financially literate means having the ability to manage personal finance matters. That includes having an emergency survival fund in times of crisis. 
It is not yet too late to start now. Take advantage of your time at home. Read about personal finance on books, magazine and the internet. Listen to podcast. Study the lives of millionaires and other highly successful people. Educate yourself and apply it in your life. Start by setting financial goals.

6.Don’t Panic

If you are already an investor; Warren Buffet, the most successful investor in the world, advised investors not to panic. It is best to stay invested and look at the long-term outlook of the stock market. Although it is only natural for investors to be fearful, it is never a good idea to buy stocks based on headlines. 

Be fearful when others are greedy. Be greedy when others are fearful. – Warren Buffet

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11
Mar
2020
The Money Jar Budgeting System

The Money Jar Budgeting System

Reading Time: 6 minutes

Do you want to grow your wealth? Then, the money jar budgeting system is for you. It is a system that helps you control your spending habits yet at the same time lets you grow your future wealth.

Most people dream of winning the lottery. However, did you know that according to several studies, 70% of lottery winners ended up broke within 5 years of winning? Similar studies also showed that the higher the amount of winnings, the higher the probability of getting bankrupt. 

Most lottery winners found themselves in even worse financial situation than before they became rich. So, where did it all go wrong? Lottery winners used the money they won to finance a bigger lifestyle. In short, they start to level up and increase their standards of living. They start to squander on depreciating assets such as luxury cars and extravagant vacations. They also start giving away so much money. This phenomenon is what you call a lifestyle creep.

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People who started receiving a large amount of money has the tendency to squander on extravagant lifestyle and depreciating assets like luxury cars.
Image Credit: LIFESTYLE CREEP

A lifestyle creep is a financial phenomenon wherein people suddenly find themselves with excess income and they are not prepared for it. They have no idea how to handle the excess money that they have. Suddenly, life seems more exciting and expensive. What used to be luxuries became necessities. Their spending increases as they begin to eat at fancy restaurants, own the latest gadgets, drive a brand new car and take more expensive vacations. The new spending habits then slowly develops into a lifestyle. It is creepy because the negative spending habits develop gradually and it is undetectable unless it is already a huge problem.  

Lifestyle creep is highly contagious. You can easily be influenced by the people around you, heightened by social media brought about by FOMO or fear of missing out. 

Unfortunately, it is experienced not just by lottery winners but also by people who received retirement and inheritance money, people who had just been promoted and those people who received an increase in salary. You have seen this happen to people around you and even possibly to yourself. 

Sadly, most people are not even aware that they are already victims of lifestyle creep. 

Does it mean that you have to continue living in the same standard as you were before even with an increase in income? Well, not really.

You can make lifestyle adjustments with an increase in income but there is a limit to it.

How to know the extent of allowable adjustments in lifestyle? The key is to have a spending plan or a budgeting technique. If you want to be wealthy, you need to set some financial goals. You need to make short-term sacrifices and stick to your money management system. You need to practice delayed gratification and opt to put your hard-earned income on investments first before spending them on liabilities. 

THE MONEY JAR SYSTEM

The money budgeting technique described below is actually a modified version of the Money Jar System, which was first introduced by T. Harv Eker, businessman and author of The Secrets of A Millionaire Mind. It is also an expanded version of the Abundance Formula (100=10-20-70) of best-selling author, entrepreneur and preacher Bo Sanchez.

The purpose of a budget system is for you to develop spending habits within your means and at the same time to lead you to future wealth and financial abundance.

It is called the Money Jar system because you can literally start by getting 6 jars and labeling them. In this budgeting technique, you need to divide your earned income into six (6) accounts:

1.  Give Account – 10%

As soon as you receive your income, your first expense should go to this account. You probably think that this is insane. Why do you need to give when you have barely enough to cover your expenses?

The purpose of giving is to put God FIRST in your life.

You need to acknowledge the fact that your gifts and talents all came from God. Giving or tithing is your way of saying thank you to God. More blessings will come your way if you learn to share your blessings. 

Do not give the excuse that you are going to start giving once your income increases. Giving is a state of mind. If you cannot let go of your 1,000 if you are earning 10,000, you will not be able to let go of your 100,000 if you are already earning 1 million. 

Why 10%? Several verses in the Bible talk about giving a tenth of your produce back to God.

Make an offering of 10%, a tithe, of all the produce which grows in your field year after year. – Deuteronomy 14:22

The give account can go to:

  •   Your church or spiritual community
  •   Your favorite charitable organisation
  •   A person in need
  •   As presents to relatives and friends on occasions

2.  Financial Freedom Account – 10%

Don’t you just want to wake up one morning wherein there is no need for you to go to work? You work only by choice and not because of necessity. Well, this account is your key.  It is your investment account. It is the most important account for the wealthy.


Financial freedom is the ability to live the lifestyle that you desire without having to work or rely on anyone else for money. – T. Harv Eker

Remember the story of the goose that lays the golden eggs? Well, this fund is your goose. Kill this fund and you kill your source of golden eggs. Do not commit the same mistake as the farmer. You shall NEVER EVER EVER spend this account.

Youtube Video from Anon Animation Ryhmes for Kids
 

Your financial freedom account can go to:

  • Stocks, Bonds or Funds
  • Business Investments
  • Real Estate Investments
  • Insurance

If you have debts, use this account to pay off all our debts first before you start investing. 

3.  Long Term Savings Account – 10%

This account is allotted for long term spending. This fund has the most flexibility because you can use it for anything in the future just in case you need it. It is your rainy day account or your emergency fund. It plays a major role in ensuring your long term financial success. Having money available when you need it can be a life saver.

Sample usage for your Long Term Savings Account:

  • Down payment for a house or a car
  • Your dream vacation
  • Hospital Expense
  • Tuition Fee Increase
  • House Repair
  • Your child’s birthday party

It is highly recommended that you set up a different savings account for this one. Set the account in such a way that it will be hard for you to withdraw money. For example, instead of an ATM account, open a passbook account. You can avail of an automatic save-up account being offered by banks.

4.  Education Account – 10%

You are your most valuable asset. You need to invest in yourself for you to grow. The more educated you are, the more career options you have. Read books. Attend seminars. Develop your gifts and talents.

It was said that this is one of the difference between the wealthy and poor. The poor people have big TVs while the rich have big libraries. That is because wealthy people put emphasis on continuous learning. In fact, about 88% of the wealthy read for at least 30 minutes each day for personal growth or for career development as opposed to only 2% of the poor.

Success is something that you attract, by the person you become. – Jim Rohn

5.  Play Account – 10%

This will probably be your favorite account – the FUN account. It is an account to spend however you want. Use this fund to pamper yourself. Get a massage. Eat at a plush restaurant. Go to a weekend getaway.  Watch a movie or a concert. Buy that latest gadget. You are allowed to shop until you blow this money away. A small indulgence can have a big psychological impact on your money morale.

So, if you want that expensive bag, sports car or luxury vacation, save up for it or increase your income first until it can fit in your 10% budget.

6.  Necessities Account – 50%

This account is for your everyday expenses. Included in this account are your bills, electricity, food, rent or mortgage, transportation, utilities, etc. If you cannot survive on 50%, that means you are living beyond your means. That is a clear signal that you need to simplify your lifestyle.

Follow this system and you will find yourself gradually increasing your wealth. It is going to be hard the first few years but it is all worth it.

First published in Pinoy Smart Living on 01.15.2019

Feature Image by Posted by A.L. Jonas in Financial, 0 comments

26
Feb
2020
Rules to Double Your Money

Rules to Double Your Money

Reading Time: 3 minutes

It is nearly impossible to build your wealth by just relying on earned income. Warren Buffet advices that you need to create a second source of income. Savings alone is never enough for the value of your savings depreciates over time because of inflation. You need to learn to invest your money. Through investing, you are creating a way for your money to work for you. And before you know it, after a few years, your money will be doubled. Thus, it is for your own benefit to understand the rules to double your money.

There are many investment vehicles to choose from. A wise investment should beat inflation. It should also increase in value over time. Moreover, it should also help you achieve your financial goals. 

The Rule of 72

The Rule of 72 will come in handy if you want a quick way to estimate the returns of a particular investment. It is a simple way to find out how long it will take for your money to double given a fixed annual rate of return. It can help you determine how good (or not) a particular investment is.

Time to Double Your Investment  =   72 / Rate of Return

For example, if you are going to invest your money in a 2% return, that’s 72/2 = 36. It means that it would take 36 years for your money to double. A 3% return will take you 24 years, A 4% return will take 18 years and so on and so forth. 

Watch the video from Alliance Group for a simplified explanation of the Rule of 72.

This rule can be used not just in investment but in anything that grows at a compounded rate. That is the reason why it is also important that you understand the concept of Compound Interest.

Compound Interest

Compound interest can either be your best friend or your worst enemy.  It all depends on how you use it.  You can either gain from it or you can loose a lot because of it.  Your life can be much better or much worse than you already have.  It’s your choice.

What is compound interest?  Compound interest is the adding of interest to the interest earned on the principal amount.  In short, it is interest on interest.  The interest is reinvested again and again and added to the principal amount.  Because of this, the balance don’t just grow, it grows at an increasing amount.

Watch the Youtube video by Investopedia to better understand what compound interest is.

Compound interest can either be good or bad, depending on how you use it.  It can be good if you use it on savings or investments.  It can be bad, if you have debts.

Compound interest is the eighth wonder of the world – Albert Einstein

If you understand the concept and take advantage of it, you can learn a lot from it.  The original amount that you have saved and invested will grow at a rapid rate.  An investment left untouched for a couple of years can add up even if you do not add anything later on.

Image Credit: thecalculatorsite

The chart above shows that supposed you invest $1,000 for 20 years and just leave it there, your money will grow up to $7,250 at 20% compounded annually even if you don’t add anything during that period.  This is high compared to $3,000 value of simple interest.

That is the power of compounding.  It will help you achieve wealth even if you don’t lift a finger.  Compound interest is one the main reason you should learn to invest your money. Make it your best friend and it will do wonders in your life.

On the other hand, compound interest can also work against you.  If you have debts, compound interest can become your worst nightmare.  In  the same way that savings can increase, debt can also increase at a rapid rate.

An example of this is credit card debt.  If you only pay the minimum amount due, interest charges are accrued.  By paying the minimum amount due, you are actually just paying a portion of the interest.  Instead of lessening, the principal amount remains the same and additional interests are added causing your debt to balloon.  If you keep this up, it will become problematic in the future.

Don’t make the mistake of making compound interest your worst enemy.

Updated Version. First Published in Pinoy Smart Living on 11.27.2018

Feature Image by Posted by A.L. Jonas in Financial, 0 comments

05
Feb
2020
Wealth Rules from the Richest Man in Babylon

Wealth Rules from the Richest Man in Babylon

Reading Time: 4 minutes

You have been working very hard all your life. Yet, you found yourself in the same financial situation over and over again. Your income is barely enough to cover your basic needs. You are trapped in the rat race and you often wonder, what is it that you have been doing wrong? How come there are some people who are getting richer and richer by the day while you who have been working very hard are getting nowhere? The answers to your questions can be found in the wealth rules from the richest man in Babylon.

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George Samuel Clason, author of the finance book The Richest Man in Babylon gave 7 financial advice to those who found themselves in the above-mentioned situation through one of the parables set in Ancient Babylon.

Wealth Rules of the Richest Man In Babylon

In the parable, the king summoned the richest man in Babylon, Arked and asked him why he became so wealthy. The King wanted to know the secret to acquiring wealth. At that time despite the years of prosperity in the kingdom, many people were struggling financially. It was the king’s desire to make Babylon a city of many wealthy men.

Here is a list of Arkad’s 7 Cures to a Lean Purse:

1. Save 10% of your Income

Saving 10% of your income is the first step towards wealth. Do this each time you earn. It may not be much at first but it will grow over time if you do this on a regular basis.

For example, suppose you and your friend are both earning 10,000 a month. Your friend started saving 10% of his income while you continue to spend all of your income. Obviously, after a year, your friend will already have 12,000 worth of savings while you will have none.

Wealth, like a tree, grows from a tiny seed. The sooner you plant that seed, the sooner shall the tree grows.

2. Control your Spending

The second cure is to control your spending. You might ask how is this possible when your income is not even enough to cover the necessary expenses?

Arkad insisted that it is possible. The key is to differentiate the necessary with the desires. Have a budget and stick to it. You can save money on the little things like cutting down on your expensive coffee habits and your cable subscriptions.  You can save on water and electricity in your home. Stretching your food budget is also one way to save on expenses. The point is there are lots of ways if you are willing.

3. Invest

As soon as you have built up your savings, the next thing to do is to multiply that by investing. You will not be able to grow your wealth by merely saving your money. You need to invest your money too.

A man’s wealth is not in the coins he carries in his purse; it is the income he builds, the golden stream that continually flows into his purse and keeps it always bulging…an income that continues to come whether I work or travel.

An income that continues to flow whether you work or travel pertains to passive income.  Passive income should be the goal of everyone. Only through investing will you be able to let money work for you.

4. Guard your Investments

There are many investment opportunities out there. The key is to choose your investments properly and learn to protect them. Choose something that you are familiar with. Don’t invest in something that you know nothing of. Learn about your investment. Consult mentors or experts in that particular field. Just because you know somebody who got rich in that particular endeavour, it does not mean that you will too.

Also, don’t be fooled with the get rich quick schemes being offered to you. Remember that if it is too good to be true, it probably is. The basic rule of investment is that the higher the risk, the higher the return. The lower the risk, the lower the return.

5. Own your Home

Make your home a profitable investment. Instead of making somebody else rich through your monthly rentals, why not make your monthly payments become equity. It will reduce your cost of living in the long run. You would have also acquired a valuable home.

Moreover, Arkad believes that many blessings will come to a man who owns his house. After all, your home is the place where your family will live. It is the place where your children will grow and a place for you to rest. It is a place of happiness and memories for your family.

6. Prepare for Retirement

Every man should prepare for retirement. When you retire, your ability to earn income will diminish. You will no longer be able to work just like when you were young. It is also during retirement years where your health will most likely deteriorate. Thus, you should be ready before that time comes.

7. Increase your Ability to Learn

If you want to increase your income, don’t chase the money. Instead, increase your ability to learn. Study again. Read books. Attend seminars. Learn from mentors. Be more skilful. By improving yourself, you make yourself more valuable. Then success will ultimately follow.


The more wisdom we know, the more we may earn. That man who seeks to learn more of his craft shall be richly rewarded.

Want to learn more about the Wealth Rules of Ancient Babylon? Click here to watch video.

*Quotes from The Richest Man in Babylon.

Feature Image by Lisa Fotios from Pexels Images.

Posted by A.L. Jonas in Financial, 0 comments
31
Jan
2020
Tips to Travel to New York on A Budget

Tips to Travel to New York on A Budget

Reading Time: 5 minutes

Did you know that New York has been named one of the world’s most expensive cities to travel? It tops as the most expensive city for hotel accommodation and for an evening out based on the food and drink expenses of an average tourist. If you want to visit the Big Apple but it is out of your price range, don’t worry. It is still possible to enjoy NYC and see its top attractions even with a limited budget. Here is our top 10 tips to travel to New York on a budget:

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 1.  Book Alternative Accommodation

The median price for a hotel accommodation in New York is US$350 a night.  Thus, when booking your accommodation, it is advisable to get it as a part of a trip package when you buy your airline tickets.  Most of the time, a package is cheaper than individual planning because travel agencies buy their booking in bulk thus, they are entitled to corporate discounts.

If a package is still way above your budget, then consider booking alternative accommodations such as hostels, bed and breakfast or apartment rentals.

2.  Buy Broadway tickets at TKTS

Broadway has become synonymous with New York City. A visit to NYC would not be complete without watching a broadway show. Tickets to a popular broadway show on average would cost about $100 to $200. Sometimes, it could even go up to as high as US$600, depending on the popularity of the show.

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The TKTS booth on Times Square.

The good news is that there is a way to experience a broadway musical or play without spending too much. TKTS booths sell same-day theatre tickets at discounted prices, mostly about 20% to 50% off regular prices. By purchasing your tickets at TKTS, you are also supporting the Theatre Development Fund, a non-profit organization for the arts.

3. Cross the Brooklyn Bridge

The Brooklyn bridge is one of the most popular bridges in the United States.  It is also one of the most famous landmarks in NYC.  It connects the boroughs of Manhattan and Brooklyn.  Constructed in 1869, it was the first steel-wire suspension bridge ever constructed.

Crossing the Brooklyn bridge will give you a spectacular view of the river, the Manhattan skyline and of course, the Statue of Liberty.  It will take you approximately 25-30 minutes to cross the bridge using the pedestrian walkway.

4.  Eat Dinner During Happy Hour or Try a NYC Food Truck

Happy Hour is famous in NYC. With almost 10,000 restaurants to choose from, some restaurants offer Happy Hour seven days a week to stay competitive. Dining out in New York can be very expensive but during Happy Hours, food and drinks are being offered for less. Happy Hour normally starts at 5:00 in the afternoon and ends at 9:00 at night.

5.  Join a Free Walking Tour

If you want to know more about the neighborhood, history, landmarks and of course the food, but cannot afford to join a tour group, then you can join the guided pay-what-you like walking tours being offered around the city. The walking tour themselves are actually for free, you just need to give a tip to your tour guide depending on how satisfied you are with the tour.

6.  Shop Wisely

When it comes to shopping in NYC, the choices are endless.  But before you start your shopping spree on the plush shops on Fifth Avenue or the upscale boutiques on Soho, there are plenty of cheap alternative shopping places in NYC.

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With countless shops in almost every corner of the city, you will surely find ongoing promotional sales or discounts at any time.  If you are looking for deep discounts on designer brands, you can go to Woodbury Commons, an outlet mall an hour away from NYC.  For even more affordable merchandise and some vintage finds, you can also go to open air flea markets that can be found in some areas in the city every weekend.

7.  Stroll in the Park

New York City has 1,700 parks within the five boroughs, the most famous of which is the Central Park. There are so many things to do in the parks without spending a penny. You can do outdoor sports like biking, roller skating or wall climbing. You can play basketball or soccer. There are free concerts or movies. You can visit the zoo, ride a boat, or go kayaking or opt to just sit, relax, have a picnic and simply take a break from the hustle and bustle of city life.

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Click here for a list of all the NYC parks and schedule of activities.

8.  Take the Staten Island Ferry

The Staten Island Ferry is a FREE commuter ferry that shuttles back and forth from the Whitehall Ferry Terminal in lower Manhattan and the St George Terminal in Staten Island. You will get the best view of the Statue of Liberty, Ellis island and lower Manhattan from the ferry. Ferries run every 30 minutes at 24 hours a day.

Video Source:  Youtube video by moving postcard

9.  Use the Subway

The best way to go around the city is to acquaint yourself with the subway. It is the largest rapid system in the world connecting the whole city in 472 stations. It is fast and also economical because it has a flat rate and it runs 24/7. You can choose to pay-per-ride or if you are going to be in the city for a couple of days and plan on traveling a lot, you are better off getting an unlimited metro card. On average, it will cost you half the price for short rides to about 10 times cheaper for long rides, depending on what kind of ticket you have.

Click here for more information on fares, maps and schedules.

10. Visit Pay-What-You-Wish Museums

New York City is home to many world-class museums and galleries.  If you are an art or history lover, you can see and visit as many museums as you want over and over again because there are days or certain hours of the day, mostly evening wherein entrance is free of charge.  In most cases, there is a suggested admission price.  The suggested admission is simply just that, it is just a suggestion.  You have the option to pay their suggested amount or you can just give any amount as donation for your entry fee.

Click here for a list of museums in New York and their schedules.

If you are a New Yorker or a seasoned traveller to New York, are there other tips that you can add to the list?

Just a reminder, the threat to coronavirus is still there. So please take precautionary measures when traveling. Avoid contact with people who display symptoms of pneumonia or common cold. Wash your hands frequently with soap and water. Avoid touching the eyes, nose and mouth and eating with unwashed hands. Wear face masks. And the most important of all, make sure your immune system is strong enough to fight the virus.

First published in Pinoy Smart Living on 06.28.2018.

Feature Image by Posted by A.L. Jonas in Financial, 0 comments

15
Jan
2020
Setting Financial Goals for a Better Tomorrow

Setting Financial Goals for a Better Tomorrow

Reading Time: 3 minutes

You have been working hard all your life yet you feel like your financial situation remains the same. You still struggle to make ends meet. What is it that you are missing? What can you do to change your financial life for the better? The answer is to define your goals. Setting financial goals is your key for a better tomorrow.

If you want to have a fresh start in your financial life, the first step is to set financial targets. Having a financial goal will help you make better financial decisions. It will also influence your day-to-day behaviour. Think of it as going on a trip. You need to know where you want to go first before you can even plan out the details of your trip.  Thus, setting financial goals is important for a better tomorrow.

So, what’s your financial goal for this year? If you still don’t have one, it is for your best interest that you start having one now. No matter what age or stage you are in your life right now, even if you are already financially stable, you still need to set your financial goals.

Here are the steps on how to set your financial goals:

1. Determine what you want

In setting your financial goal, the first thing that you have to do is ask yourself. What is it that you want? Do you want to get out of debt? Do you want to have that dream house? Do you want to buy a new car? Do you want to go on that dream vacation? List down all the things that you want to have and accomplish.

2. Classify your goals into Short Term, Medium Term and Long Term

It is impossible to achieve all your goals at the same time. Thus, it is important that you arrange them according to what’s important to you. Learn to prioritise. What is it that you that you want to accomplish first?

For example, you are in your 30s. You want to retire wealthy.  You have a child who will start schooling in four years time. You also have a credit card debt that is ballooning. How should you set your financial goals?

Classify your goals into:

  • Short Term – those that needs to be done in the near future or at least within the year. In the scenario above, your short term goal should be to settle your credit card debt first. 
  • Medium Term – refers to a period of time that is not in immediate yet not too far in the future either. It normally pertains to those goals that you want to accomplish in 2 to 4 years time. The child’s tuition fee in the previous example is a medium term goal.
  • Long-term – pertains to goals in the future usually 5 years onwards. If you are in your 30s, retirement goals will obviously fall into long term goals.

3. Estimate the amount that you need

Since we are talking about financial goals, numbers are very important. You need to know the amount that you need in order to accomplish your goal. For example, your goal is to travel. Estimate the amount that you need to cover your travel expenses. Then, figure out how much you can separate each month for your travel goal. Knowing how much you need can give you an idea on how long it will take you to achieve your goals. Remember, goals must be SMART meaning specific, measurable, achievable, relevant and timely.

4. Budget

Budgeting is a must when it comes to financial goals. Budgeting allows you to have a spending plan for your income. Without a spending plan, there is a tendency to splurge on unnecessary expenses. It will also help you stay on track towards the achievement of your goals.

A good way to budget is through the money jar budgeting system. It is a system wherein you will be able to purchase what your needs and wants yet at the same time limit your spending and grow your wealth in the process.

5. Monitor your progress

Monitoring your progress is very important because it keeps you motivated. It will also allow you to adjust if not your goals but the process on how to achieve your goals.

6. Celebrate small wins

Celebrating small wins will help boosts your confidence level. It will make you feel that you are able to accomplish something and that you are now one step closer towards the achievement of your bigger goal. It will motivate you to keep on going forward. 

What are you waiting for? Define your financial goals now. Setting financial goals is your passport for a better tomorrow.

Image Credit: Gerd Altmann from Pixabay Images

Posted by A.L. Jonas in Financial, 0 comments
08
Jan
2020
How To Recover From Your Holiday Spending

How To Recover From Your Holiday Spending

Reading Time: 2 minutes

As you pack your Christmas decorations back in their cabinet, the money that you’ve blown away during the holidays is now finally sinking in. The mere thought of looking into your credit card account balance may even petrify you. If it’s any consolation, you are not alone in your predicament.The holiday spending hangover is ranked as the number one problem by most people at the start of a New Year according to a study made by LearnVest, an online seller of personal finance software. To put your finances in place, you need to figure out ways on how to recover from your holiday spending.


Try out these tips to get your finances back in shape after the holidays.

1. Put your plastic on hiatus.

The first thing to do is to put a stop on your credit card spending. Your bills as well as the interests will keep on piling up if you will continue using your credit card. A hiatus means to pause – pause just until you pay it in full. Use cash for your purchases instead.

2. Assess your situation.

One thing is for sure, you cannot leave your bills unopened. You will have to face them sooner or later (although later is a bad idea because once your bills become overdue you will find yourself facing unwanted late charges). Instead, gather all statements and receipts related to your holiday purchases. Sum them all up. Then arrange them from the highest to the lowest interest rates. Prioritise and settle all those that charge higher interests rates first. Take note of all payment due dates.

3. Set up a payment plan.

Once you have a figure in mind on how much you are supposed to pay off, the next thing to do is to set up a payment plan. The best option is to pay the amount in full. Although it is the best solution, it is not always viable. So instead, come up with a goal or a target date on when you want to fully pay your holiday spending. Once you have a definite goal, you need to have a smaller goal each month. Pay the maximum amount that you can on a monthly basis and calculate how long will it take you to fully pay the bills.

4. Trim your budget.

To speed up your progress, you need to limit your spending at least until all your holiday overspending has been paid off. There are various ways to reduce your monthly expenses.

Aside from trimming your expenses, this is also the best time to start using a monthly budget (if you haven’t started yet).

5. Sell items that you don’t need anymore.

The start of the year is also a good time to start cleaning your closet or your house for that matter. Get rid of items that you no longer need and sell them. The proceeds can be use to pay your holiday bills. By doing so, you not only earn extra cash but you also get to declutter your home and remove stress. 

Finding out how to recovering from your holiday spending should be your first step in having a fresh start in your financial life.

First published in Pinoy Smart Living 01.01.2019
Image Credit: Gundula Vogel from Pixabay Images

Posted by A.L. Jonas in Financial, 0 comments