Want to learn how to spend and save more responsibly? The second episode of NYLON Manila VOICES got you.
Related: Introducing NYLON Manila VOICES, Your New Favorite Podcast
As students, fresh graduates, and young professionals, money is a bit of a difficult thing to navigate. Starting to earn and growing to be more financially independent is a rite of passage that allows us to reach our life goals, but is also a road where we’re going to make a few mistakes along the way (like, for instance, spending far too much money on something we never end up using).
To be more financially aware and literate, exploring your options and making informed decisions with your money is key. Luckily, we got you! In our latest episode of podcast NYLON Manila VOICES, we talk all about financial awareness and responsibility.
With student designer Reese Collins Latonio, marketer and content creator Kiara Mae Yau, and lifestyle and travel creator Justine Sy, we dive into saving, spending, and securing the bag as young professionals. Read some highlights below!
NO IMPULSIVE SPENDING DECISIONS
Ah, dreaded budol culture. We’re so easily influenced by social media (and you know what, by the people around us, too!), and admit it—it’s making a dent in our savings! Don’t be too influenced by trends, Justine and Collins warns. It’s important to know what you need and what you want, because while you deserve a treat every now and then, and your money is something that can bring you joy, being impulsive with your spending is one way to ensure you use up all your savings quick.
Whether it takes three days or a month, really take the time to consider not only if you can afford something, but also if you truly need or want it.
KNOW YOUR LIMITS & PRIORITIES
Self-discipline is a huge part of being financially responsible. You need to discipline yourself so you stick to living within your means and you don’t spend your money all at once—and for the most part, no one else but you will hold yourself accountable when you’re financially independent. Ignorance is not bliss, bestie! When you’re about to spend, always have a fallback, our guests advise. Always still have extra funds leftover when you’re spending big. “[It’s so] when all of the spending is done, you don’t go ‘oh my God, what did I just do?'” Collins says.
TRACK YOUR HABITS
Admitting you have bad spending habits (if you have any) is the first step to being more responsible with your finances. Knowing your pitfalls (like buying blind boxes far too often, or not strictly setting aside part of your allowance) can help you avoid them next time.
A saving and spending tracker can be your best friend. “Kailangan mo talaga makita kung saan mo ginagastos yung pera mo,” Justine notes. Find the format that works for you, be it a pen and notebook, an Excel or Sheets file, a Notion spreadsheet, or simply the Notes app. Just find a way to track your income or allowance, your budget, and what you spend on, so you know if you’re still living within your means.
EXPLORE SAVING AND EARNING METHODS
You could totally be the kind of person that just has a bank account and is saving a percentage of your salary or allowance, but you could also explore your options so your money grows. When you feel like you’re fit and informed enough to do so, try growing your money and credit score. Explore investments, time deposits, credit cards, and more! They’ve each got their own perks, and you can tailor-fit your plans to fit your salary, budget, and lifestyle.
DON’T BE AFRAID TO DO THE ADULT THINGS
It might be hard to hear, but you do have to do the hard adulting things in life so you can grow as a person and be more independent and responsible. For instance, and it’s definitely not just us, but going to the bank can be an intimidating process. From filling out so many forms to having to be careful with whatever money you’re toting around, it can be nerve-wracking. But it’s something we all have to do.
The same goes for doing the things that will help you save more, spend responsibly, or reach your financial goals—like getting your first credit card, putting money into time deposits or online “piggy banks,” investing, and more. Informing yourself about the myriad of options you have to maximize and grow your money (as well as to be responsible with it) is always a good step to take, even if it seems intimidating. Who knows—you might get to reap rewards afterwards.
Want to be a little bit more financially aware and prepared? Head on over to YouTube or Spotify to watch or listen to the second episode of NYLON Manila VOICES, out now!
Continue Reading: 6 Lessons (And Hot Takes) On Cancel Culture On NYLON Manila VOICES Episode 1
