It is indeed everybody’s wish and desire to have ample saving that could be used during emergency needs or upon reaching old age. Many have tried but failed, only few succeeded. Only those with cunning ability, foresight and determination succeeded. Why? Because of our ego. It is our ego that fuel our pride and boastfulness to lavishly spend for something unnecessary, only to realize later that they are unwise spending.
Spending for things we want not what we need is pitfall of many. Buying new clothes in spite of the fact that our dresser is full is a vivid example of our want not of our need. Why? Because we just want to satisfy our ego but the fact is that we do not have a need for it. Another example is; We prefer to dine at the ‘need to-be-seen’ places when we can also satisfy our hunger at fast-food chains. Why? Because it boasted our ego when we hanged-out with friends at these places. Try observing people hanging-out at Starbucks, not all are rich, many are wage earners, OFWs, social climbers and call center agents, feeling proud of themselves being fluently conversant in English language.
When I was still working abroad, I heard many OFWs saying, “Kaya nga tayo nagpapakahirap sa pagtatrabaho para masunod ang gusto natin.” Ironically I have observed that laborers spent more in buying electronic gadgets than professionals. They justified buying expensive items as reward for themselves for their hard work. With this kind of attitude no wonder many were left holding empty bags when they are no longer working abroad, still renting a dwelling place. If we are unmindful of our future, no matter how much we earn we still end up with zero balance at the end of our fruitful years. The cycle will go on until it’s too late to realize that we are no longer at the peak of our earning capacity, compromising and jeopardizing our future.
Extravagant pending, however, is not a monopoly of those who can afford to spend nor those who earned huge salary but also common to poor people. Perhaps this egoistic attitude is a common trait to human and only those who have self-discipline, strong ‘WILL’ and determination can generate a good saving. In fact my mother, siblings and their children succumbed to this extravagant habit.
I would dare to say that perhaps only 5 –to 10 percent have the right attitude to save for the future. I am lucky that my wife and I belong to this few percentage who did not fall into the pit of extravagance, thus, sparing our sons from the burden of supporting us. Furthermore, I am fortunate to have a better-half that recognized the importance of saving and the value of money. Perhaps having experienced extreme poverty in our early age worked to our advantage. Had we fell into the pit of extravagance I am certain that since we are now in our twilight years we would have deprived ourselves the pleasure of enjoying life as we enjoy now.
A worthy reminder for those who have insight to save.
- Save for the future – Make it a habit to save while you are still at the peak of your earning capacity.
- Save more and spend less – Control your desire to buy, especially luxury items. Buy only basic necessities. Avoid buying things on installment basis because it accrued added interest.
- Be a Lender not a Borrower – Do not spend more than you earn, otherwise you will end up with negative balance which may resort to borrowing with exorbitant interest.
- Maintain sufficient cash flow – Buy or build a house when your cash flow is sufficient, Borrowing from financial institutions to buy a house or finance it’s construction would be unwise.
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