Maging Financially Savvy: Simple budgeting tips, alamin!

PTVPhilippines

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Transcript

00:00This is it, Audrey.

00:02Food. Think about it.

00:04Rent.

00:05Utilities.

00:07Allowance.

00:08I'm sure this is what's always on our minds.

00:11If you're living alone here,

00:13in their hustle and bustle metroman.

00:15And if that's the case,

00:17budgeting is your new best friend.

00:19It's hard to budget sometimes,

00:21but trust me, it's worth it.

00:23How do we manage our finances?

00:25How do we balance our wants and needs?

00:28How do we save and invest?

00:30Nowadays, it's really hard to budget.

00:32When I hear that sometimes,

00:34I'm like, huh? I'll just lie down.

00:36This is a problem for those who are responsible.

00:38Especially the parents.

00:40Or those who don't care about their rich parents.

00:43Those who don't have an interest but are really tired.

00:45So, she's right, Profil.

00:46No matter how hard it is to budget your salary,

00:48don't forget to treat yourself.

00:51Sometimes.

00:52Sometimes, okay?

00:54And we really want to not neglect ourselves.

00:57That's why we need an effective budgeting plan.

01:01Sometimes, I know a person named Joey,

01:03who says that he has delayed gratification.

01:06But on the other hand,

01:08I say that once in a while,

01:10you need to treat yourself.

01:12Well, let's take control of our finances.

01:14Makibudgeting 101.

01:16Joining us live in the studio,

01:18is the financial advisor and content creator,

01:20Ms. Mem C.

01:22Good morning, and welcome to RISING SHOW in the Philippines,

01:24Ms. Mem C.

01:25Good morning.

01:26I'm happy to be here.

01:27We're also happy that you're here.

01:29It's so nice to be here with you.

01:32Ms. Mem C., why is it important to budget?

01:36The right way to budget.

01:37Especially for young adults,

01:39for yuppies or young professionals

01:41who are living alone here in the metro.

01:43It's important to budget.

01:45Especially in this time.

01:47It's hard now.

01:48Sometimes, there are emergencies.

01:52So, you always need to budget.

01:54Emergency fund.

01:55Yes, emergency fund.

01:57And you should know where your money goes.

02:00How much does it go to your food?

02:03How much does it go to your rent?

02:05So that when there are emergencies,

02:07you don't have to worry about

02:09where you're going to end up.

02:12That's why it's important to budget.

02:15We tend to overspend

02:18rather than save.

02:20That's our tendency.

02:22Sometimes, when our money arrives,

02:24we tend to overspend at the end of the month.

02:26I don't know where my money went.

02:28That's fast.

02:29Yes, that's fast.

02:30That's my problem.

02:31That's why I borrow money from Audrey.

02:32Audrey is the richest person here.

02:33No, that's just a joke.

02:34That's just a joke.

02:35But anyway,

02:36I've been a single father for 20 years.

02:39I thought you're 20 years old.

02:40I've been a single father for 20 years.

02:42Okay.

02:43It's hard to budget.

02:45It's just the beginning.

02:47That's why I do a technique.

02:49I prioritize the priorities.

02:53Yes.

02:54For example,

02:55the house,

02:56tuition,

02:57food,

02:58electricity,

02:59water.

03:00Then,

03:01what's left is what I'm going to budget.

03:03Is that right

03:04when it comes to budget percentage

03:06and budget breakdown?

03:07Yes.

03:08When it comes to budget breakdown,

03:09especially when I just started working,

03:11I suggest the most basic,

03:14which is 50%, 30%, and 20%.

03:16Okay.

03:1750% will go to your needs.

03:2030%,

03:21of course, we'll enjoy it.

03:22It will go to your wants.

03:23Okay.

03:24That's 30%.

03:2530%, yes.

03:26And then 20%,

03:28it will go to your savings.

03:30There.

03:31For your savings,

03:32for emergency,

03:33for other kinds of savings,

03:35how can we allocate the emergency fund?

03:38And we understand, of course,

03:39this is very important.

03:41But how important is it?

03:42I mean, at this point,

03:43we're still young professionals

03:45or young adults, right?

03:47Sorry,

03:48Audrey is with us.

03:49Yes.

03:50Young at heart.

03:51Do we really need an emergency fund?

03:54Yes.

03:55So, what I would suggest,

03:57if you don't have an emergency fund yet,

03:59especially if you're living alone,

04:00I would suggest you dedicate 20%

04:03until you build your emergency fund.

04:05So, the emergency fund,

04:07that's 3 to 6 months of your living expenses.

04:10Okay.

04:11That's what most people say.

04:12But personally,

04:13I would like to suggest

04:153 to 6 months worth of salary.

04:17Salary.

04:18Yes.

04:19If you have a husband and a child,

04:20that's worth 6 to 12 months of salary.

04:24That's for Audrey.

04:25Yes.

04:26Your savings should be worth 6 to 12 months.

04:28Well, that's applicable to those who,

04:30to those who really,

04:33the money you get,

04:34your own hard-earned money.

04:35Yes.

04:36For example, Audrey has 200,000 pesos

04:38that she gets every month.

04:40So, if you have an emergency fund,

04:42you should have 1.2 million.

04:44Yes.

04:45That's 6 months minimum.

04:46That's up to 12 months.

04:47So, you should have 2.4 million.

04:492.4 million.

04:50Do you recommend using online financial apps

04:54and tools to monitor their finances?

04:58Yes.

04:59I use Excel,

05:01or I use apps.

05:04So, that's important.

05:06You should know your expenses in a month,

05:09on average,

05:10where it goes.

05:11So, at least, you know,

05:13I'm having a hard time this month.

05:16So, I'll start budgeting.

05:18Okay.

05:19Well, because, of course,

05:21it's still hard for us to save.

05:25Let's admit that.

05:26Yes.

05:27Sometimes, in life,

05:28It's a hard time.

05:29Yes.

05:30In the life of a member of the mass,

05:32like me,

05:33it's not always easy to save.

05:35Sometimes, before the salary arrives,

05:38you really plan what you're going to spend.

05:41On your 7 years of experience,

05:44what are the common financial mistakes

05:47that people make,

05:48especially Filipinos?

05:50So, number one,

05:51because of what you mentioned,

05:53we don't do things to earn more income.

05:59Okay.

06:00There's no limit there.

06:02Reducing expenses,

06:04there's a limit.

06:05Okay.

06:06This is the only way I can reduce my expenses.

06:08But increasing income,

06:10it's unlimited.

06:11You just have to find a way.

06:13So, I think that's the number one.

06:14Discard?

06:15Yes.

06:16Let's increase our income

06:18instead of forcing it to be your income,

06:21this is for me,

06:22this is my budget.

06:24So, that's one.

06:25Discipline.

06:26Yes.

06:27And then, second,

06:28you don't prioritize paying yourself first

06:31or saving.

06:32What most people think is,

06:35there's a lot of money coming in,

06:38but at the end of the month,

06:40it's all gone.

06:41Yes.

06:42Yes.

06:43But actually,

06:44the reason is,

06:45we don't prioritize paying ourselves first,

06:49saving for myself,

06:51for my future,

06:52and then,

06:53I'll spend it all.

06:55I'm different.

06:56For you,

06:57it's the last day of the month.

07:00For me,

07:01I don't have any savings.

07:02Even six digits?

07:03Yes.

07:04That's a lot for six digits, Audrey.

07:06What can I say?

07:07It's six digits.

07:08Seven digits.

07:10Just kidding.

07:11Seriously,

07:12ma'am,

07:13what would you say

07:14when it comes to using

07:15the credit card?

07:18Swipe.

07:19Swipe.

07:20Swipe.

07:21If you don't have the money,

07:22you prioritize it first

07:23so that you won't owe

07:25the credit card.

07:27Some people use the credit card

07:29as an extension of their salary.

07:31It's not like that.

07:32It's difficult.

07:33It's difficult.

07:34So, understand that the credit card

07:36is a loan.

07:37You'll pay it.

07:38It's not an extension.

07:40For me,

07:41I have additional money

07:42when I'm in need.

07:44The credit card is good

07:46when you have discipline.

07:48For me,

07:49when I just started working,

07:50I don't need a credit card.

07:52Okay.

07:53Build your savings habit first.

07:54Build your discipline first.

07:56Credit score.

07:57Yes.

07:58Credit score,

07:59you can build it.

08:00For example,

08:01if you have a lot of money,

08:02you'll spend it for installments.

08:04In your bank account.

08:05Yes.

08:06There you go.

08:07If you have social media accounts,

08:09how can we follow you?

08:11Other advices and tips.

08:14I do have TikTok.

08:16It's MCNoEye.

08:18There you go.

08:20Thank you very much.

08:21Yes, Audrey.

08:22Thank you so much

08:23for the information you shared with us.

08:25With your help,

08:26Prof. Fink and I can save money.

08:27You should.

08:28You should.

08:29Thank you very much.

08:30Thank you for inviting me.

08:31Thank you, MC.

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