3 Steps To Solve Your Financial Problem

Financial problem is the most common problem among employees. I consider myself as an employee although I work at home as a freelance writer. I have a boss, my editor, and co-workers, my co-writers. I work in the comfort of my home yet I have a spot designated for my workspace. I earn a minimum of 148.29/day or I could double it to 296.58 pesos. I could earn as much as 7,711.08/month. On the other hand, my husband earns a minimum of 300 pesos up to 500 pesos a day. Let's say he earns a minimum of 300 pesos a day, he earns 9,000/month. When we combine our earnings, we have 16,711.08 to spend for our basic needs. How do we solve our financial problem based on our monthly earnings? 

Financial planning solution:

#1 Avoid overspending.

The first step in any financial solution is not to overspend. Sometimes, I tend to overspend our budget when doing groceries. I buy a jar instead of a pack, a kilo instead of a half. I should stick to our grocery list. The budget bundle sold at the grocery is sometimes tricky thus I tend to buy it. We should try not to overspend on food because often there is leftover food in the kitchen. If we buy something for the kids like toys and clothes, buy something that fits our budget perfectly. A small add up can mean a lot because it will eat up the remaining budget for other purposes. Have a list and stick to it.

#2 Save the remainder.

The second step is to save the remainder. After the bills were paid, groceries were bought and kids' allowances were distributed, it's time to put the remaining money into our savings account. Having a savings account for emergencies and an account for future investments is highly recommended.

#3 Invest wisely with the remainder.

The third is then to invest wisely with the remainder. Once we have enough savings, we will now invest it wisely. No, I'm not going for networking just to double my earnings. It's a huge no-no. It's too risky. Most likely, we would start with a basic term or comprehensive insurance for our kids. Premiums payable are at the lowest at their young age. Then we would get a savings plan for their educational needs. By doing so, we can give them instant financial protection. 

They could finally make happen the "what do you want to want to be when you grow up?". They don't have to worry about money because we planned it ahead of them so they could focus on their studies. And even we, their parents don't have high-paying jobs, we could send them to the best colleges in the country and they can become what they wanted to be.

It's certainly is a good investment plan and it all started with these financial planning solutions.


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