Photo Source: http://www.flickr.com/photos/51486173@N00/Hello to my fellow Seafarer and OFW! Good morning, good afternoon, good evening. Hope everyday start with very good morning. Here, I want to share to you hoping all of us can benefit to save effectively our hard earned money. In every income group there will always be savers and spenders. It's up to you to choose whether you want to spend first and save last (if there's anything left) or follow the right formula for saving your money effectively.
INCOME - SAVINGS = EXPENSE
Meaning that you "pay yourself first". Once you get your salary set aside the portion as your savings and use whatever is left to cover your needs.
To continue, I want to share also how many percent do we need to spend for our needs, for tithing and for savings?
70% of our salary - For our needs, foods, monthly bills, education, clothing., etc. etc.
20% - For our savings, Investments
10% - Tithing
You may ask me about tithing. You see from our salary we give only 10% in return for our God who gave us everything. He gave us life, nice job, good health, happy family, friends, the air we breath but the 10% is only a minimum if you like to received more blessing then give more to our God. Because, they say when we do this, just like we open the flood gates of universal blessings. Remember! it is better to give than to receive.
For our savings 20% of our salary, this is what they call "paying for your future first". The author of this book advise if you have knowledge about investing in Mutual funds, Stock market, or any vehicle to give high yield of your savings/income it is better to start early, regularly and in long term or any vehicle that suit your tolerability on what they call "risk".
INCOME - SAVINGS = EXPENSE
Meaning that you "pay yourself first". Once you get your salary set aside the portion as your savings and use whatever is left to cover your needs.
To continue, I want to share also how many percent do we need to spend for our needs, for tithing and for savings?
70% of our salary - For our needs, foods, monthly bills, education, clothing., etc. etc.
20% - For our savings, Investments
10% - Tithing
You may ask me about tithing. You see from our salary we give only 10% in return for our God who gave us everything. He gave us life, nice job, good health, happy family, friends, the air we breath but the 10% is only a minimum if you like to received more blessing then give more to our God. Because, they say when we do this, just like we open the flood gates of universal blessings. Remember! it is better to give than to receive.
For our savings 20% of our salary, this is what they call "paying for your future first". The author of this book advise if you have knowledge about investing in Mutual funds, Stock market, or any vehicle to give high yield of your savings/income it is better to start early, regularly and in long term or any vehicle that suit your tolerability on what they call "risk".
And we live to our remaining 70% of our salary. Let us remember "Education is never ending process". "Low financial IQ and ignorance can also drive you into heavy debts" -Alvin Tabanag, author of "12 Steps to Build Wealth On Any Income". Hope we all learn about financial freedom to live our life not in a rat race but in a fast track. Let's all live abundantly with God's grace.
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