tips and tricks, events, money matters, money talks

I recently attended Smart Parenting’s Money Strategies For Smart Moms held at Cafe 1771 in Ortigas a few weeks ago. This workshop was held in partnership with Pro friends {a reputable property developer in the country} and aimed to help Filipino mums to become mindful and confident parents by providing an inspiring and informative venue for smart moms to learn about money-saving strategies and home financing, as well as tips and tricks on raising money-smart kids.

Money-Saving Strategies To Achieve Your Goal

The interesting line-up of speakers that day was led by investment advocate and Pesos and Sense TV show host, Aya Laraya, who spoke about his personal experience when in comes to money-saving strategies. Armed with more than 25 years of experience in different financial industries, Aya shared a number of invaluable insights about saving money strategies.

According to Aya, these are the 5 top reasons why we save:

  • to have more money
  • for retirement
  • to own a house
  • for children’s education
  • for travel

He shared that the stock market is one of most effective ways to grow and invest our hard-earned money but a lot of Filipinos are afraid to try it as we inherently have this negative attitude towards money and getting rich. He also mentioned that Filipinos, in general, are afraid to get rich for fear of being thought to be doing illegal or bad activities. he also enthused that it is a lot easier to explore investing in the stock market or getting an insurance these days, as we can readily gain access to valuable information online. But he also warned us to seek only the advise of experts and or financial literate people whose opinions we value.

Here’s what you need to consider when planning to save up or invest:

  • What do you want? ~ Be clear on the reason why you want to save up or invest your money, as this will help you determine whether you will opt for short-term or long-term investments.
  • Budget ~ You need to allot a certain amount of your salary each month in order to build up your savings and investment, this is why you need to budget your money. Aya also suggested installing a budgeting app on our mobile phones to help us track our expenses and budget our money.
  • Discuss with the family ~ Of course, investing and saving up is a family effort. You need to let your spouse and your children in on the plan, otherwise it might work.
  • Consult with competent people ~ If you plan to invest in the stock market or mutual funds, it is best to consult with an expert who will know exactly how to help you achieve your goals.
  • Action changes things ~ All your clever plans to grow your money will go to waste if you do not act on it and soon.

Tips On Raising Money-Smart Kids

As mums, I am sure that it is also one of your goals to raise money-smart children and would really love for your little ones to have high FQ {financial IQ} so you can be sure that they will be able to handle their finances well when they are of age. The second part of our workshop tackled exactly that.

Rose Fres Faustino, an investment banker turned full-time homemaker and now author and newspaper columnist, introduced us to the term FQ and dished out a number of tricks on how we can start raising our children to be money-smart no matter how young they are now. Known for her talks on financial literacy and purposeful parenting, Ms. Rose’s talk really inspired me the most that day. She even made every mum in attendance join the 48-hour pact, encouraging us to do something for our children’s finances in 48 hours. I failed to make the 48-hour deadline, but I am planning to visit a local bank very soon to open another account for my little man.

Rose shared the Basic Laws of Money that mums ought to follow to have higher FQ:

  • Pay yourself ~ If you have a business of your own or a freelance online worker, it is a must that you also pay yourself once you get your income.
  • Go into business you understand and seek advice only from competent people ~ Whether putting up your own business, or looking up for the best share dealing account online for future business venture, or investing in the stock market, it is a must to read and study more about what you are venturing into. It is also good practice to seek advice only from experts and qualified people to help you make  sound financial decisions.
  • Make your gold work for you and make an army of gold before you buy luxury ~ Make your money work for you by investing in the stock market or pooled funds. In terms of buying luxury, according to Rose, the trick is to wait until you can afford to buy 10 pieces of the luxury you are eyeing to purchase before actually getting one. This applies to designer bags, cars, and similar items of luxury.

Here are the 4 ways to help you raise smart-money kids:

  • Open a bank account for your child ~ This will encourage your child to save more and be financially conscious.
  • Save regularly no matter what ~The children are more likely to learn the habit of saving when they do it more often and on a regular basis.
  • Invest for growth ~ It would be awesome to grow your child’s money while they are still young so they will end up having more when they grow up. Investing in pooled funds is an ideal way to go, especially for those who have limited amount of money to invest.
  • Cut your child’s financial umbilical cord when they graduate ~ This may not be a popular practice here in our country, but making our children totally dependent on themselves financially once they graduated will let them learn about the value of money as well as of saving so they can survive until they finally get a regular job or source of income.

Rose also shared that we must also arm our children with economic self-defense and encourage them to engage in activities that would let them earn, especially during summers when they are off from school. Exposing them to these activities will not only let them learn about the value of money but will also allow them to earn some and save up.

To cap the days workshop, Celine Chua, brand manager of Lancaster New City, discussed insightful home financing tips. She mentioned that it is a must to prepare ourselves not only financially but also emotionally and mentally for the challenge of getting our own house. Deciding to get a house loan, after all, is no easy feat and it requires a lot of budgeting and saving up in order to pay the monthly mortgage.

Thank you for having me Smart Parenting! It surely is a morning well-spent with like-minded mums who would love to brush up on their financial literacy and gain new knowledge on how we can get our children financially ready. To know more about Smart Parenting and the line-up of their informative workshops, as well as get access to vital parenting information 24/7, visit their website, smartparenting.com.ph, and follow Smart Parenting on Facebook, facebook.com/smartparenting.ph, on Instagram, instagram.com/smartparenting, and on Twitter, twitter.com/_smartparenting.

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Written by

mumwrites

is a 30-something work-at-home mum who blogs in between home chores + child-minding. i love coffee, books + reading, collecting lovely postcards, + spending loads of time outdoors with my little man.