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The beginning of a 20 year old's diskarte with money (hopefully!)

mart.jo123 · 15 · 5004

mart.jo123

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Hi PMT!

My name is Martin Galero and I am a fresh grad. I am 20 years old and I work for an IT Company. My parents are happy enough to have me working and paying for things other than the food, electricity, and water at home (I offered though, don't worry).

I have certain goals in life that I want to achieve financially, but the most important LONG TERM goal for me is to provide good education for my future children so they can experience the quality education I received throughout high school and college, with as little/better yet NO help from anyone at all.


I hope you can help me with this endeavor of mine. I won't tell you the details of my salary, but I can save at least 4-6k a month (3k on the first bi month, 3k on the second bi month)

It would be of big help to get me started on something since I am totally lost and I tend to lose myself in purchasing items that aren't really a need for my lifestyle.

Here are my allotted expenses per week:

Food - 500
  (which I can only spend on weekdays; I eat packed lunch at the office)
Dating/Miscellaneous - 1000 (I have a girlfriend and being a realist: I'd have to admit that we love to eat good food)
Transportation - 500 (reason behind is that I try to be streetwise about my transportation when I'm late: sometimes I would take a bus to ortigas/santolan station if I'm lucky -> ride the MRT to buendia then walk towards Makati -> until I reach the area where I can take a cab for only 50 php)
Cellphone Load - 100
Cigarettes - 150 (PLEASE DO NOT COMMENT ABOUT THIS. I know how this is much of a regret in anyone's life. :( )

With a total of...2250 PHP/week

Again, any advice would do. Once I have the startup advice that I have, of course I will read through all the articles that are at my disposal here in PMT. I am actually reading some of it as we speak. :)

Thanks again PMT!


Prospera

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Let me welcome you  to PMT, mart.  :welcome:

Feel free to roam around and soak up all the money-making wisdom collected over the years from various members who have posted on the forum. Don't be shy about asking any question you might have--someone will reply sooner or later.

Best of  luck on your journey to financial freedom!


mart.jo123

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Let me welcome you  to PMT, mart.  :welcome:

Feel free to roam around and soak up all the money-making wisdom collected over the years from various members who have posted on the forum. Don't be shy about asking any question you might have--someone will reply sooner or later.

Best of  luck on your journey to financial freedom!

Thanks, Prospera, and continue to help us who are lost. :))


INDO

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good start Martin! when I was same as your age, wala sa isip ko yung naisip mo ngayon :)

you're in the right forum, dami kang matutunan dito... just explore the forum may mga ideas na pwede mong iapply. and you can mingle to people with same goals as you have!

Best of luck!


DonT

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Welcome....I see your diskarte...but where is your goal? why are you doing diskarte of yours?

In any endeavor....its always good to begin with the end in mind.


mackygoof

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Dating/Miscellaneous - 1000 (I have a girlfriend and being a realist: I'd have to admit that we love to eat good food)


true. what's the whole point of saving if you couldn't enjoy.  Need to  have life.


mart.jo123

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good start Martin! when I was same as your age, wala sa isip ko yung naisip mo ngayon :)

you're in the right forum, dami kang matutunan dito... just explore the forum may mga ideas na pwede mong iapply. and you can mingle to people with same goals as you have!

Best of luck!

Thanks Indo and I will definitely share what I learned here with others :)


mart.jo123

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Welcome....I see your diskarte...but where is your goal? why are you doing diskarte of yours?

In any endeavor....its always good to begin with the end in mind.

Hi DonT,

Well just today I visited BDO and BPI for UTIFs and Short Term Investments I could do.

So far what interests me is BDO's Generali aggresive fund (if you've heard of it)

Basically, what intrigues me here is the fact that it is a medium-long term investment that I can pull out in case of an emergency.

Here are my present goals so far sana:

1. By 7 months, I should be able to earn at least 30000 so I can cross off my bucketlist my dream to go to Japan
2. I should be able to invest in a promising long-term fund that will be able to pay for good education for my future children/at least pay part of what my relatives' need

Are those goals attainable and realistic? Hope to hear from you :)


lemreyes

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Good start.  Wish I started as young as you.

Better add a budget for gimik/socializing/travel/hobby.  Realistically, this is unavoidable and is essential to have a balanced life.


LiveLoveInvest

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Hi DonT,

Well just today I visited BDO and BPI for UTIFs and Short Term Investments I could do.

So far what interests me is BDO's Generali aggresive fund (if you've heard of it)

Basically, what intrigues me here is the fact that it is a medium-long term investment that I can pull out in case of an emergency.

Here are my present goals so far sana:

1. By 7 months, I should be able to earn at least 30000 so I can cross off my bucketlist my dream to go to Japan
2. I should be able to invest in a promising long-term fund that will be able to pay for good education for my future children/at least pay part of what my relatives' need

Are those goals attainable and realistic? Hope to hear from you :)

Add a small side business! :)


Sans

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Hi PMT!

My name is Martin Galero and I am a fresh grad. I am 20 years old and I work for an IT Company. My parents are happy enough to have me working and paying for things other than the food, electricity, and water at home (I offered though, don't worry).

I have certain goals in life that I want to achieve financially, but the most important LONG TERM goal for me is to provide good education for my future children so they can experience the quality education I received throughout high school and college, with as little/better yet NO help from anyone at all.


I hope you can help me with this endeavor of mine. I won't tell you the details of my salary, but I can save at least 4-6k a month (3k on the first bi month, 3k on the second bi month)

It would be of big help to get me started on something since I am totally lost and I tend to lose myself in purchasing items that aren't really a need for my lifestyle.

Here are my allotted expenses per week:

Food - 500
  (which I can only spend on weekdays; I eat packed lunch at the office)
Dating/Miscellaneous - 1000 (I have a girlfriend and being a realist: I'd have to admit that we love to eat good food)
Transportation - 500 (reason behind is that I try to be streetwise about my transportation when I'm late: sometimes I would take a bus to ortigas/santolan station if I'm lucky -> ride the MRT to buendia then walk towards Makati -> until I reach the area where I can take a cab for only 50 php)
Cellphone Load - 100
Cigarettes - 150 (PLEASE DO NOT COMMENT ABOUT THIS. I know how this is much of a regret in anyone's life. :( )

With a total of...2250 PHP/week

Again, any advice would do. Once I have the startup advice that I have, of course I will read through all the articles that are at my disposal here in PMT. I am actually reading some of it as we speak. :)

Thanks again PMT!

Hi Martin! Glad to have you here. I started seriously thinking about saving and investing around your age too (I'm 25 now). You're already doing great by asking for advice but at the same time, doing your own research on the most appropriate investments for your personal situation.

Since you mentioned that you "tend to lose myself in purchasing items that aren't really a need for my lifestyle" (a.k.a. lifestyle inflation), why not set up an auto-debit arrangement with your bank? You can have a set amount deducted from your payroll account every month, and then immediately invest the money in the financial product of your choice. It's what I've been doing for the past several years, and it works even better than I expected it too.

For example, if your payroll account is in BDO, you can request your bank to set up the Easy Investment Plan. This way your savings become "automatic" and you're not tempted by the extra cash just sitting in your bank account, waiting to be spent. You can invest as low as 1000 pesos this way.

BPI has a similar feature (they call it the Regular Subscription Plan). I'm not sure about the other local banks but I imagine they have auto-debit features that can move money from a payroll account into another account from which it's harder to withdraw (like a passbook-only account).

Best of luck to you!


DonT

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2. I should be able to invest in a promising long-term fund that will be able to pay for good education for my future children/at least pay part of what my relatives' need
Are those goals attainable and realistic? Hope to hear from you :)
You have to put a number on your goal.


mart.jo123

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You have to put a number on your goal.

Okay let's put that aside muna hehe...

Would you think that this would be a good monthly budget?

Fixed expenses (Food, Miscellaneous, etc.) = 8000
Emergency Fund = 3000 (not to be touched unless for health reasons)
Savings = 4000
Investment Fund = 5000 (not to be touched until it reaches 150000 PHP)


LiveLoveInvest

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Okay let's put that aside muna hehe...

Would you think that this would be a good monthly budget?

Fixed expenses (Food, Miscellaneous, etc.) = 8000
Emergency Fund = 3000 (not to be touched unless for health reasons)
Savings = 4000
Investment Fund = 5000 (not to be touched until it reaches 150000 PHP)

mas maganda siguro if not to be touched until a certain age or year ( 10yrs? 15? 20? ) kesa amount :)


INDO

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Would you think that this would be a good monthly budget?

Fixed expenses (Food, Miscellaneous, etc.) = 8000
Emergency Fund = 3000 (not to be touched unless for health reasons)
Savings = 4000
Investment Fund = 5000 (not to be touched until it reaches 150000 PHP)


budget ka din para sa Leisure Fund  :hihi:. what I usually do with my monthly budget is by percentage sa monthly income ko, kaya hindi fixed amount lalo na pag may extra income.



 


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