Originally Posted by
camzywinsy
After reading makie23's post, I want to share my story too. My purpose is to inspire others. I also don't want to mention figures. I am 25 years old, female, single. I started working right after I graduated in 2008.
I am a nurse by profession and a lot of times I am always asked to the point of being embarrassed by people who think I'm a fool not to apply and go abroad. Even in that situation, I stood by my belief that no amount of salary outside the country can compensate for the time I will be spending with my loved ones if I choose to stay here. I am that close to my family and mind you, my family didn't mind but others remain to question why I can't sacrifice TIME while I am still young. So I worked hard and told myself I will prove my worth.
While working, I kept a small business and saved money enough to start the business with my bf. He was my constant support and he pushed me to excel in what I do so my deep gratitude to him. Little by little (every payday), I buy something out of my salary to complete the equipments we will need. The cash we saved from our prev small business was a start-up to pay the rent and build the store. My bf also worked for a few months and bought an appliance we need for the business. If you'll ask me if I was sure at that time of what we are doing, I would say no. I had doubts and a lot of what-ifs. My faith was far stronger than my fear and my doubts were overcome. With enough to run the business, our store opened last 2012 and it is still operating at the present time.
If I were to look back, it's true, what they always say, that starting is the most difficult part. Even until now, there are things we have not perfected. We are improving month after month. Challenges never stopped coming and each is a test, that when passed, will make you stronger.
So with the question how much is my savings? I'd say it's not a lot only because we invested on a second and hopefully this june a third store. But my assets are even more than those of my colleagues who have gone abroad. I already bought pre-need plans, bought a car (second hand ), have started a life insurance with investment and I have learned the art of saving too plus I help send my brother to college and take my siblings/parents out to dinner or a family vacation. But I have a budget and I don’t spend lavishly. Most of my income goes towards insurance, investment and savings. Just like many of us here, my goal is to be financially free when I reach 35.
My advice is--- 1.) there is no perfect time to save or start a business. Procrastination will only delay your goals. Be open-minded, be ready to face hurdles/failures along the way. The benefit of starting early is that you have more time to stand up, improve and start all over again.
2.) Spend your money wisely. Avoid buying things you can’t really afford. Yes, you may loan or get a phone plan that pays monthly but always ask yourself if you really need it.
3.) Take time to sit and write down your financial plan. How much do you earn? What are your expenses? Create a goal and work towards achieving them.
EX. Income = 15,000, Expenses = 12,000 (80%) , Savings = 3,000 (20%)
List down or itemize each expenses and assess if you really need to spend for that monthly. You’ll be surprised some of them you can actually cross out of the list!
4.) Reward yourself so you won’t get burned out – again, buy rewards you can afford!
I hope I have helped by sharing my piece.
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