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Photo credit: ANC on the Money

Nanay is In!

Yes, Nanay is now into investing. 

In my previous post, I have shared how Nanay manage her funds through jar system. All her cash and coins are orderly distributed per use. Yesterday when I visited her and Tatay, she told me to "invest" (she used this term) her allotted savings of my son for his education. I asked her to where? I just want to clarify if she's referring to a specific bank or an investment vehicle she knows. She then answered mutual fund. Wow! Si Nanay alam ang mutual fund. Honestly, I was surprised. I asked her how did she know about investing in mutual fund. Whenever I share to her about it before, she just say "ok". She didn't even care to ask what was it all about or even said something in contrast. " Nabasa ko un Sun Life ni Piolo at naikwento ng Auntie mo maganda ito." So, thank you Papa P for opening Nanay's mind about investing. My aunt is her eldest sister living in the US whom I mentioned sending her monetary gifts. Auntie has insurance and mutual funds with Sunlife in the US. She had explained most probably to Nanay how investing goes when she called a few days ago. 

Challenge: Kids on spending and saving

It is a basic principle in personal finance to know what you really need and what you just want. True enough in adults, it takes a lot of effort enable to distinguish which is which. Things that are important and what are those we can live without. Knowing the proper concept of spending comes savings. And this challenge becomes harder when you have kid(s). 

On Savings

In personal finance, it has always been a requirement to have savings. Save funds for future use. We name them as our emergency fund, health fund, travel fund, charity fund....  name it in any way you would want it to be called. The fact that you are into saving is really a big plus. 

When I was younger, there are only 2 options that I know on how to save. Either save it through banks ( if you have the cash to meet the minimum deposit requirement) or save in a piggy bank. Actually, I never had a piggy bank. I only had old milk cans or old Alaska milk boxes. I even had made my own passbook from old notebooks so as to monitor my cash , I mean my "baryas".