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By Francisco J. Colayco

Happy New Year to all! It’s that time of year again…the beginning of a new year and you would have made your New Year’s resolution. If you are the normal person, the desire to improve yourself with new good habits and remove our bad habits is almost like a broken record, year in and year out. You can’t seem to control this inability to stick to your DETERMINATION to meet your plans.

If you are thinking about your financial wellness, I am sure you tell yourself every year that you aim to really have much more money saved. You swear that you will surely invest some money that will grow. It is really very frustrating for you that you can’t seem to keep your promise to yourself.

So, I was thinking of some tips that might help you to strengthen your resolve to save and invest more.

First and foremost, I hope you are already sharing part of your income because we know that “It is in sharing that we receive.”

Second very importantly, you should be following the first commandment, “Pay Yourself First.” I do not get tired of reminding all that you need to be in a way “selfish” to be able to help more people. When you follow the formula “Income minus Savings equals Expenses”, you are setting aside money that you must invest to earn more income. Because you read and learn from the books and articles that I have been writing and joining our seminars, you know more than many people about saving and investment. With part of the income you make on your investment, you can share part with others, if you wish and keep the rest for your future. If you just keep giving everything away, those you give may not know how to save and invest and the amount you give is just spent and that is the end of it. If in the future, you do not have anything to share with them, they get nothing as well. If you save and invest properly, there is a better chance you may always have something to share.
Third, be always AWARE of your resolution to SAVE and INVEST. Here are a few tips:

1. Invest P5,000 of your bonus in opening a mutual fund.
2. Put up a note on your mirror that you look at each morning. Write your goal of saving at least P33 pesos a day to have P1,000 every month to add to your mutual fund. Choose one that is reputable with good earning record.
3. Each time you are tempted to spend on something that you don’t need especially junk food, remember your P33 pesos saving.
4. Make sure you invest at least P1,000 each month after your first P5,000 investment.
5. If you have more savings, you could set up another goal for investing to be able to spread your risks.
6. Leave your investment alone. If for any reason, it goes down in value substantially, do not be afraid. If you continue to buy mutual fund shares regularly, you will be averaging down your unit cost and when the unit price goes back up again, your gain will be much higher. Hopefully, you also have other investments that you can hold on to.

You can do it!