Resuscitate Your Payslip

Resuscitate Your Payslip

I remembered last year, I was having an intimate conversation with an immigration consulate to Canada, and she told me one fact that has haunted my young mind forever.

“The poverty line right now is at 35, 000 pesos. If your monthly income falls below that line, you are already considered poor.”

It was the most alarming reality I’ve heard, but that was the mouth of reality taking a bite at me. The fact that I have been working for the last six years finally hit home; that I am still undeniably poor as my monthly income did fall below that line. Just looking at the mound of payslips I have collected from all those years of working, I began to wonder where my money went, and I got furious I have wasted so much of it for absolute junk.

There is just too much gunk in our life that we need to clean; unnecessary whims and impulse purchases that never bring security to that desired financial stability. We can start redirecting ourselves and incorporate financial planning with our future goals. By following the guidelines made by various financial advisers, we can simplify their insights into three initial pointers that can jumpstart our way to a limitless financial pool.

• Aim for a Debt-Free Life. Right now, decide to clear your debts and to stay away from temptations that can degrade your credit score. Write this on a piece of paper if necessary, and keep this as your mantra. These are the traps that we young professional’s usually traipsed into, and only when you have cleared any outstanding balances pending under your name can you then have mobility with your money.

• Always stick to your budget. Bring commitment to your ambition of financial freedom by prioritizing only the things that is necessary and practical. That expensive cute scarf you saw in the mall? Forget it. If it is out of your budget, forget it. A little sacrifice and tough willpower will be your stronghold, and by staying firm in saying “No,” you will create a huge difference between what you want and what you need.

- See more at: http://www.trulyrichclub.ph/2014/04/resuscitate-payslip/#sthash.yxNWFr29.dpuf