Saving is the First Step to Wealth and Financial Freedom

May 1, 2010

in Personal Finance

Based on the classic novel, The Richest Man in Babylon, fattening your wallet or simply saving is the first step to become wealthy and to financial freedom. Maybe your thinking how to fatten your wallet or how to save if you have nothing left? Is it hard to save and fatten your wallet? Yeah there are many instances that your wallet is really fat but only for a moment, maybe within two days after you received your salary or paycheck.

For most people, it is really hard to save because they have many expenses and they don’t have the discipline to save even small portion of their salary. My case is not different to many people.

Before, I only think spending money not saving it. My reason is that I have a regular income so I can have money every month through my salary, no need to worry on lacking money on my wallet or savings account. I only changed my thinking about money and saving when I almost loss my job.

I am an OFW or Overseas Filipino Worker and as an OFW it is very difficult to loss your job specially when you are not prepared financially and mentally. At that time, we don’t have any savings because we’re paying for the mortgage of our house and lot.

After that event, I searched ways on how to save as well as on how to earn money aside from my current job. I started reading financial books that tackles saving, investing and other related topics on money.

Well, that’s my short story why I now eager to help other people on how to save and be financially stable and in the end achieve financial freedom. So let’s help each other and walk together in our journey!

So going back, the question is how to save if you don’t have any money left? I believe as long as you have job and earning a monthly salary, you have the capability to save if you have the DISCIPLINE. You need to be determined to save at least 10% of your salary per month.

You can do this by automatic transfer of your salary from your salary account to your savings account with no ATM card. You can apply for this service if you’re bank has this feature.

In the Philippines, where my bank is located,  I applied for this service which is really convenient and hassle-free. So in conclusion, if you want to achieve financial freedom and be wealthy, start now to save!

Comments on this entry are closed.

cecille December 26, 2011 at 04:47

I owe a lot of debt andI came to the point that I lose hope, but this month is thw best month for me, because right now while i’m reading your article I realized many things and your right saving saving saving and savings is the best way to be secured

learnfe December 29, 2011 at 12:38

Hi Cecille,

Thank you for following my blog. Let’s target zero debt and more savings for 2012!

Norman L. Ocampo November 7, 2011 at 18:44

no amount is too small for saving

Tim | Every Peso Counts August 25, 2010 at 04:19

Gil,

I didn’t know you had these beautifully crafted articles here in your blog! Quite surprisingly, I blogged about the same thing about a few weeks ago. I hope you don’t mind me sharing it here.

http://www.everypesocounts.com/2010/08/savings-as-your-foundation.html

We seem to have the same perspective with regards to this. Yes, saving is where you start getting your wealth.

Previous post:

Next post: