Thursday, April 30, 2015

GUEST POST: Throwback Thursday: Money Saving Lessons From Lolo and Lola

On this guest post, we invited Mr.Kyle Kam of MoneyMax Philippines to give us some insight on how our grandparents were in their personal finance.

Before there was online banking and smartphone apps that let you track your expenses anytime, anywhere; long before there were websites that let you compare vehicle insurance and financial products in an instant, our lolos and lolas had their own way of saving money. If you ever paid attention to your grandparents back when you were young, they might have taught you these money saving tricks that still hold true in this day and age.

Let’s take a look at some actual money saving lessons shared by the lolos and lolas of friends around the office.

“Prioritize Your Spending”

This is what my own grandma taught me. The song “Ako Ay May Lobo” served as my grandma’s way to teach me about prioritizing needs over wants. “Sayangang pera ko, pambili ng lobo. Kung sapagkainsana, nabusog pa ako” served as the main money lesson.

“Be Choosy With What You Buy”

As consumers, we always have the choice of what we spend our money on. We are bombarded with marketing messages every day that say one product is better than others but is it really? A lot of times, we spend a premium to buy a brand name product when a more affordable product works just as well. “Maging mapanuri sa pagbili” was the money saving tip of one lola to a colleague and is definitely something worth remembering at all times.

“Be Content With What You Have”

Another colleague was taught by her grandpa to be content. How many times have you bought a smartphone even if your old phone still worked? Some work their asses off to buy a new car every five years. It’s easy to justify to yourself that you need these things, but before you go splurge on the latest phone or car model, pause and think hard and determine first if you really need it or if you just want it. Being content with what you have is one way to find happiness.

“Be Careful With Your Money”

One (unnamed!) colleague laughed when recalling how her grandmother kept her money in a pocket sewn in her panties. Yes, we all had a good chuckle at the mental image that her story provided but I remembered keeping money in my socks as an elementary student so I had the same ideas as her grandma. While paying with money that you hid in your underwear is guaranteed to earn you awkward stares if you do that today at the cashier at Jollibee (just don’t do it please), the takeaway lesson is to be careful with your money.

If you have to carry a lot of cash, you might want to carry around a debit card or credit card as these are more convenient and has layers of protection for you, such as the PIN. If you find something suspicious in your credit card bill, you can raise this with your credit card provider and they can take this off your bill if it was found to be unauthorized by you.

“Work Hard”

Another colleague was taught by her grandma to earn money. If you do have kids of your own or even grandkids of your own, don’t forget to teach them how important it is to work to earn money. My colleague had fond memories of getting paid by her grandma to pick white hair. You probably remember your own grandma asking you to do the same when you were a kid!

I have many fond memories of my grandparents and I hope you have only fond memories of your grandparents, too. Do you remember money lessons your lolo and lola taught you when you were younger? Tell us in the comments!

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