Filipino moms are a different breed. They are practically superheroes as they are incredibly good at everything, from whipping up dishes that comfort the body and soul to taking care of everyone and everything around the house on top of their own.
With all the things they do and the experiences they have in managing the household, nanays certainly have plenty of things to shareâespecially when it comes to money matters. After all, how else can they stretch the family budget for food, utility bills, and other expenses if they are not financially savvy? This is why if you want to be more prudent in spending your income and managing your finances better, you may want to learn the following practical money tips from Filipino moms.
Be Prudent in Spending
Filipino mothers are known to be thrifty as they know full well the value of hard-earned money. As they say, âHindi pinupulot lang ang pera sa lupaâ (You donât just pick money up from the ground). This is the reason why they usually only spend on necessary items and find ways to maximize every peso, such as by going to Divisoria to find cheaper products or by bulk buying at local markets.
You can also adopt a similar mentality when handling your income and your money in general. Instead of splurging or buying things on impulse, for example, limit your spending on things you actually need. You can also explore different avenues to save money when you must purchase something. Letâs say you need to replace your malfunctioning laptop. Rather than go to an electronic store for a new unit, maybe you can shop for a second hand laptop online. After all, secondhand gadgets cost significantly less, which means you can get what you need for a fraction of the original price.
Make a Shopping List
Another helpful money tip from wais (smart) nanays is drawing up a shopping list before heading out to the supermarket or shopping mallâand sticking to it! You may not realize it, but a lot happens in their mind as they list every single item on paper. Besides planning their purchases, they can readily determine must-buys while also eliminating not-so-necessary items in order to make the most of the family budget.
This idea may seem too simple, but applying it in your daily life can help you in many ways. For one, you can save a lot of money as it will be easier to resist the temptation to purchase on impulse. And because you have a list, it is highly unlikely that youâll forget anythingâsaving you precious time, effort, and transportation costs.
Always Compare Prices
Filipino moms donât mind walking for hours just to search for the best deals. Whether they are buying groceries, clothes, or appliances, they will take their time to check every brand, compare products from a variety of manufacturers, or go to different stores just to find the cheapest but most sulit (worth it) option. Apparently, for these homemakers, saving even a peso or two is worth all the trouble.
While you donât have to go to such lengths to save a few bucks, it helps to compare the prices of similar products before buying to get the best value for your money. More than the savings, acquiring the habit of comparing prices can help you become more intentional in spending. That means you will learn how to be mindful of your choices and limit your spending solely on goods, services, and experiences that are meaningful to you.
Consider Alternatives
Nanays are not only experts in finding inexpensive goods, but they are also very good in thinking of alternative options just to cut back on spending. They will prepare home-cooked meals instead of ordering in to save on dining expenses or sew costumes themselves for their kidsâ school plays or programs. Most of us will also know of a Filipino mom who uses ice-cream tubs instead of pricey containers to pack their kidâs school lunch or to keep the fish in the freezer.
If you have a tight budget and want to save more money, why not consider adopting the same habit? Always search for affordable alternatives to reduce your expenses. This could mean drinking 3-in-1 coffee instead of frequenting high-end coffee shops, carpooling to save on transportation costs, or using a streaming service for entertainment rather than going to expensive movies or concerts.
Spend on Things That Matter
Although it is practically second nature for nanays to live frugally, they have no qualms spending a lot of money on things of value. They will willingly pay expensive tuition and school fees to provide their children with good education or allocate money for out-of-town trips to build lovely memories with their families.
It is worth pointing out that financial management is not only about saving money every chance you get, but also about wise spending. So, take your cue from Pinoy moms and know your priorities. For instance, if your goal is to retire early to travel the world, you may want to divert most of your funds to a retirement savings plan or to investments and skimp on other areas.
These are just some of the numerous finance-related lessons any Filipino can learn from their own mom. Take them to heart and see how you can apply them in your own life to manage your finances better. Remember, these are lessons from master homemakers and budget planners. While not all Filipino mothers may have the qualifications of professional financial advisors, they are financial experts in their own right. Donât you agree?
