{Parenting & Money} Basic Principles of Saving & Investing Money

{Parenting and Money} The Inevitable Link
Part 2

Last week, I confessed about our challenges in managing our finances. Read Previous Post: {Parenting and Money} The Inevitable Link.   Don and I agreed to tighten (really tighten) our belts and follow our self-imposed spending rules and guidelines.  Here are some that I'd like to share:

1. No more drive-thru trips on the way home.  We live in Quezon City and travel time is about an hour to and an hour and a half.  So instead of fries with large coke, we eat biscuits and home-made sandwiches instead.  We save money and we get to lessen our junk intake.


2. Travel ban for fifteen (15) months.  Our financial obligations will be paid in fifteen (15) months.  So until it's paid in full, we will not schedule any out-of-town trips that will require spending for a plane ticket and hotel accommodations.


3. Limit eat-outs to twice a month.  This is an ultimate sacrifice because we love eating at our favorite restaurants.


4. Shopping for shoes and bags is suspended until further notice.  I don't have anything else to say about this.  It's too painful.

Often times, I wallow in self-pity.  But, Don reminds me of Julia's future expenses on education to snap me out of my teleserye-lead-actress-like drama.  Our challenge is not only to finish our financial obligations but also to save and invest a portion of our income for Julia's future and our retirement.