{Parenting & Money} 3 Must-Haves in Saving and Investing

Previous Posts
{Parenting & Money} Basic Principles of Saving & Investing
{Parenting & Money} The Inevitable Link

In my previous posts on {Parenting and Money}, I shared my realization about how a child can dramatically change the landscape of our finances.  After the milk and diaper, Don and I will worry about tuition fee and increasing household expenses.  Before we know it, we will be worrying about our retirement.

As some may already know, Don and I waited seven years before we were blessed with a daughter.  At that time, our objective for saving was to have enough money for our fertility work ups.  My only regret was that we did not save up for the "after-birth".  Compute this:  If Don and I were able to set aside P2,500.00 each every month for seven years, then adjusting our spending and budget will not be as difficult now.  If we saved an additional P2,500.00 each every month for our retirement, can you imagine how much that would be by the time we are 60 years old?

{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.

Parenting and Money: The Inevitable Link

When I was still pregnant, a lot of family members, friends, even strangers shared their parenting tips to me.  They shared stories about their parenting challenges and life-changing experiences.  They gave advice on how to deal with the difficulties and adjustments of being a first time mom.  Some of them warned us about the additional expenses that are born with the child.  

After waiting for 7 years, Don and I thought we are well-prepared for raising Julia.  We had a birth plan, we read a lot of references on parenting, child development and raising a family.  Little did we know that one of the greatest challenges we will face as parents is managing our finances properly.