Spend all your remaining salary today, because tomorrow is pay day!
If you’re young, you can definitely relate to this pay day battle cry. And this is not exclusive to the day before pay day. Do these sound familiar?
Party on the 14th because tomorrow is pay day!
Party on the 15th because today is pay day!
Party on the 16th because it’s after pay day!
Party on the 17th because it’s a friday!
Party on the 18th because it’s a saturday!
Party on the 19th because it’s the last day of the weekend!
Party on the 20th because we hate monday!
The list goes on and on and on… If you’re young, there are less cares, and if your friends love to party as much, it’s easy to make everyday a party day, even when you can barely afford it.
In the Philippines, we’re taught that we shouldn’t spend our parents’ money on vices. The lines, “You can start a spending spree every night if you want, but do it with your own money.”
The up side, we listen to them.
The down side, we listen to them.
And so many of us have this false sense of spending entitlement once we get our pay checks. And instead of having the proper mind set of save and spend, we just think, SPEND. Spend the last peso. It’s your money after all. You’re free to enjoy it.
This is Alma’s spending problem, up until her wake up call.
Read her story below:
“I started working right after graduation. I was 25 when I graduated and already had kids. I immediately moved out of my parents home for work. I enjoyed the independence I’ve never had before – especially, my financial independence.
I wasn’t sure if it was my lack of experience, the fact that I was living with fresh grads who were also new to this whole salary thing, or just plain wrong decisions, but I didn’t handle my money very well.
I excessively spent on food and alcohol. When my board mates went out, I always went with them. I just thought, I worked very hard for this money, I deserve to enjoy it!
There were many times when my salary barely reached pay day, or even completely ran out a few days before. But it didn’t bother me that much. After all, I was working, I had salary. I can always earn more.
This attitude completely turned around when my kids started going to school. Expenses were ballooning, and at the same time, I found out I had hypertension, fatty liver, gal stone and that I was already pre-diabetic…
It was earth moving!
It was a very loud wake-up call I couldn’t ignore. My kids were young, their needs were growing, I was getting sick, and I had nothing left for them in case I had to go to the hospital and couldn’t work for even a month.
It was time to grow up. I had to be more responsible.
During this time, I had also met my future husband. He was a great influence for the change I wanted to happen with myself. So with his support, I was able to turn things around. Stopped going out, the excessive spending, and was able to focus on self improvement, and my family’s future.
Sometimes, I look back and feel bad that I had to wait for these health problems to arise before I made the change.
I wish I had sought more advice on spending, on my health, and on my kids needs.
But, even if I was a little late, I’m glad that I did, for my own health, and my family’s sake.
This is my message for the younger generation. I hope you learn from our mistakes, and you start the positive change early.”
Did you also have a brief party spree when you started getting your own salary? What caused the change?
This is part 2 of the 4 part sponsored post #PleaseSaveMe series.