May you all reach your money goals in 2009!

2009 is here and most of us have had a good long break. I'm sure during these holidays we have at some point in time thought about money, particularly what will happen to us in 2009, from a money perspective. The problem is most of us STOP at this point! We just think about saving and hoping to become rich 'one day' and then realize it’s too hard to do anything about it. 'Bahala na!' is a common expression I hear.

Now I could go into a very detailed step-by-step way of how to do a financial plan but I would bore you silly and you still wouldn't take any action! So I'm going to give you a 'baby steps' strategy of how you can get started:

• Get a piggy bank. Or a box or container to put money you have saved in. Don't buy one! Make one if you have to.
• Set realistic goals. Something that will be easy for you to do, so you can get into the habit of saving. I don't care if it’s PHP5.00 or PHP10.00 per day! Just get into the habit of putting away something for your future EVERYDAY!!! In time when you realize that you can actually save, you will start to put larger amounts into your piggy bank. Hey PHP10.00 every day is still PHP3,650.00 in a year. And over 30 years compounded at 12% every year is PHP880,864.30!!! That's using one coin everyday!!!
• Remind yourself DAILY. Put an alarm on your cell phone or a note on your mirror. Just make sure that you are reminded daily that you need to save for your future.
• Don't touch the money! Invest it. Put the money you have saved into the piggy bank. When the piggy bank has enough money, put the money in a savings account that you don't touch or better yet, invest it in a mutual fund. You can start a mutual fund account with as little as PHP500.00.
• Get a Money partner. A money partner is someone who will keep you motivated to save money when the desire to spend the money is so strong. This person of course should also have the desire to save or is already a 'saver'. Hey, if you can't find one, email me and I will keep you motivated!!!
  

That's it. I wish you all the best in 2009. May you all reach your money goals this year.

For more information on how I can help you email me on hoover@barongroup.com.ph.