SoMoms Better Me Session: Fail Proofing Your Child's Future {With An AXA Giveaway}

To tell you the truth, I always get nervous when people around me talk about money. I don't like to talk about it that much except when I want to go shopping. I thank God because I get to do things I love, like working and blogging, to be able to earn money. I earn money and then I spend it. Ganun ka-simple. I have been like that ever since I was young.

I remember selling sago't gulaman, banana-q, kamote-q and ginataan in front of our house one summer when I was 7 years old. When summer ended, I spent all my earnings buying food at Cindy's restaurant and buying almost all of my friend's stationery collection.

Fast forward to 22 years later.

Before I got married, I have been working for six years. I have never saved anything. Nada. As in, ni singkong duling, wala. 

I earn. Then I spend.

It was that simple.

I don't think about money beyond earning it and spending it. Nahihilo ako eh. Promise.

I am also thankful that I married someone who, when it comes to finances, is my complete opposite. Alvin has been teaching me how to save money . He started with telling me that I do not need that much clothes. Hindi umubra yun so he told me na lang this: When you spend on something, you have to be sure that you are expecting at least the same amount if not double the amount that you spent to come in your bank account.

Ganyan

Last month, SoMom's muther Kris told us that we will have a family financial talk to be sponsored by Axa. "Kailangan ko ito.", I thought to myself. When I was still single, it was more or less acceptable to live how I lived. I was responsible solely for myself. But now that I have a family, hindi na pwede yan. We have to think about Anika's education, emergency cases and our future retirement.

And so I said yes to attending the family financial planning talk. 

Di bale nang mahilo ako, at least I will be in a beautiful place like one of the function rooms of New World Hotel. Mahihilo ako with class. Lol =)

Before our session started, we had breakfast prepared by the chefs of New World Hotel.

I love that the meeting/function rooms of New World Hotel have their own kitchens. They're not ordinary kitchens. Sosy ones.

I had coffee, a sandwich and a muffin. They were delicious.

Financial adviser, Rose Fausto, taught us a lot about financial quotient (FQ). She taught us the importance of teaching our kids the value of money, how to handle it and of course how to save. I listened intently because I didn't want Anika to grow up like me, in terms of dealing with money. I want to learn how to develop her into a financially smart individual. Para naman I have a peace of mind na even if God decides to take me early, I can leave knowing Anika can take care of herself. Hindi siya magugutom, ika nga.

This is Rose Fausto...

And here are some of the tips that I got from her that day:

Understand your relationship with money.

Ako, I went back to my childhood days. I realized na though my parents told us to save, it wasn't something na talagang dinikdik sa utak namin that time. I got used to the thought of "Pag meron, eh di gumastos. Pagwala, matuto kang tumahimik.". In a sense, tama naman eh pero savings is a very important thing in our lives din pala.

Create your new relationship with money.

Having realized that, I knew I needed to change. With the help of Alvin, slowly, I began putting money in the bank. You also have to align your core values with money. What is important to you ba? Rose was right. You might wake up one day daw surrounded with so much pero you're not happy naman. For me, this means, okay lang gumastos pero make sure naman you have more than enough stored. Okay lang magsave but not to a point na you're totally depriving yourself and dun na umikot ang buhay mo. You have to learn and know what you want to do with and for money.

Start the financial journey with your child.

It's never too early to start. Rose said that we start the financial journey the minute that they were born. Save the allowances and monetary gifts. Open a bank account for that.

Differentiate between the needs and wants.

Needs are the things that you cannot live without. Period. Alvin and I debate about this all the time. It's important that we reached a consensus. May mga needs kasi ako that are bordering on wants na eh. Communication is the key here.

Teach your kids to be habitual savers.

This early, Anika has a coin bank at home. She puts all her barya there. Pambili daw niya ng taho. It's mababaw now pero in this way, the value of saving is starting to be instilled sa kanya. It was in this topic also that I learned that Savings shouldn't be the tira-tira lang (Income minus Expenses). Saving should be: Income - Savings = Expenses. Right naman di ba? We can start this with the allowances of the kids. Let's teach them this equation para masanay this early.

Go beyond savings. Invest for growth.

Set your goals as family.

Use financial statements and balance sheets for your daily financial reports at home. 

Prepare. 

One must have the following in the bank:

1. Emergency funds = equivalent to at least 3 to 6 months worth of salary

2. Insurance: Property and Life

3. Retirement fund= Annual expenses x years before you go to heaven (got that from Rose too!)

Give back.

I have been taught that the more that you give back, the more it comes back to you. Tried and tested na yan mga ateng so I can attest that this is true.

I learned a lot from that day. Surprisingly, hindi ako nahilo. Maybe it was the ambiance. It was super comfortable at the function room eh. Maybe also kaya hindi ako nahilo while talking about money is because Rose was very engaging. Ang galing niya talaga. For a real, true blue gastosera like me, she made me realize a lot to things and made me want to save more. That's something ha?

Here are the SoMoms at the event:

Thank you so much to New World Hotel for the cozy and intimate venue plus the fantastic food. Thank you so much to Ms. Rose Fausto for sharing your financial knowledge. Ikaw na ang peg ko talaga. Thank you to Axa Life for sponsoring this financial planning session for the SoMoms Better Me session.

Tandaan... we have to Fail Proof our future. Axa Philippines can help us with that pala. Now I'm wishing for another session where we can discuss more thoroughly what I can avail to ensure that.

To know more about Axa Philippines, you can add them on Facebook: https://www.facebook.com/FailProofYourFuture

I also have good news for you guys! Axa is raffling of the following items for you:

MINOR PRIZES:

Learn & Play Package (Annual Membership in Gymboree for kids aged 0-60 months old, includes 5 gymplay coupons. (10 Winners)

Explorer Package

* Mind Museum all-day passes for 2 adults & 2 children. (10 Winners)

* Nido Discovery + Inventors’ lab tickets for adults & 2 children (10 Winners)

* Four “Pacific Sky Wonder 9” tickets in Manila Ocean Park (10 Winners)
 

School Supplies Package
Gift Certificates from National Bookstore worth P5,000 per winner (10 Winners)
 

MAJOR PRIZES:

Skills Package

* Yamaha School of Music (12 lessons/1hr/lesson; choose from basic guitar, piano, violin, flute. (4 Winners)

*Center for Pop Music (Starborne Regular, 18 sessions/2hrs/session) (4 Winners)

Gadget package
*Desktop & printer set (2 Winners)
 

GRAND PRIZE:
Trip for 4 (2 adults & kids) to Legoland Malaysia (1 Winner)

All you have to do is to sign up for free to join! Click on the photo below to go to the Facebook app

Good luck guys!!!