I was interviewed by Ms. Bea Bongat for Money Max Ph in April 2016 for an article entitled Interview: How to Save 50% or More of Your Salary.
Here are the excerpts from the interview:
Was there a specific moment in your life when you realized you needed to start saving?
JR: My parents taught me how to save since I was young. My mother had a drugstore in the province, and I would join her to the bank or when she talked to the medical sales representatives.
Related Post: The 7 Biggest Lessons I Learned From Investing in 2017
What was your 1st step to save 50% or more of your income?
JR: First, my husband and I wrote down our joint income and then enumerated our expenses. After, we saw we could save at least 50% so that was “automatically” earmarked for savings/ investments.
What else do you do to save 50% (or more) of your income?
JR: Automate your savings/investments (e.g. payment for life insurance is auto-debited from our bank accounts).Don’t spend too much on “wants”, and at the same time, budget or allocate money for these “wants”. Also, have an investment goal or project every year as a forced savings. One example is that our lot amortization will be finished this year, and I intend to use that freed-up money to either buy another property or add to my mutual funds.
Related Post: 18 Ways Parents Can Save Money in 2018
Please note that the interview was done by email and I said/ wrote waayyy more than what was published. I understand that they have to edit the statements to make the article more concise. If you know someone who can benefit from this post, please share My Favorite Lists on social media!
See you around,