From YOLO to YAGO: How to save more, spend less in 2019

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<figure class="op-interactive"><div id="IVS_ABS_Body_Video_1_Container"> <ivs-player id="IVS_ABS_Body_Video_1" data-ivs-spid="3001339" data-ivs-key="e8c22c015ca9eafa76f1e3edfa03c603" data-ivs-vid="1395523" data-ivs-floating="1"></ivs-player> <script src="https://player.ivideosmart.com/ivsplayer/v4/dist/js/iframe-parent.js"></script> <script src="https://player.ivideosmart.com/ivsplayer/v4/dist/js/loader.js"></script> </div></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div><p>MANILA -- Filipinos who want to save more money should imagine their future selves and avoid looking at saving as deprivation, a financial planner and book author said Thursday.</p><p>Those seeking to better manage their finances in the New Year should trade the YOLO or &quot;you only live once&quot; lifestyle&quot; for YAGO or &quot;you also grow old,&quot; said ex-investment banker Rose Fausto.</p><p>&quot;It is not deprivation. It&#x27;s prioritizing yourself. It&#x27;s prioritizing your future self,&quot; Fausto told ANC. &quot;It&#x27;s a mind shift.&quot;</p><p>Setting aside money for savings and investments is the &quot;first basic law of money,&quot; said Fausto, author of &quot;The Retelling of the Richest Man in Babylon.&quot;</p><p>Filipinos should start by saving 20 percent of their income. Asking the bank to automatically set aside a portion of their monthly salary for savings will help, she said.</p><p>&quot;Automate it. Save more and invest more. You have to help yourself. Don&#x27;t just rely on your willpower,&quot; she said.</p><p>&quot;It&#x27;s like a tax. If you&#x27;re paying the government 20 percent or so, why don&#x27;t you pay yourself that much also?&quot; she said.</p><p>Taking stock of spending in the just concluded Christmas holidays can help Filipinos plan their spending for the current year&#x27;s holidays, she said.</p><p>Filipinos tend to &quot;spend as if there&#x27;s no tomorrow&quot; during Christmas, she said.</p><p>&quot;Spending is okay. You become happier. You are able to celebrate with your loved ones when you spend but there has to be a limit to that, you have to budget,&quot; she said.</p><p>When tempted to buy a luxury item, Filipinos should first think if they can afford to buy 10 pieces of it, she said.</p>

<p>Here's how you can get the perceived pain out of saving and in the process, get started on your money resolutions in the New Year.</p>

Here's how you can get the perceived pain out of saving and in the process, get started on your money resolutions in the New Year.

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From YOLO to YAGO: How to save more, spend less in 2019

From YOLO to YAGO: How to save more, spend less in 2019

ABS-CBN News

Published Jan 03, 2019 08:51 AM PHT

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Updated Jan 09, 2019 07:48 PM PHT

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