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Money matters can be a heavy subject to ponder and discuss, even for full-fledged adults. That’s why parents are often worried about their own children’s spending habits, especially with the many distractions and temptations they face every day. Financial responsibility is a life skill that you can’t just learn in school — it’s developed through years of practice and by being disciplined and determined. So it’s never too early to learn the basics of how to make your money work for you and build a better future.

Alleviate your worries by teaching your kids how to be financially responsible, whether they’re just starting to go to school or already preparing to enter the workforce. Where to start? We’ve listed down the keys to financial responsibility that you should hand down to them.

Don’t underestimate small purchases.

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Buying a morning latte or eating out at a restaurant almost every day might not seem particularly expensive, but they do add up — especially considering they are not really necessities, but indulgences. Treats, by definition, are something you have only every once in a while. If you treat yourself every day, why even call it a treat?

Imagine if you add up the amount you spend on that coffee per day, in a few months’ time you’ll have enough money to make a downpayment for a condo, which is a far better use of your money.

When it comes to gratification, choose delayed over instant.

Because of how we’ve progressed as a society, it’s becoming easier to gratify ourselves in an instant, whether it is a food craving or a gadget that makes your life easier. But these things come at a cost, and instant doesn’t always mean better. Delayed gratification means you get to enjoy the fruits of your self-control on something that is more worthwhile.

Learn to know what you should and shouldn’t spend on and eventually, you’ll save enough money for something you truly need in the future, or something you’ll enjoy for years to come, such as a quality condominium at a prime location, like the San Antonio Residence in Makati City.

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Budget, budget, budget!

Do you find yourself wondering where your last paycheck went? That shouldn’t be the case. Always be aware of where your money is going before you spend it by creating budgets. Your budget could be daily, weekly, monthly — whatever works for you. Make sure your budget is just right for your lifestyle: don’t make it too tight that you’re no longer enjoying your earnings, nor too loose that you’re not able to save up for the future anymore. It may be cumbersome at first, but once you do it often enough, you’ll get the hang of it.

Live within your means.

In other words, don’t spend money you don’t even have. Avoid getting loans for something you can put off for later, such as out-of-town trips, a newly renovated living room or a new car. If you have a credit card, don’t pull it out for things you don’t really need. Loans and credit cards should be seen as tools for cashless convenience or backups for emergency expenses. Your loans or credit card bills should always be paid in full every month. If you can’t manage that, it means you’re living beyond your means.

Some things are better investments than others.

When choosing what to invest in, one of the most important things to consider is whether it will generate returns for you. For example, a top-of-the-line car or the latest must-have gadget may be good to have, but they’re not really good investments because their value diminishes over time.

In contrast, real estate tends to be a better investment, especially if the location is in an established or rapidly developing area and the developer has a reputation of producing quality work. The property value will rise along with the area’s development. You’ll get to enjoy independence and modern-day conveniences that are within reach. You can even choose to rent it out. With a well-chosen condo unit, your investment is sure to return tenfold.

Looking for a property that’s worthy of your hard-earned investment? Consider this up-and-coming condominium development in the heart of bustling Makati.


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