5 Mindful Money Tips for Young Filipino Professionals

When I started working in 1991 as an entry-level assistant, my salary was less than 3,000 pesos. Back then, the Love Bus fare from North EDSA to Ayala was only 9 pesos and a complete canteen lunch meal was less than 20 pesos. With the occasional after-office gimik in Glorietta and obligatory Fortune Duck purse bought paiyakan-style from the office byahera, I was all set.  Life was simple.

Today’s starting salary of a Filipino college graduate is between 13,000 to 30,000 pesos depending on the role, company and industry. While newbies enjoy 4 to 10 times more money than in 1991, there are more stuff and experiences to spend on. There are mobile phones and gadgets to show off; designer coffees to delight in; and, #squadgoals and #travelgoals to achieve.

It’s no wonder today’s young professionals are struggling to manage their funds.  Adrian (2017) observes that Filipino millennials today are living from paycheck to paycheck and 4 out of 10 Filipino investors are in debt, majority of whom are below 35 years old.   

Reflecting on how we relate to money can be a profound and life-changing practice.  Mindfulness invites us to be aware of our feelings towards money, whether we crave for more if it or hate not having enough of it.  Mindfulness inspires self-compassion when we perceive that we are failing at managing our finances or when we overspend on unnecessary things.  Awareness and compassion can motivate us to be more skillful in handling our finances.

Whatever your situation today, here are some simple habits to cultivate financial mindfulness.

1.       Know the difference between want and need. 

Before making a purchase, pause and breathe.  Get in touch with your feelings, intentions and thoughts.  Examine the attitude of your mind.  Is the mind grasping and full of desire?  How are these feelings showing up in your body?  Maybe clenched jaw, tense muscles or shallow breathing?  Just the act of becoming aware creates enough space for reflection:  Is this a want or a need?  Is it practical to buy this item? Will it serve me well or is it a mere passing fancy?  Try this practice before giving in to your craving to consume or shop. 

2.       Use credit cards responsibly. 

A credit card gives you immense buying power but with this power comes great responsibility. It is easy to forget your last spend and remember it only on due date. Believe me, seemingly small and insignificant purchases can rack up into a monstrous total amount due come payment time.  Be responsible and carefully track your credit card purchases.

3.       Start saving and investing now.

While mindfulness encourages us to be in the present, should you splurge your entire salary because you’re living in the moment?  Instead of being a one-day millionaire on your pay day, consider saving and investing to minimize your anxiety about the future. 

Learn to lean into your FOMO (fear of missing out) and curb your impulse to spend. Life is not about stringing together happy times and avoiding unhappy situations.  Mindfulness teaches us that life is about appreciating what is here right now, whether ecstatic, happy, sad, difficult, boring and everything else in between.

4.       Don’t spend more than you earn. Live simply.

Keep track of your expenses to be sure you are living within your means. Monitor every peso so you know exactly how much you’re spending.  This discipline will help you see where your money is going and ensure that your priorities are aligned with your financial and life goals.

5.       Be grateful

It seems counter-intuitive to practice gratitude when you’re staring at a huge Meralco bill.  But do you know that gratitude is a “natural antidepressant” that brings about long-lasting happiness and contentment?  (Chowdhury, 2021)  Believe it or not, being grateful can inspire feelings of being rich, full and enough.  So the next time you’re about to pay your bill, you can pause, breathe and say:  Thank you that I have the resources to settle my obligation.

Times may have changed from the 90’s and young Filipino professionals are facing more complex financial choices everyday.  Nevertheless, when it comes to money, there are time-old principles that remain true.  And with financial mindfulness, you’re on the path to a stress-free life of contentment and happiness.  May you look after yourself with ease and be financially free!