How do you handle your hard earned finances?

@annierose (17915)
Philippines
July 25, 2017 8:03pm CST
Last Saturday, our professor asked the reporter the reason why some school teachers are always in debt. The reporter answered that it was because school teachers just receive their salary once in a month. She further added that if the salary will be given every 15th and 30th, then the teachers will not have a problem in terms of budgeting their money. Our professor said that it was wrong. The main reason why some teachers get into so much debt is that because they do not know the proper way of handling money. She suggested to us that instead of spending money then saving the rest, we should have a different strategy. It should be saving first then spending. What is your opinion about this? How do you handle your hard earned finances?
9 people like this
13 responses
@NJChicaa (42226)
• United States
26 Jul 17
I don't know about your country, but in the US it is because teachers DON'T MAKE ENOUGH! In my district, we are paid every 2 weeks. I have the money directly deposited into our account. My husband then uses it to pay bills, put into savings, etc. I have no idea. I don't do the bills. I could never survive in the area where I live on my own just on my salary and I've been teaching for 16 years. The price of living is too high and teacher pay just isn't enough.
3 people like this
@annierose (17915)
• Philippines
26 Jul 17
@NJChicaa Wow! 16 years is a very long time already. Have you ever thought of resigning from your job and settle for a job that can pay you more?
1 person likes this
@NJChicaa (42226)
• United States
26 Jul 17
@annierose Nope. I have job security and excellent health benefits so I will stay here.
2 people like this
@annierose (17915)
• Philippines
26 Jul 17
@NJChicaa Same in here. I am planning to apply to a higher level soon so I can have a great increase in my earnings.
1 person likes this
@andriaperry (53076)
• United States
26 Jul 17
Most of my income I get the first week of the month and I am NOT in debt. Its all in making and keeping a budget.
3 people like this
@annierose (17915)
• Philippines
26 Jul 17
@andriaperry I agree with you. It is a matter of how a person discipline himself or herself when it comes to money matters.
• Philippines
27 Jul 17
The professor is right. It is not a matter of how much you earned but how you spend the money. I know a lot who are earning six figures a month but they are drowning in debt. I also know who earns minimum wage but they have savings.
2 people like this
@annierose (17915)
• Philippines
28 Jul 17
@rachz_kisses In my own opinion, I think that young kids should be taught how to handle their money wisely. They will carry it with them until they grow old.
1 person likes this
• Philippines
28 Jul 17
@annierose I agree. I learned how to save when I was 8 years old. I remember I had a piggy bank. As an adult, I make sure that my bank gets deposited every month. It doesn't have to be the same amount though.
2 people like this
@annierose (17915)
• Philippines
28 Jul 17
@rachz_kisses That is a good habit. You can be financially independent easily.
1 person likes this
@Platespinner (16774)
• Winston Salem, North Carolina
26 Jul 17
The only way to not get into debt is to not spend more money than comes in. Saving first is wise since saving what is left over rarely works; it's too easy to unintentionally spend it all.
2 people like this
@annierose (17915)
• Philippines
26 Jul 17
@Platespinner I agree. Regarding with your fist statement, I have observed some people who are hesitant to get a credit card because it is prone on spending a lot of money, and they may fall into big debt easily because of it. In my own opinion, I think credit cards will not put someone into debt. It is the way someone handles his or her credit card. If the person who is a credit card holder just spend it based on his or her whims, and forgetting his or her obligations to pay afterwards, it will definitely bring trouble. I only spend money using my credit card if I know that I already have a cash in hand.
1 person likes this
• Winston Salem, North Carolina
27 Jul 17
@annierose I have a credit card and use it sparingly, but it has been a source of unwise debt in the past. I've got to be careful about convincing myself that I really need this now rather than waiting until I have the money for it.
1 person likes this
@annierose (17915)
• Philippines
27 Jul 17
@Platespinner Our mistakes in the past become our lessons in the present. To save me from spending using a credit card, I just prefer to leave it at home.
1 person likes this
@Tracy04 (10870)
• Malaysia
27 Jul 17
Every month, I count my salary first, then pay the education loan and keep the rest. Always have savings
2 people like this
@annierose (17915)
• Philippines
28 Jul 17
@Tracy04 It just shows that you know what your priorities are.
@Tracy04 (10870)
• Malaysia
28 Jul 17
@annierose yup! you don't want to be in panic state when suddenly at the middle of the month mom sick and have to bring to clinic and no money to pay
2 people like this
@annierose (17915)
• Philippines
28 Jul 17
@Tracy04 I don't want to be in that position too.
@toniganzon (51626)
• Philippines
26 Jul 17
I have the same opinion. It should be saving first and then spending. It's very common or employees to spend their hard end money the moment they received it. IN fact some of them already go shopping before they received their salary. It's a pity when you look at their bank account and they have nothing. A few years back, we have invested our money on real estate. That is before I even become a licensed broker and decided to put up our own company. I thought it was a really good decision. At the moment, we still do it. We own three lots, other than the house and lot we live in. We just sold our condo unit at a very good profit. I regret not buying three units before.
2 people like this
@annierose (17915)
• Philippines
27 Jul 17
@toniganzon I admire your decision making. I guess if I don't have my mom beside me, I will not have much savings because it is really easy to be tempted especially when inside a shopping mall.
1 person likes this
@toniganzon (51626)
• Philippines
31 Jul 17
@annierose I don't have to be inside a shopping mall to be tempted. If you could see my instagram it's mostly my purchases of my hobby. And they really cost a lot, but I always set aside a percentage for savings.
@ridingbet (55653)
• Philippines
26 Jul 17
i set aside a small amount from my salary, until i can deposit it in the bank.
2 people like this
@annierose (17915)
• Philippines
27 Jul 17
@ridingbet That is what my mom is doing too. I will give her all of my salary from my full-time job. When she saved already 6 figures, she will open a time deposit account. The interest is bigger in time deposit than savings.
2 people like this
@ridingbet (55653)
• Philippines
29 Jul 17
@annierose that is true. i and my brother have a joint account in BPI, a time deposit, from what i earned when i worked in Kuwait. i am sent a notice about the interest every 3 months.
@JustBhem (39236)
• Davao, Philippines
26 Jul 17
I learn the magic of savings now. It works for me.
2 people like this
@annierose (17915)
• Philippines
27 Jul 17
@JustBhem It is interesting to know about that magic. Can you give us a hint?
@Nawsheen (23068)
• Mauritius
26 Jul 17
I always make a budget. This prevents me from overspending and I can save some money too
2 people like this
@annierose (17915)
• Philippines
27 Jul 17
@Nawsheen That is a good idea. Knowing how to budget will prevent us from having debts.
1 person likes this
@Shavkat (63439)
• Philippines
26 Jul 17
I think we can itemize the budget for monthly expenses and the rest of the money will be saved.
1 person likes this
@annierose (17915)
• Philippines
26 Jul 17
@Shavkat That is how my mom budget my salary too. She is the one handling my money.
1 person likes this
@Shavkat (63439)
• Philippines
27 Jul 17
@annierose It is always mom has their own way to budget the money.
1 person likes this
@annierose (17915)
• Philippines
28 Jul 17
@Shavkat Who handle your salary? Is it you or your mom?
1 person likes this
@dollaboy (6223)
26 Jul 17
I am good at saving so i don't face much issues of debt, Curlann
1 person likes this
@annierose (17915)
• Philippines
27 Jul 17
@dollaboy Good for you! Continue on that way.
1 person likes this
@dollaboy (6223)
27 Jul 17
@annierose Will surely, Happy day Curlann
@maximax8 (28490)
• United Kingdom
12 Jul
I used to work as a teacher and got paid once a month. It was hard to budget with only being paid once a month. Saving should happen before spending because it is sensible to have an emergency fund. I have spent too much on flights. So I am going to borrowing some money from my emergency fund next week. Then I can pay the money back the following month. I have a new emergency fund as well. I will be only using the original emergency fund.
@kobesbuddy (49347)
• East Tawas, Michigan
28 Jul 17
This professor is wise in her suggestion, to save instead of spending. Then, if something urgent comes up, like auto repairs, there is excess money tucked away, for this unexpected expense. Getting paid twice a month, would make matter much easier, to manage one's money properly.