Many people work hard for their money but struggle to make real financial progress. The problem? Spending today at the expense of tomorrow.
Filipinos, like many others, often prioritize short-term wants over long-term financial security—and it’s costing them. Whether it’s excessive debt, unnecessary spending, or neglecting savings, these habits steal from your future income and make it harder to achieve financial freedom.
“Your future financial success depends on the decisions you make today,” says Randell Tiongson, a Registered Financial Planner. “If you keep spending without planning, you’re robbing your future self.”
Here’s how to break the cycle and start building wealth instead of draining it.
- Avoid the Debt Trap—High-Interest Loans Are Stealing Your Future Wealth
Credit card debt, personal loans, and installment plans may feel like a quick fix, but they can cripple your financial future.
Tiongson warns, “Debt isn’t just about what you owe today—it’s about what you can’t save and invest for tomorrow.”
The fix? Prioritize paying off high-interest debt first. Avoid borrowing for non-essentials, and instead, focus on saving and investing to build real financial security.
- Save First, Spend Later—Not the Other Way Around
Many people wait until the end of the month to save—only to realize there’s nothing left. The solution? Pay yourself first.
“Treat savings as a non-negotiable expense,” says Tiongson. “Before spending on wants, set aside a portion of your income for your future.”
Automating your savings ensures you consistently build wealth instead of relying on what’s left over.
- Invest Early—Let Your Money Work for You
Saving is important, but investing is what grows your wealth. Money left sitting in a low-interest account loses value over time due to inflation.
Start small, be consistent, and let compounding work in your favor. Investing early means less effort and bigger rewards later.
- Plan for the Future—Retirement Won’t Fund Itself
Many Filipinos expect to rely on their children or government pensions in retirement. But that’s a risky plan—especially with the rising cost of living.
Tiongson emphasizes the importance of preparing now: “Your future should be funded by your own efforts, not by burdening the next generation.”
Set aside money for long-term financial security through retirement accounts, real estate, and other income-generating investments.
The Bottom Line
If you’re constantly spending without saving, you’re stealing from your future income. Break the cycle by eliminating bad debt, prioritizing savings, and investing wisely.
The best financial decisions you make today will pay off for years to come.
This article includes quotes from an original piece by Randell Tiongson, published in the Philippine Daily Inquirer.
