Introduction
The author has always had a knack for saving money, starting from childhood. This article details their journey of saving even when earning very little, providing insights and lessons for those who struggle with saving.
Childhood Savings Habits
As a child, the author enjoyed placing money in piggy banks and patiently waiting for them to fill up. They would occasionally ask adults (parents, uncles, and grandparents) for a coin in exchange for small tasks or favors, which would directly go into their piggy bank, known as “mi cochinito.”
When the piggy bank was full, they would break it using a heavy object (usually a hammer) and count the coins, often surprised by how much they had saved. This habit instilled a sense of security and accomplishment.
Adolescence and Learning to Save
During adolescence, the author’s father started giving them a “quincena,” an allowance to cover personal expenses. They would save a small portion in a hidden compartment in their sock drawer, which they referred to as their “emergency fund.” Over time, this grew significantly, eventually reaching nearly two months’ worth of their first formal salary.
This habit of saving for unexpected situations provided a sense of security and contrasted with the anxiety of having no savings.
Marriage and Early Career
At 21, the author got married while still a university student and expecting their first child. Their monthly salary was 3 million old pesos (approximately 3,250 current pesos before taxes and other deductions), barely covering rent. They negotiated with their father to continue receiving the same allowance from university days to cover gasoline, photocopies, and some food expenses.
Despite the limited income, they continued saving. They would set aside a small amount from their salary and invest it in a daily liquidity fund (before the existence of Cetes Directo or better options).
Additionally, they followed their childhood habit of saving loose change in a piggy bank. Their spouse eventually joined in, and this collective effort formed a fund for their daughter’s education.
The Importance of Saving, Regardless of Income
The author argues that saving is possible even with minimal income. They’ve observed impoverished individuals, often working in agriculture, saving for rainy days by collecting coins and bills in jars.
The key, they believe, is mentality rather than just willpower. Even small savings, consistently made, can significantly impact one’s financial situation.
Many people claim they cannot save due to low income, using it as an excuse for inaction. However, the author emphasizes that starting small and consistently saving is crucial for building financial security.
Changing Mindsets for Financial Success
Studies show that changing one’s reality requires altering their mindset. If someone has a goal in mind, they should strive to approach it daily with consistency, regardless of income level.
Those who replace “I can’t” with “I’ll find a way” and take small, consistent steps towards their goals achieve significant life changes.
The author’s spouse recalls initially finding their saving habits annoying, as the author would ask for spare change after work. However, they now appreciate this effort, recognizing its substantial impact on their lives.
