Hi! I need some advice. I have a LIP who’s earning 1.5m every month. Our monthly expenses range between 600-700k: 200 for the house, 100 for me, and 400 (gambling, etc.) for him. We just started saving this month because before, we tended to overspend since we knew we would never be at zero. Currently, we have 1.8m in our savings. We desperately need advice on where to invest. We really want to get a house and lot or a condo in Manila, but we don’t like paying installments because we don’t enjoy the feeling of having debt. The problem is we can’t save enough because we keep overspending. TIA!
It sounds like you’re in a tricky spot. Have you thought about tracking your expenses more closely? That might help reduce the overspending.
Dru said:
It sounds like you’re in a tricky spot. Have you thought about tracking your expenses more closely? That might help reduce the overspending.
Yeah, we’ve been trying to keep tabs, but it’s hard when some expenses are just habits. Any tips on breaking those?
@Bly
Definitely! You could try setting a strict limit for discretionary spending each week. Maybe even use cash for those expenses to make it feel more real.
If you’re looking to invest, consider low-risk options like mutual funds or index funds. They can give you decent returns without too much risk.
Avery said:
If you’re looking to invest, consider low-risk options like mutual funds or index funds. They can give you decent returns without too much risk.
Thanks for the suggestion! Do you know if there’s a good platform to start investing with?
@Bly
Yeah, platforms like Vanguard or Fidelity are great for beginners. Just make sure to do your research on fees and options.
Regarding the house, have you considered saving up for a larger down payment? It might make you feel more comfortable with an installment plan later on.
Rudy said:
Regarding the house, have you considered saving up for a larger down payment? It might make you feel more comfortable with an installment plan later on.
That might help! But it feels like such a long wait. Is there a way to speed up the savings process?
@Bly
You could look into increasing your income, maybe through side jobs or freelance work. Every bit helps!