Getting around your finances when you're fresh out of college

Part of finally getting out of school is of course starting to have your salary and being financial independent from your parents. For me, it was only after college that I got hold of more than 5, 000pesos that I owned. There was the temptation to spend spend spend.

I'm just blessed enough to have read books that taught me how to budget my money.

I am not saying that I am perfect when it comes to my finances. Occasionally I have my slips, spending my set-aside funds for impulsive buys. Believe me, its hard to justify your accounts when you are using your budget on something that you totally did not plan on buying. Times like this, I rise from my mistakes, learn from them, and keep on building my discipline and self- control stronger.

So how do I budget my salary? This is how I break it down:

I got my budget inspiration from Bo Sanchez's books. So what does each section mean?

• LIVE (25%): This is my daily expenses budget. This is where I get my funds for transportation, bills, food etc. Basically what keeps me going everyday until my next paycheck.
• SAVE (20%): This is for emergencies. Good thing I still haven't used them and have not encountered the need to use them. Nonetheless, I have to have this budget, you just never know what will come up. Ideally, the amount in my savings budget should be 3-6 months worth of my salary.
• GROWTH (20%): This is for investments. Making my money grow, not just letting it gather dust in my wallet or in the bank. I have to beat inflation, as it can suck out its buying capacity like a hungry manananggal.
• LEARN (15%): This budget is set aside for education, whether it be seminars, books, short courses of enrolling for a master's degree. This is probably the biggest and most important investment I will make. You have to consistently let yourself grow, learn new things and master new skills.
• PLAY (10%): This is for entertainment and generally to make my self feel good. This is the amount that I can splurge on food, movies, massages, vacations etc. I have read that it's not good to deprive yourself, and having the budget for it will not make you guilty.
• TITHE (10%): This is for reaching out and helping those who really need it. I usually give it to church offering or doing my own little sacrifices. It's amazing and empowering when you have the capability to give and help someone.

When I had my first salary, I immediately practiced my budget scheme. It takes habit and discipline to stick to it. In the long run, you will be thanking yourself you started it early.