How to spend your first income, a basic guide to the new graduate working IN THE PROVINCES

Young graduates just landing their first jobs are going to find out early on how fast money could be spent. Needless to say, the earlier one learns some basic financial management, the better. For a single person who does not hail from the City and finds a job in the province with an entry salary of 380 pesos per day, (approximately eight USD at the present exchange rate of 45), the following is a fairly doable budget:

• Boarding House: Pesos 1000 (a room is shared with more or less six others)
  
• Meals: Pesos 4200 (no cooking, only 50 peso meals three times a day for seven days)
  
• Deductions: Pesos 800 (approximate salary deductions to pay SSS, Philhealth, Pag-ibig etc; this assumes that the law which has been approved, about minimum wage earner's exemption from tax is applied.)
  
• Transportation: (none - prefer to live at a boarding place near your place of work and walk to your work every morning - this will also keep you healthy)
  
• Representation: Pesos 500 (Buy at ukay and bargain prices, but if you are provided a uniform, you may not buy a single office blouse and skirt for a year. For casual wear, use and reuse the denims and buy the cheapest, most comfortable blouses).
  
• Medical Insurance: Pesos 1000 (depending on the company, this is a wise investment because you are assured of a yearly medical check-up and preferably with dental care and hospitalization benefits)
  
• Savings: Pesos 500 (Simply just put this away in a bank or vault as if you bought an expensive blouse or as if you binged on fries, spaghetti, chicken mcdo, large coke and slurpy at Mcdonald's. By the end of the year, you will have 6000 to add to your thirteenth month pay, assuming you are not a contractual employee)
  
• Gifts and giveaways: Pesos 500 (You will always want to give away something for your closest loved ones at one point, and it is wise to budget for it early on)

After this wise use of your money, you will have more or less: Pesos 660 left in your pocket. Maybe, you can call this reserve or emergency money.

Say no to

• Credit card companies offering their cards sans the membership fees.
  
• Malling after the 15th or the 30th during midnight sales and madnesses; instead, go to church and thank God with your earnings.
  
• Gimmicks just right after you receive your salary. Put into separate envelopes all the money you can't spend and if there's something left, go out with your friends - the sooner they know you, the lesser they will influence you to do something beyond your financial capacity.

Some early sacrifices

• If you can always walk to your place of work, you may be sacrificing only your "sleeping-in" time, since obviously, you need to wake up early.
  
• If you can avoid the expensive fast-foods and look for that best "turo-turo" in the neighborhood, you may be sacrificing only your comfort since unless it is December, you will be sweating while you eat.
  
• If you can say no to office mates on regular drinking binges, you may be sacrificing only their camaraderie and friendships, which you can earn by some other means.
  
• If you can think of a project (probably something concrete to buy, which you can use for a long time) and have "only" it in mind as you save some of your money, you may only be sacrificing the rest of the things you also want to buy, but only in the meantime.

Don't worry, you're young and you have a long way to go. Right now, it's important not to look at your salary, but to know how to manage it while making your life count where you are. As you develop the skill for good financial management, you will be found trustworthy to be given more. This is natural in the economy of God. With some self discipline, in no time at all, you will prosper.

Congratulations on your new job.