Financial Planning 101: Lessons I Learned the Hard Way

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I’m no financial guru, but here’s one thing I’ve learned the hard way: fear of investing in yourself can cost you more than any risky venture.

Financial planning may seem overwhelming, but it’s a journey worth taking—one filled with lessons, mistakes, and triumphs that shape your future. Welcome to Financial Planning 101, where I share the ifs, buts, and what-ifs of my financial journey—stories carved out of trial, error, and unwavering determination.

About Me and My Freelancing Journey

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Penny-pinching is one of the least sustainable money-saving solutions I’ve encountered. While I’ve been guilty of it, here’s the first lesson I want to share: it’s not a long-term strategy. I wasn’t born into wealth. Even so, I had opportunities others my age might have overlooked. I grew up with books that taught cautionary tales, a mother who anchored me when my ambitions soared too high, and a family that required sacrifices when responsibilities came knocking.

As a freelancer, I chased every opportunity to earn, provided it aligned with my morals. Despite having a steady income, I avoided spending on small joys, like gadgets or trendy outfits, opting instead for what I deemed “important”—though, in hindsight, I struggle to recall what those were. These choices stemmed from a fear of debt, ingrained from witnessing financial struggles early on.

While these habits have taught me the value of resources, I also realized that balance is key: finding the freedom to enjoy life’s small pleasures while securing one’s future. Financial planning is not about deprivation but about intentionality.

The Importance of Money

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Money plays its role in achieving stability, independence, and even fulfillment. It funds our passions, covers essentials, and provides me with a safety net. In other words, we could have the whole world at our fingertips. One defining moment in my life revolved around a bet with my mother: if I passed an exam, I could attend any college I chose; if not, I would have to pursue an Engineering degree. To prepare, I skipped formal review sessions that never resonated with me. Instead, I relied on online resources and focused on practical concepts.

On the big day, I said goodbye to my mom, took my backpack full of lunch and snacks, and went to the testing center an hour away. Months later, the results arrived. Passing that exam wasn’t just a personal victory; it was a celebration for my school that ended a five-year drought. However, the experience taught me an invaluable lesson: never bet on your life without preparation and purpose. Instead, have a financial get-out-of-jail-free card for emergencies. Financial planning requires a clear strategy and disciplined execution after all.

Ways to Earn Money

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I sought every opportunity to earn, even as a scholarship student during my University years. Here’s what I did to earn to pass the time:

1. Freelance Copywriting: I took on commissions if I had spare time between classes. Writing honed my skills and gave me a steady stream of income.
2. Working in Retail: I worked in one of the busiest markets in Chinatown. While it exposed me to diverse people, it was physically demanding and a gamble on one’s health.
3. Unofficial Internship: This happened by accident. I applied as a joke via Facebook’s job alerts feature, only to land an interview weeks later. I accepted and gained invaluable professional insights.

Each role deepened my understanding of financial, professional, and personal values. These experiences taught me that earning money is not just about hard work but also about seizing opportunities and learning as I go along.

Ways to Invest Money

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After graduation, my focus shifted from earning to growing my finances. Here are the tools I use to this day. Disclaimer: This is not a sponsored article. If you want to know more, please do additional research if you are interested in banking with any of these platforms. 

1. GCash: A widely-used mobile wallet in the Philippines. Beyond money transfers and bill payments, it offers accessible investment options.
2. CIMB Bank via GCash: GSave accounts linked to GCash offer higher interest rates than traditional savings accounts.
3. UNO Digital Bank: Known for flexible time deposits and high-interest savings accounts, with rates as high as 7.5% per annum.
4. GoTyme Bank: A newcomer in digital banking, combining user-friendly features with rewards programs and savings accounts offering up to 4% annual interest.
5. Maya Bank: Formerly PayMaya, it’s now a full-fledged digital bank with high-interest savings and integrated expense management tools.

By diversifying my savings across these platforms, I’ve allocated funds for emergencies, personal goals, and long-term growth. Each tool serves a specific purpose, ensuring my financial foundation remains secure.

How I Learned to Grow My Money

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My approach to financial growth is rooted in curiosity and self-education. Here are the resources that have shaped my journey:

• Educational Videos: Platforms like Khan Academy and YouTube channels dedicated to personal finance taught me the fundamentals of wealth-building and budgeting.
• Free Online Courses: Websites such as Coursera and EdX offer structured lessons on personal finance and investment strategies.
• DIY Solutions: Finding alternatives for everyday expenses not only saved money. It also nurtured my creativity and problem-solving skills.
• Controlled Digital Exposure: I followed reputable financial blogs and content focused on experiences rather than expenses, helping me avoid impulse purchases.
• Mentorship: Conversations with experienced individuals in finance gave me practical advice and diverse perspectives, refining my strategies.

Continuous learning and adaptability have been critical in making informed financial decisions and building confidence in my strategies.

Conclusion

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Financial growth is neither instantaneous nor solitary. Surround yourself with people who support your goals and respect your boundaries. Avoid unnecessary pressures and focus on your priorities. Growth, whether financial or personal, requires patience and persistence. Celebrate small victories and trust the process—YOU ARE BUILDING A FOUNDATION for something greater. Remember: investing in yourself is the first and most important step.