3 Money Tips To Learn From Dr. Jose Rizal

Only a few Filipino heroes are as recognized and well-loved as Dr. Jose Rizal. We celebrated his birth anniversary recently on June 19 to commemorate the hunger for freedom that he inspired in the Filipino people over a hundred years ago.

Looking more closely to his life, however, we see a few very unique habits he had during his lifetime which are useful today for managing our own personal expenses and income.

#1 Managing Expenses

In one of Rizal’s journals, now kept safe in the Newberry Library in Chicago, it shows that he would make sure to write down every little expense he would make. Back then, he would purchase postage stamps, as these were necessities, along with theater and lottery tickets.

It’s very easy to lose track of how much you actually spend and on what. Daily expenses like food and transportation might seem small, but these do add up, and you don’t want to find yourself surprised at the end of the month that you’d dug into your savings.

Start like Rizal did in his journal: write your expenses down every day. It will be the start of having much greater control over your variable expenses per month.

#2 Paying Debts Promptly

In the time that Rizal took to make the first drafts of Noli Me Tangere, he loaned a large sum of money from a very close friend to help him manage his finances. A few months after this, the book was completed, and Rizal immediately paid his debt with money that his brother sent to help with the printing cost.

If you earn an entry-level salary, you should avoid getting too much in loans and other kinds of debt. Still, as a last resort, you may have to borrow money from a trusted friend or relative to make ends meet or to invest in your business or career.

Always pay your debts as soon as you are able, and pay them in full. Leaving these unpaid can very likely lead to high interest charges no matter where you loan from. Paying on time also sends the message to your debtors that you are serious about matters concerning money, which leaves a good lasting impression.

#3 Grow Your Money

Jose Rizal was lucky enough to win the lotto in his lifetime, with a joint ticket bought with a small number of friends. He didn’t treat this as bonus cash though. He eventually used his share in the winnings to buy property that would go on to developing a hospital and school.When those businesses started turning a profit, he invested his income into an abaca farm on the same property.

In smaller ways, you can also invest your money for financial security. There are many insurance and investment products available from several reputable companies which promise stronger growth year-on-year compared to traditional savings accounts. Find ways to make the best use of the opportunities you already have to make good investments for the future.