Money Makeover Feature at Good Housekeeping


I was glad because I was recently contacted by someone from Good HouseKeeping Magazine of Summit Media to offer advise and tips for their Money Makeover piece. It was a piece requiring tips on the situations provided by their readers.

Let me share to you two of the four questions I have answered. I cannot wait because they said that the issue where I will be featured will come out this coming month of July. So to all my readers, thank you for the continuous support.

Let’s also watch the other personal finance advisors who will be featured. I am excited since this will be my first time to be featured. Thanks in advance Good House Keeping Magazine. You can always count on me.

What’s the ideal percentage of our salary that should go to our savings? Francis and I are working, we’re renting a condo unit for 10k a month and we’re paying bills. We don’t want to end up with zero savings every month, so we just want to know the ideal amount of savings that we need to target. Also, how do we give room for miscellaneous expenses (shopping, travel)? Of course, we don’t want to just spend everything on household stuff; we need to pamper ourselves, too, from time to time. – From a married couple.

My answer:

There is a basic rule in business called Pareto’s Principle of 80/20. In business, you must put most of your efforts on the 20% of things that bring 80% of the income. The same applies into saving, that is, 80% of your savings come from 20% of your frugal strategies. In other words, you must save at least 20% of your salary as a couple. Whenever you receive your salary, it is advisable to pay yourself first by allotting a portion of your salary to savings. Both of you can do this by doing a budget plan on a monthly basis.

Budgeting is like taming your money. As a married couple, both of you should work on it together, compromise, and come to an agreement. Spend every peso on paper before the month begins. Give every peso of your salary a name and that is, every peso should be assigned to either spending or saving category.

Look at your monthly income and match it up with the month’s savings, bills, and debts until you give every income peso an outgo name. However, be flexible on your budget. We don’t spend exactly the same for every month. Doing a budget is not a one-time deal. From time to time, you can include expenses in pampering yourself but you must be conservative in spending on the wants and prioritize more on the needs.

Laging sakto ang budget namin sa bahay [Our budget is always exact]. My kids are already working, so I get a little help paying our monthly expenses (food, utilities, etc. We live in my parents’ house). But what I really want is to be able to set aside money for my retirement. How? – From a single mom with 3 kids. 

My answer:

Hi Gina, maybe you can still stretch your budget more. Think of little ways on how you can budget more. Prioritize more on the needs and less on the wants. Here are some of ways on how you can stretch your budget a little more:

Take care of your health. There’s a saying that health is wealth. With the rising costs of medicines nowadays, you can’t afford to be sick. Exercise regularly. Keep the company of your friends and laugh more often. Laughter is the best reliever of stress.

Skip the junk food. When doing your shopping in the supermarket, try to minimize the need to buy junk foods. Aside from good health reasons, skipping the junk food can also save you money. Back off on the stuffs that aren’t good for you. An occasional treat is okay but too much can drain your budget and your health too.

Throw away vices. If you or any of your children smokes cigarettes, then this is the time to quit smoking. Aside from the dangers it can bring to your health, it can help you set aside more money for your retirement.

Use Less. We live on a consumer society. If you could consume less, then you can save more money. Simple ways such as keeping the flow of water in the faucet at a minimum level when washing dishes, unplugging electric appliances when not in use, using less shampoo in washing your hair, can save you more money by consuming less.

Ultimately, the best tip to save money for retirement is to earn more and desire less. Getting more sources of income like having part-time jobs and spending less is the best way for you to set aside money for retirement.

For other questions, let’s just wait for the July issue of Good House Keeping Magazine. 😀

Update: Here are the screenshots of my feature at Good House Keeping Magazine.

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Tyrone is a passionate financial literacy advocate. He started this blog on November 2008 when he watched The Secret which talked about Law of Attraction because he wanted to become a millionaire and wanted to know how a millionaire acts. At the age of 26, he achieved his first million. To find out more about him, click here or follow him at Instagram

11 responses on “Money Makeover Feature at Good Housekeeping

  1. Congratulations Tyrone! I’ll be on the lookout for the July issue of Good House Keeping! By the way, for the second question, maybe they are part of the group who use the equation Savings=Income-Expenses where people only save what is left after all expenses are paid, which is often zero! I believe the better equation should be Expenses=Income -Savings where people should first deduct savings from their income and then live on the remainder.

  2. Nice Tips bro!
    you can also add the 10% of your income to “tithing” to your church or charities, (as written3:10; Bring ye all the tithes into the storehouse, that there may be meat in mine house, and prove me now herewith, saith the LORD of hosts, if I will not open you the windows of heaven, and pour you out a blessing, that there shall not be room enough to receive it. in Malachi 3:10 )so God will continue to bless you, and besides it’s from Him who gives us these blessings and the strength to work. with God nothing is impossible. anyway Sabi nga ni Mr. FJ Colayco; “Savings is an expense that buys your future”…wow sisikat ka nyan lalo! bak next time you might have a column there…

  3. Thanks a lot for all the nice words. I can’t wait the July issue of the magazine. For sure, I will be one of their earliest buyers. 😀

    Jehz, I will surely post a copy of the magazine once it was published.

    To others, thanks a lot. Hopefully, more blessings to come. 😀

  4. Congratulations bro. You’re slowly but surely making it big na! 😀 Wish I could have a gig like that too. For now, ride muna ako sa stock market. 20% profit in just two months. 🙂

  5. wow! congrats… but i am wondering if the team of that magazine will not be embarrassed if they’d learn that you already shared your thoughts here in your blog that’re supposed to be published at their magazine.

  6. I agree with you both Sel and Sonn. Hehe… I didn’t give all the questions so there’s still something to watch out for.

    And I guess there are other personal finance advisors who were also asked with the same question. They will be the one to choose which one is the best. I hope they would still consider mine. Hehe…I guess James of PMT was also asked since I saw his email on the CC. 😀

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