Nelson Morales

The best things in life are free, including personal finance tips

Article (news)

Aneth Ng-Lim

Taking refuge from the downpour this week, I found myself lounging in Starbucks longer than usual. I picked a spot by the door and saw a rack of neatly packed soil compost. Curious, I came closer and discovered they were being given away for free!Turns out Starbucks bags up their spent espresso and coffee grounds. These make for great soil compost that feeds soil microbes, adds slow nutrients, helps sandy soil hold water, and loosens hard clay soil. Plantitos and Plantitas will surely delight in using them for pot toppers or in their gardens. I brought home a bag, and my small garden is happier for it.But what made me happy was getting something for free, with nothing expected in return. No free umbrella if I sign up for a loan or credit card, or free dessert if I spend thousands on a restaurant meal. The soil compost was simply there for the taking, and you could get one too without having to even buy anything from Starbucks.This made me think of why I started writing Paying It Forward in the first place: to offer free advice on how to make your money work harder for you.When I started, I had access to financial advice from many sources, but much of it came with strings attached. The person giving the advice could earn a commission, meet a quota, or even sell a book. So I wanted to break away from that and share financial wisdom earned over many years that have seen ups and downs, losses and wins.Since then, I have written about everything from saving your first paycheck to preparing for retirement, from avoiding unnecessary fees to knowing when to say no to tempting installment plans. I have shared mistakes I have made, lessons I have learned, and plenty of reminders that sometimes the smartest financial decision is simply to stop and think before reaching for your wallet.I have always believed that personal finance should not be reserved for people who have a lot of money. In fact, the less you have, the more important it is to know where every peso goes.And so, week after week, for eight years, I tried to make money talk a little less intimidating and a lot more useful. If one column helped someone start an emergency fund, avoid a bad purchase, ask the right question before signing a contract, or simply feel a little more confident about managing their money, then I consider that time well spent.I’m taking a break from Paying It Forward, so let me leave you with a few pieces of advice that I hope you will carry with you.<div>#1 Watch your borrowing</div>Just because you can afford to put something on your credit card does not mean you should buy it. And just because you can afford the monthly installment does not necessarily mean you should go ahead with the purchase.Before you borrow, ask yourself if you really need it, whether you can pay for it without compromising your other financial goals, and what it will ultimately cost you.<div>#2 Keep saving</div>It is never too early and never too late to start. You don&#x27;t need to wait until you have a big salary or a lot of spare cash. Start with what you can, make it a habit, and increase the amount when your circumstances allow. A small amount saved consistently can become something meaningful over time.<div>#3 Start investing</div>Saving is important, but don&#x27;t let all your money sit idle forever. Inflation quietly eats away at the purchasing power of your money, so your long-term savings need an opportunity to grow.Learn about investments, understand your risk tolerance, and start with something appropriate for your goals. You don&#x27;t have to know everything before you begin, but you do need to begin learning.<div>#4 Protect what you have</div>Building wealth takes time, but it can disappear quickly when one unexpected emergency wipes out years of savings. An emergency fund, adequate insurance, and a little financial planning can give you something money cannot easily buy: peace of mind.<div>#5 Enjoy your money</div>Responsible personal finance isn&#x27;t about depriving yourself of everything you enjoy. What is the point of working hard, saving diligently and investing wisely if you never allow yourself to enjoy the fruits of your labor?Spend on the things that truly matter to you, but spend intentionally. Take a vacation.  Watch a play or a concert.  Eat a special meal.  Know the difference between something that makes you happy and something that simply makes you spend.Perhaps that is what I will remember most about writing Paying It Forward: that sometimes the things we give away freely can be the things that matter most.A piece of advice. A lesson learned from someone else&#x27;s mistake. A reminder to start saving. A nudge to think twice before borrowing. Encouragement to finally invest. Or simply the reassurance that you are not too late to get your finances in order.I have been lucky enough to write these words every week, but I have been even luckier to know that someone was reading them.So, for now, I am pressing pause on *Paying It Forward*.I say “for now” because I have learned not to make permanent decisions about things you love. And I have loved writing this weekly column.Thank you for every click, every share, every message, and every story you have shared with me. Thank you for letting me into your homes and your lives, and for trusting me with something as personal as your money.I hope I have given you something worth keeping.Until we meet again, thank you for letting me pay it forward.

I have always believed that personal finance should not be reserved for people who have a lot of money. In fact, the less you have, the more important it is to know where every peso goes.

I have always believed that personal finance should not be reserved for people who have a lot of money. In fact, the less you have, the more important it is to know where every peso goes.