SOME years back, when my friends and I were starting families, talk would inevitably go to family finances. How much is your monthly electricity bill? How much do you spend on groceries every month? Where can you buy the best bargains? How are you saving up for your children’s tuition? These were just some of the questions we would ask each other, and because we were friends, we had no qualms about basically revealing how much we were spending on everything.

Those talks helped because we would each give tips on how to save precious pesos and where to put our money so it would grow.

For instance, one friend said instead of buying a preneed education plan (premiums were high since her children were already in grade school), she would just put money monthly equal to a preneed plan premium payment in a high-yielding time deposit. It’s basically a do-it-yourself way of saving up for tuition.
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