financial security

Why You Should Put On Your Own Financial Oxygen Mask Before Helping Others

It’s no secret that money worries can weigh heavily on Filipino families. With increasing costs of living and the ever-present risk of a financial emergency, it’s easy to feel overwhelmed by the need for financial security.

But what if there was an easy way to make sure you and your family are always taken care of? What if instead of feeling like you have to constantly worry about where your next paycheck will come from, you could put on a metaphorical “financial oxygen mask” that ensures your family is secure regardless of any external factors?

In this article, we will explore why it is so important to make sure your own finances are in order before attempting to help those around you.

Setting a good example

The first reason to make sure your financial oxygen mask is securely in place before attempting to help others is that it sets a good example. If you are able to demonstrate that you are able to manage your own money and finances, this sends a powerful message of responsibility and self-care to those around you. This can be especially important for children or young adults in your life, as it can help to set a pattern of good financial habits.

Ability to help others

The second reason is that if you don’t make sure that your own finances are in order, you may not be able to effectively help those around you. If your finances are not secure, then any advice or assistance you offer will be less useful and may even put you in a precarious financial situation. To be able to provide support to your loved ones, make sure that your finances are organized, secure, and under control.

Increase your self-confidence

Finally, taking care of yourself financially can help to increase your self-confidence and overall feeling of security. When you have a solid handle on all of your finances and can see the progress you’ve made, it helps to give you a sense of accomplishment and stability. This feeling is crucial when attempting to help others with their financial matters, as it will give you more confidence in the advice or assistance that you are able to offer.

Helping yourself so you can help others

Putting on your financial oxygen mask first is an important life lesson that each of us should learn. It may seem counterintuitive, but by taking care of your own financial needs first, you are doing more to help your family in the long run than if you were to put their needs ahead of yours.

The concept of “putting on your own oxygen mask first” was originally introduced in the context of airplane safety: In the event of an emergency, passengers are urged to secure their own breathing apparatus before helping those around them.

Similarly, when it comes to our finances, we can’t properly help out our loved ones until we have taken care of ourselves. This means creating a budget and sticking to it; setting aside money for savings and investments; paying off debt; and avoiding overspending or making impulse purchases. We also need to create an emergency fund so that if something unexpected arises, we can handle it without needing to turn elsewhere for help.

No matter how much we might want to assist our families and friends financially, ultimately, their well-being depends on us taking care of ourselves first. The reality is that if we don’t have our finances in order, we won’t be able to provide them with effective assistance down the line anyway. And this isn’t necessarily just about money: It’s also about modeling good behavior for those around us—teaching them how they can take control over their own financial circumstances and become financially independent themselves someday too.

Furthermore, even though Filipino culture values close family ties and helping one another out financially, without proper planning these acts of kindness can lead to larger issues such as loan defaults or even bankruptcy down the road. It’s important that Filipinos recognize these potential risks and make sure they are putting their own financial futures ahead of any short-term gains from assisting others with money issues—or else risk sacrificing long-term security for short-term gratification.

It’s not about being selfish

It’s also worth noting that putting on your financial oxygen mask first doesn’t mean being selfish or not helping anyone who needs it—it simply means looking at each situation objectively instead of acting out of guilt or obligation only. When someone in the family does need assistance beyond what you can comfortably provide yourself, there are still plenty of other ways you can show support besides financially—such as sharing resources like articles or books on personal finance; offering support during difficult times; listening when needed; or even just giving a shoulder to lean on during difficult moments—all without breaking your bank account!

At the end of the day, understanding why putting on your financial oxygen mask first is important is key in being able to navigate personal finances successfully while still being able to take care of family members when necessary. With proper planning and understanding why self-care should come first when it comes to finances—we all have a much better chance at achieving success not only in our individual lives but also within our families overall!

how to be financially secured

How to put on your financial oxygen mask first

Neglecting one’s own financial health by trying to take care of everyone else first isn’t really a sustainable strategy. That’s why it’s important for Filipino families to learn and practice good money habits that promote financial wellness and stability in the long run.

So, where do you start? Here are some tips to put on your financial oxygen mask first:

1. Establish an emergency fund.

A big part of financial security is having enough saved up in case of emergencies. Aim to save at least three to six months’ worth of living expenses in a separate account that you can access in a pinch.

2. Create a budget and stick to it.

Your budget should include both income and expenses, and it’s important that you review it regularly. It’s OK if your budget is dynamic—you may need to adjust it based on changes in your life or financial circumstances.

3. Pay off high-interest debt and keep it low.

High-interest debt can quickly spiral out of control, so it’s important to pay it off as quickly as possible. Keep your new borrowing to a minimum—only take out loans or credit cards when absolutely necessary.

4. Invest in yourself and your future.

Investing in yourself can take many forms, from pursuing further education or training to investing in stocks and bonds. It’s important to do your research before investing, as well as understanding the risks involved.

5. Make sure you’re adequately insured.

In addition to health insurance, it’s important to have life and property insurance to protect yourself and your family. Make sure that you review the coverage of your policies regularly to make sure they’re up to date and that they provide enough protection for you.

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