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How to Increase Your Income to Start Investing

Last month, I set a money challenge for myself and that is to save and invest for a trip to Australia. It is my first time to save for something specific. Many of us moms know how to save and be frugal in general but like me, choose not to have any specific goal.

Part of my challenge is to use an app called Wally and already, I have listed down every expense that I pay for: for myself, work, social, and family. Nagulat ako sa dami ng gastos. Last month, my expense almost matched the money I made. Wala na halos natira. Based on the app, 63% of these expenses are made for my family and 37% are personal or pang-sarili lang.


It’s easy to be discouraged by this situation especially when you know that you work hard, you are frugal, and you already limit your expenses. Still, your income is not enough. Remember, I need to save more or less Php 100,000 to travel to Australia with my son. Huwag nalang kaya at baka wala na akong pang tuition next year? Then I reread my previous blog post and felt my determination then to show everyone I can and I will.

Speaking with a Financial Advisor

Kendrick Chua, Sun Life Financial Advisor is teaching me what the Index fund is all about. He uses a newspaper to illustrate what companies are included in this fund. (I posted below his contact details).

The last time I met my financial advisor was December last year or should I say, only when I have extra money to invest. This happens rarely nowadays but that said, I guess it was time to receive money advice again. Like an old friend, I updated my financial advisor on my current situation plus the ultimate question: how can I save Php 100,000?

My target travel date is March 2017, he said that I have more or less six (6) months to make this happen. Here is his advice: I need to save and invest Php 10,000 every month for six months to reach my goal. Wow! P10,000, paano? Here are some ideas I came up with and have started doing.

Some ideas to increase your income (so you can start investing)

1. Sell your stuffalam ko na yan, pero kailan mo huling ginawa? Me – two years ago. Stuff easily accumulates in the house, most of them we don’t really need. I started taking photos of all the things I want to sell and posted them on Facebook for friends, neighbors, and colleagues to look at. Virtual garage sale!

Result: I keep all the money I made from selling unwanted and extra stuff. Now I have budget for the sari-sari store. Based on the Wally app, madalas akong bumili ng mga gulay at iba pang ingredients dito. Now that I use extra income to buy vegetables, etc. it is one less expense to deduct from my main source of income.

2. Upsell your skills – if you are a work-at-home mom like me, chances are you have other skills up your sleeves. For example, aside from writing you also know how to manage social media pages or even setup simple websites. To achieve my goal, I started offering other services to the people I work with. Maybe I can even look to apply for other part time online jobs!

If you are a working mom in an office setting, do explore other areas of the business operations where you might have the opportunity to help or add value. Also check if there are job openings within the same company that offer a higher pay. Do communicate your intent (and your goal) with your employer to give them the opportunity to help.

3. Know your value – it’s not enough to take on additional jobs, the jobs you take must be worth your time and effort. I read a similar advice from a fellow mom, published on Brighter Life. There are many potential part-time jobs but sometimes the pay is not substantial. Or, if you are already in this situation – don’t be afraid to negotiate a raise especially if you have established a good working relationship with your client. Sabi nga nila, hindi mo malalaman kung hindi ka magtatanong.

Tip: Use the Wally app to track your work-related expenses i.e. transportation, food, childcare (when you hire someone to look after your children), etc. to find out how much you really earn.

Changing our Money Mindset

Personal finance expert Aya Laraya once said that “mindset greatly influences behavior”. Before I set this challenge for myself, my mindset was that I am happy, I eat three times a day, I am okay and I do not need to change anything because I already know.

However, one month into the challenge, I realized I knew nothing about where my hard earned money was going (expenses) and how tight my income really was.

Let us change our mindset to believe that we can do more if we want to. It is not bad to be contented with what we have but it is not bad to dream of a better life either. Instead of dwelling about limitations like time, the new sacrifices we need to endure, and imagining the extra work we need to do to achieve our goals – let’s focus on the wonderful idea of having money for life.

Contact details of Kendrick Chua (Registered Financial Planner)
kendrick.c.chua(at)gmail.com
0917 521 2482

Do you have any more tips and advice on increasing income or reducing expenses? Please share them by posting a comment below.

Mommy Lace is a blogger from the Philippines. She started this blog to share information on pregnancy, breastfeeding, childcare, family, and health.
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by Mommy Lace.

  • louisdelosangeles_cpa

    Our mindset towards money truly will be the key towards financial freedom

  • Thank you Louis for reading, yes and good luck to all of us :)

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