In the Philippines, retirement from employment usually comes at the age of 60 or 65 years of age. With the lower house approving a bill that can alter the retirement age of government employees to 56, the expectation of getting the benefit early is much anticipated. On the other hand, in the K to 12 Curriculum of DepEd the subject in Consumer Math has been included in the regular lesson of Grade 7 students in secondary schools. With the lawmaking development and the current progress in learning, we are led to link that pension and consumption are connected with the proper handling of money.

The basic core in handling personal finances is in being equipped with the understanding of the needs and wants in life. Looking deeper, we can be in a better position to manage our finances based on the resources available when we make a distinction between the necessities and the non-essential. Non-essentials are different from needs since we can go on with the routines of living even without them. Putting it together, they are the wants in us that can wait until we are ready to deal with them.

When settled between the distinction of the needs and wants, we have to see to it that every spending is always dependent on the income that is earned. In this predicament, it will be safer should the earning and expenses are at a breakeven. Unfortunately, it is not always the case.

In the absence of a monthly budget the shortfall usually reflects the spending habit of income earners. In short, the available resources are often not enough because of higher expenditure and the effect of inflation.

Making both ends meet is the concern of many nowadays. All of us have to contend with the law of supply and demand. When the demand is higher than the supply it is expected that the price of the basic commodities will increase. It is in this juncture when an individual should carefully look with impulsive spending habits. A simple plan in the utilization of the budget will be of help in the carry over. Importantly, it will also be of help to a wage earner to realize that a budget is not to be equated as income and expenses alone. It will be an advantage when earnings as available resource can be provided first with a certain percentage allocation to savings.

For example, when the payroll is out with a net receipt Php 20,000.00 and simply take away 10% from it will be Php 2,000.00 to savings. Done with discipline, economic stability can be maintained with the growing extras as fallback to contingencies, future plans and even wants. It is also good to refrain from the use of credit cards. They can be very tempting to unwarranted expenditures. It is the same in making a loan, without the useful purpose in applying for one, the cost to pay will be higher with the interest attached to it.

Should the employment income is not always enough, it is but fitting to be intuitive by engaging in other income generating activities during the free time as a practical fallback. Another is putting value to the worth of money, before a peso is spent have it as an earning asset first.

Handling money is neither hard nor easy it is just a matter of simple, practical and disciplined financial management.