Bills! Bills! Bills!â?� thought Lawrence as he reviewed his credit card statements. He only paid the minimum amount due monthly for each bill. He didnâ??t care about the interest that paying the minimum incurred, as long as he was not being sued for it. He enjoyed using credit cards.

Lawrence Decamora III learned how hard it was to earn money when he was very young. His parents were separated, and it was hard to make ends meet on his motherâ??s small income. He was forced to earn extra money to augment their expenses. While studying, he worked as a construction worker, or he sold snacks on the street and on buses. When he was in college, he worked as a guitarist. Lawrence graduated B.S. in Computer Science. He received his certification to teach from Philippine Normal University and became a computer language educator, and then a Sun Certified Java Instructor.

Life was simple until Lawrence received his first credit card. He was ecstatic that he had so much to spend. He totally dismissed the idea that a credit card was actually a debt that would have to be paid.

Lawrence learned to justify his spending as the head of the family and this attitude got him deeply in debt. Lawrence loved his mother and brother and wanted to provide for them and for his other relatives and friends, too. The truth was, he couldnâ??t afford to help them. He knew that he couldnâ??t give what he didnâ??t have, but his wrong concept of credit cards enabled him to help them. At this point, Lawrence was beginning to understand the consequences of his spending. He started reading books about finances and he consulted financial experts for advice. But it didnâ??t help; it didnâ??t change his lifestyle.

When Lawrence attended church one Sunday, the preacher talked about debts and how a Christian should live with integrity. The preacher challenged the congregation, "How can your life as a Christian be a good testimony to others if you are deep in debt?" Lawrence felt ashamed. He knew that he had been irresponsible and asked God to forgive him and to give him wisdom about what to do. He made a decision to make things right.

Lawrence stopped using his credit card. He paid his tithes. He took a second job and allotted all his salary from this job to pay for his credit card bills. On the days when he didnâ??t have to go to work, he sold peanuts on buses. He didnâ??t care if people looked down on him. He adjusted his lifestyle. He tried to live simply. He learned to say "no" to his relatives and to help them stand on their own feet. He learned the importance of purchasing assets, not liabilities. He confesses there were times when he wanted to give up but he disciplined himself to persist in doing the right thing. Finally, after more than a year, he was able to fully pay his debts.

Today, Lawrence still uses a credit card, but he makes sure he buys only what he can fully pay for on the due date.

Lawrence is married to Michelle, also a teacher and they are getting ready for their first baby. Lawrence is determined to honor God by the way he lives, â??I pay my tithes and give my offering cheerfully. I have peace in my heart."

Presently, Lawrence is the ITE Program Director of FEU-East Asia College.
 

Francis J. Kong graduated Magna Cum Laude with a degree in B.S. Commerce Major in Management in 1978. He has written 10 inspirational books and hosts a radio program called "Business Matters." He is a business columnist of the Philippine Star and a segment host of ABS-CBNâ??s Umagang Kay Ganda. He was the recipient of the 2006 Gold Quill Philippines Award for the public speech category sponsored by the International Association of Business Communicators. He was also a 2008 Dr. Jose Rizal Awardee for Excellence in field of Journalism.

You said when you were young, you wondered why some people were rich and why you were not.

Yes, my parents were not rich and I realized at an early age that people have different income levels. When youâ??re young, you donâ??t see that but as you grow older, you realize it, and you are kind of jealous of those who have money.

What motivated you to try to change your situation?

My family has no background in business. I knew I was not going to inherit any business from them. When I was in college, I thought my only chance to compete with graduates from more prominent schools for a job was getting a "laude" grade, so I studied hard.

When I started working, I noticed that my officemates would ask for cash advances from the office and I vowed not to do that. I was motivated by pride. I didnâ??t know it was biblical not to borrow money. But, when my wife gave birth by caesarian section, I had to borrow money. I talked to my boss and told him how much I needed. He looked at me and told me that he would consult the others first. When he said that, I locked myself in the CR and cried. I vowed not to allow this situation to happen to me ever again.

That event actually turned into something positive. It caused me to change the value I put on money, and changed my outlook on life. I worked harder and planned to go up from the bottom. I observed how the executives in my office conducted themselves. I took note of their careless lifestyle and noted that they were not engaged in learning more things. I began to prepare myself by investing in books to develop my abilities.

When you earned more, did you save money?

Money is just an instrument for exchange. We canâ??t just go on saving. We also need to learn how to make money, to create wealth. This is not a bad thing to do. Many Christians do not understand the Bible. They think making money is bad. If you look at Proverbs 31, the wife is a businesswoman, a real estate agent.

So, how do you make money?

Not everyone has the ability to become a businessman. Sometimes, someoneâ??s calling or career is to make other people rich. There have been company presidents who resigned and tried to start their own companies but they were unsuccessful. Entrepreneurship is not for everyone.

A man asked me how he could use P5000 to start a business. It doesnâ??t matter how much money you have. The question to ask is, "What are you able to do? What is the need in the marketplace? Are you competent and skilled? Is your skill marketable? Do you have the ability to market it? The answer to those questions is where you get your idea. If you can provide good service, you will prosper. The better service you provide, the higher the income. In other words, you have to consider a lot of factors when you open a business. You need mentoring, knowledge, and you need to equip yourself. Some people think if they own a business, they will earn a lot and they can do what they want with their time. That is not correct thinking. When you have a business of your own, you work longer hours and thereâ??s more pressure.

If you are not born to be a businessman, how can you have more money?

You work. You exchange your skill and time for pay. Ask yourself how you can package your skill and time in exchange for the money. Do you have the ability to upgrade your skill so that you can earn more?

If you are an employee, you trade your time and service and your skills for money. The higher level of skill you have, the higher you will be paid. If you are getting only so much, thatâ??s probably how much your skill level is. That is why studying is an investment. The more you learn, the higher your skill level becomes, the less people who know your craft, the higher salary you can demand. The market will even set the price for you. For example, I am looking for a floor sweeper. Everyone can do that so this person will get minimum wage. But if I need a person who can write, not everyone can do that, so they can demand a certain price.

There are people who take up courses that are not in their field or interest. Itâ??s a waste of time to get an MBA when you are skilled in mechanical, technical, or vocational fields. If you pursue the fields you are skilled in, you will earn more. You have to find out what is your gifting from God. I am gifted in conceptualization and communication so I am focus on that area and I continue to develop that.

Why do you think the poor people get poorer and the rich get richer?

Both the poor and the rich have 24 hours a day but if you observe how they spend their 24 hours you will find out that the rich work harder than the poor.

When you listen to what the poor and the rich talk about during a 24 hour period, you will notice that the poor talk a lot about money, new cell phones, tsismis. On the other hand, what do the rich talk about? They are talking about ideas and opportunities.

What do you think are the most common mistakes for handling money?

Most often, when we borrow money, we forget that itâ??s not our money. Once the money is in our hands, we think bahala na! Kasi malakas masyado ang emosyon, mahina ang pag-iisip.

We should put things in its proper perspective. First, â?Šyung inutang mo dahil kung minsan sa pangangailangan, hindi maiwasan pero dapat ma-cultivate natin â??yung hindi ka= makatulog hanggat hindi mo nababayaran yung pinagkakautangan mo. Hanggaâ??t wala â??yang pressure na â??yan sa puso natin, kahit ano pang pera ang pumasok sa â??yo, masisira ka. Mindset.

Secondly, we equate our value with the amount of money we have. We think we are worthless if we donâ??t have lots of money or we are important if we have a lot. The problem is, sometimes we have it, and sometimes we donâ??t. We forget that we are sons of God all the time, whether we have money or not. Thirdly, yung me pera na ako ngayon, â??yung gustong-gusto ko, puede ko nang bilhin.Mali na naman. In other words, the urge to spend. "Now that I got a promotion, I have money, I can buy my own house." Thatâ??s wrong unless you have enough to pay in cash and still have some left for other expenses. A house is a liability. It will become an asset only when you buy it, then sell it at a higher price. If all your money is tied up in that house, when an opportunity to start a business comes along, you have no cash.

Filipinos love their family. We sacrifice and borrow money to give them what they want.

Itâ??s called misplaced love. You think it is love but you are actually ruining your life and theirs. Necessity is different from wants.

God disciplines those He loves. If you really love your family, you will discipline them. The first thing to teach is delaying gratification, whatever you want, you have to schedule. If you give them everything, how will they learn?

Surveys show that children who were disciplined to wait are more successful when they reach the age of 20 than those who were not taught to wait. Relatively, most crimes committed are the result of vices. It is the parentsâ?? job to teach their loved ones the â??art and scienceâ?? of waiting.

How do you decide what to buy?

One good question to ask yourself is, before I saw this thing, did I need it? If you only felt the need to buy it when you saw it, then you donâ??t really need it. It is also beneficial if you team up with your spouse in deciding what and when to buy. You have to find reasons for what you spend, not excuses.

When is it okay to borrow money?

Talking from the borrowerâ??s perspective, if there are emergency situations and usually, this concerns basic needs like food, clothing and shelter, we have no option but to borrow money. Apart from that, never borrow money. Regarding shelter, sometimes, we can live with relatives temporarily.

From the vantage point of the lender, the Scripture says that when you lend, do not charge interest. Yes, itâ??s okay to collect payment because the borrower has an obligation to pay you. On the other hand, you could just give it to them. If they pay you, fine. If not, thatâ??s fine, too. You have to consider the borrowerâ??s situation. Sometimes, they want to pay but have no capacity to do it.

How does your faith influence how you use money?

A lot. The first part belongs to God. Everything starts from there. There are times that the Lordâ??s blessings are abundant and I ask the Lord what the extras are for. You can bless others with your money. When you have the perspective of looking for somebody to bless, you never run out of blessings.
 

Heat 1 tbsp cooking oil in a skillet over medium fire. Stir-fry about 2 tbsps chopped onion, œ cup of togue, Œ cup mixed chopped carrots and cut-up baguio beans, and crushed Œ chicken bouillon cube. Do not overcook. Remove skillet from fire. Put veggies in a strainer.

Heat a clean skillet over medium fire. Add 1œ tbsps cooking oil. Put 2 eggs, beaten with 1 tbsp water and a pinch of salt and pepper. Tilt skillet to let eggs line the bottom of the pan. When eggs are starting to cook, put veggies in the middle. Lightly lift the eggs with a flat spatula to check the bottom. When the eggs start to turn brown, fold over the veggies and continue to cook until just done.

1 cup Malunggay leaves, stems removed

Onion, chopped

Okra, cut into pieces
Bouillon cubes
Salt
1 œ cup water

Boil onion in 1 œ c water. Add okra. Bring to a boil. Add malunggay. Do not cover. Continue to cook until malunggay leaves turn dark green. Add bouillon cubes. Season with salt. For variety, you may use any of the following --squash, sitaw, sigarilyas, eggplant, mushroom. You may add fried or grilled fish or chicken if you want.

Iâ??m in my comfy office chair while holding my brand new paycheck with my 13th month pay. I imagine all the awesome things I can buy. Looking around at my officemates, I see a nice jacket. I need a better jacket and as I look down my feet, I smile because I also need new shoes!

Suddenly, my billing statements come in all at once and my balloon pops instantly! I bravely add all the payables and deduct from my check. My heart pounds as I punch in the equal sign of my calculator only a fraction is left!

Poor me, I pout. No shoes, no lakwatcha and movies, no boyâ??s dinner out, no gadget upgrades, and
no more weekend holiday get-away trips! I am now dealing with little money and I have no choice but to spend wisely and make my familyâ??s life as comfortable as possible.

Kuya, wala na tayo shellane, a reminder note is sticking on my computer monitor. It is a golden rule to pay all utang and responsibilities first. It will not only make my status quo look good but will give me peace of mind. I have to pay house rent and I cannot survive without electricity and water.

With determination, I go through all my expenses. I pay all my bills first--house rent, utilities, and credit cards. I donâ??t want to pay interest and double the amount after 6 months. Medicines and vitamins are important. They keep me healthy, feeling better and most of all, give me ability to work and earn money. Next are the things that keep me and my family goingâ??food on the table, transportation, and renewing eye glasses and contact lens when needed.

The art of buying groceries is just simple reading. Brands are not important but by reading the labels we get the good quality. When I buy cranberry and apple juice for my mom and sister, I get the 100% natural juice printed on the front because other brand is just 20%. Buy frozen foods only when you have the time to cook, or else, theyâ??ll spoil during brownouts. Look for the expiry date when buying "on sale" products and make sure it can be consumed on time.

Wise buying is not buying "On sale" but buying the right things on the right time. As my wife tells me every day, "Buy only the things we need."

Our Creator gave us a sound mind so that we could make contingency plans. This is part of being responsible. Most often, emergency situations require money. Wise people make sure they have available funds to deal with emergencies.

When it is already a struggle to meet our daily needs, it is difficult to systematically save for an emergency. However, that is what has to happen if we want to be financially stable. Financial planners teach us that income less savings equals expenses. If we apply this formula, we will be disciplining ourselves to live within our means and setting aside money to build an emergency fund.

Building an emergency fund is the first step towards financial stability. An emergency fund will protect us from incurring debts when we deal with unexpected situations. There is a lot of information available about how to build an emergency fund, but the main thing to remember is availability. The funds must be available when they are needed. In other words, some of the money should be in the form of cash at home, maybe another 50% in a savings account accessible by ATM, and the rest in time deposit or any account where it can earn higher interest but can be withdrawn anytime it is needed. The minimum amount to target for your emergency fund is 3 to 6 months of your usual monthly expenses. Things like sickness, death, or accident, should be covered by insurance, another way of addressing emergencies.

Use your emergency funds only for financial emergencies, never for luxurious spending, like buying expensive clothes, shoes or bags during a "mall sale." Also, whenever part of your emergency fund is used, build it up back to its original level as quickly as possible in case another emergency strikes. This maybe a simplistic guide but if applied with discipline, this will lead towards financial freedom.