Achieve Your Financial Goals Without Giving Up Your Favorite Frappe

We always hear financial advisors saying to give up your favorite Frappe or Latte in order to achieve your financial goals.

Honestly, I was one of them until I realized that we work hard because we want to ENJOY and LIVE LIFE!

That is why I formulated this 5-step guide on how to achieve your Financial Goals without giving up your favorite frappe.

CommonCentsPH 5-Step Guide To Achieve Your Financial Goal Without Giving Up Your Favorite Frappe:

STEP 1: Identify Your Financial Goal.

What is your goal? Why are you saving and investing?

All goals are financial goals because you need an money in order to pay for it. One exception is if your goal is to be an ascetic.

Is it to continue your current lifestyle with dignity after retirement?

Is it for your children’s education?

Is it for a house or a car?

Is it for a dream vacation or future business fund?

Whatever that goal is, you need to identify it and know the WHY.

We save and invest not for the sake of saving and investing but to achieve our dreams and goals in life. We save and invest now in order to buy our future.

STEP 2: Have a S.M.A.R.T. Plan.

When you have identified your Financial Goal, have a S.M.A.R.T. Plan.

For example, if your financial goal is to have a condominium.

Specific – 3 BR Condominium at least 70-80sqm located in Salcedo Village, Makati City. You can be as specific to what floor, developer, corner unit, located in east side, etc.

Measurable – How much is the Total Contract Price? How much is the down payment? Is there a discount if you pay in cash? What are the payment terms?

Attainable – Based on your current income and expenses, can you afford it? What can you do to increase your income or lower my expenses?

Realistic/Relevant – Can this be achieved in a realistic period of time? Do you really want this condo? Why is it important to you? Or are there other alternatives?

Time-Bounded – Can you pay it in full in 5 years? Or can you pay the down-payment in installment for the next 2-3years then loan the balance in the bank? Or is it better to save and invest the money for 10years and just pay it in full to get the discount?

STEP 3: Identify your NEEDS and WANTS

Needs are things that you need in order to survive such as food, water, clothing, and shelter.

Wants are things that are good to have but not a necessity in order to survive such as branded clothing, expensive lunch-outs, etc.

Take note that at this point, we are not eliminating anything especially your Favorite Frappe.

We are just identifying them.

STEP 4: Set a Budget

Now that you already know your Income(s) and Expenses and your Needs and Wants, you can set-up a budget.

The rule of thumb is 70-20-10.

70% of your income is used for your living expenses.

20% of your income is saved and invested.

10% of your income is used for charity, tithe, or for those who are in need.

Now, we go back to your Financial Goal. How important it is to you? Is your WHY strong enough?

If it is that important and is strong enough, what wants are you willing to lessen in order to have additional disposable income that can be saved and invested in order to achieve that goal?

You don’t need to give up your Favorite Frappe, you can just lessen it.

If you don’t want to lessen it, what other wants can you give up or lessen?


All plans without action is just a wish.

Execute your S.M.A.R.T. Plan and follow your budget.

Your Millennial Wealth Planner,

Harold Q. Gardon, CWP, CEPP

How do you find the article? Do you have any questions? Please feel free to message me if you want me to discuss a particular topic or if you are seeking financial advice.

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