Change the Equation

savingspiggybankDid you have a piggy bank as a child? I think most of us had one. If many of us did, how come many find it difficult to save as adults?

There are studies showing that  only 1 out of 10 Filipinos are consciously saving.

And that Filipinos have low financial IQ. As a result, many  think bleak about retirement.

Doctors do not really have a set retirement age. We are different  because we do not enjoy  retirement benefits  like our friends in the corporate world.  When we stop seeing patients, so with our income.  We when are sick or on vacation, we don’t get paid a single centavo.  These should convince us to save for the rainy days.

Everybody knows that saving for the future is important. But actually doing it is another story all together. As a start up doctor, I thought I never could.

An investment and financial planner friend told me that 80% of his job is changing that mindset.

When the client adopts a  new way of looking at saving, everything else comes easy. The difficulty is in thinking it is impossible with little that we have at the start.

Savings = Income-Expenses.  This equation almost always yielded zero . I was discussing this equation with some residents.  I was relating how often this equation yielded zero when I was starting until I changed the equation.


This changed everything. Suddenly, there was something. Little by little it grew. Small steps that eventually yielded much.

One parent gave me a tip on how she taught her children to save.  She bought them a transparent  piggy bank. In that way, they see how Mr. Piggy gets filled up as they put more and more coins. Maybe we need to do that.

Got other tips to save? Please write them on the comments below.

Change your mindset. Change your equation.






Image: Ambro/