Proper money management: the 4-way test of spending

The global financial crisis has definitely made an impact on people’s spending habits. During these tough times, how can Filipinos make sure that every peso is well-spent?

According to Alvin Tabanag, a registered financial planner and author of the book “12 Steps to Build Wealth on any Income,” there are four questions one must ask when purchasing an item:

1. Do I really need this item?
2. Can I afford to pay it in cash even if I don’t charge it?
3. Do I really have something that serves the same purpose?
4. Have I found the best value for the item?

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