Most Filipinos of this age, while already in middle to upper management, have just tied the knot and find themselves facing large capital expenses -- for homes, cars, appliances, child care, and in the future, tuition. They are likely starting off with a very small nest egg, if any, having spent their savings on their fancy weddings.

"The problem is sometimes economics," Cecille says. "My husband and I often talk about saving some money but it almost always ends up as just that -- all talk."

Claudine Antonio proves the point with this bleak sketch: Her parents-in-law, who belong to the upper-income level, own their own business and travel often, still work to maintain their lifestyles.

"Inflation eats up whatever pay increases you have, plus you have unexpected expenses when somebody gets sick. Medicines and health care are so expensive," Monette says.

The good news is there's still time to prepare. Money saved now will still benefit from the miracle of compounding.

First, find out just how bad the situation is. You might be in for some surprises. Take stock of what you own, what you owe and find out your net worth. You also need to create a personal cash flow statement.

Second, set your financial goals. It has been said many times: If you don't plan on going anywhere, you'll probably get there! Here's a time to do some soul searching and ask yourself what you want to happen to you financially. Goals must be specific, realistic and they must include a timetable.

Fourth, get down to brass tacks. Stop dreaming and start doing. Carry out your plan and make sure you record your progress (or even lack of it).

Fifth, evaluate annually and recalibrate your pace or goals as needed. Here is where your record keeping will be very important. You don't have to review your progress monthly, but if you have the time and inclination, that can't hurt.

RFP Philippines, organized only last October, will hold its second RFP program in March on personal financial planning where it vows to demystify its advocacy and teach practical techniques.

AC Nielsen managing director Benedicto Cid Jr. recently told reporters Filipinos are now more conservative in spending money. Hopefully, he got it right. Concerns on the economy and political instability have made it even more important to save money. Without adequate savings, any of life's little surprises like sudden layoff or sickness, can catch you with your pants down. A fat savings account is the only thing between you and a very hard landing. Are you saving? If your answer is "Next payday" or "I can't afford to save" -- and it has been that way for some time, then you're in trouble. If you are saving, keep it up. If you aren't, start today. No need to wait for a big bonus. Start small to build a habit. Don't borrow if you don't know how you will pay your debt! Learn to live on what you are currently earning, including an amount for savings. You will not regret it.

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