I asked this question to a few of my friends, and came up with different answers. This was expected, since personal finance is personal. 🙂 Different ages, different professions, different priorities, different risk appetites. Here are their answers:
Occupation: Supply Chain Position
If I won P100,000 today: I would save it to buy a condo for investment purposes.
Occupation: Senior Specialist (Loans)
If I won P100,000 today: I would pay my credit card bills and setup an emergency fund.
Name: Storm Lejada
Occupation: Sports Analyst
If I won P100,000 today: I would donate it to a person I know who needs medical help. I know several people like my cousin undergoing dialysis, and a child who needs to have surgery to fix his excretory system.
If I won P100,000 today: I would give 10% to a charitable institution, then spend the rest for a trip to Japan.
Occupation: Rad. MD Physician
If I won P100,000 today: I would save it and use it only when necessary. Maybe travel if super stressed at work.
Occupation: Provisioning Engineer
If I won P100,000 today: I would use the P50,000 to pay for my insurance, and the other P50,000 to travel to Japan.
If I won P100,000 today: I would deposit P50,000 to my savings account, invest P25,000 in the stock market, and deposit P25,000 in my spending account. But if my wife was involved in the decision, I would probably only deposit P10,000 in the spending account and P65,000 in the savings account.
If I won P100,000 today: I would save it for my next baby (delivery/labor costs) or use it to pay tuition for my first child.
Name: Dom Quijano
If I won P100,000 today: I would put up a business (rice mill and mini grocery).
If I won P100,000 today: I would travel to Japan.
I feel like if the amount was P1,000,000, they would have had a harder time answering. I would be afraid to receive P1,000,000 in one day. I think it’s because I never really thought of spending a million pesos, whether for a car, condo, or down-payment of a house. I prefer paying in installments. If I did have that goal, I would start saving for it. When you have a goal and a timeline, it makes it easier to set aside money for it. If you have plans to travel next year with a budget of P100,000, it is much easier to put off that Starbucks Frappe, or buy the latest smartphone. If P100,000 sounds too big (P8,333 a month for 1 year), you can set a lower savings target, but always with an attached goal. If you can dream it. You can save it!