14 Important Money Lessons
- By Moneymax
- December 19, 2014
Pay off your debt, invest your money, set realistic financial goals, and reward yourself. Over the last year, we’ve shown you more than a few tips, tricks, and lessons on how to save more, spend wisely, and improve your personal finances. Here we compiled a small list of money lessons you’d do well to remember as you get ready for another year! 1. Set financial goals. Set realistic financial goals. It can be big (buy a car in five years), or it can be small (save enough money for a new smartphone by the end of the year). Whatever the goal is, be sure to keep it clear and strive toward it. You know that feeling you get when you accomplish a goal? It’s like winning the World Cup! 2. Seek financial help. They always say that no man is an island, and we can’t survive alone. This is very true when it comes to finances. Financial advice can help you manage our money better, and direct them to better outlets: a time-deposit account, a stock or bond investment, or even through real estate. Never be afraid to ask questions about your money! 3. Stick to a budget. Learn how to manage your finances. Budget your monthly salary and allocate your money properly among your regular expenses: groceries, utility bills, the rent, credit card dues, and so forth. Don’t forget to allocate some of your money to personal savings and your emergency fund! 4. Build or repair your credit. Get a credit card to start building your credit. Pay your…
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Top Industries with High Bonuses to Employees
- By Moneymax
- November 30, 2014
Not all employees receive a so-called Christmas Bonus, but everyone must receive a mandated 13th-month pay from their employers. According to Presidential Decree No. 851, all rank and file employees, regardless of status, who have worked for at least one (1) month are entitled to receive 13th-month pay. 13th months pay is computed from the amount of one’s basic salary divided into 12 months multiplied by the number of months an employee worked on that year. For instance, you are receiving a basic salary of P20,000 per month and started July on that year, you will receive P10,000 as your 13th-month pay for rendering six months as an employee. According to a report from Jobstreet.com.ph, there are specific industries who have been generous to their employees, giving regular bonuses on top of the 13th-month pay. Refer to this infographic: [tags] MoneymaxWith a goal to help Filipinos lead healthier financial lives, Moneymax regularly publishes tips and tricks on personal finance and lifestyle, among many other topics. For more finance-related news and articles, follow Moneymax on Linkedin. www.moneymax.ph
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5 Things to Consider Before Buying Your New Home
- By Moneymax
- October 31, 2014
Who would not be excited at the thought of owning a new house? If you have the money, it could be all fun, but if you think it’s going to be a long and a big responsibility, there should be a lot of considerations to reflect on. Take time to review these reminders: 1. Credit Management Do you think you can be approved for a home loan? Do you think you have a good credit history? Sometimes, we think that having no credit history is a good thing because you are not indebted to anyone. Little did we know that it is a gauging factor of how good of a borrower you are. When you apply for a home loan, your bank will request for any proof of billing. This should be a utility bill under your name, credit card billing statement, or an existing loan to know how much is left after all the bills from your income and to measure if you can pay the future home amortizations as well. 2. Home Loans Comparison Compare all the home loans in the market to know if you have the best deal fit for your budget, time and needs. Usually, you have to consider the monthly interest rates, review the tenure of your loan, along with other factors. Your home loan is one major part of the overall cost of your new home. 3. Location-Hunting The location of your future property is as important as the property itself. A strategic property is usually more expensive, but it’s worth every peso. Imagine…
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Living in Manila with P15,000 income
- By Moneymax
- October 28, 2014
Today, the minimum wage in NCR is at PHP 466 per day which is rough around PHP 10,000-12,000 monthly depending on the number of working days per month. People earning this range are mostly entry-level staff and those who provide general services in companies and government offices. Read more: Personal Budgeting Made Easy While some with better education for an entry-level earn more or some people who took time and performed well for a raise. Or for some business starters and freelancers who earn around PHP15,000. Here’s how to make your meager income enough to survive the everyday expenses: Change attitude towards money. For some, earning PHP 15,000 a month is just enough; for some, it’s an everyday struggle to actually make it to the next payday. The difference? Their lifestyle. People’s attitude towards money differs from how they were raised and how their way of life every day. To be able to achieve better results, be willing to change your routine for the better. Adjust to what is constant. You can’t change the fact that the minimum fare is at PHP 8.50 while the cost of fuel is around PHP 50 for gasoline. The prices of basic commodities are constantly fluctuating while your salary is steady. Though it’s never easy, you have no choice but to adjust the budgeting even if it means more expense to the constant income. List down your expenses vs. your income. Considering you’re renting in Manila in a household of 4 and working as an employee for a PHP15,000 income and commuting every day. This…
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Miriam Barredo: Buying a Condo is not as easy as it seems
- By Moneymax
- October 15, 2014
For my first post here at MoneyMax.ph, I would like to share with you a personal experience when I and my husband planned to buy a condo for our retirement. May this serve as an eye-opener to anyone who plans to buy a condo for investment or otherwise. More than 3 years ago, while strolling inside SM North EDSA, an SMDC agent approached and showed us a pre-selling purchase plan for their Grass Residences Tower II. As you know, the package was attractive because it offered an interest-free installment plan on the 20% downpayment for 36 months plus a discount equivalent to the VAT. My husband and I are a middle-aged couple whose children have graduated from College. At that time of our life, we did not have any significant savings as our earnings were spent mostly on our children’s needs – education, food, shelter etc. Being car sales agents, our income was erratic so we saved when we could. However, these savings were always used up during lean months. The SMDC agent brought us to their model unit within the mall. We felt excited at being able to buy a small place of our own. Our most important question then was: Would he be able to get us an approved housing loan considering we’re sales agents with unstable income? His answer was logical: If you can pay the monthly installment for 36 months and has a good credit record for a loan, why not? We also viewed this purchase as a venue for investment, too. Instead of just putting all our savings…
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Should You Merge Your Finances After Marriage?
- By Moneymax
- September 15, 2014
Generations ago, merging finances is not a problem. Maybe because before, the man is the one expected to work while the woman stays at home, managing the finances. Read More: 7 Investment Tips for Newlyweds Now, because of many complicating factors including Filipino families struggling to provide the needs of the family, equality of rights and responsibilities, and up to the extent of issues regarding men’s ego and women’s hormones, both parties need to work and will have each of their own sources of income. What comes after is the real deal. So should married couples merge their finances? The short answer is ‘Yes, but not all’. Here’s why: There are actually different answers as different solutions work for different couples. For instance, some people get married older than the majority. Then these couples or one of the two may be financially-established already so merging finances might seem like too much trouble, especially if there are no prenuptial agreements. Generally, it all depends on where you are financial as individuals – how much you trust each other, and how well your spending and saving habits blend. Let’s trim that out. On Trust… Blending your accounts doesn’t equate to trusting your partner or not doing so means you don’t trust them. Before you even think about marriage, one of the big questions is how well you trust your partner to manage your finances. If you don’t at all, or if you worry that your partner will send you both into debt, you might want to take a step back from the entire…
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Beautify Your House on a Budget
- By Moneymax
- September 12, 2014
They say that no matter how unattractive the house is, as long as there’s a family in it, it’s already home – but who wants to say ‘No’ to a beautiful house? We know there’s always an itch in you to change something in your house – even for no reason. With a little budget and meticulous research, you can make your dream place possible. Start with these steps: Living Room Make your sofa set the centerpiece of the room. Instead of buying expensive jars and tables, invest on a good sofa and enhance it with throw pillows with different sizes and covers. Create an artsy look by hanging pieces of affordable frames of varying sizes with your favorite portraits. Adorn your windows with vibrant curtains that will make your space in proper and natural lighting. Choose colors on your paint to transform your space to a modern look. If you have more on your budget, buy a carpet. Bath Room Spruce up your bathroom sink by placing a trendy fabric around the pedestal sink so as not to expose much of the plumbing. Put a small plant on it – choose plants that grow well on moist areas like lilies and ferns. If you also like it, embellishing a shower curtain can give your bath room its own personality. Kitchen and Dining Room If you have a small kitchen, go for hanging racks and open shelves to be space-saving. Dress up the chairs to give a homey, personalized look without blowing your cash. Bedroom Spice up your bedroom walls with…
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Money Tips for Single Parents
- By Moneymax
- August 6, 2014
Most people say that the hardest job you’ll ever have is to become a parent. It is not just a desk job that lets you work from 9 to 5. You are at this job 24 hours a day and 7 days a week. And it’s ‘double the trouble’ when you have to do it all alone. Read more: Single? 7 Awesome Ways to Spend Valentine’s Day Here are some of the easy-to-follow saving tips for single parents like you: Savings for child care expenses Before you hire a babysitter, try to ask help from friends and relatives if they can take care of your kids while you are away from home. Raising a kid has a budget to consider like the babysitter fees. Babysitters are expensive nowadays, and trust is the biggest issue to consider. Shop online For hassle-free shopping, you can shop items from the Internet. You may avail the items you need on discount when you buy online than on physical stores. You don’t even need to waste gas or take a long trip just to get to the store and buy the stuff you want. You just need to complete the payment transaction by using your credit card. Read More: What is a Solo Parent ID and How Can I Get One? Track income and expenditures Knowing what, where, when, why, and how you spend your money can help you save. Are you the type of person who’s fond of keeping the records or receipts of your purchases? This act can help you keep track of your expenses….
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Financial Advices We Learn from the Bible
- By Moneymax
- July 7, 2014
Many believed that the Bible teaches us to be anti-money or anti-rich, but if you devote your time reading through it, it will show all of us that we really need to have our finances aligned. Here are verses that will enlighten us on money management: 1 Timothy 6:9-11 “For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.” We often hear “Money is the root of all evil” but we forget the phrase from the verse, “the love of money” and its true context. Money could be the root of all evil but more so of the lack of it. Many people are trapped into the temptation of excessive money and lavish lifestyle, more than what really one needs. With that, people get the impression that money is always bad – it’s not. Money should be an instrument to give you and your family a good life and help other people to feel the same way. Proverbs 3:9-10 “Honor the LORD from your wealth and from the first of all your produce” This means a proper allocation of your wealth. Obligate a portion for your needs, a portion for your savings and most importantly commit a tenth of your income to the Church or your place of worship. Also, it is said that the more money you make, the more you should give. The more spend on yourself, the more you should give for charity. Proverbs 13:11 “Wealth obtained by fraud dwindles,…
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Friday night on a budget
- By Moneymax
- July 4, 2014
After a stressful week of work…Finally, Friday. You can still enjoy a Friday night with friends even if you don’t have enough funds for it or it’s not #PaydayFriday just yet. Count the ways: Don’t stay late at work. If you prepare for work, prepare also for your Friday night happenings. Start your day right, do what you have to do within the day and finish everything as efficient as possible. If you leave early at work, you don’t have to worry on commuting in your work jungle. Also, less expensive as you don’t have to rush and take a cab. Nothing important can happen before Monday anyway so clean your desk in your mind, and enjoy your Friday night! Arrange a house party if possible. If you have a place, it’s much cheaper and more comfortable at someone’s home. You don’t have to worry that much on your alcoholic behavior, plus food and drinks are more likely to be much cheaper compared to the bars and restos. It’s also pretty laidback because you can relax better, vomiting is not so much of an issue, no one will judge you on public display of affections. And the best part is that you can stay late at night or even until the morning without worrying on the bill and going home while you’re drunk. But if not possible, be wise on your location. Since you should be researching on your Friday getaway ahead, you should find the best deals and promos in your area for better value for your hard-earned money….
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5 Reasons Why Pinoys Overspend
- By Moneymax
- June 26, 2014
1. Bandwagoning Among all documented forms of groupthink in behavioral science, the bandwagon effect is the most evident in Philippine society. Anything that is making a lot of noise and reaching the headlines in other countries is guaranteed to trigger a buying frenzy among Pinoys. The most recent trends that have caused a bandwagon effect in the country are Cookie Butter, cronuts, selfie pods, and LoomBands. 2. Cultural Traditions There are practices, rituals, events, and occasions that Filipinos religiously follow. Sometimes even when the times are tough and some practices do not fit our budget, we overstretch our finances just to be able to adhere to what our forefathers have instilled in us. For example, it’s perfectly fine to give back to the Church or whichever religious organization we belong. However, some people who are not careful with religious offerings end up hungry, financially stressed, or in debt. In this case, faith is not measured by how much money you’re giving. If you can’t afford to tithe 10 percent of your salary, then don’t. Give what you can, and make up for your shortcomings by doing good deeds. It is okay to follow family and cultural traditions, just remember to align your spending with the amount you can only afford. 3. Love for Brands – Mostly Foreign Brands Let us not turn a blind eye on our love for brands – especially for foreign brands. Surely, no one wants to admit being a social climber, and most Juans would justify their love for brands by saying “I can afford it.”…
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5 Reasons Why You Will Retire Poor
- By Moneymax
- June 22, 2014
The average life expectancy in Asia is 75 years. Retirement age is on average at 60 years. That leaves 15 or so years for you to enjoy your pension funds—or will you? Do you honestly believe that your SSS or private pension fund would be enough to sustain you after retirement? Or are you picturing a more comfortable, even a bit of a luxurious life, when the time finally comes? Whatever you picture your lifestyle would be when you retire, you need to ask yourself if you’re doing something right now that helps you attain the kind of future you want. It may be that you’d have children who will assist you in your retirement, but you might also not want to burden them when you get old. It’s up to you to prepare for the future and there’s no better time to start than now. The average Filipino worker has a tendency to live payday to payday; but you can end this cycle. You think it’s a bit too early to be thinking about retirement—and you’d be wrong. If you want a comfortable retirement for yourself, here are some problems you should start dealing with starting today: 1. Underestimating Costs After retirement, you’d be getting a steady stream of cash flow aside from pensions and social securities. Some might think this is enough, but it isn’t. The cost of living in the country is steadily increasing. The prices for groceries, rent or mortgage, transportation costs (commuting or gasoline), and just about anything is getting more and more expensive, yet…
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Life and Money Lessons You Can Learn from Game of Thrones
- By Moneymax
- June 19, 2014
On being money smart On saving money On paying debts On having a contingency fund On your real value without money On how money affects people On freedom [tags] MoneymaxWith a goal to help Filipinos lead healthier financial lives, Moneymax regularly publishes tips and tricks on personal finance and lifestyle, among many other topics. For more finance-related news and articles, follow Moneymax on Linkedin. www.moneymax.ph
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Are You Willing to Spend your Personal Emergency Fund for Others?
- By Moneymax
- June 17, 2014
Pinoys have been branded with extended family ties – we take into account the responsibility of taking care of our families – our mothers, fathers, brothers, sisters, lolo, lola, auntie, cousin, nephews, friends and so on – the list is just unending. For someone who has financial plans and even an intact emergency fund, the urgency of a financial emergency of a loved one wouldn’t be dismissed, but the helper’s financial plans may not materialize at all after helping out. If you are one of these helpless people with a big heart, here are some ways on how to cope up other people’s money emergency: Confirm the emergency details. You have all the right to make sure that your money will be really used of an emergency situation. If a loved one approached you, ask about the details and make sure that the situation is really an emergency. If your niece is asking for a loan for a One Direction concert, then I guess that doesn’t qualify for an emergency. Read more: Reasons to Build an Emergency Fund (And Why It’s Different from Savings) Put on some limitations. Helping others is a great act, but if your loved ones are abusing you, then I think it’s time for you to harden your heart a little bit and be stern. If he or she have come to you several times already because of debt, ask him or her not to go around borrowing money. Instead, do this next step. Offer a help on financial management. If it’s really bothering you that…
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Saving Tips When Shopping with Your Kids
- By Moneymax
- June 14, 2014
One enjoyable family weekend bonding is grocery shopping. It can be nice to bring along your kids to the supermarket to involve them in at least the most fun activity of the household. However, will the level of fun be the same when their impulsive wants and tantrums cost you more than your budget? It could be challenging! Amidst budgeting and grocery list, you are more prone to overspend whenever you are with your kids as your grocery bonding could be an over-stimulating experience. Here are ways to make the process smoother (a.k.a staying sane): Express Your Purpose Give your kids the reason why you are going out of the house. Let them know in advance that the only purpose of your trip is to buy food and grocery supplies enough for the week or the month. Make sure you prepared a list so you could make the trip as quick as possible. Educate them on what to expect especially on how you want them to behave in the supermarket. Pick One If you think you can’t handle the tantrums, allow them to think of one item in advance before conquering the store. This will give you the idea of the cost beforehand and be able to bargain for other options if it’s not within the budget. This will refrain your child from wanting another thing because he should stick to your agreement. Break the Piggy Bank If your child owns a piggy bank or a savings account and saw something they want in a store, tell him it is…
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How to Avoid Being Broke
- By Moneymax
- June 11, 2014
Making your financial situation under control is like finding the right balance in your life. And as any other things that life throws at us, finances doesn’t come as the easiest and most convenient to manage. There always comes a time wherein you’d get broke and cash-strapped and you have no other option but to borrow money. Read More: 5 Mistakes You Will Regret in Your Lifetime We know it’s easier said than done, but it’s better for you to be reminded on how to avoid pitfalls that will make you suffer financially: 1. Re-align your mindset. The most important factor to recover from an awful situation is to change your mindset. If you keep on instilling in yourself that it’s hard for you to recuperate – that you don’t want to change your situation – it will really be hard for you. Be positive about your situation plus have a corresponding plan and action points to back it up. Worrying can only attract more negativity and will lead you to nothing. 2. Modifying your lifestyle. The golden rule about saving is to spend within your means – it is the direct reason why people get broke. Here are some scenarios: A high cost of living – this means your home and all your utility bills. Experts say that you should only spend around a one-third of your income on these kinds of expenses. If you’re spending more now, try to make some changes by finding a roommate, or look for a cheaper apartment. You can also cut your least used…
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8 Money Tips for Commuters
- By Moneymax
- June 10, 2014
Commuting has been the best way to transport in and around the metro for small- to medium-wage earners. Commuting options are increasing nowadays to ease any possible problems of the commuters. Try to play around with the options and get the best and cheapest ways when traveling. Here are money-saving tips for all your dedicated commuting public: 1. Walk, walk, walk. There’s no thriftier way than walking. If you’re just minutes away from where you’ll go and you’re early, take a walk – it’s free and healthy. After all the health (and wealth) reasons, boost your vitamin D. It only happens when you’re touched by the healthy morning sun. 2. Take the train. Yes, these trains are jam-packed every day. But, factors such as traffic, time and money saved can make you ride everyday, like most commuters in the Metro. The maximum amount you pay is just PHP15 on the farthest station. Plus, you can still have your last ride when you buy and MRT/LRT Stored Value Card worth PHP100, even if it only has PHP1 left. 3. Avoid Rush Hours Don’t ruin your day with the long queues and start your day on a positive note. Sleep tight, wake up early, go to work earlier than usual and for sure, you will save time and money by avoiding things that will stress you out the whole day. It may not be a ghost-town-like feel, but for sure, avoiding these rush hours is a big help. 4. Arrange Items in your Bag Make sure that the most important things in…
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6 Most Fulfilling Jobs in the World
- By Moneymax
- May 29, 2014
To some people, their job is their life. They don’t necessarily need to get paid six-digit figure salaries, but still enjoy their line of work. Sometimes, these people work as volunteers, working for the love of the job instead of for the money. These are the kinds of people who are worth looking up to, who are role models, and who serve as an inspiration. The jobs they are in don’t necessarily reward them with riches and luxuries, but they are rewarded with something beyond the materialistic. 1. Red Cross Volunteer Red Cross volunteers work part time or full time and are often sent to places in their home country or around the world. They receive training for first aid and other important skills for rescue and relief. Most Red Cross volunteers agree that their job gives them the greatest satisfaction when they’re able to make a difference and are able to help out people in need. 2. UNICEF Ambassador It may not be easy to become a UNICEF Goodwill Ambassador, but working for UNICEF itself is fulfilling already. Those who work with UNICEF may have a long-term or short-term occupation involving education, nutrition, or medicine, all of which are geared towards improving the lives of children around the world. A lot of UNICEF workers find the job challenging, but extremely satisfying. How can it not be? You see the smiles of children at the end of the day; that in itself is a fulfilling job already. 3. Social Worker Social workers are those who deal with improving the lives…
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Should You Lend Money to Friends?
- By Moneymax
- May 28, 2014
The short answer is “Yes, if you can.” However, be mindful of the following consequences. When a friend or a family member needs to borrow money from you, the feeling can be overwhelming especially if you know that you can help. But if things do not go as planned; payments are delayed and when you simply cannot get your money back, your relationship with that person might be at risk. Lending money to friends can be unmanageable and cumbersome. If they come to you now to borrow money, here’s what you should do: Ask if they need your help It took them a lot of pride to come to you even if you’re friends and related to each other. It will take them even more pride to ask. You don’t like more of that so take the chance to ask what they need. Be sure that there is a sense of necessity and urgency in the situation. Offer alternatives As much as possible, don’t lend money. Instead, come up with a great alternative like a legwork to something or some groceries, depending on what they need. You can also provide them with income generating opportunities that you know of. Explain the burden of having a loan. Be mutually clear about your terms Now, if you’re left with no other choice but to lend, treat it as a formal business transaction. Do not let it get in the way of your friendship. Tell them this is a one-time thing. Yes, because you’re friends. Set your terms whether you allow them to…
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RCBC MyWallet Visa Cards
- By Moneymax
- April 20, 2014
If you have no intention to open a deposit account but would like the convenience to avoid carrying cash around while maintaining your purchase ability, the RCBC MyWallet Visa Cards may be just what you are looking for. Read More: Cash Advance Of Credit Cards: To Do Or Not To Do? What is a Prepaid Stored Value Card? The RCBC MyWallet Visa card is a reloadable multi-purpose prepaid stored value card. It is one of the leading prepaid stored value cards in the industry. A prepaid stored value card provides the cardholders with the convenience of making cashless purchases without going into debts, as the cardholders will never be exposed to the risk of overspending, since the prepaid stored value cards do not provide overdraft facility. The maximum amount a cardholder can spent per transaction is equivalent to the fund on the card. How does it work? Your spending is limited to the amount you load for the card. Each time you use your card, the purchase amount is automatically deducted from your MyWallet Visa card balance. To activate your RCBC MyWallet Visa Card upon purchasing, you need to deposit P120 while P100 is readily available for withdrawal. In addition, there is no minimum maintaining balance. The only restriction is on the maximum ‘topped-up’ amount. Each cardholder can only load a maximum of P100,000 per month regardless of how many MyWallet cards the cardholder has. The MyWallet Visa card and the value stored therein is not a deposit account. Thus, any money loaded for the card will not earn the cardholder…
