6 Ways to Get Out of Debt Faster Despite Having Low Income
- By Moneymax
- June 24, 2021
Debt is an issue that many people contend with. The more you borrow, the harder it is for you to pay. The higher your debt, the more complex your life becomes. A lot of Filipinos are still wondering how to get out of debt on a low income. And the answer is not simple. Paying off debts sounds easy for those who are earning more than the minimum wage. But what if you’re living paycheck-to-paycheck, and you barely have enough left to settle outstanding debts? Dealing with debt when you have a low income is a difficult task. However, according to Lisa Aberle of Get Rich Slowly, “You have to be determined to challenge your comfort zone because no matter how uncomfortable it may seem now, challenging your status quo is hard.” It doesn’t matter how hard it is to get out of the debt trap. What matters is your will to break free from the agony of debt repayments. Table of ContentsThe Problem: Having a High Debt-to-Income RatioHow to Calculate Your Debt-to-Income RatioThe Bad Triggers: What Causes Borrowers to Stay in Debt?1. Debt Repayment is Not a Priority2. No Prepared Budget Plan3. Uncontrolled Spending4. Keeping Up with the TrendThe Challenge: How to Get Out of Debt on a Low IncomeThe Action: Budgeting, Spending, and Other Ways to Pay Off Debts1. Evaluate Your Situation2. Create a Spending Plan3. Find an Additional Source of Income4. Don’t Get a New Debt5. Consider Debt Consolidation or Balance Transfer6. Reduce Your ExpensesFinal Thoughts The Problem: Having a High Debt-to-Income Ratio Someone gets into debt…
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Be Debt-Free: Why You Should Start Paying Your Debts Now
- By Moneymax
- June 23, 2021
The pandemic taught us a lot of lessons, including the importance of being financially prepared at all times. With about 7.3 million Filipinos retrenched[1] since the start of the lockdown in 2020, you can no longer say “Bahala na si Batman” and leave everything to chance. The reality of poverty and mounting debts can haunt you while you fight the fear of contracting the coronavirus. And if the pandemic has triggered you to borrow money to survive, it should also be the same reason to pay back what you borrowed. Nobody knows when we’ll be facing yet another crisis like COVID-19. So, as we all shift towards the new normal, let’s plan out a financial goal and enjoy the benefits of debt-free living. Table of ContentsWhat is the Difference Between Good Debt and Bad Debt?Should You Pay Your Debt, Save, or Invest?Situation 1: Pay your debt first if the interest and fees are highSituation 2: Save the money if you’re on a fixed interest loan agreementSituation 3: Invest your money if the potential return is higherWhy Should You Start Paying Your Debts?: 5 Benefits of Debt-Free Living1. Being Debt-Free Gives You Peace of Mind2. You Can Plan for the Future3. You Can Start an Emergency Fund4. You Can Start Owning Assets5. Being Debt-Free Improves Your Credit ScoreHow to Achieve Debt-Free Living1. List Down All Your Debts2. Apply for Balance Transfer or Debt Consolidation3. Look for Ways to Earn Additional Income4. Live Within Your MeansFinal Thoughts What is the Difference Between Good Debt and Bad Debt? Debt is debt no matter…
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32 Micro and Small Business Ideas You Can Start with Low Capital in 2022
- By Moneymax
- June 22, 2021
Because of social media and the changing interests of consumers, demand for products and services continues to grow. Filipinos are more open to new brands and establishments, allowing the business industry to flourish more quickly. In fact, over 99% of registered businesses in the Philippines are micro, small, and medium enterprises (MSMEs).[1] This number may have grown during the lockdown as more small businesses launched online. You can be your own boss and grow your finances by starting your own business venture. Here are some small business ideas in the Philippines you can set up even with low capital. Table of ContentsSmall Business Ideas in the Philippines You Can Start with 10kHomemade Beverage or Palamig BusinessHome-Cooked Meals Cellphone Loading BusinessSmall Business Ideas in the Philippines You Can Start Under 20kFruit and Vegetable Business Meat ShopPlant ShopLugaw / Arroz Caldo/ Goto BusinessBarbecue Stand / Ihawan BusinessMilk Tea BusinessFace Mask BusinessSmall Business Ideas in the Philippines You Can Start Under 50kBeauty Products Reselling BusinessOnline Tutoring BusinessPiso Wi-Fi Vending MachineVloggingWeb Design BusinessOnline Fashion BoutiqueCake and Pastry BusinessBills Payment BusinessPersonal Shopping Services Small Business Ideas in the Philippines You Can Start Under 100kBicycle Shop BusinessCar WashDelivery/Courier ServicesHave a Bigger Budget? Here are More Negosyo Ideas Meal Plan and DeliveryHome Cleaning and Repair ServicesHair and Grooming Home ServicesGraphic Design and Video Editing BusinessLocal Grocery Store BusinessT-Shirt Printing BusinessLaundry Shop BusinessPest Control Services Food Cart FranchiseWater Refilling StationFinal ThoughtsFund Your Small Business with a Personal Loan Small Business Ideas in the Philippines You Can Start with 10k Homemade Beverage or Palamig Business Start-up cost: PHP 500 to PHP…
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SEC Warning: Don’t Fall for These Investment Scams in the Philippines
- By Adji Hendrawan
- June 21, 2021
The financial repercussions of this pandemic have certainly brought scammers and fraudsters to the fore. Since the start of 2021, the Securities and Exchange Commission (SEC) in the Philippines was able to identify 28 entities already with malicious business transactions found to be soliciting investments from the public without the appropriate certificate of registration to sell securities.[1] In this article, find out what these investment scams in the Philippines are and how the SEC is working to protect Filipino investors from them. Table of ContentsHow the SEC Protects You from Investment Scams in the Philippines1. Issues Warnings Against Fraudulent Companies2. Registers Legitimate Companies3. Suspends Scammers with Cease and Desist Orders (CDOs)4. Files Criminal Charges Against Unregistered Companies5. Gives the Authority to Solicit InvestmentsHow to Check If an Investment Company is Legitimate in the PhilippinesHow You Can Spot Investment Scams in the Philippines1. Effortless and Impressive ROIs2. Name Changing3. Recruitment Model4. Complicated Investment Plans 5. No Physical Office Examples of Investment Scams in the Philippines Advance Fee ScamPyramid ScamPump-and-DumpCoaching SchemesWahana Investment ScamMasa Mart Investment ScamWhere Can I Report Investment Scams in the Philippines?FAQs on SEC Registration and Investment Companies1. Is the International Marketing Group Registered in the SEC?2. Where can you check investment companies with SEC registration in the Philippines?3. Is there any way to see a list of scammers in the Philippines?Final Thoughts How the SEC Protects You from Investment Scams in the Philippines As the registrar and overseer of the Philippine corporate sector, the SEC has power and holds many functions in corporations, partnerships, or associations. Here are the things the SEC…
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40 Money-Saving Tips for Everyone: The Ultimate Financial Hacks List
- By Ricky Publico
- June 17, 2021
It’s easy to declare that you’re going to be more financially responsible from now on. But once you start going down the right path, you’ll find out that it’s not as easy as it sounds. In a country like the Philippines, money isn’t as easy as working hard. Sometimes, you have to keep reminding yourself with small nuggets of money-saving tips. And luckily, that’s exactly what we did. We made a list of formidable financial hacks that can help inspire you to lead a healthier financial life, one step at a time. Table of ContentsBest Money-Saving Tips for Everyone1. Make a budget for everything2. Practice comparing prices3. Take care of your health4. Build your emergency fund ASAP5. Add purpose to your saving goals6. Find daily inspirationBest Money-Saving Tips at Home7. Buy energy-efficient appliances 8. DIY techniques can help you save9. Recycle your old and unused stuff 10. Rent out extra rooms for extra income11. Get rid of your cable and landline subscriptionBest Money-Saving Tips Online12. Enroll your bank accounts online13. Open a digital bank account14. Download money management apps15. Wait for online sales and discounts 16. Turn off autofill features on your devicesBest Money-Saving Tips for Families17. Educate your kids on saving money18. Choose generic over branded medicine19. Choose a fuel-efficient car20. Don’t be afraid to apply for a personal loanBest Money-Saving Tips for Millennials21. Get yourself a credit card 22. Follow the 48-Hour Rule23. Minimize your food delivery spend24. Look for ways to earn extra incomeBest Money-Saving Tips for Students25. Open a bank account 26. Avoid vices like smoking and drinking alcohol 27. Join viral…
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6 Important Things Our Dads Taught Us About Money
- By Adji Hendrawan
- June 15, 2021
Some of the most important money lessons we’ll ever learn come from our fathers. As our main provider growing up and our first financial advisor when we were starting out in our careers, our dads have plenty of sound financial advice. How we earn, spend, save, and invest―money lessons from dad guide us in our own financial journey. To celebrate and honor the main men in our lives this Father’s Day, we recently had a chat with our colleagues at Moneymax and asked the biggest financial wisdom they learned from their dads. Some of these you’ve probably heard from your own father, too, so read and be inspired. Table of ContentsMoney Lessons from a Father to His SonInvest and Save Up for Your Own BusinessBuy Only What You NeedDon’t be Afraid to Take Risks Life Lessons from a Father to His DaughterPrepare for Life’s EmergenciesThere’s Value in Delayed Gratification Save Up to Buy What You Want Final Thoughts Money Lessons from a Father to His Son A son’s relationship with his father is one of the most important, if not the most important, relationships he’ll ever have. It evolves over time, filled with many lessons imparted and experiences shared. Furthermore, sons model themselves after their father’s character.[1] For Jeron, Ras, and Ricky, here are some money lessons they’ve learned from their dads. Invest and Save Up for Your Own Business Moneymax’s Business Analyst, Jeron Legaspi, is a man of few words, much like his dad whom he describes as a quiet man. “My father is deaf, so we don’t really talk too…
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What You Need to Know About COVID-19 Vaccines in the Philippines
- By Adji Hendrawan
- June 14, 2021
The development of coronavirus disease (COVID-19) vaccines is a huge help in the fight against this global pandemic. With a COVID-19 vaccine in the Philippines, people can get protection from severe symptoms that usually lead to hospitalization or death. As of this writing, there are 1,300,349 COVID-19 cases in the country and a total of 22,507 deaths.[1] The Philippine government is aiming to achieve herd immunity against COVID-19 by 2023.[2] Herd immunity or community immunity occurs when a high percentage of the community is immune to a disease (through vaccination and/or prior illness), making the spread of this disease from person to person unlikely.[3] Table of ContentsWhat is the COVID-19 Vaccine? Is It Safe to Get the COVID-19 Vaccine?Who Will Get Vaccinated First? COVID-19 Vaccination Program Prioritization FrameworkWhere to Register for Free COVID-19 Vaccine in Metro ManilaCOVID-19 Vaccine Price List in the PhilippinesAvailable Brands of COVID-19 Vaccine in the PhilippinesSinovacPfizer–BioNTechOxford–AstraZenecaSputnik VFAQs on COVID-19 Vaccines in the Philippines1. Has anyone caught COVID-19 after getting the vaccine?2. Do I still need the vaccine if I already had COVID-19?3. What are the side effects of the COVID-19 vaccine?4. Is COVID-19 vaccination mandatory?5. What should I do on my vaccination day? 6. Can the private sector procure COVID-19 vaccines?Some Things to Remember on Your Vaccination DayFinal Thoughts What is the COVID-19 Vaccine? The COVID-19 vaccine provides acquired immunity against severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), the virus causing COVID-19. In general, vaccines work by helping your body develop an immunity to germs or viruses. Vaccines mimic these germs and viruses. As a result, your…
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Profitable Business Ideas You Can Start at Home
- By Moneymax
- June 11, 2021
For some of us, a 9-5 office job is just a means to an end, with being our own boss as the goal. This is why more and more people are either freelancing or starting their own businesses. In fact, 2% of the Filipino population are freelancers as of 2018.[1] Small enterprises also take up over 9% of the total businesses in the country. And since the pandemic started, the number of registered online businesses in the country also surged from 1,700 (in January to March 2020) to 75,000.[2] Maybe it’s time for you to explore those home-based business ideas and start one today. Like any business, it can be challenging. You have to consider your skills, target market, and capital before starting a business. But if you want to jump-start your dream of becoming your own boss, you can start exploring some profitable home-based business ideas. Table of ContentsWhat is a Home-Based Business?Why Should You Consider Having a Home-Based Business?1. No Need to Commute or Drive to Work2. Lower Startup Costs3. Lower Overhead4. Less Risky5. More Freedom and Flexibility 6. Do Something You Love7. Opportunity for Self-Discovery and Self-Growth8. Unlimited Income PotentialDisadvantages of Having a Home-Based Business1. Uncertain Income2. Reduced Benefits3. More Distractions 4. Can Interfere with Your Family Life 5. More Work What is the Best Home Business to Start?20 Profitable Home-Based Business Ideas in the Philippines1. Sari-Sari Store2. Merienda Business3. Online Selling4. E-loading Business5. Baking Business6. Online Tutoring7. Graphic Design Business8. Bills Payment Business9. Tailoring Services10. Digital Marketing Agency11. Homemade Products Business12. Rice Retailing or Bigasan13. Blogging14. Accessories Business15. Writing Services16….
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BPI Save-Up Account: Why You Should Start Saving Today
- By Moneymax
- June 8, 2021
Life is full of surprises. You’ll never have an idea of what will happen next. When the unexpected happens, you need to make sure that your wallet and piggy bank are more than ready. This is a lesson that everyone has learned during the pandemic. This is why everyone should start saving up. Admittedly, it’s a chore at the beginning, especially if you have the mindset that you’re supposed to enjoy your hard-earned money. However, remember that you’re not only saving for a rainy day. You’re also saving up for your future—whether it’s for your dream business or your dream vacation. Fortunately, the Bank of the Philippine Islands (BPI) has made saving money much easier with the BPI Save-Up Account. There are many reasons you should open this account. Read on to learn more. Table of ContentsWhat is a BPI Save-Up Account?What are the Types of BPI Save-Up Account?BPI Save-Up Savings Account + InsuranceBPI Save-Up High Savings AccountWhy You Should Open a BPI Save-Up Savings Account1. Both Accounts Have Low Transfer Amount2. You Get Comprehensive Protection3. Monitoring is Easy4. No Initial Deposit Required5. It Helps Build the Habit of Saving6. Set How Much What You Want to Save7. You Won’t Get a Debit CardWhat are the BPI Save-Up Account Requirements?What are the Steps for Opening a BPI Save-Up Account?How to Open a BPI Save-Up Account OnlineHow to Open a Save-Up Account at a BPI BranchHow Can I Withdraw My BPI Save-Up Balance?Final Thoughts What is a BPI Save-Up Account? The BPI Save-Up Account is not your average savings account. It’s…
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Investing at a Young Age: Why Millennials and Gen Zs Should Start Now
- By Ricky Publico
- June 3, 2021
You know how tree lovers would say that the best time to plant a tree is 20 years ago and the second best time to do it is right now? That also applies when it comes to growing your money. After all, money comes from trees. And since you’re probably in your 20’s or 30’s now, you should know how important investing at a young age is. After all, the best time to invest has already gone. Not convinced with that analogy? Then here are more reasons why millennials and Gen Z-ers should start dabbling with financial investments as early as now. Table of ContentsWhy You Should Start Investing at a Young AgeIt Will Educate You About Compound InterestIt Will Help Cultivate Good Money HabitsIt Will Help Build a Better Financial PortfolioIt Will Be a Lot Easier in the FutureIt Will Help You Retire Early and Enjoy It, TooFinal Thoughts Why You Should Start Investing at a Young Age It Will Educate You About Compound Interest Once you decide to learn more about investments, prepare to hear compound interest a lot. But what is it, exactly? Compound interest is accumulated interest from your initial deposit. Basically, you’re earning interest on top of the interest you already earned. So if you invest PHP 20,000 now on a savings account with a 5% annual interest rate, compound interest will snowball your initial investment to PHP 25,525.63 after five years. You can save time computing for compound interest by using an online interest calculator[1]. And why should you learn this as early as…
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10 Steps to Starting an Online Business in the Philippines
- By Adji Hendrawan
- June 2, 2021
Planning to make money at home by starting an online business? That’s a bold move you’re making, but guts alone will only take you so far. That’s because many other things make a new business work. So many that they can easily overwhelm first-time entrepreneurs. It doesn’t help that 30% of startups fail[1] in their first two years. While the numbers may sound discouraging, they can also motivate aspiring small business owners to be careful and strategic in their every decision and action. The key to the success of your online business is starting it right. Make the process less overwhelming and more systematic. Here’s a comprehensive guide to starting an online business in the Philippines. Table of ContentsWhy You Should Start an Online Business Today Easy and Affordable to Set UpFlexible Work Hours and LocationAbility to Maximize ProfitsHow to Start an Online Business: 10 Steps for New EntrepreneursStep 1: Define and Understand Your Target MarketStep 2: Identify Your ProductStep 3: Determine Your Business Idea’s ProfitabilityStep 4: Write a Business PlanStep 5: Register Your Online BusinessStep 6: Set Up Your FinancesStep 7: Look For SuppliersStep 8: Establish Your Delivery MethodsStep 9: Build Your Business WebsiteStep 10: Create Your Social Media AccountsTips on Starting an Online Business in the Philippines1. Plan, Plan, Plan2. Manage Your Money 3. Track Everything4. Create Buzz for Your BusinessFinal ThoughtsRaise Funds for Your Business with a Personal Loan Why You Should Start an Online Business Today Still on the fence about starting an online business? These reasons should convince you to start an online business today. Easy and…
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Planning to be a Parent? Here’s How Much You Might Spend on Raising a Child
- By Moneymax
- May 28, 2021
The COVID-19 pandemic is currently fueling a lockdown baby boom due to limited access to birth control and more time for couples[1] to stay at home and be together. Last year, a study led by the University of the Philippines Population Institute (UPPI) and the United Nations Population Fund (UNFPA)[2] showed that the total unintended pregnancies in 2020 may reach 2.56 million, and that may even rise this year considering the continuous implementation of restrictions for travel and mass gatherings. Although the signs you’re ready to have a baby are clearly manifesting amid the lockdown, it still pays to know the real cost of raising a child in the Philippines, so you and your partner can prepare financially and ensure you’re providing for all your family’s needs. Note: The child-rearing costs in this article are just estimates to give parents in the Philippines an idea of how much they should budget every month to cover their child’s needs. The actual cost of raising a child varies from one household to another based on different factors. Table of ContentsCost of Raising a Child in the Philippines: What to Consider in Your BudgetHousing/Accommodation: PHP 5,000 to PHP 25,000Food: PHP 3,000 to PHP 10,000Clothing: PHP 2,000 – PHP 5,000Healthcare: PHP 5,000 and upEducation and Child Care: PHP 6,000 to PHP 15,000What is the Estimated Monthly Cost of Raising a Child in the Philippines?3 Tips on Preparing for Child Rearing Costs1. Start Saving2. Make Adjustments3. Review Your Insurance Coverage, Leave Benefits, and Government ContributionsFinal Thoughts Cost of Raising a Child in the Philippines: What…
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What You Need to Know Before Investing in Cryptocurrency in the Philippines
- By Moneymax
- May 20, 2021
Chances are, you’ve already heard the words “Bitcoin” and “cryptocurrency.” Maybe you’ve encountered them in your circle of investment-savvy friends or you while you’re reading finance articles online. At some point, you might have shown some interest in it, but you decided not to pursue the topic further, fearing that you’d get drowned in highly technical terms, jargons, and hard-to-understand topics fit for tech geeks. Over the years, cryptocurrency has been called a lot of things. Some consider it to be the money of tomorrow while others think of it as a risky and rather volatile asset. But with reputable companies like Tesla buying Bitcoin in large quantities,[1] the general public’s interest in cryptocurrency in the Philippines has skyrocketed in recent years. A lot have started to think that maybe the likes of Bitcoin are worthwhile and viable investments. But we highly advise you to hold your horses and arm yourself with knowledge before doing anything or putting your money in a cryptocurrency wallet in the Philippines. We’ve come up with a short yet informative guide that will give you a head start on cryptocurrencies. Table of ContentsWhat is Cryptocurrency?How Does Cryptocurrency Work?What are the Differences Between Bitcoin, Blockchain, and Cryptocurrency?Is Cryptocurrency Legal in the Philippines?What Happens When I Buy a Cryptocurrency?How are Cryptocurrencies Protected?What are the Advantages of Investing in Cryptocurrencies?Potentially Massive ReturnsGood for DiversificationHighly LiquidCan be Used Anytime, AnywhereWhat are the Risks of Investing in Cryptocurrencies?Market VolatilityYour Wallet Can Still be HackedCryptocurrency in the Philippines: What are the Options for Investment?BitcoinEtherXRPLitecoinDogecoinWhere Can I Get Cryptocurrency?Final Thoughts What is…
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Crowdfunding 101: How It Can Help Finance Your Business
- By Moneymax
- May 18, 2021
Got a potentially game-changing business idea? If so, the excitement that comes with the dream where you’re gracing the cover of Forbes magazine might be killing you right now. But if you stay on the realistic side, you know that you’ll need this one important thing for your business to happen: funding. Whether it’s an ambitious start-up or a humble small business, you know too well that money is the fuel that will make your ship move. Of course, there are many ways to raise funds. You can go to the bank, bootstrap by using your retirement money or life savings, or find an angel investor.[1] But with the advancements in financial technology and communications, an aspiring businessperson can easily access funds through crowdfunding. This may be a relatively new idea for many, and in case you’ve already heard of it, you may want to know more about it. We’ve come up with a comprehensive guide that will help you understand how crowdfunding in the Philippines works. Table of ContentsWhat is Crowdfunding?What are the Benefits of Crowdfunding?Efficiently Acquire FundsBuild New RelationshipsPromote Your BusinessEasy to Convince InvestorsGet Valuable FeedbackIs Crowdfunding Legal in the Philippines?What are the Top Crowdfunding Sites in the Philippines?InvestreeThe Spark ProjectCropitalIndiegogoGoGetFundingKickstarterTips to Remember Before You Start Crowdfunding in the Philippines1. Research Different Platforms and List Down the Pros and Cons2. Write a Convincing Pitch3. Consider Integrating a Video4. Check Your Analytics5. Be Transparent with Your BackersFinal Thoughts What is Crowdfunding? Crowdfunding is a financing method where you take small amounts of money from a large number of people,…
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How to Spend Money Wisely When You’re Trying to Save
- By Ricky Publico
- May 13, 2021
Struggling to save money? That’s because you’re probably spending it. After all, if you want to increase your savings, just stop buying things you don’t really need. But in this day and age, that advice is too simple and vague when learning how to spend money wisely. And it’s extra difficult when you’re the type of person who subscribes to the idea of retail therapy as a way of life. Good news: you can continue doing that without totally draining your savings. Just follow these concrete steps to get started with your guilt-free shopping. Table of ContentsLearn How to Spend Money Wisely with These 6 TipsBegin Categorizing Your ExpensesPrioritize Savings Over ExpensesStart Being More Cost-EffectiveLessen Your Internet TimeSet Up an Indulgence AllowanceDelay Any Unnecessary ExpenseFinal Thoughts Learn How to Spend Money Wisely with These 6 Tips Begin Categorizing Your Expenses Say goodbye to the days when you just click Add to Cart on a whim. Whether you like it or not, part of growing up is to start improving your spending habits. Ideally, you should prioritize wants over needs. But if you want to be more meticulous, you can categorize your spendings into fixed, savings, and variable costs. Fixed costs include monthly expenses like mortgage, rent, bills, and debt payments. Savings are obviously the amount you allot for either personal or emergency savings. Variable costs are the expenses that are within your control like groceries, dining or food delivery costs, and leisure funds, among other things. Prioritize Savings Over Expenses If your goal is to grow your savings, it’s a…
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[Battle of the Brands] Foodpanda vs GrabFood: Which Food Delivery Service is Better?
- By Adji Hendrawan
- May 12, 2021
Can you imagine your life now without your favorite food delivery service? It’s undoubtedly hard, especially knowing that all your cravings, regardless of time and space, can be satisfied with just a few taps on your smartphone. You may not realize it, but food delivery service is among the most significant breakthroughs in the last decade. Its importance has been further highlighted during the COVID-19 pandemic. No one wants to risk their safety by going out, so many just opt to have their food delivered right to their doorstep. When it comes to this, a lot of people count on two popular food delivery services: Foodpanda and GrabFood. Keep reading this Foodpanda vs GrabFood comparison review to find out which of them is better. Table of ContentsThe Difference Between Foodpanda and GrabFoodComparing Foodpanda vs GrabFood: Which is Better?Ordering and Delivery ProcessService AvailabilityFood and Restaurant SelectionDesktop and Mobile User ExperienceCustomer ServiceDelivery FeesMinimum Order RequirementPayment OptionsDelivery SpeedBusiness FriendlinessFoodpanda vs GrabFood: Final Thoughts The Difference Between Foodpanda and GrabFood Two of the biggest food delivery services in the Philippines today are Foodpanda and GrabFood. But in recent years, GrabFood has been the consistent top-of-mind choice among consumers, based on research by Kantar TNS.[1] Launched in the Philippines in 2018, GrabFood is relatively new in the industry yet it has already amassed a large following. It’s the food delivery arm of the Singaporean transport network company Grab. Just recently, they have opened GrabKitchen. On the other hand, Foodpanda has been operating in the Philippines since 2014. It’s part of Delivery Hero, a multinational online…
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Where to Put Your Emergency Fund: It’s Not as Complicated as You Think
- By Adji Hendrawan
- May 11, 2021
You might already know why an emergency fund is important (which is why you’re reading this article). The next thing you should learn is where to put your emergency fund. What are the best and worst places to put your emergency fund? There are many convenient and liquid savings options that also offer high interest rates. But are they really the best place to put your emergency fund? Read on to find out more. Table of ContentsWhere to Put an Emergency Fund: Some Things to Consider Where to Put Your Emergency Fund in 20221. High-Yield Savings Account2. Money Market Fund3. Traditional Bank AccountWorst Places to Keep Your Emergency Fund1. At Home2. Stock Market3. Life Insurance4. Paluwagan Final Thoughts Where to Put an Emergency Fund: Some Things to Consider When the time comes you need to access your emergency fund, you should not have a hard time withdrawing money from it. Make sure that wherever you put your money, it will not be locked in or held out for a certain period. Consider liquidity when choosing a place to keep your emergency cash, so you can get your money quickly and easily without paying any penalty fees and charges. If there’s a major toilet breakdown in your bathroom late at night, you should be able to get money from your emergency fund first thing in the morning. It would be good, too, if your emergency fund can earn interest, even if it’s just a small percentage. If you have a significant amount saved, then you can earn a good amount over time…
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Reasons to Build an Emergency Fund (And Why It’s Different from Savings)
- By Adji Hendrawan
- May 7, 2021
This pandemic has reinforced the importance of emergency fund. The significance of having money saved for unexpected and unplanned living expenses has never been clearer as it is now. An emergency fund is a good way to strengthen your finances and protect yourself from financial potholes that can put your finances off track or even destroy them. While an emergency fund can’t solve all your money problems, a savings buffer like it can help you avoid the stress of paying for major living expenses and accumulating debts because of it. Learn why you need an emergency fund, what makes it different from your regular savings, and where you should use it. Table of ContentsEmergency Fund vs Savings: The Key DifferencesWhy are Emergency Funds Important?Importance of Emergency Fund: How Does It Help Protect Your Wealth?What Should I Use My Emergency Fund For? 1. Job Loss2. Medical or Health-Related Expenses3. Home Repairs and Appliance Breakdowns 4. Car Breakdowns, Accidents, and Repairs 5. Family Emergencies6 Things You Shouldn’t Spend Your Emergency Fund On 1. Elective Healthcare (e.g. plastic surgery) 2. Holiday Packages 3. Last-Minute Flights 4. Home Renovations and Upgrades 5. Replacement Tires 6. Electrical or Electronic Device Upgrades Final Thoughts Emergency Fund vs Savings: The Key Differences An emergency fund is money that you put aside to pay for financial emergencies or use during times of financial distress. It should enable you to pay for large and unexpected expenses or sustain you for a certain period without disrupting your finances or burying you in debt. Consider it a larger rainy day fund for major and unplanned expenses. An emergency fund is…
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COL Financial Review and Beginner’s Guide to Stock Investing
- By Adji Hendrawan
- May 3, 2021
Curious to know which investments for beginners are right for you? Looking to grow your money in the long term through investing in stocks? Gone are the days when only the wealthy can afford to buy in the stock market. Now, everyone—even college students and housewives—can begin investing through online stock brokers like COL Financial. Stock investing in the Philippines is made easy and affordable for the average investor through online trading platforms. COL Financial for beginners is easy to learn. It’s worth opening an account with this online platform if you’re planning to start as a stock investor even with minimal knowledge and experience in investing. In this COL Financial guide, you can easily learn the ropes and jump-start your stock investment journey. Table of ContentsWhat is COL Financial?Is COL Financial Legit? What Can You Do with COL Financial?Is COL Financial the Right Online Trading Platform for You?1. Attend Free COL Online Seminars2. Sign Up for a Free Trial Account3. Explore Other Online StockbrokersDoes COL Financial Have an App?How to Invest in COL Financial1. Decide Which Account Type to Open2. Prepare the COL Financial Requirements3. Submit the Requirements to COL Financial4. Fund Your COL Account5. Access Your COL AccountCOL Financial for Beginners: How to Use the Online Trading PlatformHow to Buy and Sell Stocks in COL FinancialHow to Withdraw Money from COL FinancialFinal Thoughts What is COL Financial? COL Financial Group, Inc. (formerly CitisecOnline) is one of the leading and most popular online stock brokers in the Philippines. For around 20 years, the company has been offering an easy…
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How to Achieve Financial Goals: One-Year-After-Lockdown Edition
- By Ricky Publico
- April 29, 2021
For years, every adult has struggled to figure out how to achieve financial goals. Some were lucky to find the right solution; others failed to even move needles with their efforts. Then the pandemic came and made it even harder for everyone to get any financial goals done. One year in and most of us are still stuck at home with no end in sight. Is it still possible to get things done? Of course it is! It might take a while than usual, but here are some things you can do during lockdown to inch your way closer to your financial goals. Table of ContentsHow to Achieve Financial Goals During the PandemicPractice Delayed GratificationWork Smarter than HarderLearn More About InvestingTime to Upskill (or Improve)Take More OpportunitiesFinal Thoughts How to Achieve Financial Goals During the Pandemic Practice Delayed Gratification It’s not enough to say save your money because that’s too generic. At this point, saving money is a goal in itself. So how do you end up saving money? One way to do so is to practice delayed gratification[1]. It involves managing expectation and cultivating self-control by delaying satisfaction. Basically, just don’t buy the thing when you don’t need the thing. The best part about delayed gratification is that you can use it to improve other aspects of your life. Delaying a huge purchase saves you money; delaying a video game session to focus on work improves your productivity; delaying a custard cake for later (or not eating it at all) works well for your diet. So during lockdown, find…
