All Articles With Category : Personal Finance

The latest and the best financial news, tips and tricks.

To Invest or To Save: What Should I Do With My Money?

When you were young, the fable where ants were saving up food crumbs for the rainy days stuck with you. At that age, you already knew what to do with your allowance in case you need to buy materials for your art project or you just want to treat yourself to a cone of ice cream by the end of the school week. Your parents and even your teachers might have even taught you that saving up would help you become rich. However, your perspective changed when you grew up. The fable of the ants still holds true, but the reminder of the adults from your younger years is quite far from reality. If you want to build your wealth, you are not supposed to just save. You need to make your money work for you – you need to invest! It’s understandable that personal finance newbies and novice investors think of saving and investing as almost the same thing. However, if you compare investments vs savings, they are two different concepts and understanding both of them will help you map out your financial future. Table of ContentsInvestments vs SavingsThe Pros and Cons of SavingsThe Pros and Cons of InvestingShould I save or invest?How much should I keep in investments vs savings?Where to invest?StocksMutual FundsBondsReal EstateFinal Thoughts Investments vs Savings Saving, in essence, is the act of setting aside money for future expenses, unforeseen needs, and emergencies. It’s the money that you can withdraw quickly from your bank account. However, you can also use your savings for long-term goals, such…

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How Close Are You to Getting FIRE-d?

Excuse my clever pun. I’m not talking about the hot fire or the unemployed kind of fire. Instead, I’m talking about the kind of fire that’s so good, it had to be an acronym. That’s right, how close are you to getting FIRE-d? That’s a question you should be asking yourself because the FIRE method of retirement is something you should consider aspiring. Table of ContentsWhat is FIRE Movement?Are You Ready to Get FIRE-d? Answer Truthfully!FIRE Method of Retirement Quiz ResultsFinal Thoughts What is FIRE Movement? Before we answer the burning question, let’s first define what the FIRE method of retirement is. FIRE means Financial Independence/Retire Early and it involves retiring in your late 30s or early 40’s instead of the traditional retirement age at around 60. It started gaining traction in 1992[1] and since then, millennials have subscribed to the idea of retiring early. There are many ways to get started with the FIRE movement, but it usually involves saving a lot and growing your money to a huge amount that you won’t need a job to sustain your lifestyle. It sounds like a pipe dream, but it’s entirely doable as long as you put your mind to it. Retire early and follow your passion without anything holding you back. That’s the FIRE-d life. So at this point in your life, do you have the right mindset to start the FIRE method of retirement next year? Find out how financially ready you are in this short FIRE quiz that’s totally lit, yo. Read more: Retirement Fund 101: Plan, Save…

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Seller’s Quick Guide to Dropshipping in the Philippines

Gone are the days when starting a business means finding a location where you can set up shop or scout for multiple staff members who will man your store. Doing business in this age is possible even if you’re alone and doing it within the confines of your home. All you need are these: an online shop, a strong Internet connection, and a trusty supplier. However, one thing that puts off budding online businesspeople is the product inventory. Ultimately, you will still need to source products from a supplier and find ample space where you can keep them. You can actually solve such inventory problems when you’re dropshipping. This concept of business has been around for a long time, which proves its profitability. If you want to dip your toes into business, then dropshipping in the Philippines might be ideal for you. Read on to learn the pros and cons and how to become a dropshipper in the Philippines. Table of ContentsWhat is Dropshipping Business?How Does Dropshipping in the Philippines Work?Advantages of DropshippingDisadvantages of DropshippingHow to Start a Dropshipping Business in the PhilippinesDropshippers in the Philippines:Where Can I Get My Products?AlibabaAliExpressLazadaOberloDropshipping Philippines TutorialFinal Thoughts What is Dropshipping Business? Usually, online businesses always have products on hand to sell. But that is not the case when it comes to dropshipping. Dropshipping is an order fulfillment method meaning you work as the intermediary between your customer and your supplier of products. How Does Dropshipping in the Philippines Work? First, you set up your online shop and post your products there. Your customers…

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Big Deliveries? Complete Guide to Transportify Services and Rates in the Philippines

With the likes of LBC, GrabExpress, and Lalamove dominating the courier services market in the Philippines, there’s another promising yet underrated online delivery platform you might not have heard of—the Transportify app. Transportify differentiates itself from other logistics companies by offering a broad selection of vehicles built for heavy-duty deliveries at affordable rates. Whether you’re a small business owner who needs to deliver products to customers or someone moving to a new home or buying furniture and appliances, there’s a suitable vehicle you can book through the Transportify app. Here’s everything you need to know about Transportify app features, services, and rates in the Philippines. Table of ContentsWhat is Transportify?Transportify App Features1. Real-Time Transportify Tracking2. Flexible Booking Schedules3. Multiple Drop-Offs and Route Optimization4. 24/7 Live Customer Service5. Chat with DriverTransportify Delivery Services in the PhilippinesEconomyL300 or VanClosed VanPickup TruckReefer TruckMini Dump Truck6-Wheeler Forward TruckLong Pickup Truck10-Wheeler Wing VanExtra Transportify Delivery ServicesTransportify COD and POD Return ServicesHow Transportify App WorksHow to Register for a Transportify AccountHow to Book a Transportify ServiceTransportify RatesTransportify Shipping RatesTransportify Rates for Extra ServicesTransportify Extra Wait Time FeesTransportify COD and POD Service FeesFAQs About Transportify1. Does Transportify deliver on Sundays and holidays?2. Where does Transportify deliver?3. Which is better: Lalamove or Transportify?4. Can Transportify deliver pets?Final Thoughts What is Transportify? Transportify[1] is an app-based trucking logistics company that provides on-demand, same-day, and door-to-door pick-up and delivery services in Metro Manila and Luzon. Launched in the Philippines in 2016, Transportify also operates in Thailand and Indonesia under Deliveree Group. Transportify App Features Through the Transportify web app or mobile app,…

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Money Market Fund: Is It the Right Investment for You?

Are you looking for a short-term investment with higher returns compared to a regular savings account? Money market funds is a good option. It’s perfect for investors who have low to moderate risk tolerance and prefer to keep the liquidity of their funds. In this article, we will talk about what a money market fund is, how it works, and what its pros and cons are. We’ll also quickly run through a list of money market funds that you can check out so you can get investing soon! Table of ContentsWhat is a money market fund?What are some money market fund examples? Is a money market fund the same as a money market account?Are money market funds cash equivalents?Basic Features of Money Market Funds in the PhilippinesWho can invest in money market funds?How do you subscribe to a money market fund?List of Money Market Funds in the PhilippinesSun Life Prosperity Money Market FundLand Bank Money Market Fund China Bank Money Market FundRizal Peso Money Market Fund BPI Invest Money Market FundBDO Peso Money Market Fund Metro Money Market FundPNB Prime Peso Money Market FundSB Money Market FundCTBC Money Market FundWhat are the advantages of money market funds?What are the disadvantages of money market funds?Are money market funds safe in a recession? Final Thoughts What is a money market fund? The money market is a segment of the financial market where high-liquidity financial instruments with short term (6-12 months) maturities are traded. A money market fund, on the other hand, is a type of mutual fund that invests in low-risk and…

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PERA Investment Guide to Opening an Account Plus Pros and Cons

The problem with retirement planning in the Philippines—aside from the lack of it—is the limited investment choices available for Filipinos who want to save up for when they retire. Addressing that challenge, the government offers the Personal Equity and Retirement Account or PERA as an additional source of retirement income to help Filipinos achieve a comfortable and financially secure retirement. Will a PERA investment suit your retirement goals? Here’s a guide to help you decide whether it’s worth investing in PERA or not, and the steps to opening a PERA account in the Philippines. Table of ContentsWhat is PERA Investment?Who Can Create a PERA Account?How Much Can I Invest in PERA?Where are PERA Contributions Invested?PERA contributions may be invested in the following:How Much Can I Earn from a PERA Investment?When Can I Withdraw My PERA Investments?Why Should I Open a PERA Retirement Fund?1. Higher Investment Returns Through Tax Benefits2. Ability to Choose PERA Investment ProductsWhat are the Disadvantages of a PERA Investment?1. Investment Risks2. Penalties for Early Withdrawals3. Administrator Fee and Other Service FeesHow to Invest in PERA PhilippinesSteps to Opening a PERA AccountPERA Investment Account RequirementsDigital PERAHow to Invest in PERA OnlineFinal Thoughts What is PERA Investment? PERA is a long-term and tax-free voluntary retirement investment program in the Philippines. Created through Republic Act 9505[1], PERA is similar to the Individual Retirement Account (IRA) and 401(k) retirement plans in the United States. The PERA law is meant to encourage Filipinos to save money for retirement through generous tax benefits for investment earnings held for five years or longer and until the…

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Hazard Pay Guidelines Government and Private Employees Need to Know

Some jobs are naturally riskier than others. Doctors, nurses, firefighters, policemen, soldiers, and others in hazardous work environments put their life on the line while fulfilling their duties. If your line of work involves some risk, you deserve proper compensation through hazard pay. Don’t understand how hazard pay in the Philippines work? Here’s a complete guide for employees entitled to this benefit. Table of ContentsWhat is Hazard Pay in the Philippines?Who is Entitled to Hazard Pay?Government EmployeesPublic Health WorkersPublic Social WorkersMilitary and Uniformed PersonnelScience and Technology PersonnelHazard Pay Philippines GuidelinesCOVID-19 Hazard Pay Guidelines for Government EmployeesHazard Pay Guidelines for Public Health WorkersHazard Pay Guidelines for Public Social WorkersHazard Pay Guidelines for Military and Uniformed PersonnelHazard Pay Guidelines for Science and Technology PersonnelHazard Pay Philippines FAQs1. Is hazard pay mandatory in the Philippines?2. Is hazard pay required for private employees in the Philippines?2. Is hazard pay taxable in the Philippines?Final Thoughts What is Hazard Pay in the Philippines? Hazard pay, also called hazard allowance or hazardous duty pay, is compensation paid in addition to regular salary to workers who perform hazardous duties or whose work involves physical hardships. This is based on the Department of Budget and Management’s (DBM) definition of hazard pay[1]. In simpler terms, hazard pay is the amount you’ll receive from your employer on top of your basic salary if the nature of your work involves a high risk of getting an illness or injury or losing a life. Examples of work conditions that merit a hazard allowance include war zones, healthcare facilities, construction sites, mines, and chemical…

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Debt Consolidation: Knowing Its Importance and How It Can Help Your Finances

Debts are a fact of life. Many people, from multimillionaires to corporate employees, have it. Financially healthy people even have debts, especially if they’ve bought big-ticket purchases, such as a real estate property or a car. As a financially responsible individual, you know too well that handling your debts properly will reward you with a good credit score. However, some people find it hard to cope with debts mainly because their salary and repaying power are not proportional to the credit that they have borrowed and used. Some may be attending to other important financial obligations. Nevertheless, there is one possible solution that may make repayments much easier and more efficient. Enter debt consolidation. Table of ContentsWhat is debt consolidation? When is debt consolidation a good idea?1. When you need to deal with high interest rates2. When you want to organize your debtsWhen is debt consolidation a not-so-good move?1. It will not free you from debts2. You still have to pay feesDoes debt consolidation hurt your credit score?Who offers debt consolidation loans in the Philippines?BDO Personal LoanCiti Personal LoanFinal Thoughts What is debt consolidation? Debt consolidation[1] is a method of simplifying your debts, which is done by bringing multiple debts together and turning them into one payment. This can be carried out in two ways. The first is through debt consolidation loan. The second is through the transfer of existing credit card debt to another credit card. Think of it this way: imagine putting Debt #1, Debt #2, and Debt #3 in one box. That single box will then turn…

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How Smartphones Influenced Our Financial Habits

Smartphones not only changed the way we communicate, they also changed how we manage our finances. From doing your banking transactions to planning your budget, the smartphone impact on today’s financing is something that’s hard to ignore. In a society where having our little pocket computers has become a necessity, all of us are slowly adapting to the new way of financing. As a way of looking back on our progress, here’s how the smartphone impact on banking changed our financial habits. Table of ContentsOnline Banking Became More ConvenientOpening a Bank Account is a Lot EasierApplying for a Loan is Now QuickerBudgeting Became Less StressfulPaying Bills and Other Payments is a BreezeCustomer Service Steps It Up a NotchFinal Thoughts Online Banking Became More Convenient Remember when you had to fall in line at your local bank just to deposit to your savings? It seems like an old school thing to do. That’s why the financial inclusion development plans that began in 2011[1] focused on improving online banking. But back then, not everyone had desktop computers to do their banking and not everyone had access to a stable internet connection. Nowadays, you can just take out your smartphone, download your bank’s mobile app, and transfer money from your payroll to your savings. You didn’t even have to stand up. That’s the power of mobile banking apps. Every top bank in the Philippines now has a dedicated online banking app, making it more convenient than ever to bank. Read more: How the COVID-19 Pandemic is Changing the Way We Bank Opening a…

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VUL Insurance in the Philippines: What Is it and Should I Get One?

An insurance agent, who happens to be your friend or relative, is selling VUL insurance to you. But you aren’t sure if getting this type of insurance is a wise investment decision. Should you invest in a VUL policy? And what is VUL insurance in the Philippines, anyway? A VUL insurance policy comes with pros and cons that you need to consider before putting your money in it. Understand what VUL is, its benefits, and risks to know if this is the right insurance with investment in the Philippines. Here’s an objective guide to help you decide whether to purchase a VUL plan or explore other options. Table of ContentsWhat is VUL and How Does it Work?Who Provides VUL Insurance in the Philippines?Is VUL Worth It?Advantages of VUL Insurance in the PhilippinesDisadvantages of VUL Insurance in the PhilippinesIs VUL Insurance a Good Investment?Who Should Get a VUL Policy?Alternatives to VUL InsuranceFinal Thoughts What is VUL and How Does it Work? Variable Universal Life Insurance. also known as Variable Unit-Linked Insurance or VUL, is a permanent life insurance and investment rolled into one product. It provides living, death, and disability benefits plus an investment component. In the Philippines, the usual practice is that 5% of the VUL insurance premium goes to the cost of insurance, while 95% goes to investments. It’s crucial to highlight the meaning of the terms “variable” and “permanent” in VUL: Variable means the investment returns vary depending on the rise and fall of the markets where the premium is invested. As a permanent insurance policy, VUL won’t expire and you’re…

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PNB Online Banking Guide to Balance Check, Sending Money, Paying Bills and More

Online banking is the new norm for financial transactions in the Philippines during the pandemic (and most likely even when it’s over). PNB is no exception—like other banks in the Philippines, it actively promotes its PNB online banking channels, officially called PNB Digital Banking. If you have a PNB account, you’ll be glad to know that both PNB Internet Banking and PNB Mobile Banking App are among the easiest to use for different types of transactions. You can conveniently monitor your account balances, send money, pay bills, open and manage UITF investments, and order checkbooks. No need to go to a PNB branch because you can transact from home using your laptop or smartphone instead. Here’s a simple guide to completing transactions using PNB online banking platforms. Table of ContentsPNB Online Banking RegistrationWho Can Enroll in PNB Digital Banking?How to Enroll in PNB Online BankingPNB Online Banking ActivationPNB Online Banking Enrollment of Additional AccountsHow to Enroll Your PNB Credit Card in PNB Digital BankingHow to Enroll Your PNB Deposit Account in PNB Online BankingHow to Check Balance in PNB Online Banking AccountHow to Activate Quick Balance in the PNB Mobile AppPNB Online Fund TransferHow to Transfer Funds Between PNB AccountsHow to Transfer Funds to Other Local BanksPNB Online Bills PaymentHow Pay Bills with PNB Online BankingFinal Thoughts PNB Online Banking Registration Who Can Enroll in PNB Digital Banking? You can register to PNB Digital Banking if you have any of the following PNB accounts: ATM/Debit/Passbook savings account Checking account SSS/GSIS pensioner account Joint/OR account Credit card account PNB clients with…

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Online Business Ideas You Can Start Even with Small Capital

Running an online business and being your own boss definitely has its appeal. In fact, it’s so enticing that the number of registered online businesses in the country is now 40 times more in the past five months[1]. Definitely, the internet is a great medium to connect with customers without leaving home. However, starting an online business also has its challenges—the biggest one is coming up with enough money for capital. But don’t worry because there are many online business ideas you can start for as low as PHP 2,000. Want to take the leap? Keep on reading to learn more about online business ideas in the Philippines you can start in 2020. Table of ContentsOnline Business Ideas 20221. Make Artisanal Candles2. Offer Online Tutorials3. Craft Your Own Beverages4. Declutter Your Preloved Items5. Resell Skincare Products6. Sell Essential Items7. Build Apps and Websites8. Start an Online Loungewear Store9. Monetize Your Own Art10. Sell Homecooked MealsFinal Thoughts Online Business Ideas 2022 1. Make Artisanal Candles Aromatherapy candles can help people relax after a tiring day. They are perfect to cap off a busy workday, especially now that most professionals are working from home. They’re quite easy to make as well. Add your own flair and essential oil blends to create the most calming candles. Starting capital: PHP 5,000 – PHP 20,000 Materials and equipment needed: Double boiler Candle-making wax Wicks Essential oils Coloring agents Molds Dried flowers (optional) Tin can or glasses as containers Candle making is one of the easiest online business ideas out there. You can do it at…

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14 Mobile Banking Apps to Manage Your Accounts Better

Banking has never been this convenient, thanks to the invention of smartphones and the internet. These days, you don’t need to head down to your bank’s nearest branch to do your banking. You can just open your mobile banking apps and handle your transactions from there. But the question now is this: which mobile banking app or online banking website is best for you? Because naturally, you would choose the online banking option from your bank of choice. But not all mobile banking apps are the same. Some provide better user experience while others are struggling to get there. You might even consider opening an account for a bank with a great mobile banking app. So to give you an idea, here’s a list of mobile banking apps in the Philippines. Table of ContentsMobile Banking vs. Online BankingMobile Banking vs. Digital BankingMobile Banking Apps in the PhilippinesAUB Online BankingBPI OnlineChina Bank Online and MobileCitibank PHEastWest Online and MobileHSBC Mobile BankingLandbank Mobile BankingMetrobank DirectPNB Internet and Mobile BankingPSBank MobileRCBC Online BankingSecurity Bank OnlineUCPB ConnectUnionBank OnlineWhich is the Best App for Mobile Banking?Final Thoughts Mobile Banking vs. Online Banking Mobile banking and online banking are often interchangeable, but there’s a distinct difference between them. It mostly lies on what device and platform you’re using to do your banking. Mobile banking involves doing your transactions using a smartphone app. Before apps became the new norm, some banks offered SMS-based mobile banking where users do their banking through text prompts or texting specific commands to the bank’s SMS banking line. Meanwhile, online banking involves…

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Forex Brokers in the Philippines: What New Traders Need to Know

Want to trade in the forex market to earn money from home? It isn’t as simple as it sounds. Trading foreign currencies can be very risky—the potential for losing your funds is as high as the potential for earning a profit. To help you manage risks and execute your trades, you need to find a forex broker in the Philippines before you even begin trading in the FX market. Your broker will play a critical role in your forex trading journey. Thus, it’s important to understand how forex broker Philippines works and know the best options available. Table of ContentsWhat is a Forex Broker?What Does a Forex Broker Do?Provide Easy Access to the FX MarketPerform Currency TradesHelp Beginners Learn ForexProvide LeverageGive Access to Market Information and AnalysisHow Do Forex Brokers Make Money?Bid-Ask SpreadForex Broker FeesBest Forex Broker Philippines 2022eToroFOREX.comXM GlobalIQ OptionAvaTradeFP MarketsNordFXFXTMOinvestFinal Thoughts What is a Forex Broker? A forex broker is a financial services company that works as a middleman between traders and the foreign exchange market by executing buy or sell orders placed by their clients. Aside from forex, brokers also enable their clients to trade on other assets such as stocks, indices, commodities, metals, and cryptocurrencies. Typically, FX brokers are international companies based abroad. But even without a Philippine-based headquarters, some forex brokers can serve Filipino clients because all transactions—from account opening to fund withdrawals—are done online. What Does a Forex Broker Do? Forex brokers offer a range of services that makes trading foreign currencies easier and more affordable for their clients. Provide Easy Access to the…

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Forex Trading in the Philippines: Complete Guide for Newbie Traders

Welcome to the biggest financial market in the world, the foreign exchange market or forex. This market trades over USD 5 trillion a day, making it much larger than the New York Stock Exchange (NYSE), which trades at USD 50 billion daily. While forex trading in the Philippines has not yet stepped into the limelight unlike the stock market and mutual funds, it’s still a good option to diversify your investments. Forex trading in the country may not be that big yet but it is starting to gain attention to what with the many forex trading platforms available today. Keep on reading to know more about forex trading in the Philippines and why it can be a worthwhile venture. Table of ContentsWhat is Forex Trading and How Does It Work?Different Types of Forex Market1. Spot forex market2. Forward forex market3. Future forex marketWhy Should I Consider Forex Trading?DiversificationLeverage24-Hour TradingLower feesAutomationHow Much Do Money Do I Need to Start Forex Trading?How to Trade Forex in the PhilippinesBelow is a list of online forex brokers in the Philippines:How to Place a Forex OrderPipStop OrderLimit Order5 Strategies for Forex Trading Philippines1. Day Trading2. Swing Trading3. News Trading4. Trend Trading5. Forex AnalysesFinal Thoughts What is Forex Trading and How Does It Work? Forex or foreign exchange trading is the act of buying and selling currencies. Buyers and sellers transfer currency between one another at an agreed price. Like any other kind of investment, the goal in forex trading is to make a profit. When you trade forex, you are betting one currency to increase…

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How to Open an Account and Earn Online Using Diskartech App

Do you have a bank account? You probably think that’s a silly question. But check out what the Bangko Sentral ng Pilipinas (BSP) found in their 2017 Financial Inclusion Survey: 77.4% of Filipinos still don’t have bank accounts[1]. Good thing digital banks have started to fill the gap in a major way thanks to smartphone apps, the latest of which is the DiskarTech app. Rizal Commercial Banking Corporation (RCBC) threw its hat in the ring of emerging digital banks in the Philippines with its latest launch. DiskarTech aims to add another viable option for unbanked Filipinos to finally start getting their finances together. But how does the newcomer app work? Let this extensive DiskarTech guide show you the ropes. Table of ContentsWhat is DiskarTech?What Can I Do with DiskarTech?How to Open a DiskarTech Bank AccountHow to Verify Your DiskarTech AccountHow to Earn Money with DiskarTechHow to Join the NegosyanTech Referral ProgramHow to Deposit Money to Your DiskarTech AccountHow to Deposit Money Through Partner MerchantsHow to Deposit Money Through Bank Accounts/Mobile WalletsHow to Withdraw Money from DiskarTechHow to Transfer Money with DiskarTechHow to Transfer Money to Other DiskarTech AccountsHow to Transfer Money to RCBC AccountsHow to Transfer Money to Other Bank AccountsHow to Use DiskarTech’s Helpful FeaturesHow to Pay Bills with DiskarTechHow to Buy Load with DiskarTechHow to Buy Insurance with DiskarTechHow to Avail Telemedicine Services with DiskarTechFinal Thoughts What is DiskarTech? RCBC touted DiskarTech as the first Taglish financial inclusion “super app” in the Philippines. Launched in July 2020, the app aims to make banking services more accessible to unbanked…

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How to Use Paymaya App: A Complete Guide for Newbies

PayMaya is known as one of the best reloadable prepaid cards in the Philippines, as it allows several financial transactions without the need for a credit card. It also has an app similar to mobile wallets such as GCash and Coins.ph that can help you conveniently pay your bills and purchases, send money, and avail other money services without using cash anytime and anywhere. Planning to use PayMaya? Check out this comprehensive PayMaya app guide for beginners. Table of ContentsHow to Start Using the PayMaya AppSteps to Register for a PayMaya AccountHow do I add money to my PayMaya account?Is there a fee to add money to a PayMaya account?PayMaya Cash In OptionsPayMaya Cash In via Online and Mobile Bank TransferPayMaya Cash In via Convenience Stores, Malls, and Remittance CentersHow to Get a Virtual PayMaya CardSteps to Link a PayMaya Card to PayMaya AppHow to Use PayMaya QRSteps to Pay Using PayMaya QRHow to Buy Load Using PayMaya AppSteps to Buy Load via PayMaya AppHow to Pay Bills With PayMaya AppSteps to PayMaya Bills PaymentPayMaya to PayPal: Steps to LinkSteps to Link PayMaya to PayPalSteps to Transfer PayPal Balance to PayMaya AccountHow to View PayMaya Deals and Discount OffersSteps to Access PayMaya Deals and Discount Mechanics via PayMaya AppHow to Upgrade Your PayMaya AccountSteps to PayMaya Upgrade AccountHow to Send Money to a PayMaya AccountSteps to Transfer Money Through PayMaya AppHow to Cash Out From PayMayaFinal Thoughts How to Start Using the PayMaya App Steps to Register for a PayMaya Account Before you can use any feature, you need to…

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Retirement Fund 101: Plan, Save and Invest for Early Retirement

Only 20% of Filipino senior citizens are covered by either an SSS or GSIS pension, which means more than seven million retirees have no funds to cover their retirement needs[1]. While it’s easy to ignore retirement when you’re a young adult, it’s still an investable scenario that everyone should be prepared for. This is where a retirement fund and retirement planning come in. Table of ContentsWhat is Retirement Planning?What is a Retirement Fund?When to Start a Retirement Fund?How Much Retirement Fund Do I Need?Is Retirement Fund Taxable?The Importance of a Retirement FundSteps to Building a Retirement Fund1. Build an Emergency Fund2. Pay Off Your Debts3. Create a Budget4. Set Goals5. Start saving nowTypes of Retirement Funds in the Philippines1. Pension Plans2. PERA Investment3. Insurance Plans4. Investment Funds5. Real Estate6. Mutual Funds7. Unit Investment Trust Fund (UITF)8. Exchange-Traded Funds (ETF)Final Thoughts What is Retirement Planning? Retirement planning means preparing and managing your finances for life after you stop making an income. The process involves the following: Identifying your desired retirement age Estimating the amount you need for your years of retirement Determining the source of your retirement income Identifying your retirement lifestyle Retirement planning can help you pay for emergencies you may encounter during your golden years or even tick off items in your bucket list. What is a Retirement Fund? After planning for your retirement, you need to create a retirement fund. This is any plan, fund, or scheme that will provide you retirement income. A retirement fund will help you pay bills and maintain your desired lifestyle even after…

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How Much Do I Need to Buy a House in the Philippines?

How much does it cost to buy a home? Can I afford it? A house is the biggest investment you’ll ever make, so the expenses you’ll incur should be a major consideration in your home-buying decision. Understanding the house construction cost, taxes, and other fees you have to pay for a home purchase will help you create a realistic budget and give you ample time to get your finances ready. This also helps you avoid any unpleasant surprises and unplanned expenses. Here’s a general guide to the costs involved in buying a house in the Philippines. Note that the cost estimates here are just ballpark figures to give you an idea of how much you’ll spend as a homebuyer. Table of ContentsWhat are the Upfront Costs of Buying a Home?1. Reservation Fee / Earnest Money Deposit2. Earnest Money vs Reservation Fee3. Down Payment4. Home Loan Fees5. Processing Fee6. Appraisal Fee7. Building Permit FeesHow Much Do I Need to Build a House in the Philippines?Average House Construction Cost in the PhilippinesArchitect Fees for Residential Design in the PhilippinesLabor Cost for Construction in the PhilippinesWhat is a Closing Cost?Home Loan FeesMortgage Redemption InsuranceHandling Fee and Notarial FeeFire InsuranceNotarial Fee for Deed of Absolute SaleTaxes to Pay When Buying a House in the PhilippinesLocal Transfer TaxDocumentary Stamp TaxReal Property TaxMortgage Registration FeeMove-in FeesFinal Thoughts What are the Upfront Costs of Buying a Home? Certain fees have to be paid outright before acquiring a home. Here are the initial expenses you should save up for to buy a home in the Philippines. 1. Reservation…

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Starting a Family? Consider These 10 Family Insurance Types

You might be wondering if you really have to get different types of insurance when you already have so many expenses to deal with. Well, it’s a matter of protecting your loved ones and financially protecting yourself. Is family insurance just an added expense or a must-have for securing your family’s future? Insurance makes it affordable for you to prepare for any unforeseen events such as death, disability, illnesses, and accidents. If you get the right insurance type for your family, premium payments will cost you less now than upfront and out-of-pocket payments later. Ultimately, when the unexpected happens, insurance will lessen the financial burden to your family. Table of ContentsWhat is Family Insurance?How Much Does Family Insurance Cost?Types of Insurance for Families in the PhilippinesFamily Life InsuranceFamily Health InsuranceCritical Illness InsuranceFamily Personal Accident InsuranceEducation InsuranceCar InsuranceHome InsuranceOptional Family Insurance Types to ConsiderMortgage Redemption InsuranceFamily Dental InsuranceTravel InsuranceHow to Choose the Right Family Insurance1. Identify your level of need2. Determine premium costs3. Manage your risks4. Compare policies5. Beware of too-good-to-be-true plans6. Read the fine print7. Ask awayFinal Thoughts What is Family Insurance? Family insurance covers the entire family for a set amount of premium. It could be a life, health, or education insurance. For example, if you get a family life insurance, your family members are covered in the event of your death. The insurance provider pays a lump sum to the surviving family of the insured person after a certain period.  This kind of insurance policy provides a financial security blanket to surviving dependents or beneficiaries after the policyholder’s…

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