Saving Tips: Balance Inquiry and Withdrawal

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Savings Tip

Saving Tips

Today I will be discussing some savings tip to our readers. Did you know that there is a monetary charges because of using your ATM Card on different bank? As a result, you are being charge an amount from Php 2 to Php 15 for doing balance inquiry and withdrawal. So if you are getting your salary twice a month, chances are you are doing balance inquiry and withdrawal twice a month or 24 times a year. See below computation for bank service fee for a year:

Php 17 x 24 times = Php 408

Computation above shows that you are spending Php 408/year for nothing which you can save if you are going to withdraw from the same banks as your ATM cards. The above amount is enough to buy for your 2 meals in Jollibee.

Here are some savings tips to prevent ATM bank service fee :

  1. Before opening an account, make sure that there is an accesible ATM Machine on location where you always hangout.
  2. If you cannot choose the Bank, you might as well just use your ATM card to buy from department store or in groceries.
  3. Pay via online. Check for the site of the common expenses which you are paying like telecom, electrical and more.
  4. Apply for auto debit on your bank so it will just be debited to your account instead of withdrawing and paying.
  5. Always withdraw in Maximum. Withdrawing in small amounts in the span of 1 month will mean more bank charges.
  6. Avoid Balance inquiry fee by using mobile banking applications (most of the major banks have this service).
  7. Before withdrawal make sure that you already knew on where to spend your withdrawn money.
  8. Make balance inquiry using your online account.

More Information: Bank Fee from BSP Website (.pdf)

If you have more suggestion let us know and we would be happy to add your suggestion.

Maari Ba Matrace and BitCoin Transactions Mo?

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Ang Bitcoin transacations ay mahirap i trace not unless you know the BitCoin Wallet address of the person you are reffering. Sapagkat ang lahat ng BitCoin transacations ay na nakatala sa BlockChain Info (https://blockchain.info/). Decentralize ang pagamit ng BitCoin di tulad ng pera na nacocontrol ng Central  Bank ng bawat bansa. Sa Coins PH maari mo ng malaman kung sino ang nagpadala sa iyo kung kapwa Coins PH user din sapagkat maari ka ng magcomment kapag nagpadala ka na mababasa rin ng may ari ng account na papadalahan mo. Maari mo ring gamitin ang Email address ng papadalahan mo provided na gumagamit din sya ng Coin PH (Parang Paypal). Kung ang gamit naman nya ay di Coin PH ang kailangan mo lang alamin ay kung ano ang kanyang Bitcoin Wallet Address or Peso Wallet Address. Ngunit kailangan mo rin malaman na kapag nag padala ka na di mo na maaring ma refund ang anumang iyong ipinadala not unless na voluntary ibalik sa iyo ang pinadala mo. Kaya mag ingat din sa mga investment na nakikita sa internet patungkol sa BitCoin sapagkat marami nito. God Bless You all. Sa ngayon I have Hash Ocean

Paano Nga Ba Gamitin ang BitCoin Wallet?

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many-bitcoin-coinsIto po ang unang Tagalog Blog namin.

Ano ng aba ang Bitcoin Wallet?

Ang Bitcoin wallet and isang website na kung saan maari mong ilagay ang iyong pera upang magamit sa mga website na tumatanggap ng bayad na Bitcoin. Ang Bitcoin ay isang crypto currency na kung saan tanggap na sa ibat ibang lugar. Gumagamit ako ng Coins.Ph as my bitcoin wallet. Maari mong gamitin ang Bitcoin Wallet para mag bayad ng mga Utilities payment, Credit Card payment, at marami pang iba. Maari mo rin itong magami sa pagbabayad ng SSS. Ganoon din sa pagbabayad ng Tuition Fee.

Paano magagamit ang Bitcoin wallet sa Investment?

Kung nais mo naman pumasok sa mga investment ang bitcoin wallet ang gagamitin upang makapag invest ka sa Bitcoin Investment. Isa na rito ang Hash Ocean (BitCoin Mining) na kung saan bitcoin ang gagamitin mo sa pagbili at bitcoin din ang ibabalik nila sa iyo sa anumang kikitain mo. Kaya kailangan mo ng Bitcoin wallet.

Ano ang Wallet Address?

Ang lahat ng Bitcoin wallet ay mayroong wallet address. Ang wallet address and iyong gagamiting upang ito ang maging daan ng pagbabayad sa iyo ng iyong kita.

Ang kikitain mong Bitcoin ay maaring ipalit sa Pesos sa Bitcoin Wallet mismo. Maari ka rin mag withdraw sa anumang bank na piliin mo gamit ang Coins.Ph. Maari mo ring iwithdraw sa Cebuana Lhuiller at iba pa. Isang paalala lamang na di mo na pwedeng bawiin ang anumang iyong ibinayad o binayad sa iyo. Kaya siguraduhing tama lahat ang mga detalye na gagamitin mo sa pag gamit ng Bitcoin Address.

Kung may katanungan pa patungkol sa Bitcoin, mag comment lang po.

Image Credit : www.coindesk.com

10 Ways on How to Waste your 13th Month Pay

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automatic_trash_canHow long have you been working? And how many times did you received 13th-month pay? The main question is, how did you spend your 13th-month pay? Many employees received their 13th-month pay but just to spend it all away during Holiday season.

This is a sure way to waste your 13th-month pay

  1. Spend on something that you don’t need. Example, you want to be popular in your office, buy a new iPhone 6 Plus even you have your iPhone 6 fully working.
  2. Go to Department store and buy things on sale but you know that you will not use it in a few months and you will just put it in your cabinet.
  3. Buy new shoes even you have 6 pairs of shoes in your closet that you are not using.
  4. Go to casino and gamble your money
  5. Go to beerhouse and drink a lot and pay a huge amount of money for a 1 night happiness (that is according to you).
  6. Spend 13th month pay without consulting your wife/husband.
  7. Buy stocks due to hype as mentioned in the forum where you belong.
  8. Invest in something that you did not study, you just invest because your friend said its the best investment.
  9. Invest in something that everybody knows that it’s a scam. You have self-denial that you believe you can get immediate income buying that product.
  10. Throw your money in the garbage can.

Well, I hope you know what I mean, spend your money well. Give what is due to God, share your blessings and think of something that after a year you will say that I have placed my 13th-month pay in place where I know it will grow and you can be a blessing to others.

Why Using Philippine Credit Card is not suggested for Foreign Transactions?

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Did you face a situation that you are travelling in a foreign country and you cannot do anything but to use your credit card for your purchase? Well, I have done it many times and it’s a bit strange for me that the conversion rate is always high compared to the prevailing market rate. Upon my research, I found that credit card company charges 3.525% on all my foreign transactions. Did you know that it is hard to earn 3.525% in any investment portfolios. Forex might be different of course.

Foreign Transactions – All charges made in foreign currencies will automatically be converted to Philippine on the posting dates at the prevailing exchange rate determined by Via/Mastercard. A fee up to 3.525% will be imposed on the converted amount which represents our service fee and assessment fees charged by VISA/Mastercard.

The above information answers my query about the high exchange rates when purchases are being converted. What more if this expense were not been paid immediately? The said expenses will incur 3.5% interest or based on the prevailing interest rate of your credit card company.

This is just a reminder for using your credit card for foreign transactions. This also applies if you are using your credit card for online payment which is normally using US Dollar.

FOREX 101: 4 Things you ought to know about FOREX but is always afraid to ask

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When we hear of Forex, we always shy away from it, thinking that is a very daunting industry and that it’s only meant for people who are really into business. But do we really have to be intimidated by this industry? The answer of course is no, and we will get to know more about it in a few moments.

Before we delve into the advanced matters, let’s try to take a look at what it is at first. Forex stands for Foreign Exchange Market and if you’re an OFW you are already quite familiar of the concept that is used here.

Forex is basically just a fancy term for currency market. It’s just a trade of one currency to another like from Dollar to Peso, or Peso to Dollar, Euro to Dollar and so on and so forth. Each currency is designated with three letters like in the case of EUR for euro, and USD for dollar and as we have already known each currency has its equivalent value for the other currency.

Forex has become the latest trend among investors nowadays, Rappler says it is “one of the country’s fastest growing financial market” given the fact that it is seen as a more promising investment than stock market.

Knowing the basics, we also need to look at the specifics. So here’s a round-up of 4 questions about Forex that you want to be answered but is always afraid to ask.

  1. How do I start?

The first step is to find brokers and read about their reviews. There are of course numerous brokers out there, and all you need to do is to find the right one. It’s always great to start with those trusted companies and those that have good credentials. They would tell you eventually the things you would need to prepare so you can start trading.

The second step is to get acquainted with the terms. Now don’t get all too nervous about the terms because once you get the hang of it, understanding them would be easy peasy. The most basic of course is Pip, which is referred to as the amount of change in the exchange rate, this can project how much you would gain or lose. For more terms, you can visit XE’s comprehensive list of Forex terms.

Third step is to familiarize with how the Forex operates. In every circumstance in life, we always need to know what to do, how to do things and when to do it, so the same is expected in Forex. Take your time to find out the best time to trade, consider global issues, and study how the trend works.

  1. Why should I even consider Forex?

Forex is a very promising industry, given that you know how to control yourself and you are well equipped in understanding the game. There are more chances for you to gain as you can trade at any time of the day, unlike in stock market which starts at 9:30 am and ends at 4:00 pm. You can easily trade during your free time.

In terms of Return of investment (ROI), depending on your skills and your ability to trade, the ROI is estimated to be at around 3-7% for the first few months. So if you got some spare cash and you want to make a bit more of it, then this would be a good place to invest your money in.

  1. How much money do I need?

The biggest misconception about trading is that you could turn your thousand bills into millions instantly, well it were that easy then there would be an influx of millionaire all over the globe. It takes time, effort, wits, skills, perseverance and a reasonable capital to be able to do really good in trading.

So, how much money are we talking about here? There are several broker companies that would let you open an account for $5 and there are others that would offer $50 dollars as your starting money. Experts say that its best if you would just stick to risking 1% of your capital for a trade, so if you’re starting off with $50 dollars, you risk $0.5 and in return get smaller pay offs. Knowing how much you would invest is basically doing basic math to see if you’re going to be happy with the projected earnings.

It’s long suggested to start off with around $3000 if you’re considering this to be your main source of income. If you however are open to just investing and letting your savings be your capital then it’s quite alright as well.

  1. How much money will I earn and loss?

As mentioned in the later part of our discussion, the ROI would range from 3-7% for the first few months and this could improve significantly as your capital increases and as you are more at ease in trading.

Now as for your loss, this would all depend on the amount of money you will risk. We mentioned earlier that most experts suggest risking at most 1% of your total capital especially if you’re just a newbie. This would help minimize the loss that you might be able to encounter.

Enroll Here With Klimex Capital Markets

6 Reasons Why You Need Insurance

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Photo Credits : Curious Bino

Photo Credits : Curious Bino

Good news: more Filipinos are getting covered by insurance. The unfortunate tidbit is that more still remain uninsured. Why are Filipinos not getting insurance?

  • They don’t think they need it.
  • They are investing in bonds and other portfolios that would hopefully bring them huge returns in the future.
  • They are expensive.
  • They think insurance companies are simply interested in their money.
  • They don’t have money.

We can cite more reasons to answer why, but regardless of what it is, it doesn’t change the hard truth that insurance benefits you more than you think.

Insurance can:

Give you the peace of mind.

According to the 2015 survey conducted by the American Psychological Association, money is the leading cause of stress among Americans. In fact, the stress can be so severe it can make one sick. While the survey was in an American setting, the results resonate around the world. We do worry about money because, although it cannot buy everything, it still remains a necessity.

Insurance is a form of guarantee that in case you find yourself or your family members cash strapped, you know there’s money to count on—a huge financial burden lifted off the shoulders.

Protect your assets.

 Life insurance, for example, can be used for estate planning and gives you income if something bad happens to you like developing a permanent disability. Health insurance protects your health while home and auto insurance cover your physical or tangible properties.

Reward you

Life insurance policies  such as variable-linked insurance combine investments and financial protection in the bundle. This means that a part of the premium you pay for the insurance is invested in stock, bond, or mutual funds, depending on your preference or investment profile. Other insurance policies have features like money backs or guaranteed cash value.

Adapt to life changes

As you grow old, you buy a house or a car, send your children to school, take on jobs, and get married, to name a few. In each of these seasons, your financial needs are different. Insurance can be acquired to provide you monetary support in your life stages.

Give you more financial freedom.

Insurance is there to see to it that if you’re faced with a major crisis, you’re not forced to dip into your emergency fund or your children’s college education fund. You won’t have to sell your home or whatever large asset you have, as well as skip your other financial obligation. Insurance would help ensure you don’t fall into an endless cycle of debt.

Provide you with great retirement.

Your SSS pension may not be enough to give you the retirement of your dreams, more so if it cannot beat inflation. You can use your insurance, particularly if it has an investment component, as a buffer.

Insurance isn’t merely an expense you pay every month or quarter. It is a worthwhile investment not only for yourself but also for your family and their future. It’s how you respect your hard work and show your commitment to your loved ones.

Does Everybody Need Life Insurance?

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Source: Forbes.com

Source: Forbes.com

Does Everybody Needs Life Insurance? A question that an individual should know the answer. Well my answer is “It depends”, it depends on what? Perhaps my points stated below might give you an idea of having life insurance, or just forgetting the idea, You will have to decide after treading this blog post.

Insurance aims to replace the income of the person being insured.

The insurance can serve as an income replacement, so if a person is the bread winner of the family and if someone depends on his income, definitely he needs a life insurance. Most especially to all fathers working for their family. A non-working wife, might not need an insurance if her main purpose is just for income replacement. But of course there are still some other purpose in addition to income replacement.

Have you think of a situation that if your life was taken away while your love ones are still studying or while you are paying for a house or you have other fixed monthly expenses? As a follow up question, did you ever think on what will happen to your love ones when they are left with all the burdens? For sure it will be very difficult for them.

Have you heard about Estate Tax?

Have you heard about the Estate Tax? Estate Tax is the tax imposed on all the estate left by a dead person. Meaning that if a person dies and he have estates left (money in the bank, House and Lot under his/her name, Car,  bank in the money, mutual funds, any paper asset), all estate will be subjected to estate tax before it could be transferred to the rightful heir. If the rightful heir does not have money to pay for the estate tax he may resort to two options:

  • Borrow money to friends of relatives, then pay the estate tax and pay bank the relatives
  • Sell the estate on a very low amount and make an agreement with the buyer to pay all the estate tax on your behalf.

Normally option # 2, is being chosen by the heir if there is no fund to be used in collecting the estate. But normally option # 2 will make your estate with a very low cost compared to the assessed value of the estate.

Estate Tax is subjected to time frame for paying the text.

A wise decision is to calculate your total asset, and check with the prevailing estate tax law the equivalent amount and make sure that the owner of the asset is insured on more than the amount required.

Insurance money can be paid to the beneficiary after the claimant prove that the insured person died in a way accepted as stipulated in the contract. The beneficiary can take the life insurance proceeds free of tax ( Check this article)

“(B) Exclusions from Gross Income. — The following items shall not be included in gross income and shall be exempt from taxation under this title:

Life Insurance. — The proceeds of life insurance policies paid to the heirs or beneficiaries upon the death of the insured, whether in a single sum or otherwise, but if such amounts are held by the insurer under an agreement to pay interest thereon, the interest payments shall be included in gross income.”

Estate Tax filing has also a deadline:

Deadlines

File the return within six (6) months from decedent’s death. However, the Commissioner may, in meritorious cases, grant extension not exceeding thirty (30) days.

I hope that this article will help you decide to get or not to get a Life Insurance. I may not be an expert in law, but I hope this post gives you an idea about the importance of Life Insurance.

Biblical Principles for Financial Success: 7 Key Lessons on Money

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I firmly believe that Biblical principles and finance go hand in hand, offering timeless guidance for success. A recent Facebook post by Stormie highlights seven essential lessons about money from a Biblical perspective. The core idea is that everything we have comes from God, and it’s crucial to acknowledge Him in all aspects of our financial lives.

One lesson that resonates deeply with me is the seventh principle: “Love God, not money.” This powerful message reminds us that when we prioritize our love for God, rather than the pursuit of wealth, blessings will naturally follow. By following these principles, we align our financial practices with spiritual values, fostering both material and spiritual prosperity.

Angat Pilipinas Desert Convention 2015

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I would like to report that Angat Pilipinas Desert Convention 2015 was a success. The financial literacy seminar went well as planned in 4 corners of Saudi Arabia, Riyadh, Al Hasa, Jeddah and Al Khobar. The seminar was attended by more than 200 OFW in 4 locations. I can share more information in Riyadh because I am one of the speakers in the event.

In Riyadh we were visited by Mr. Rustico SM De La Fuente, Labor Attache, Embassy of the Republic of the Philippines, PHILIPPINE OVERSEAS LABOR OFFICE (POLO), Riyadh Saudi Arabia and glad to hear from him that they have appreciated the advocacy that Angat Pilipinas Coalition for Financial Literacy is doing. They have also shared that POLO’s Reintegration Preparedness Program has two major components, Financial Awareness and Entrepreneurship Development.

The seminar was presented by 4 speakers namely Aldwin Resureccion, Odessa Liwanag, Kristine Rodriguez and yours truly. We had our Volunteers, Belle Olaso – Photographer, Paolo LaxamanaTechnical Support and Laarni Resultan – Registrar.

We had a great seminar as we have received positive comments from the attendee. There are some attendee came from almost 130 kilometers from Riyadh Saudi Arabia.

There was part of the event that we asked the attendee to group themselves and share with each other on how OFW are being scammed and here are what they have shared:

  • People get scammed because of TRUST, there are times that they are just trusting without checking the legality of a certain company that is being referred to them.
  • People get scammed due to GREEDY, when people saw lots of money in Social Media they could easily get hooked in the advertisement even it is publicly announced that it is a scammed company.
  • People get scammed due to IGNORANCE, people try to get into an investment without first learning the ins and outs of it. People dive to investment without knowing that there are RISK in investing.

We have even received suggestions through our survey which I will share later.

OFW became interested also with Stock Market and Pooled Funds, which might be the subject of our future seminars. Hope that future seminars will be attended by more and more OFW.

I would like to thank all the attendee of the seminar and I hope we have help them in their financial planning. Below are some pictures taken from different parts of Saudi Arabia.

Angta Pilipinas (13)

Angta Pilipinas (1)

Angta Pilipinas (3)

Angta Pilipinas (4)

Angta Pilipinas (5)

Angta Pilipinas (7)

Angta Pilipinas (9)

Angta Pilipinas (10)

Angta Pilipinas (12)

Angta Pilipinas (14)

Angta Pilipinas (15)

Website: Angat Pilipinas Coalition for Financial Literacy Seminar 

Electronics Engineers in Riyadh Financial Literacy Seminar

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I have been invited by Engr. Perry Camson, Chapetr President of IECEP Riyadh Chapter to conduct a 1 hr Financial Literacy Seminar. This will be held at Orchid Hotel, in Riyadh Saudi Arabia on August 28, 2015. It will almost be the same seminar that I conducted with IIEE last June 2013.

The seminar will discuss about Financial Literacy 101 as follows:

  • Money Mistakes Among Pinoys
  • Income Management
  • Increase Cash Flow
  • Debt Management
  • Create Emergency Funds
  • Ensure Proper Protection
  • Build Long Term Savings

For speaking engagement you may contact me through our contact page.

I will update this post after the seminar…..

Taking Advantage of the High Exchange Rate

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As an OFW, I am used of sending money to the Philippines with an exchange rate of 1 USD to Php 44. But there was a turn of events in the world economy that is why from last month I can see an exchange rate higher that Php 45. I know that some OFW are happy on what is happening because higher exchange rate will mean higher money will be received by their relatives. But is it really true that money value will be higher on this days? Actually it is not because the higher the exchange rate the lower the economy, It is indirectly proportional. The PSEI (an economy indicator of Philippines) keeps on going low.

The following scenarios might be experienced

  • Higher cost of commodities due to higher cost of raw materials
  • Most of the items that uses imported materials will definitely have higher prices.
  • The higher tuition fee.
  • Fare hike, due to the cost of maintenance auto parts
  • Low investor in the Philippines

So how will you take advantage of the situation?

If there are some surplus money due to exchange rate it is better be placed in an investment. If you are paying your land or house amortization at an amount of Php 44,000 before you need to send USD 1,000 to pay off your monthly amortization. Now if you send the same USD 1,000 it will be converted to Php 45,000 therefore you will have a Php 1,000 surplus. The surplus would be better placed in an emergency fund or be placed in the stock market or an equity fund. Economist knows that this will be temporary. Therefore, if you put your surplus money into an investment, the moment that the economy recovers and exchange rate become lower, your surplus money will grow.

I hope OFW will take advantage of the situation and not just spend money in wants.