I wasn’t able to record our expenses for almost 2 years because instead of recording our expenses I would rather catch up some sleep and rest. When I gave birth and became a mom, everything changed. Thank God for the wisdom in handling finances, we are able to save up and started investing even before we got married. My husband often told me how blessed he is for having me and for being a “low maintenance wife” haha!Įverything is recorded, even Php 5 peso na mani sa kanto ay recorded… haha! Maybe because I started working at an early age, that experience helped me be a budget-conscious person. Man talagang budgeting plan and only few people really do have a budgeting system. Si Nanay pa lang palaging sinasabi “Wala pa kaming budget para dyan…” But as I observe wala na The term “budget” is overly used in every Filipino Family’s home. Moneykit is a money management system in a box that will help every Filipino to: For me, it's not about the promise of returns it’s about the person making the promise,” Tan concludes.įor reports of potentially fraudulent investment claims, you can contact the Enforcement and Investor Protection Department of the SEC through e-mail at or through landline at (02) 8818-6337.įor malicious messages, lodge reports to the NBI Anti-Fraud Division at (02) 8525-4093 or e-mail at You may also send a message through the NBI’s website at or their official Facebook account.Have you heard about Coach Chinkee Tan’s Moneykit? “The most important ingredients of a scam are ignorance and greed. Never invest because you trusted the person.
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Never invest in something you don’t understand no matter how profitable it may be, and invest only the amount you can afford to lose.
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To help Pinoys avoid these fraudsters, Tan highlights three guidelines on how to spot a scam: Tan says the public should be wary of these individuals. Many con artists are using the internet to promote get-rich-quick schemes and cryptocurrency scams to prey on consumers' financial fears. To learn more about how to invest safely, you may check out the investor’s education and information website of the Securities and Exchange Commission (SEC).Īs more people migrate to online channels during the lockdowns, digital fraudsters are using the pandemic as an excuse to trick people out of their cash. “For the type of safe and legitimate investments, I would still go for the banks, time deposits, the premium bonds offered by the government with fixed and guaranteed interest such as the Pag-Ibig Fund’s MP2 program, or for private sector offerings like mutual funds, UITFs, stocks and property,” Tan explains. If you have money, this is a good time for you because cash is king. But when people are afraid, be greedy,” Warren Buffet says. If you are an investor, know that today is the best time to buy and spot the companies, products, or financial instruments you may invest in. It’s the best time since everything is down. Have a long-term plan – Once you have saved enough for an emergency fund, consider investing.Set aside as much as you can because this will be helpful in case you lose your job, your income slows down, or your business closes. Ideally, keep at least 6-12 months’ worth of living expenses. Save as much as you can – Stow away a significant portion of your income as an emergency fund.Look for opportunities in four vital industries: food, health, online, and delivery. Just like a table with four legs, having only one source of income makes you vulnerable. Depending on your financial situation, you may need to create multiple sources of income. Additional income – The COVID-19 pandemic taught us an important lesson: you cannot afford to have only one source of income.There are a lot of ways to save if you look hard enough.
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The lockdown taught us the difference between essential and non-essential expenses. Control your expenditure and then change your lifestyle.
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Money is hard to come by these days, and many are wondering when the next paycheck will come. The lockdowns also stifled consumer demand, resulting in reduced pay, job loss, and overall financial distress for a significant part of the population. The long months of lockdowns led to the closure of businesses. The sudden outbreak of the COVID-19 pandemic caused a global health emergency and an economic crisis.