Tag Archives: Cash loans philippines

Hawak ng Maybahay ang Badyet ng Pamilya

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Itinatakda ng tradisyon na ang sistema ng pamilyang Pilipino ay nakasentro sa ina (matriarchal). Nakapagtataka kung bakit kahit pa ang ama na sinasabing haligi ng tahanan ang siyang inaasahang kumayod upang buhayin ang pamilya, karaniwang ang desisyon pa rin ng ina ang sinusunod. Ilang henerasyon na ang kumikilala sa ganitong kalakaran. Marahil ay dahil ito sa paniniwalang mas matagal ang buhay ng mga babae kaya ang nakikita ng mga anak ay ang pagsusumikap ng ina na buhayin sila matapos mamayapa ang ama. Maaari ring ang ina ang mas madalas na namamahala sa tahanan dahil ang ama ay nasa labas at naghahanap-buhay. Katuwiran nga, tutal ay panggastos sa bahay ang malaking bahagi ng kinikita ng lalaki, kalimitang babae naman ang bahalang magbadyet nito para sa mga pangangailangan ng buong pamilya.

Nakasanayan na sa maraming lugar sa mundo na ang mga magulang na nagretiro na ay namumuhay nang sarili gamit ang kanilang mga pensiyon. Pero sa Pilipinas maging sa ilang bansa sa Asya, umiiral ang extended family system kung saan pinapayagang umasa sa mga anak ang mga magulang na wala nang kapasidad magkaroon ng sarili nilang kita. Ang totoo, ang ganitong sistema ay mabigat para sa anak na babae lalo na sa manugang na babae. Bukod sa pakikisama, mas mahirap para sa kanila na balansehin ang kinikita at ang mga gastusin ng pamilya.

Naniniwala ako na hindi dapat balikating mag-isa ng mga maybahay ang ganitong responsibilidad. Dapat ay maging kabahagi nito ang asawa, mga magulang, mga anak at lahat ng naninirahan sa iisang bubong. Ang ama ang dapat na magtakda ng alituntunin na “Sangkot ang buong pamilya sa usaping pinansiyal.”.

Bago pa man ang paghaharap-harap at pag-uusap na ito, kailangang ayusin ng mag-asawa ang badyet ng pamilya sa isang paraan na mauunawaan ng lahat. Ipakita na ang KITA bawasan ng IPON ay mag-iiwan ng PANGGASTOS. Sa madaling salita, mahalagang malaman ng lahat kung magkano ang dapat itabi bago gumastos. Ngunit gawing malinaw lalo na sa mga anak na ang itinatabi o iniipon ay para sa pagreretiro ng mag-asawa at hindi para gastahin ng sinuman. Nasa pagpapasiya ng mag-asawa kung hindi nila idedeklara ang lahat na aktuwal nilang kinikita. Pero kailangang maging maliwanag na pinaglalaanan ng mag-asawa ang kanilang pagreretiro para hindi sila umasa sa mga anak sa kanilang pagtanda. Maging maingat lamang sa mga sasabihin lalo na kung kaharap sa pag-uusap ang mga biyenan na kasama sa bahay. Tiyaking alam nila na tinatanggap ninyo ang kanilang pagtira sa bahay at kailangan ninyo ang kanilang tulong bilang miyembro ng pamilya.

Hangga’t maaari, gawing detalyado ang badyet at ihiwalay ang mga PANGANGAILANGAN sa listahan ng mga luho o DI KAILANGAN sa mga gastusin. Isama sa talaan ang mga hindi buwanang gastusin gaya ng edukasyon, buwis o amilyar, bayad sa mga hinuhulugan, alokasyon sa emergency, pagmamantine ng bahay at sasakyan, atbp.  Kailangang makibahagi ang bawat isa sa paggagawa ng badyet. Dapat magbigay ng kontribusyon sa panggastos (Cash In) ang sinumang may kinikita. Ang mga walang trabaho ay kailangang magsabi kung paano sila magtitipid para mabawasan ang mga gastusin (Cash Out).

Credit Etiquette

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Armand Bengco, ang Colayco Foundation Executive Director ay naging panauhin ni  Lyn Ching sa Unang Hirit.  Ang interview ay maaaring mapanuod sa http://www.youtube.com/watch?v=-tirSBBPy_8.  Ito ang naging usapan nila.

“Ano ang tamang paraan ng pangungutang?”

Kung sa bangko at ibang institusyon na nagpapautang, pormal tayong humaharap.  Gumagawa pa nga tayo ng pormal na sulat kung bakit tayo nangungutang at kung ano ang ating kakayanang magbayad.  Pauutangin tayo dahil mayroon tayong tunay na kakayanang magbayad at hindi lang dahil may collateral o mayroong guarantor.  Kung bago ka sa pangungutang sa bangko, mas mabuting may kilala ka na magpapakilala na ikaw ay marunong sumunod sa kasunduan.  Ang kolateral o guarantor ay kalimitan mga tuntunin ng Bangko Sentral.

Kung tayo ay mangungutang sa ating kaibigan or kamag-anak, siyempre bigyan rin natin sila ng kurtesiya. Mas mabuti na personal tayong pumunta at huwag lang mag-text o tumawag.  Dapat ipaliwanag natin kung bakit tayo humihiram ng pera at kung paano tayo magbabayad.  Dapat handa tayong pumirma ng kasulatan para talagang maniwala siya na may intensyon tayong magbayad.

“Paano mo sasabihing wala kang maipapautang o ayaw mong magpautang?”

Kung kamag-anak or kaibigan ang umuutang siguro pwede tayong makipag-usap ng masinsinan.  Mabuting mayroon tayong nakasulat na budget para maipaliwanag natin at makita nila agad kung bakit hindi natin kayang magpa-utang.  Kahit wala tayong listahan na maipakikita, dapat maipaliliwanag rin natin na mayroon tayong ibang pinaglalaanan at hindi lang siya ang binubuhay natin.

Maaari rin sabihing diretso lalo na kung tayo ay kinakapos.  Sinasabi nga namin sa Colayco Foundation, “we cannot share what we do not have.”

Pwede rin sabihin na sistema natin talaga ang hindi magpautang.  Sabi nga ni Armand na sa pamilya niya na anim na magkakapatid mulang pagkabata hanggang ngayong may edad na sila, hinding-hindi sila nag-uutangan sa isa’t isa. Kapag nakita rin naman ng ibang tao na ganoon ang pananaw na pinapahalahagahan at inirerespeto ang ating pananalapi, parang mahihiya silang lumapit.  Kung ano ang pinapakita natin sa labas, ganoon din ang pagtanggap at kung paano tayo itatrato.  Hindi talaga magandang makita ang mga magkamag-anak na nagkakainisan, nag-aawayan, at nagkakagalit dahil sa pera.

Minsan mayroon tayong kakayanang magpautang pero nagdadalawang isip tayo dahil may reputasyon yong umuutang na hindi nagbabayad.  Kung meroon siyang hindi masyadong magandang reputasyon, pangit naman na sabihin natin ng deretso kayat siguro dapat na lang mag “white lie” para makaiwas.  Dapat lang hindi tayo manggagalit o magpapahiya.  Kung sakaling pautangin pa rin natin siya, handa lang tayo na parang donasyon na lang yon.  Huwag na tayong magtaka pa o magalit kung hindi tayo mabayaran.

Ang isang magandang ugali, lalo na sa mag-asawa, ang hindi lang tayo ang nagbibigay desisyon sa pera.  Kasama natin ang katuwang natin sa buhay o maski na single, sabihin na kasama ang ating magulang o guardian sa mga desisyon tungkol sa pera, sa paggastos, sa pagpapautang, and pati sa pagiinvest.  Kung ayaw natin talagang magpa-utang, pwede nating sabihin sa  nanghihiram na “ay sorry, ayaw nang asawa ko eh.”

“Tama ba ang maki-ride sa credit card ng iba?”

Mayroong iba na kapag nasa shopping ay nagsasabing “pwedeng ilagay ko na lang sa credit card ko tong pinamili ko at babayaran kita pagnaningil na?”

Yan ay hinding-hindi dapat gagawin.  Ang credit card ay napaka-personal.  Pirma natin so talagang nagiging utang na natin kapag pumirma tayo.  Wala na tayong habol sa “naki-ride.”

“At pagdating sa pangungutang, sino ang dapat mong utangan? Kaibigan? Boyfriend? BOSS?”

Depende siguro sa sitwasyon.  Kung mga pormal na utang tulad ng housing loans, sa mga bangko o mga pormal institusyon na yon.  Kung mga emergency siguro, ang unang takbuhan ay kamag-anak.  Sa magboyfriend-girlfriend, siguro huwag muna. Baka yon nga ang magdala ng pagkawala ng respeto sa bawat isa.  Mayroon ngang mag-girlfriend/boyfriend lang na nag-jojoint account na.  Mahirap yon kung naghiwalya kayo hindi niyo alam kung paano ang hatian.  Kung ‘yung magasawa nga nagkakaproblema sa paghihiwalay ng properties at assets, lalo na ‘yung magboyfriend-girlfriend.

Involving Kids in Money Management

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Money was not a problem with us before. In fact, my kids have enjoyed the luxuries in life. But now, things are not so good financially since we closed down the cloth factory that we were managing. We’re not starving but we can’t afford the things that we’re used to before. How do I tell my kids these? I don’t want them to feel sorry for themselves and to burden them with our problems but they keep asking for things that we cannot afford now. Please advice.

Your story is not new.  There are so many families who are undergoing the same trials because of the reversal of the economy all over the world.  Your kids will definitely not be alone in their situation.  In fact, when you tell them and if they share with their friends, they will probably realize that they will have a peer group that will help them through because they are all in the same boat.  Of course, this is on the assumption that your kids do not belong to a group of super-rich kids whose parents do not even work for a living.  Such kids would probably have no concept of the value of work and money.

Yes, definitely, your kids should be involved in understanding what has happened to you.  But, you need to first talk to your husband and agree on:

–       how much your kids are capable of understanding.  This depends on both their age and their emotional maturity.

–       how much you would like them to know at this point.  Choose the most urgent issues.  There is no use in getting them all insecure and stressed.  Just make sure they understand the sacrifices all of you have to make.

–       the common style you will use in telling them.  One way is for both you and your husband to start by showing them very clearly that you have changed your personal spending habits.  Every opportunity you get, express how you are cutting down on something that you really want for yourself.  After this lifestyle cut-back becomes the norm, , so that the kids are obviously aware of the difference, it may be time to sit down with them and tell them the story referring to why they might have noticed on how different you have become.

–       Impress on your children that your main concern is what lifestyle can be sustained without incurring unnecessary debt; that what is important is not to trade the future with the present.

Express the positive in everything like how your family should count your blessings; like how many more kids and families do not have the same things that you are still enjoying.  You and your husband must be in complete agreement beforehand so your kids do not end up confused with conflicting statements from the two of you.  For example, understand exactly what can you no longer afford.  If you believe your family should not eat out and your husband feels differently, agree on what your common stand should be.  Perhaps, it could be that eating out should only be during birthdays and only in a low-cost food restaurant that you both agree on.

To reach a good agreement on what you can tell them, you should have a common understanding of your finances.  Make sure you agree on your Statement of Assets and Liabilities (SAL) and Personal Income and Expense Statement (PIES) and your budget. Since you had a business, this should not be difficult for you.

Reduce Expenses and Make Money

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My husband recently lost his job. So while he is looking for work, I want to help out by earning money on my own. However, I can’t go to work because we have three kids that I have to take care of. Is there a way that I can earn while being at home?

There are two ways you can help your husband.  One quick way is reducing your expenses to the strictest basic Needs at least during these difficult times.  Needs are those that you can’t live without.  Everything else is considered Wants.  You will be surprised that you are probably still buying Wants without realizing it.  Just to emphasize what strict means, for example, any kind of dessert would be considered a Want.  Even coffee is a Want.  Choosing nutritional fruits and vegetables are Needs only if these are made part of your family’s daily nutrition.  Just buy those that are priced lowest for the season.  Taking a shower and wasting expensive water is a Want if you can use water from a bucket.  You get the drift, I’m sure.  You can just choose the best value for your money.  But I am not saying this is forever.  This is only in a state of emergency, which is where you are now.

Definitely your husband should be included in this exercise of reducing expenses.  It is important that you both show your children a good example.  “Practice what you preach.”  Depending on how old they are, you should include your kids in your budgeting exercise.  Make a game of the entire process.  Try not to introduce sweets and junk food to them except to taste, if it is already available at no extra cost to you.

The second option is to work at home as you are asking.  I think that working at home can only be through the use of your household capabilities or through the internet.

Household capabilities would probably mean cooking, sewing, washing, ironing, and handicraft.  Only you can identify what you are really good at.  In some situations, you can include your family’s needs in the process of doing the service for others.  For example, if you cook well, you might have neighbors who don’t cook and just buy their cooked food.  You could offer them your own daily home-cooked meal for a price that will give you a little profit but would still be worth it for them.

Just a thought, perhaps you can offer to take care of the children of your co-parents who also need to be at work and may not have the time to bring them to and from school.  You could look into running a mini-school bus-cum-nursery (children care) service to parents in the same school as your children.  Financing for acquisition of a school bus is quite available.

On the internet on the other hand, there are so many offers if you just go through a Search Engine like Google with a question on what you can do at home.  But you need to be careful if the opportunity will really work for the Philippines.  Most of them are really for the U.S. even if they claim to be internationally.  Be extra wary when you are asked to make an investment, no matter how reasonable it might seem.  If you are not sure but want to gamble, just understand that you are gambling so that you will not be disappointed.

Teaching Your Kids to Save & Invest

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I always teach my kids to save their money in the bank and though this is a good practice, I feel that I should not be focusing on just saving but also in investing. How do I teach them about it without really boring them with the technical mumbo jumbo?

Congratulations!  You are an enlightened mother and your wisdom will bring precious results in the future.  You did not mention how old your kids are.

To begin with, it is important for your children to understand the two basic types of investments, namely, lending investment and ownership investment.

Putting money in the bank is lending investment.  Money in a savings account or in a time deposit is actually a loan to the bank.  In exchange for using the depositor’s money, the bank pays him “interest”.  This is the fixed income that the depositor gets while his money is kept in the bank.  Here, the bank guarantees the payment of interest (depositor’s income) and the principal amount in the deposit. Because of this guaranty, the interest rate is relatively low as the risk of losses to the depositor is also relatively low.

Ownership investment, on the other hand, is actually the acquisition of assets (shares of stock, property, etc) with the expectation to periodically earn income generated by the asset and, eventually to accumulate gains due to the increase in the value the asset over time.  In ownership investment gains or losses are actualized only when the asset is sold.

Generally, ownership investments are more suitable to meet long term goals.

At the risk of oversimplifying, investors must be guided by the following economic laws:

a)    the higher the return the higher the risk;

b)   the longer the time (investment period), the lower the risk; and

c)   the longer the time, the higher the return

You can start explaining the foregoing principles to them so they start with the proper understanding of investments.  When one invests, he must have clear financial expectations based on specific economic goals. These concepts can be taught through games so that learning takes place with a lot so fun as well.

Explain that, no matter how small, a little interest is much better than just keeping their money permanently in a piggy bank at home not earning anything.  Piggy banks help in saving because loose change can easily be dropped in until the bank fills up.  Empty the piggy bank regularly and deposit the contents into the bank account. Explain to them the entries in the savings bank book.  If you yourself don’t understand, make sure you ask the bank employees.  They will be most happy to help you especially with your kids because those are their clients in the future if they treat them well.

If they have accumulated money over P6,000 in their savings account, then, you can start showing them other investment options.  The next option available for a minimum of P5,000 is the Mutual Fund (MF).  There are a few funds that accept this small minimum as an initial investment.  The minimum for Unit Investment Trust Funds (UITF) of banks is P10,000.  Thereafter, they can add P1,000 each time into their account.

Encouraging Kids to do Business

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I recently asked my kids to think of a product that they can sell in front of our house in order to make money. They came up with sago’t gulaman and pineapple juice. Although I felt that people in our neighborhood would not need to buy juices, I still went ahead with their idea because I don’t want to crush their enthusiasm. Unfortunately, their first day sale wasn’t that high. How do I encourage my kids and lift their spirits? They were really disappointed.

I understand your good intentions in supporting the first “business venture” of your kids.  The sale of one day is not the measure of failure in a business.  You could encourage them to give it a few more days, including a weekend.  If it still doesn’t pick up, encourage them to analyze what is wrong and try to remedy it.  They should have a target amount of loss at which point, they should just close their business and recoup.

If they succeed in their first project, keep encouraging them.

If they really fail in their first project, you can focus on the three good lessons:  1) 80-90% of start-up businesses fail, 2) before putting up a business, make sure that you have a real market in your chosen location for your product and 3) never give up for as long as the market is still large enough and that perhaps, you just need to change the way you sell and deliver your product.

Explain to them that in business, it is natural to fail.  When you fail, it is not you personally that failed, it is the business that failed.  You should look for the reasons for the failure so that you may learn from it.  If you or your husband ever failed in a business, tell them the story in simple terms, explain how you learned from your failure and how you eventually succeeded.  Business is a risky activity and all the more, you have to study opportunities well.  In their small start, they were really blessed because only a small amount was involved and they learned the valuable attitude of accepting a minor defeat and looking forward to a future victory.

Teach them that for their next business, they should not only think of the product they know how to make and/or that they personally like.  Show them how they should “survey” the location where they want to sell.  Help them brainstorm on:

–       Whether it is the right location and right time for selling

–       How much competition is there

–       What items would have more demand for and to best sell there.

–       The right selling price/s for the items.

–       Asking advice from people who know about their product, the location and how they can cut their costs.

While the failure is very small from your perspective, it can be very real to them if they are serious in their project.  It is important to impress on them that there are valuable lessons to be learned in this experience and that they have to learn what those are. Learning the right lessons will ensure future success..

If you know how to go to the Internet, watch this short feature:

http://www.maniacworld.com/are-you-going-to-finish-strong.html

If you think it is appropriate, it would be good for your children to see.

Introduce Entrepreneurship to Kids

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I am a mother of 2 kids,  3 years old and 9 months old.  My question is how would I introduce to my son the idea of having business mindset?

Considering the age of your son, we will assume that what you want is for your son to be oriented to entrepreneurship. Your desire to start him early so that entrepreneurship becomes second nature to him is commendable.

First and foremost, a business mindset is not the same as having a mathematical mind.  A business mindset is one that is oriented towards creation of products or services.  It starts with developing the interest in understanding how things work.   Constant questioning eventually leads to developing the ability to spot opportunities in finding new ways to fill particular needs of a given set of users or buyers.  Business orientation becomes second nature when one starts to focus on why and how certain products are distributed, bought and eventually used.

The entrepreneur is able to think through any matter of interest to its logical conclusion.  He doesn’t stop his thinking process until he has a conclusion.  And that conclusion must directly address his specific goal.

All other skills required like communication, marketing, even accounting (for non-accountants), would be simple enough to learn in due time.

Your child’s primary training should thus be on effective thinking process.  This should then be supplemented on activities or education that will bring out the child’s skills and interest. In fact, you should encourage your child to find his special interests and support special studies, if necessary.  But at the same time, inject the business aspect in that field.

In most situations, your child will imitate his role models and his first role models are usually his parents.  If you and your husband are into some kind of business, you are off to a good start since it will be natural that business matters come up in your conversations with each other.  Include light conversation sharing your business experiences during meals.  No heavy conversation making it boring or even scary for your son.  Try to make the stories sound matter-of-fact or even fun. A few thoughts on these follow:

Make the appreciation of money a game with your kids.  You could start to teach him money counting when you need to make payments and accept change.

Inculcate in him the difference between needs and wants. Show him the savings when he chooses only basic Needs and give him a reward when he reaches his savings goal.

From time to time, show him the joy in sharing. You could set aside an amount to donate to your church or community and be sure that you do not turn him into a miser!  It will take a lot of time and patience but I believe it will pay off in the long run.

HAPPY VALENTINE’S DAY!

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Peronal na Prinsipyong Pamamahalang Pinansiyal

Mayroong isang batayang prinsipyo sa pamamahalang pinansiyal: huwag gagamitin ang perang inutang para ipuhunan sa capital market. Ito ang paglalagay ng puhunan sa securities gaya ng stocks at lahat ng uri ng mutual funds. Tandaan na kapag nangutang, obligadong bayaran nang regular ang takdang interes at prinsipal kumita man ang puhunan o hindi.

Sa kabilang banda, kapag namuhunan sa merkadong pinansiyal, umaasang kikita sa pamamagitan ng mga dibidendo o dagdag na halaga ng puhunan kapag ibinenta ito. Pinakamahalagang usapin sa pangungutang ang cash flow o daloy ng pera. Anumang loan ay pinapatungan ng interes batay sa termino ng pangungutang.

Tandaan na walang garantiya sa pamumuhunan sa financial market partikular na sa stocks dahil palagiang gumagalaw ang pagpepresyo. Mahirap sa kaso mo lalo pa at kailangang gawing kolateral ang iyong bahay. Ang totoo, malalagay sa peligro ang iyong bahay dahil walang katiyakan ang pamumuhunan.

Bagama’t mayroong liquidity sa mutual funds, walang nakatitiyak kung kailan at gaano ang pagtaas at pagbaba ng Net Asset Value (NAV) ng iyong puhunan. Kung mababa ang halaga sa panahong lubhang kailangan ang pera upang makabayad ng utang, mapipilitang ibenta ang puhunan sa mas mababang presyo.

Tamang Pangungutang

Bumababa ang interes sa pautang sa kasalukuyan kaya ito ang tamang panahon para mangutang kung mayroong magandang proyektong paggagamitan nito. Kapag ginamit sa magandang pamumuhunan ang perang hiniram, kikita ito at makadaragdag sa iyong net worth o halaga.

Kung pag-aaralang mabuti ang mga dapat pag-ingatan, maaaring mas malaki nga ang kikitain kaysa perang mahihiram sa bangko na may 9% interes kada taon. Sa aking palagay, tinimbang mo na ang mga posibleng risk at reward. Dapat ay mayroon kang personal na Statement of Assets and Liabilities o SAL. Makatutulong ito para tantiyahin kung ano ang mga dapat paghandaan at kung ano ang pinanghahawakan sakaling magkaroon ng biglaang pangangailangang pinansiyal.

BAGONG TAON AY MAGBAGONG BUHAY!

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Kadalasan ay hindi rin tayo naniniwala na may magagawa tayo at nalalaman na lang natin na mayroon tayong kakayahan dala na rin ng mga halimbawa at sariling karanasan. Sa aking librong “Wealth Within Your Reach”, tinalakay ko ang tungkol sa procrastination o pagpapabukas bilang isa sa mga hadlang sa kalayaang pinansiyal. Ang kawalan ng kakayahang simulan ang isang bagay ay masasabing “sakit” na ng halos lahat ng tao pero dahil mga Pilipino tayo, tingnan na lamang natin ang sarili natin at alamin kung gaano ito kalaganap sa ating kultura.

Isinisisi natin sa mga Kastila ang ating “mañana habit” na karaniwang sinasasabing namana natin sa mga Espanyol pero sila nga ba ang may kasalanan at hindi mismong mga Pilipino? Mahigit 400 taon nang nakaalis sa Pilipinas ang mga Kastila. Paanong sila pa rin ang dapat sisihin sa kasalukuyang kalagayan natin? At kung patuloy man nilang isinasabuhay ang kaugaliang ito, pansariling problema na nila iyon. Ang dapat nating pag-ukulan ng pansin ay kung bakit nagpapatuloy ang ganitong hindi magandang ugali sa mga Pilipino.

Dahil kaya ito sa umiiral na klima sa ating bansa? Mainit at maalinsangan kaya kadalasan ay inaantok at nakakatulog tayo kapag nasandal ang likod. Heto at ibang bagay na naman ang sinisisi sa ating kalagayan sa halip na tingnan ang sarili.

Mapapansing nag-aalinlangan ang isang bata sa kanyang unang paghakbang pero madaling napapalitan ito ng kasiglahang gawin ang anumang bagay dahil wala itong takot. Isa pa, nakakatulong ang panghihikayat ng mga nakatatandang nakapaligid sa kanya. Subalit ang mga nasa hustong gulang ay mayroon nang “takot” na nararamdaman kaya nagiging mahirap magdesisyong sumubok ng isang bagay na hindi nakagawian. Halos araw-araw ay gumagawa tayo ng mga pangako at resolusyon ng pagbabago. Pero balewala ang lahat ng ito kung hindi tayo magsisimulang magbago.

Nakakalungkot isipin na tayo rin ang maaapektuhan kung palagiang ipagpapabukas ang pagsisimula ng isang bagay na sadyang mahalaga. Dahil kung talagang importante ito, palagiang naiisip ang bagay na ito at anumang bagay na bumabagabag ay nakabibigat at nagiging hadlang sa mga kinakailangang pagtuunan ng atensiyon.

Alam na ninyo na ang pangunahing hakbang sa pagpapaangat ng inyong buhay pinansiyal ay ang pagkakaroon ng Personal Financial Plan. Kung may plano, hindi ipagpapabukas ang paggawa ng anumang aksiyon. Ngunit kung mag-aatubili, paano makakakilos? Naniniwala ako na mainam ang pagkakaroon ng bukas na pananaw at pagkilos tungo sa hinaharap. Isipin na lamang ang kapakinabangan kung matitiyak ang kalagayang pinansiyal sa kasalukuyan. Mas magiging buo ang commitment na tuparin ang planong pag-angat kung nakasulat ito. Napag-alaman sa mga pag-aaral na ang mga planong isinusulat ay mas malamang na magtagumpay. Kaya, magsimula nang gawin ito!

HOW WELL DO ENGAGED COUPLES UNDERSTAND PERSONAL FINANCE

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I have friends who give my books as wedding presents.  I am happy that the couple will have some guidance during their married life but it would have been better if they had been given the books before or when they became engaged.   The books will help them understand how they can save and grow their savings.  With these books, they can discuss and mutually agree on the type of investments they would choose both for the short-term and for the long-term. You can also join our seminars that we hold regularly.

Even if financial well-being is a joint undertaking, one of you has to be responsible for:

–       Staying within the agreed budgets.  Informing the other when there is any possible deviation foreseen.

–       Keeping track of all important documents and records such as your marriage license, passports, Income Tax Returns, insurance policies, investment certificates, etc.  Decisions on Insurance, Investments and Income Tax Returns filing should always be done jointly in consultation with experts.

–       Properly maintaining and balancing all bank accounts to prevent penalties and not allow cash idle without earning any interest.  The matter of keeping joint or separate accounts or a combination of the two is a choice that the couple should agree to.  They should be open with each other with their reasons.

Of course, these activities can move from one to the other, say one year each.  This way, both of you learn and have a good understanding of your financial situation.  This is especially important in case of emergencies where one is not available.

There is the matter of who will pay for the wedding.  There used to be a rule where, in the Philippines, the groom’s family pays for everything and in the United States, the bride’s family pays for everything.  Today, many couples pay for everything.  The families of both the groom and the bride can give whatever monetary gift they can afford.  From the gift, the couple can decide on how much they want to spend for the wedding itself.

I always admonish couples not to spend too much on their wedding day.  It is only one day and they have the rest of their life together to look forward to.  The rest of their life together is definitely more important.  They should not try to keep up with their friends who got married before them.  Parents should respect the decision of their children.

Differences are inevitable.  Work on a program of continuing discussion and communication with an open mind and sincere heart.  Bring in an objective and experienced financial adviser if your differences seem to be major.   This is key to your long-term financial compatibility