Tag Archives: money

11 Signs That You Have a Bad Financial Life

11 Signs That You Have a Bad Financial Life

Sometimes, our traits and the things that we do can be the reasons why we do not a good financial life. In this post, I listed a few to help you realize why you are having a bad financial life.

11 Signs That You Have a Bad Financial Life

Here are the signs that you have A poor Financial Life:

1. You always know the latest sale events and frequently visits the Mall to check and buy the latest items on “SALE.” This kind of activity will drain your wallet quickly and that’s why you better change it now. How? Self-control and discipline plays a big role if you want to stop impulsive buying. Create a budget plan and stick with it and avoid the mall as much as you can.

2. If you are very emotional, remember to have a clear mind when deciding on your finances and to avoid making decisions when you are emotional. Often times, people makes bad financial decision because they are clouded with their emotions.
If you are feeling bad or too happy, try to have clear mind and stable emotion so you can think properly before making financial decision.

3. You have a limited source of income. If you’re somebody who only relies with one source of income then you might end up miserable in your coming years especially when you spend a lot. Having multiple streams of income means you can save more and prepare for the future.
You next source of income doesn’t need to be big. You can start by checking out small businesses that you can do on the side. For example, selling cellphone load doesn’t take that much time. You can do it even if you are employed and your co-workers, family and friends can be your market.

Your skills and talent can also be a good source income by doing freelance work during weekend or free time. Remember time is gold and how you spend your time determine your success.

4. Take responsibility for the things that is happening in your life. Be in charge of your life and do the necessary things that will improve it.

5. Knowledge is power! If you don’t have time to learn new things then you will miss one way to improve yourself and may mean lost opportunity. Developing yourself is important. Just think of it as investing to your most valuable property – YOU!

6. Know yourself! Understanding and acknowledging your weaknesses and strengths can help you determine things that you are good at and things that you need to improve on.

7. Do not be afraid to ask! Your pride prevents you to ask others for help and this can hinder your growth. If you can’t do a certain task and there is someone who can help you then ask for help. It will save you time and you will create less mistake if there is someone to guide you on it.

8. Know your priorities and the things that are important to you. You will feel lost in your journey to your financial freedom if you don’t have any plans. By having a clear plan, you can set your short term and long term goals. These goals can guide you in your success and it also helps you to do things that are not in line with your goals and waste your time.

9. Be bold, be adventurous, do not be afraid on trying out new things. You wouldn’t know if you will be successful in one endeavor if you don’t try it. Getting used to something and hiding in your comfort zone can hamper you from reaching your success. The younger you are, the bolder you should be in trying out new things because you can still correct mistakes that you make and learn from them.

10. You always compare yourself with others. Stop gauging your worth base on other’s success. Each of us are different and my definition or measurement of success will be different from yours.

11. Trying to stop or run away whenever you encounter a problem. Try facing your problem because it will not solve itself. Facing your problems can help you improve on your problem and having good, strong problem solving skills can make a huge difference not only to your career but also for your future.

 

Philippines New 5 Piso coin 2017

5 Peso and 1 Peso Old BSP Coin Series

Before you start saving checking every bank around the town to know which one is the best Best Savings Account in the Philippines, you should check out the news 5 Peso and 1 Peso coin series that the Bangko Sentral ng Pilipinas (BSP) circulated last year. By now, you may have already seen these new coins or maybe you already have spend those 5 Peso coins and thought that they were 1 Peso coins since they look similar in size and color.

The new 5 Peso coin were released last December 1, 2017 to commemorate the 154th birth anniversary of the father of the Philippine Revolution – Andres BonifacioAndres Bonifacio was born on November 30, 1863 to Santiago Bonifacio and Catalina de Castro.

The portrait of Bonifacio, the Father of the Philippine Revolution, is etched on the obverse of the coin, along with the markings, “ANDRES BONIFACIO,” “5-PISO” and “REPUBLIKA NG PILIPINAS” in bold font and in microprints, and the mint mark.

The other side of the coin features the Tayabak, a Philippine endemic plant, the BSP logo, and “Bangko Sentral ng Pilipinas” in microprint.

The new P5 NGC coin is 25 millimeters in diameter and weighs approximately 7.4 grams.

The other newly designed coins will be circulated starting January 2018.

To make it easier for you to distinguish the new coins, just refer to the chart below.

New Generation Currency (NGC) Coins Comparison Chart

New Generation Currency (NGC) Coins Comparison Chart

 

effects of inflation

Effects of Inflation

One reason why you need to invest your money and to be frugal is because inflation can eat the value of your money if you will just hide it on your piggy bank or deposit it in  banks with high interest savings account. Inflation happens when there is a rise in  prices and reduces the value of money in your pocket.

Do you still remember how much can you buy with your 500 pesos in 1998?

effects of inflation

photo credit to Jamich fb page

Being frugal can help you save money. While cash and other highly liquid assets like high interest savings deposit accounts are often considered to be the safest places to put your money, the impact of inflation can quickly decrease the purchasing power of your money.

According to Trading Economics “Philippines annual inflation rate accelerated to 4.5 percent in May of 2014 from 4.1 percent in the previous month, driven by higher food, utilities and housing costs. It is the highest rate in thirty months, approaching the upper bound of the central bank’s target range 3 to 5 percent.”

So if you want to protect your savings from inflation, you should seek out competitive interest rates that can help you protect the purchasing power of your money. Bank usually offers around 1% interest rate per annum for saving account and around 2% interest rate per annum. Putting your money in savings account or time deposit cant shield your money from inflation. One way to beat inflation is by investing your money to investments which offer interest rates above the current rate of inflation like Mutual Fund, UITFs or you can invest your money in Stocks or other investments that can offer you higher rates than inflation.

 

Why you need to invest

I just saw this the other day and I find it really informative. Regardless of the company featured in the commercial, this video shows you why you should invest your money. If you already started saving and already have allotted money for your emergency fund then what you can do next is to check out different emergency fund investment options or to start investing.

Why? Because inflation can eat up a big portion of your money in the future. That’s why you need to put your money in high savings account or invest it via mutual funds, stocks or other investment of your choice.

Inflation is a general increase in prices and fall in the purchasing value of money. Meaning, your 100 pesos today will not have the same value in the future because of inflation. Prices of things will increase and your purchasing power will decrease. I remember when the jeepney fare was still less than 2 pesos (darn im old!) and now minimum jeepney fare is already 8 pesos and will increase to 8.50 by next month. One way to beat inflation is to invest your money so that the return will be equal or higher than the inflation rate.

Sun Life “Piggy Bank” TV commercial 2014