While my daughters were growing up, we needed to have two helpers at home. We paid them above average salaries and covered their needs from food to toiletries. After 6 months with us, I asked them if they were able to build some savings. They both said no. One of them would send her entire pay to her mother who would start calling her days before her pay was due to remind her to do so. The other would start out by sending only half, intending to keep the other half for herself. But then she would receive urgent pleas for help from her sisters, brothers, cousins, aunts that in the end, her entire pay would also go to her relatives. I sat them down and told them that after 6 months of honest work, we will offer them a modest increase. I advised them not to tell their relatives about their new and higher salary, so that they can keep that at least and begin saving. Much as I would like to keep them forever, I hate the idea that their life will revolve around washing dishes, doing our … [Read more...] about House helpers need money lessons too
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Build, build, build – trust! It must be said, whether we admit it or not, that we should be thankful to our countrymen serving in government. Most of us are scared of this thankless job or are simply not up to it. Yet, when one takes on the job of a public official, there is that uplifting honor behind the title, there are those connections useful even after one’s life as a public servant, and there are those invaluable opportunities (business or otherwise) created because of the rich relationships and wealth of information and experience acquired by someone who served well. Government personnel may earn huge psychic income but the salary is forgettable. So when the public or taxpayers demand accountability, it’s not due to the salary that is paid to them (which should be increased, really), but due to the assets of the country entrusted to them. They handle and spend other people’s money – money coming from every Filipino … [Read more...] about Build, build, build – trust!
Parents' topmost priority is giving their children everything that they can — from the basic necessities, education, down to their wants. But raising a family is becoming costlier each year. This, apart from the occasional indulgence through a new toy or gadget the children would ask for. With the demands of raising a family, planning a household budget is the right move in making sure you spend your money correctly, as well as a chance to educate each family members about the value of money. Below, parents share their tips in creating and managing a budget for the family. 1. Prioritize your spending. Start by keeping your receipts or plotting your expenses. By doing this, you will see your spending habits and understand how money goes in and out of your account. Lissa Leviste, a mother of two boys, says her family prioritizes what they need to spend on "If they still have plenty of toys, we won’t buy so we can spend on better stuff that they need more like … [Read more...] about News 3 ways you can manage your family’s budget
MANILA -- Whether you clock in 8 hours, or 10, 12, 14, even gasp, 16 hours every day, you deserve a break on May 1. And since most Filipinos have the day off as Labor Day is a national holiday, why not take the time to do 5 simple things to check on your financial health. Yes, this may sound like a damper on your holiday plans, but there is real urgency behind this. The unemployment rate is inching up and latest data shows its at 5.2 percent as of January 2019. Meanwhile, the population continues to rise and is targeted to go from the 104.92 million recorded in December 2017 to 120 million in 5 years or by 2024. The peso is still weak next to the US dollar, but inflation has finally fallen within government targets of no more than 4 percent range. However, if your money sits in a savings account and the bank pays you a 0.02 percent interest, you don’t need to be a Math genius to know you are losing out. And then there’s the public sentiment that it’s getting harder to … [Read more...] about News This Labor Day, Make Your Money Work Harder For You