Finance 101: Building A Solid Financial Foundation

[jabez_rmc]

@yuyorih

hi bro please clarify ..18K limpyo after expenses or net ni sa imo salaries after tax and other deduction?

please estimate daw pila imo total expenses for the month

[yuyorih]

salary net. bale limpyo na , human na kaltas taxes, sss etc.
bale ang madawat nko sa usa ka buwang is 18k.
ask lagi ko advice bro what if ikaw ang nasa ako situation
mao ra ni ako mahatag nimo nga naay amount

salary net: 18k
loan: 100k anytym pwede bayaran pero nahan ko sugdan na
rent: 5600 inclusive of water and electric
fare nko - 1200

if ikaw sa ako situation, pila i alot nmo sa food ninyo, groceries, baby needs, savings, thanks gving etc.. and unsaon namo maka-acquire ug house and lot...

please advice mga bro!

[wealthyhead]

salary net. bale limpyo na , human na kaltas taxes, sss etc.
bale ang madawat nko sa usa ka buwang is 18k.
ask lagi ko advice bro what if ikaw ang nasa ako situation
mao ra ni ako mahatag nimo nga naay amount

salary net: 18k
loan: 100k anytym pwede bayaran pero nahan ko sugdan na
rent: 5600 inclusive of water and electric
fare nko - 1200

if ikaw sa ako situation, pila i alot nmo sa food ninyo, groceries, baby needs, savings, thanks gving etc.. and unsaon namo maka-acquire ug house and lot...

please advice mga bro!

1.) Start to create an Emergency Fund.
2.) Pay your debts monthly preferably more than minimum
3.) Live below your means
4.) If lisud pa mag house & lot, later nalang. Just save for it first & pay-off your debts
5.) To help you solve your problems faster, FIND EXTRA INCOME --> there are lot

[jabez_rmc]

if i were you bro..i start by the ff:

allocation is good..but you have to realize that with a growing family and increasing cost of living you have to increase the purchasing power of your net income...

I.) go ahead and plot all your expenses and classify them. this will allow you to understand your very own spending habits and thus you will be able to reduce your expenses.

if you notice your rent/fare is already 37% of your net income. look for ways to reduce this,

can you transfer for a cheaper house?
can you car pool with friends para maka save in travel expenses?
can you just walk to work? duol ra?

The key jud dri bro is reduction of expenses, try to look even small ways to save like magbalon, avoidance of coke, beer, cigar,etc..e.g.

walk going to work...16x30 =480php savings

ako office mate is drinking canned coke everyday. that's already 20x30 php month or 600 pesos.

pwede mo accept og boarder? thats another 1K per month

some smoke good for 50php per day of cigarettes and thats 50x30= 1500php per month



lots of way to save..

regarding sa hauz..beter augment your income first k ma tied up imo money ra bah ana..


II.) Look for ways maka earn additional money

-sell sell sell. try learning something new, like e.g. REAL ESTATE.... do you know that you can earn 20K-50K in a single sale of a small property you sold ?

-do you know that you can earn 5k a month just by blogging? i meet my old friend sa ayala and his blog earning is paying off his monthly amortization sa house. not bad..one thing, your misis k na a sa hauz ra dba? basin interested cya mag internet marketing?

-do you know that you can earn additional 2K a month selling small time items?

-do you know nga dako ug commission ang insurance?

III.) go ahead and talk to your relative that you are committed to pay the money but will do it in small bites but in a regular and consistent manner. its up to you and your relative to decide how much...

IV.) check out if you can find a job that gives better compensation and job security. I know someone, he transferred from a 25K a month job to a 35K month JOb..because he was always on a look out on better opportunities..


i cant tell you how to allocate you current money coz i dont know all your predicaments and your current situation but what i can suggest is the ideal


10% give to others
20% savings /investments
70% expenses

but whats more ideal is to increase your savings/investments so that it will grow and will earn passive income more than your expenses.

hope this helps..i pray that you will be a success in your finances ..

just my two cents Godbless

[yuyorih]

hello @ weathyhead, thanks sa info.

@ jamez_rmc, thanks kaau sa advice bro. medyo naglisod pud mi sa akoa misis mag budget. or maybe di pa jud mi kamao kay we're still starting pa hehe. Ala gani ko bisyo how much more cguro if naa ko bisyo hahaha. Basically, ako wife dili katabang pa financially because sya tanan sa balay and baby namo. lisod biyaan ang baby, kiat kaau. at the same time, ala mi internet, computer sa balay. Amo appliances are just TV and electric fan.

puhon, ma-oki amo financial. im thinking of working in the night shift whew...
about selling or business, dugay mi ganahan naa business. i love real estate pero not sure on how and where to start esp zero amo savings as in zero! huhuhhuhuhh

cge lng, ningkamot lng mi jud and i know God will help us

thanks kaau bro!

[jabez_rmc]

@yuyorih

just start lang sa on making an inventory sa imo expenses and you will be able to see where ka maka save..

if your interested in real estate, check out the yellow pages and you can see lots of real estate companies looking for agents. just do your homework lang jud...

i challenge you bro to take action NOW...not the next day , not next week, not next month, but NOW!!! plant now coz reaping harvest does not happen overnight....start bro..

see you in the circle of success..

Godbless

[santilm00]

Correct! Start Now! Not tomorrow. If you have an opportunity to apply abroad to earn big bucks (must be 4x your net income), grab it! Anyway you already have chikitings hehehe

[jay.gorres]

Correct! Start Now! Not tomorrow. If you have an opportunity to apply abroad to earn big bucks (must be 4x your net income), grab it! Anyway you already have chikitings hehehe

i really dont think that going outside the country is an option by yuyorih....he is putting prime on maintaining his family as observed sa iya decision to have his misis bilin sa balai to take care of kids...

just a thought lang

[cirext]

salary net. bale limpyo na , human na kaltas taxes, sss etc.
bale ang madawat nko sa usa ka buwang is 18k.
ask lagi ko advice bro what if ikaw ang nasa ako situation
mao ra ni ako mahatag nimo nga naay amount

salary net: 18k
loan: 100k anytym pwede bayaran pero nahan ko sugdan na
rent: 5600 inclusive of water and electric
fare nko - 1200

if ikaw sa ako situation, pila i alot nmo sa food ninyo, groceries, baby needs, savings, thanks gving etc.. and unsaon namo maka-acquire ug house and lot...

please advice mga bro!

bro, from my point of view as a real estate man, imposible makabalay ka if kaning sweldoha ang saligan
plus the family needs pa

just to inform everybody, based on a survey conducted...
we need to earn at least 24k per month to cope up w/ the current prices now
people earning below it are considered marginally poor.

So, gone are the days when we think people earning 15k & up (like call center agents) are earning good salary

[ranmauelle]

bro, from my point of view as a real estate man, imposible makabalay ka if kaning sweldoha ang saligan
plus the family needs pa

just to inform everybody, based on a survey conducted...
we need to earn at least 24k per month to cope up w/ the current prices now
people earning below it are considered marginally poor.

So, gone are the days when we think people earning 15k & up (like call center agents) are earning good salary

i agree with you bro, lisod kaau rong panahuna. Dili jud paigo ang salary esp if nag-abang pa jud.
mao kinahanglan jud maningkamot ug pag-au.