Budgeting is fundamental to achieving your financial goals whether you plan on saving for retirement or building an emergency fund. Creating a budget takes precedence over money management since it helps one set boundaries and prioritize how much should be spent on essentials, needs, and wants, and how much should go into the savings account.
Although there are many ways to save money, budgeting methods may vary per person and their roles and responsibilities in life. A mom's monthly budget would differ from a single Gen Z who just joined the workforce. Moreover, savings goals vary per person: from paying off debt to making a budget for that once-in-a-year trip. Whatever your life phase, here are saving methods that can effectively kickstart or improve spending habits and budgeting skills. 1. Have a purpose in mind Ask yourself why you want to start saving. Intentionally setting a goal or purpose for saving up is the first step to money management. Is it to save for retirement? To buy your first real estate property? It's easier to stay motivated when you know where all your hard-earned money is going. 2. Plan around your fixed expenses Begin tracking your spending with a list of your fixed expenses so you'll know what to prioritize and how much money you'll have to budget for. This is among the most helpful budgeting tips since you will have a grasp of how much you need to spend (essentials) and how much you have left to save or spend on your wants. A sample list would include monthly utilities (electricity, water, WiFi, mobile data), transportation allowance, food and groceries, and rent. Add them all up and you know how much of your salary will have to cover these to maintain the life that you want. Of course, this also determines how much more you'll need to earn to cover your living expenses and how much money you'll need to save. 3. Make a personal budget or allocation Setting your financial limits is the backbone of budgeting. Setting a budget is, of course, a personal matter. A good rule of thumb would be to follow the 50-30-20 rule which allows you to allocate your money in 3 categories: 50% for essentials, 30% for wants, and 20% for your savings and emergency funds. The percentages accommodate any salary amount one gets so it's an easy method to apply for anyone. 4. Track your spending After you've paid off your monthly essentials and set aside money for your savings, you will have some allowance left for your hobbies, leisure activities, or unexpected expenses. Keeping track of these items and how much each cost you will help build awareness if you're overspending on things that won't help you achieve your financial goals. 5. Pay off debts If you have any outstanding debts or credit card balances to settle, this should be your priority before saving up for any other goal because being debt-free is a financial goal in itself. Many banks look at your credit history when you apply for loans. Having unpaid debts usually puts you in a bad light as a borrower. The sooner you clear any liabilities you have, the fewer financial worries you'll have in the future. 6. Cut down on expenses whenever possible When it comes to saving, it's our everyday little habits that add up to either ruin or help us achieve our financial short- and long-term goals. There are simple and small areas in our lives that offer opportunities to cut back on expenses. To help you save money, here's a list that might alter your spending and saving:
Saving up takes proactive planning and effort to make your financial dreams achievable but it's an important step to having a worry-free future. Budgeting, saving, and investing take practice so the more you intentionally build good habits, the closer you get to good personal finance management.
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The emotional support furry friends provide pet owners is undeniable. Unfortunately, even the most pet-friendly condos only allow pets of a certain type, breed, and size. Condo rules and regulations can be specific. Some restrict residents regarding the number of pets they keep or the size of pets they allow in their condo. Other condos prohibit homeowners from bringing pets in near condo facilities while some common areas are designated pet zones.
Living in a condo, however convenient, comes with a responsibility to respect all its unit owners. Condo community rules, bylaws, and covenants are in place to preserve the longevity of condo facilities and, more importantly, to promote peace between neighbors. Let's face it. Some pets or dog breeds can be a nuisance to other unit owners especially when unattended. To avoid the hassle of complaints or being disappointed that the condo you will be moving into doesn't allow keeping pets, it's best to know the condo management's current pet policies or the types of pets allowed to be kept per unit. Read on below to get informed ahead. 1. Small to medium-sized dogs A sure-in in the list of pets allowed in pet-friendly condos are dogs: man's best friend. Dogs have a variety of breeds and it's best to choose a small to medium-sized one that would fit your lifestyle and space of your unit. Dogs make a great choice for a pet since they are highly-trainable. Dog owners have a responsibility to tame their pets, ensuring they don't bark loudly to disturb the neighbors or cause any accidents when not on a leash. Condo-friendly dogs would include the following:
2. Cats Known to be quiet, independent, and easy-to-maintain furry friends, they are ideal to keep as pets in condos. They too consume less liquids and food hence requiring less attention. While they are seemingly more detached than dogs, they can be affectionate to their owners too. Types that would be perfect within condo premises are:
3. Aquarium Pets If you want a pet that condo management would easily permit, choose one that fits in an aquarium. Aquariums come in various shapes and sizes from mini-glass aquariums to gallons-fitting ones that can hold an energy-saving fish tank and any fish you want. Having an aquarium adds a calming aesthetic that's nice to come home to after a long day at work. Some pets you can keep in an aquarium include:
4. Other small condo-friendly pets The advantage of taking in small-sized animals is that you can opt to care for one or two pets (of different animal types too!) so long as they fit your budget and the size of your home. Just make sure to have the proper written certification from a licensed veterinarian concerning your pet's vaccination in case needed by the property management office (PMO). Review the homeowners' association (HOA) rules before caring for the following pets:
Pet care is fulfilling considering the emotional support they give back. They make great companions, stress relievers, and home buddies who listen without judgment. Keeping a pet in a condo is a big responsibility to make sure to know your restrictions are a unit owner. Having a 9 AM to 5 PM job is not the only means to earn money and pay your monthly dues. In fact, there are plenty of ways to make money on the side given today's multi-hyphenate generation. From vlogging to selling online goods, one can easily find ways to generate passive income in the Philippines. Before getting into different passive income sources, let's deep dive into what passive income is and why people get into it.
What is Passive Income? An alternative means to generate income, a passive income stream is money earned or maintained with minimal effort. The common misconception is that to earn passive income is to make money fast without work. General Types of Passive IncomePassive income streams can be obtained through investments, which are savings allocated in either business capital or an investment vehicle like stocks. Becoming a shareholder of a company through stocks is a good way to profit especially if your investment pick performs well. Rental income is also a source of passive income when you invest in real estate. When deciding to lease a property, it's important to identify metrics like your estimated ROI, cost of maintaining the property, and other risks of owning a rental property. Online side hustles are among the ways to earn passive income with everyone basically hyperconnected via the Internet. Content creation, online teaching jobs, or setting up an online store or online business are among the ways to earn income on the side. While this requires work, one still gets to enjoy the luxury of having a flexible schedule on their hands. Advantages of Making Passive Income Having an additional source of income is a great way to earn or build your savings. Having an alternative for your active income is an efficient use of your time and energy to achieve financial independence. Passive income is a great way to fund your contingency in the event of unexpected financial interruptions. More importantly, having multiple alternative income streams encourages one to diversify portfolios. A diversified portfolio is a great way to decrease risk of investment since you always have fall back when one of your investments fail. Best Passive Income Ideas in the Philippines 1. Online Content Creation In today's hyperconnected world, everyone has something to say and everyone has an audience. If you have an intense passion or hobby to share with the world, it's high time to create content about it through blogging or vlogging and earn income without feeling like it's work. Creating an online journal or website with captivating images and videos is a good way to connect with like-minded people or audience. As soon as you build a substantial online following, sponsors or advertisers will be drawn to your online content to advertise. Blogs and vlogs can generate too through sponsored content. The key is to build authentic, quality content that an audience will find relatable and useful in daily life. 2. Teach Online Be part of the good force of the Internet by offering your reliable expertise to the world. These days, people opt for online courses because it's a convenient way to get educated without depleting too much time, money, and physical energy that commuting entails. Educators have the luxury of creating and sharing an online course and selling and distributing them through sites like Coursera, SkillShare, and Udemy. Online educators also include language experts, tutors, and even certified life coaches or nutritionists who have the luxury of earning a steady stream of passive income outside their clinics and physical classrooms. 3. Affiliate Marketing Did you know that you can earn a commission by promoting products and services on your website or blog? Affiliate marketing is good way to earn extra bucks minus laborious work. All you have to do is set up your site, join an affiliate program, and recommend products and services through your affiliate link. Driving traffic to your site generates income with minimal amount of energy. 4. Dropshipping Start earning passive income through dropshipping, a type of business that entails selling products without any physical inventory. Upon receiving an order from a customer, you contact the supplier and they ship the products directly to the customer. It's a low maintenance type of income generating business in the Philippines with little upfront investment as well. While this proves to be a convenient way to earn passive income today, it also has its flaws. The margins are slim, and you’ll need to work hard to find good suppliers and promote your store. 5. Leasing out a real estate investment property Turn your real estate property investment, whether a condominium or house and lot, into a money-making opportunity. Investing in a property also appreciates over time especially in prime locations where office workers and business executives, even expats who want to live in the Philippines, can seek short and long-term residencies. In 2023, revenge travelers soared and Airbnb rentals are once again sought after by tourists who wish to be nearer the local scene. Listing your property on Airbnb can also be a good way to make passive income via renting out your property. 6. Making financial investments A popular financial investment is buying stocks or shares of a company to become a shareholder. When your investment pick performs well and grows over time, you enjoy profit from your investment. Other financial investments that generate possible passive income are mutual funds, bonds, and peer lending. These require minimal follow-up work since they accrue interest. The main appeal of making financial investments is they tend to have a higher chance of earning through higher interests versus putting your money in savings account. The goal of creating passive income streams is to build your savings whether for retirement or contingency in the hopes of becoming financially secure. Of course without carefully studying or researching your chosen type of passive income, things can easily go south. Know the pros and cons of each business idea and make sure it's the passive investment that you're going to be willing to work hard and commit to. With 2024 just around the corner, you're probably starting to think, like others, how you can better the person you were in 2023. Losing weight and getting into shape aside, assessing how far or near you are to achieving your financial goals should be a priority when you draft your resolutions for 2024.
Your financial resolutions for the new year, like any other changes you want, will only be actionable and achievable if you start small. This is where personal finance skills come in. Improving your financial skills or personal management of finances includes learning smart saving tactics, strategic investing, staying on top of your budget, building an emergency fund, and saving for retirement. Practicing these will do more than keep your credit score high and savings account untouched, it will keep your financial health in shape for the long run. Below are useful tips to set yourself up for financial success in 2024: 1. Build and increase your savings. Whether you're on your way to building your individual retirement funds or your contingency funds, applying smart saving tactics is key. Keep in mind that the goal is to have financial reserves so you won't have to worry about sudden life events that will interrupt your monthly expenses. This seemingly simple practice will give you peace of mind knowing you're financially secure whatever happens. In planning on increasing your savings, don't be afraid to start small. You can opt to save 10% or 20% of your income monthly or choose an account that will achieve substantial growth like a high-yield savings account. 2. Cut down on expenses via budgeting. Your 10 financial resolutions won't be effective without the power of disciplined spending and no other than budgeting helps you cut back on unnecessary spending. Having a budget will help you make a fully informed spending choice relative to your take-home pay. In fact, a budget helps you stay on track of your finances and stick to your goals better. 3. Settle your credit card debt. One of the best financial decisions to help you achieve your New Year's financial resolutions is paying off any remaining credit card balance. By now you should know that credit debt can be expensive to carry month to month because interest rates on credit cards tend to be higher than interest rates on other types of debt. So before you start building a retirement account or rainy-day funds, make sure you're not incurring more debt by putting off paying your credit card. 4. Improve your credit score standing. If you're aiming to get a home loan or any loan to invest in a business, having an excellent credit score will do you wonders. Having a good credit standing helps you get better interest rates on credit cards and mortgage loans. Building this requires paying on time and not neglecting your balances. If you're planning to pay down debt, it would be good to get a side hustle or reassess your monthly budget and see what you can give up to settle any balances. Avoid having multiple credit cards and make sure to keep credit open once you're debt free. 5. Start an investment. The objective is to earn money passively. This means putting your savings where it can grow and compound over time. Explore how you can invest in stocks as a beginner or reassess your savings if you're ready to invest in a property that you can rent out. Make your money work for you. 6. Acquire an insurance policy. Apart from setting up an emergency fund, invest in an insurance policy that will cover your expenses for sudden hospitalizations, illnesses, or cases of theft. These life events are out of your hands and it's best to prepare for these to make you financially flexible. Insurance ensures security for you, your family and your assets. 7. Spend intentionally. To help you achieve financial success in 2024, make sure to spend on things that are important to you and your future. This doesn't mean depriving yourself of the things that make you happy or bring you peace of mind. Go ahead and cross out a travel destination off your bucket list if it means fulfillment. Say yes to a gadget purchase that you've worked hard for. Spending intentionally means having a full understanding of where your money goes and how it helps you achieve things that matter in your life. The key here is getting more organized and having a mindful way of what you're earning and what you're spending. This greatly helps in assessing your financial health by the end of the year. Ultimately, your financial New Year's resolutions should be about building good financial habits that will help you bring closer toward your goals. Long-term financial success is unattainable without short-term personal finance practices that you can commit to. Nothing puts people in a Yuletide mode more than decorating their homes with shiny stars and ornaments and putting up the Christmas tree. It's technically an annual chore, involving dusting off old items like advent calendars and garlands, but that doesn't feel like a chore. Christmas decoration is that fun part of the holiday that kicks off everyone's festive spirit.
However, a fair warning to holiday decor enthusiasts: it's easy to get carried away by the Christmas vibe and unnecessarily spend on a new centerpiece or a dozen faux candy canes and glittery pinecones. Don't stretch your annual bonus just yet on those fresh decorating ideas. Making your creative Christmas decor ideas happen should not cost a fortune. Read on below for modern and cool ways to decorate your home for Christmas when you're observing a budget. 1. Create DIY Christmas ornaments To cut back on your budget for holiday decorations, you can already use ornaments you have on hand or buy secondhand from online thrift stores. Get into your creative zone and recreate the ornaments with DIY crafts materials like sequins, glitter pens, or Christmas fabrics. Fill bowls with ornaments for an easy Christmas centerpiece, or place them in old wooden crates for a rustic mantel look. DIY Christmas crafts are a great way to go eco-friendly when you use old Christmas cards and cut them up for extra sparkle to your ornaments. You can even hang them up your Christmas tree or make a collage. 2. Go for budget-friendly Christmas candles Candles add warmth and sophistication to your festive home decor. It's a great addition to your budget Christmas decorating ideas as they are inexpensive and come in various colors and sizes. You may attach fresh greenery with them or put them in mason jars and freely decorate them with faux cranberries. Pro tip: if you decide to add candles, go for ones with scent, preferably cinnamon, pine, or peppermint to level up your Christmas decoration ideas. 3. Make your own Christmas wreaths Decorating for Christmas wouldn't be complete without a wreath which can come cheap and easy. A homemade Christmas wreath is doable if you upcycle an old garland from your previous DIY Christmas decorations. Make a round frame out of an iron wire and wrap the garland around it to form a wreath. Add holiday decor like pines, shiny paper decorations, or even string lights. 4. Embellish your Christmas tree with DIY decor Decorating for Christmas on a budget doesn't mean you have to forego the popular Christmas tree. Take inspiration from old magazines, social media, and trees on display. Buy a secondhand one or better yet, watch for sales during off season. Decorate your tree with stockings or easy Christmas crafts like DIY ornaments and candy canes. 5. Go for nostalgia To make Christmas special, decorate with old items that bring family memories alive. Make use of old stuffed animals and put on Santa hats on them. You can dig in your files for old family photos from previous holidays or trips you've made over the years, print them out, and use Christmas crafts to make photo frames for each. Nostalgia just might make your 2023 your best batch of Christmas decor. 6. Holiday bedsheets and pillows One fitting Christmas decoration idea for every home are holiday-themed bedsheets and throw pillows. Pro-tip: shop online during the off-season or catch clearance sales as soon as the holidays are over. It's a great investment that will make a big impact on your annual holiday decorating activity. 7. Style up your Christmas table When decorating on a budget, there's so much you can do to your Christmas table even when you're going DIY holiday! Your dining table decorations can be made out of recycled materials like old candle jars decorated with fairy lights and pine cones. You can also fill up the old jars with Christmas trinkets! 8. Be original with your gift-wrapping ideasWho says you have to queue up that line for the cashier to buy this year's gift wrappers? When you have a tight budget for the holidays, go eco-friendly! Use recycled brown paper bags and create gift wrappers out of old newspapers and magazines. You can attach an old Christmas sprig or holly to gifts for a Classic Christmas touch. The secret to decorating your home on a budget is going back to the basics. You won't sacrifice the beauty of your home when you get creative and go for DIY Christmas decor. Upcycled and simple homemade decorations add a certain elegance and uniqueness that you can't find in mass-produced, store-bought items. You can't also deny that doing Christmas crafts with loved ones and friends is a great way to bond during the Yuletide season! Pet owners can attest to the emotional support a furry friend, whether a dog or cat, can bring in your life. But pet ownership is a real financial commitment that needs to be considered in your monthly budget. From getting pet insurance to scheduling monthly grooming, the cost of owning a pet can take a toll on your finances without careful planning.
Here are tips to put your pet expenses at a minimum without missing out on the joys of being a pet parent. 1. Research and learn about the new pet you want to own. To avoid being overwhelmed by the cost of owning a dog or any pet, take time to do your research about the type of pet you want to own. Consider the size. Will a small, medium, or large pet fit in your home? Learn how to take care of them: what kind of food do they eat? Are they low or high-maintenance? Most importantly, find out the ongoing cost of the specific pet you have in mind. Many pet owners will have plenty of tips to share as well so it is advisable to consult family or friends who are already pet- or dog owners. 2. List down the list of pet expenses your chosen pet requires. After familiarizing yourself with the type of pet you want to own, you'll now have an idea about their pet care requirements. It's time to list down the full extent of what you will be financially covering. Pet costs are likely to include:
Naturally, these pet costs will also depend on the type of pet you get. Note that their needs (especially for medical expenses) will depend on their age and their health. 3. Establish a pet budget. When you become a pet owner, expenses may pile up. The only way to handle ongoing costs would be to create a budget. Of course, you need to consider the monthly cost of your current lifestyle, too. How will pet ownership affect or support your financial goals? 4. Cut your pet budget some slack by reducing initial expenses. The cost to own a dog or puppy or any chosen pet can be overwhelming, especially for new pet owners. A trip to a pet store can easily excite you to buy dog food or treats, and without being mindful of the true costs, you might need to pay more than your monthly budget. To help you save money and wisely budget for your pet, try these smart money moves:
5. Consider getting a pet insurance or wellness plan. Even though you've already set a budget for your pet's monthly costs, unexpected and expensive medical costs can come your way. Pet insurance policies make sure that your expenses will be covered. You will typically submit a covered claim, but upon approval, you're assured of a reimbursement. Wellness plans may also help you cover regular check-ups, teeth cleaning, earthworm treatments, and annual exams, while pet insurance can come in handy when accidents or emergencies occur. Financial preparedness for owning a pet entails thorough consideration of your financial standing. There is no exact way to budget since this will depend on the type of pet that you choose and their age, health, and size. Investing in stocks feels like a serious and daunting task especially when you're just a beginner who wants to get started. If you're determined to make your savings grow in the hopes of financial independence, well you're on the right track! Learning to start investing in stocks takes courage and plenty of patience to familiarize yourself with terms like "mutual funds," "individual stock," or "share of stock." But raising your financial literacy is an excellent place to kickstart your stock investing journey.
Below is a guide for beginners on stock market investing. Let's start with the basics. What are stocks? Stocks represent a measure of ownership in a company. When you buy stocks or buy shares of a company or corporation, you become part of its stockholders or shareholders. When the company performs well and grows, over time, you enjoy returns on your investment. Of course, if the company suffers a loss, you also lose your investment. What is the stock market? When after thorough research you decide to get shares of stock from XX company, where would you go to invest your money? The stock market is where stocks are bought and sold to investors. In the Philippines, we have the Philippine Stock Exchange, or PSE, which is one of the oldest stock exchanges in Asia. When companies want to expand and need funding, they sell a part of their ownership to the public via the stock market. How do you earn money when you invest in the stock market? 1. Capital Gains When the company that you invested in grows, more investors would want to buy stocks or shares from it. This demand would raise the stock price. This puts you at an advantage as an early investor because other investors would want to invest and be eager to pay you a much higher price for your shares. The money you earn when you sell stocks is called capital gains. 2. Dividends Profitable companies who rake in profit share a portion of their earnings to their stockholders by paying dividends in the form of cash or free additional shares. Did you know that in the Philippines, PSE investors generally receive dividends once or up to four times a year? While everyone's investing goals is to earn profit and grow wealth, all investments, including stock investments, are still subject to how strong or weak the economy present economy is. This is why holding multiple stocks or diversifying your stock portfolio helps reduce the risks of a volatile economy. Best Ways for Beginners to Start Investing in Stocks A good starting point for rookies is to put money in an online investment account which can be used to buy shares or stock mutual funds. You can also start investing for the price of a single stock share when you open a brokerage account. A brokerage account allows you to buy and sell a variety of investments from mutual funds to stocks. This is an excellent way to invest money if you're saving up for the future or a big purchase. When investing in individual stocks feels to advanced for you, you can considering investing in mutual funds or unit investment trust funds. Not sure where to start? Seeking the expertise of a financial advisor is also an option if you want someone to align your investment goals and manage your portfolio. Below are more useful tips to consider before you begin investing. 1. Increase your financial literacy. In short, deep dive into the world of finance and learn about the ins and outs of the stock market. Researching the strong companies and best stocks to buy, studying financial statements, disclosures, and strategies, knowing the best time to buy and sell, and learning how to diversify your portfolio, are all ways to get educated about stock investment. 2. Create your own investing strategy. You cannot reach your investing goals without a solid plan. Do you seek to earn from stock price appreciation or dividends? Do you see yourself trading stocks long-term or short-term? Some investors are proactive traders who can buy and sell stocks within a day, week or month. Others are long-term investors who purchase stocks and hold on to them over a long period before selling once they reach their target. A recommended strategy for beginners who choose to invest in stocks is the Peso Cost Averaging, wherein you invest a fixed amount on profitable companies at regular intervals (monthly, quarterly, semi-annually, or annually) for a long period of time (usually between 5 to 10 years). This is a good strategy for those new to stock market basics and looking to minimize risks by purchasing shares at different prices. It also helps build the habit of investing by adding or investing money at regular intervals. If you're looking to invest long-term, buying blue-chip stocks is also a good option since they are from topnotch companies in the Philippines. Strong players to invest in the Philippine Stock Exchange are Ayala, Aboitiz, BDO, BPI, DMCI, Megaworld, Robinsons, etc. 3. Open a brokerage account and begin investing. Once you've done your research, you need a stock broker to assist you in buying and selling shares or stocks. Stock brokers are those who participate in trading and can be an individual or a company accredited by the PSE and Securities Exchange Commission to purchase and sell shares on behalf of investors. As mentioned before, beginners who what to venture into the stock index for the first time are recommended to invest through online stock brokers. Online trading platforms offer real-time stock market information, stock research reports, and easy portfolio management. Once you've set up your brokerage account, you can now start trading stocks through it. Remember to add money or invest an amount that you would be willing to risk. Be mindful that the stock market does not guarantee fast and equal returns. Compared to before, beginners in stock investing have plenty of access to information. You just have to be patient in immersing yourself in finance and make sure to strategize well. It's never too late or too early to start investing in order to maximize your gains from the stock market. Investing in the home of your dreams, whether a house and lot or a condominium, is a milestone. Financing a real estate property, however, can be intimidating considering the upfront payments you have to make. This is why people make use of a house loan or mortgage.
Home loans, simply put, are a type of loan used to provide financial assistance to purchase a property. Housing loans in the Philippines are accessed through banks, real estate developers, or PAG-IBIG, the housing development mutual fund in the country. How bank housing loan works in the Philippines If you are taking out a home loan in the Philippines, you as the "borrower" enter into an agreement with a lender and agree to pay back your loan over a length of time also known as loan tenure or loan term. You may choose from two housing loan options: public via PAG-IBIG, or private through bank home loan. Loan rates are different for every bank. Interest rates for different loan amounts in the Philippines likewise differ from bank to bank. Monthly payments are commonly given during the tenure until the borrower has fully paid both the principal house loan and the interest. Monthly payments are used to repay interest during the first years of the home loan. The latter years are dedicated to paying off the principal of the mortgage loan. Paying more than the monthly dues will decrease the interest in subsequent months. To get the best housing loan for you, have a look at the different home loan terms of 8 banks in the Philippines in this article. Make sure to deep dive into their home loan products, minimum loan amount, and maximum loan amount before completing that loan application form. Other ways to get home financing in the Philippines Of course, banks are not the only house loan options available to purchase a real estate property. Home or property financing can also be done through the following home financing options. 1. Spot Cash Payment Paying on the spot is the fastest and easiest way to acquire a real estate property. In this option, a buyer of the property pays the price in a short period of time in cash, commonly one month after its date of reservation. Among the benefits of this payment are having fewer requirements, not having to worry about long-term payments, and getting real estate documents in a short period of time. Not most people have the luxury of buying properties at the drop of a hat. While this paying on the spot seems worry-free it is recommended to review your state of finances first before acquiring the property. 2. PAG IBIG Housing Loan When considering purchasing a house, the PAG-IBIG Housing Loan is commonly what most Filipinos reach for due to its longer loan terms and lower interest rates. In fact, getting a bank loan is regarded as a fallback when the PAG-IBIG home loan fails to materialize. In this option, the borrower pays the equity initially. The balance will be financed through PAG-IBIG and payment can be up to 30 years. Some downsides to this option include the long processing of documents and having more requirements to fulfill compared to other home loan alternatives. 3. Deferred Cash Payment This method enables a buyer to see through the payment of the total price of property equally over a specific period of time (e.g. 5 years). A deferred payment arrangement usually entails phrases like "no down payment required" or "no interest." Among the benefits of this option is a short period for processing real estate documents. Also, some developers give out discounts to buyers. Watch out for bigger monthly payments though! PRO TIP: Ask your developer or real estate agent for their recommended or preferred home loan type. Other types of home loans in the Philippines For property acquisition functions, the home purchase loan is the most common, whether for acquiring condos or houses and lots. Banks typically require that a borrower pay at least 20% of the total value of the property before approving a personal loan. This easily points to why major developers have a "20% downpayment, get to move in" offer because 80% will be usually paid by the bank once the loan application is approved. Below is a list of house loan alternatives other than home ownership: 1. Property Construction Loan Congrats, you already own your dream home! Naturally, home construction comes next. This loan enables a borrower to design the home of their dreams with the help of a construction or an architectural firm. Along with a loan application form, banks require the title of the lot under the primary borrower's name to be used as collateral. Documents to prepare also include a bill of materials (BoM) and a copy of the floor plan. 2. Refinancing Loan People resort to getting a refinance when a new home loan is needed to pay off an existing home loan from another bank. Changing to another home loan product or lender is normal so borrowers can enjoy better rates or a shorter loan term, or consolidate their debt. 3. Home Improvement Loan Homes are wear and tear purchases, too, hence the need for home renovation every few years. This type of loan is used for home construction or remodeling. Whether big or small renovations, homeowners can find this a viable financial help. 4. Home Equity Loan This home loan is basically a second mortgage that lets a borrower use an existing property to get extra funds for home renovation, to acquire a second home, for travel, education, and other personal needs. Getting a housing loan in the Philippines comes with requirements and financial responsibilities. Study each option carefully to come up with a good plan to repay the loan. Make these options work for you to make your dream home come true! A home is meant to allow people to unwind and relax after a day's hard work. It should provide a peaceful atmosphere where one can find reprieve from their bustling lives whatever careers or endeavors they lead. Oftentimes a home's function is neglected due to a mismanaged household and a poorly designed environment. What's meant to offer recuperation ends up depleting people of their energy.
Given today's fast-paced world, it's important to create a calm and tranquil place that offers relaxation and retreat. Here are ways to make your home feel peaceful and relaxing. It starts with simple, mindful use of available space and resources to create a relaxing home design. 1. Clear the clutter. Instantly get rid of a chaotic environment by clearing the clutter. Unnecessary mess makes the space or rooms in your home stressful. Find time to confront that nagging closet of pre-loved clothes or piles of unused kitchen items or broken furniture. Once you do, you will immediately feel lighter and get rid of unwanted energy in your home. 2. Let natural light in. It is amazing how a stroke of natural light brings clarity and peace to the mind. Allowing natural light also highlights the intricate design details of every room in a home. Harsh overhead lights or bulbs can meanwhile ruin the ambiance of a room. At night, the use of non-traditional lighting like fairy lights or table lamps with dimming features that can create a relaxing mood. 3. Create soft surfaces. Focus on creating soft textures available in places where you spend most time. To make your home cozy, layer on soft throw pillows and blankets. Investing in a comfortable sofa, lounge chair, and bed will surely add on to a relaxing environment. 4. Choose neutral and cool colors. Being mindful of the color you choose in your home is important in creating a space that replenishes energy and soothes the mood. In general, natural colors like white, beige, ivory, hues of blue or green, earthy tones like shades of browns and wood are all excellent in creating zen spaces. Make sure to be consistent in your color palette from fabrics to rugs to window blinds. This allows space to flow together to create a soothing atmosphere. 5. Use natural and earthy textures. Foster a sense of calm through earthy pieces like a coffee table made of original woodwork or a woven chair or side table. Welcome nature into your home by adding house plants that exude tranquility and ground the theme of a room. Plants help clean and oxygenate the air, making your space not only calmer but healthier too! 6. Display things that express your personality. Decorate according to your passions and things that make you happy. You would want your home to be a reflection of yourself so go ahead hang that artwork that speaks volumes to you. If minimal wall decor or clear surfaces make you feel calm, you are free to experiment on that. If you prefer bold pieces of color and art, that's fine too so long as these important items bring in good vibes and serve to inspire and energize you. 7. Go for a signature scent. Utilize the power of aromatherapy to welcome calmness in your home. Scented candles are capable of adding warmth and filling a room with pleasant aroma. Try using lavender, freesia, or eucalyptus for a spa-like calming effect. Scent memory is also used by some to transport them to their happy places and heartwarming memories. If you are not a fan of scented candles, you may opt for an essential oil diffuser or an incense burner. Mixing up a spray from distilled water and essential oils works just the same! 8. Prioritize spaces for mental wellness. The pandemic has brought about the era of remote working set-up and that will surely stay. Ensure that you create a sense of separation between your work and life by allotting special spaces for quiet moments where you can prioritize your mental health. This doesn't require you to turn a room into a yoga studio or a sauna. Having a designated corner or station for reading, meditating, or art work will help you restore your energy for a more productive day. 9. Implement screen-free zones or time. Being hyperconnected to our gadgets and the Internet takes a toll on our mental health. Establishing places in the house where gadgets are not allowed sets healthy boundaries for our minds. Scheduling a no-gadget hour also aids in decompressing our minds. Instead of doom scrolling allotting space and time for crafts, reading, journaling or family time will surely make a home a sanctuary. Every room in your home matters. Create harmony in your home by making each nook and cranny an energy-boosting, calm-inducing room through these mindful design practices. Designing and dedicating a study space for your child in your own home emphasizes the importance of study time. Giving your child his or her own study environment with a tidy desk, a proper desk lamp, and a space free from clutter inspires productivity and focus. Not only does a designated study area maximize your children's potential to learn, but it also urges them to behave well because theyunderstand what is expected from them in their own study room.
Here are helpful tips for creating a study space at home conducive to nurturing young minds. 1. Create a distraction-free zone Too many unnecessary objects in a child's field of view can easily affect their focus. Pro tip: involve your child in separating "study" things from "play" items. This will help them become organized and add structure to their lives. Toys and other distractions should be kept in a drawer or shelves. Your child might protest but gently explain why their workspace should include only books, notebooks, and other school supplies. 2. Set up a productive study space with the basics Create the perfect study space for your child with a posture-friendly desk and a comfortable chair that will keep alert. Invest in a sturdy station for them that will see through their growth. It would help to accessorize with sticky notes, a calendar, and other visual reminders of tasks they need to accomplish. Teaching work and time management at an early age is important. 3. Limit technology A good learning environment should limit gadgets. Unless a laptop or tablet is required for their learning, other tech contraptions should be off-limits to help create a productive space. Make sure apps like Facebook, Instagram, and other messaging apps are out of reach during study time. Instead of allowing the use of gadgets during study breaks, allow them time outside their study room by taking a walk outdoors or going for a healthy snack. 4. Natural light A generous amount of natural light streaming in a room instantly adds warmth, energy, and vitality to a room. A home office or a study space is no exception. A room with good lighting affects learning and creates a positive study environment than rooms with only fluorescents which can be harsh on the eyes. Try setting a study table near a window to allow sunlight to filter in. Natural light is healthy for people physically and emotionally. 5. Control noise Some kids study better with music in the background. Lyrics-less music or ambient noise can sometimes add to a perfect study environment. It keeps them focused and energetic. Although sound can put kids in a study mood, some songs can be counterproductive. If they start singing to the lyrics of the song, chances are they'll pay attention to it more than what they're studying. This is why classical music or orchestra music is recommended for studying. 6. Use Suitable Colors The best study spot should promote a positive study atmosphere. Brighter shades of green, yellow, and orange are said to increase concentration levels. When designing a study space, you may also use white or beige to create a calmer vibe conducive to brainstorming and productivity. There are plenty of smart but doable hacks to create a study station for kids to work best. The room furniture you choose does not have to be expensive. What matters is that your child has a dedicated study area that will allow him or her his own space and time to accomplish assignments, learn lessons, and cultivate healthy study habits. |
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