To apply for a personal loan, one must prepare ahead to increase the chances of getting approved by a lender. 

Getting a personal loan is essentially borrowing money from a bank of your choice. This entails a loan term with actual terms and conditions that you agree on with the bank, among which is saying yes to paying interest either monthly or annually. As of May 2023, the average interest loan rates from bank loans in the Philippines are 7.66%. 

While getting a  traditional bank loan is cheaper than getting a loan via digital lending platforms or credit card cash advances, getting approved for a personal loan takes a more meticulous process. It's not uncommon to get rejected but you may increase your chances of getting your personal loan application green-lighted with careful preparation and research. 


Here are helpful tips to get your loan application easily approved:

1. Maintain a good credit score

Most lenders or banks will run a credit history review to determine how diligently you will pay your monthly payment. So, before you apply for a loan, be certain that you have a good credit score standing. If you are not there yet, you may try amending this by paying your bills on time or avoiding reaching your credit limit. A low credit score won't necessarily get you a rejection but know that the interest rates and fees you will be given will be too high to repay your loan so best to make it worth it.

2. Do your research and find the best loan option for you

Weighing the best bank loan choice for you starts with knowing what you are using the loan for. You may also have to look into the details of the loan terms whether it's a secured loan (with collateral) or an unsecured loan (without collateral). There are a lot of types of loans that can suit your needs with payment terms that you can manage. Pick a lender that you can trust and be sure to know which one offers the best for you. 

3. Know how much you need and how much you can pay

When you get a bank loan, get real with your numbers. Make sure you can pay off the loan amount you are borrowing. Computing your debt-to-income ratio will help you determine how much of your salary should go to your loan repayments. This formula also helps compare your monthly debt payment to your monthly gross income.

To calculate the debt-to-income ratio, divide your monthly total debt payment by your monthly gross income and then multiply the amount by 100. It's safe to keep your debt-to-income ratio low to improve your chances of approval. Lenders may be quick to turn down your loan application if the ratio is too high. Some local banks have an online loan calculator. You can use this tool too. 

4. Have a stable job

Before you take out a personal loan, make sure you have a steady income. It's common for banks to be extremely strict in checking your credit history and your capability to pay off a loan so proving that you have a stable source of income tremendously increases your chance of a bank loan approval. Most bank loan requirements include copies of your Income Tax Return, Certificate of Employment, or your last three pay slips.

5. Ready your documents prior to the application

Make sure to prepare ahead before submitting your loan application. Local banks may have different loan requirements so know your preferred lender's requirements and create a checklist to be aware of the items you need to submit. Be organized and diligent when it comes to completing this checklist and double-check your personal loan application form before you turn it in.

6. Have sufficient savings

To get a personal loan, banks may require your most recent pay slips, if not, your latest bank statement. To prove your strong financial capacity, show that you have enough savings in your bank and stay consistent in placing your funds in your savings bank account. 

7. Know a good debt from a bad debt

To have yourself approved for a loan, know whether you are taking out a good debt or a bad debt. Being in debt for something that will help you gain financial success, in the long run, is a good debt. Spending money on career advancements like enrolling in graduate school or money spent on capital for a small business are all examples of funding for potential future growth. On one hand, spending money on things that will depreciate in the future like vehicles or shopping for luxury items may be considered a bad debt. So, know the purpose of your loan and the loan proceeds before applying for one. 

8. Seek consultation

If you find yourself lost in the preparations for getting your best personal loan option, seeking a consultation with your bank or lender of choice will be sure to enlighten you. Pay them a visit or schedule a consultation.

​They will also be likely to point you to the type of loan you will be approved for.
In case you are getting a personal loan to fund a real estate property investment, it would also be wise to consult as well with your real estate agent or broker. They would likely be able to recommend good loan choices with the best personal loan rates convenient for paying off the property.

The task of taking out a personal loan is as daunting as getting approved by a lender. If you are determined and have a solid purpose for your personal loan, the application process, however challenging it may be, will not stop you. 

Making a first real estate investment comes with careful financial decision-making. Before finally deciding to invest in real estate, it's understandable that anxiety, doubts, and hesitation can be high. Having savings might not be enough to tell that you're ready to invest in a real estate property because of the other responsibilities that a property investment entails.

So, when is the right time to buy a property? How do you know that you are capable of taking on the risks of real estate investing? Read on below to know of signs that you are ready to manage and make an investment property. 

You know you are ready to buy an investment property when:

1. Your financial foundations are solid

A telling sign that you are prepared to pursue your first property investment is having your finances sorted out. That means having established a system for paying monthly dues and setting aside a portion of your income for savings. If managing your earnings is still an issue, property investment will just complicate your life. Keep in mind that having the skills to save up whether for property purchases or retirement is fundamental when it comes to real estate investing for beginners.

2. You have set your long-term financial goals

Before you get started on investing in property, you'll need a goal.  It will not be wise to start investing in real estate without a strategy and goal. One must take careful consideration of the ultimate picture of the future and know how a real estate investment or investments can help one reach a financial goal. Before you make your first property purchase, you need to make sure you know the following terms:

• capital growth - the increase in the market value of the property over time
• tax benefits - how will being a property investor put you at an advantage or disadvantage? Have an accountant on your side to check for depreciation, negative gearing, claiming interest on the mortgage, capital gains tax exemptions, etc. 
• cash flow - how much will be your yield all year round when you buy a property? What returns do you gain from the real estate purchase minus the costs you incurred to acquire and manage it? 
  
  

3. You know how to manage your debts

Being debt-free is ideal but knowing you are capable of not making loans pile up is among the signs you're ready to dive into property investing. The problem with acquiring debt is how it could easily deplete what you earn, especially ones with high-interest rates. One has to learn to be on top of bills and make sure payments are made on time. Settling loans prior to buying a property will spare you from a headache.

4. You have a stable income

Payments for any investment will come so having dependable regular earnings is important. Paying off those dues while capably sustaining yourself is key. Having a steady income also matters in getting home loan applications.

5. You are aware of your risk tolerance

Investment properties come with varying degrees of risks that relate to lending, managing the property, and the costs involved in the maintenance of a property. How many of these will you be willing to handle? Do an assessment. This will be a great opportunity to find out if you need to take a more conservative stance or if you can afford to take bigger risks. 

6. You have the right amount of cash buffer

Part of being a real estate investor is not overlooking a contingency or emergency fund for your property. A good landlord to your tenant is having ready finances for repairs and ensuring that your tenant is safe, secure, and can comfortably live in your property.

7. You have time to oversee your property

Owning a property requires time. Staying on top of repairs and yearly dues and legal work can be demanding especially when you are already juggling a full-time job outside your real estate venture. Investing in real estate will involve a lot of leg work and customer service so make sure you have time to spare.

Purchasing a property for the first time comes with sacrifices, hard work, and risks. Make it a worthwhile experience by reviewing these factors to ensure you are prepared for a long-term commitment.  

August is also known as the hungry ghost month when business finances hit a slump due to low trading activity, minimal financial dealings, and red portfolios or negative balances. It's a fact that Philippine stocks ended in the red with inflation going down further from 5.4% in June 2023 to 4.7% as of Friday, August 4. Call it superstition, but one cannot miss the timing of that.

The hungry ghost festival, which begins on the seventh month of the lunar calendar, roots in the Buddhist Taoist Chinese belief that the gates of hell open as hungry ghosts or spirits of the dead roam the earth.

The Chinese advise people to postpone investing, selling assets, and avoid making big-ticket purchases like cars and gadgets. Some individuals consult feng shui or make food offerings. Meanwhile, businesses ward off bad luck by observing several practices to avoid financial loss to the company and dodge misfortune. 
Whether or not you adhere to the observance of ghost month, taking precautions and following ghost month dos and don'ts, won't exactly do you harm. Ghost month is also a good time to look for other opportunities or to average down one's portfolio.

Here are helpful financial tips for surviving ghost month in 2023:

1. Review your business plan 

Ghost month may not be the best time to start a new business venture but the time can be wisely spent on assessing or checking in on one's business status and plans. Reviewing processes and making plans to improve operations can be a more worthwhile task than investing. Part of checking how you are faring is sitting down with colleagues to iron out plans and preparing for how to move into a new phase of the year.

2. Holding off on making big purchases during ghost month

Thinking of buying a new car or gadget but find yourself hesitating? Take ghost month instead as a time to think through your big-ticket items purchase especially if they are not needed.  The act of buying can attract bad luck because the spirits might be envious of your purchase. Perhaps you can save the money for a more worthwhile purchase in the future. Sometimes postponing gives you a chance to see the bigger picture. 

3. Make donations

While the Chinese believe that making big purchases during ghost month can cause bad luck, they also advise that it's the best time to build good karma. Donating or extending financial help to loved ones during the time of inflation can ward off bad luck or counter misfortune. 

4. Avoid getting new debts

Businesses can be affected by people holding off on purchases due to ghost month practices. This may impact the income of business owners. Do postpone taking unnecessary debts since cash flow might be unstable. Steer clear as well of paying off debts so limit credit card use and pay using cash. Hold off on getting a loan until times are looking up.

5. Build your contingency fund​

Whether you are in the process of building an emergency fund or have not yet, ghost month is the best time to work on it. Setting aside at least 10% of your pay each time you receive your income is the best practice. Of course, consistency and discipline are important. Ghost months may come only once a year but financial slowdowns or emergencies can randomly come. With enough money saved for rainy days, you'll never have to worry. 

Whether or not you believe in ghost month and the bad luck it may tend to bring financially, practicing prudence in daily spending is still a good habit to keep. These tips might be restrictive on one hand but also may be teaching a thing or two about one's personal finance,  investments, and businesses.

When it comes to real estate investment property, the worst mindset for a Gen Z to adopt is: "I'm still too young to start investing because I can always do it later on in life."

Early investing with a real estate focus is, in fact, a great way to start preparing for the future because it builds healthy financial habits at an early age. The Gen Z today might not have the current funds for a down payment but putting a portion of their personal finance or monthly income in a savings account for a real estate investment in the future is a wise way to afford real estate earlier in their life.

Optimizing spending capacity although the Gen Z are just starting to make money, is an excellent way to take advantage of their youth. Thankfully, many of them are thinking outside the traditional real estate box and exploring options to make wise financial moves like looking up real estate management companies, real estate mutual funds, and real estate investment trusts, also researching which real estate company offers the most affordable real estate investment for them.

Here are some reasons why so many young adults can begin building their investment portfolio and real estate ventures.

1. The real estate market has plenty of property options.

Reputable real estate developers and builders have different types of real estate properties suitable to different lifestyles while offering flexible down payment terms. Aspiring young real estate investors just need to do their research to seek which investments will give them the best profit for their financial future.

2. Early property investments offer compounding profits.

Members of the Gen Z can put their money towards investing in soft launches of real estate properties so they can reap returns even before they hit retirement age. Early investment in a commercial or residential property ensures them a stable financial future.

3. Loans are easier to get and manage at a young age.

Getting a loan at a young age forces one to build a good credit standing. The Gen Z can get loans with longer payback terms and lower interest rates that they can easily manage since they are given a comfortable duration to complete their terms.

Meanwhile, here are key strategies to get every Gen Z's momentum going when it comes to real estate investing.

1. Increase income and savings

Gen Zs needs to do to stay proactive when it comes to increasing their income and savings. Whether it be getting side hustles or starting their own small businesses, expanding their means to earn is good management of personal finance. Of course, allotting a substantial amount of their income to their savings account is the key point.

2. Know where to save your money

Putting their extra earnings in high-yield savings accounts helps every Gen Z grow their money without investing it yet. The more balance they grow, the more interest they'll earn and save up for a future down payment. Consider banks and banking platforms that offer competitive interest rates to make your savings work as hard as possible and not just sit still while in their bank account.

3. Explore and learn about alternative real estate investing

A Forbes research pointed out that there is high awareness and importance among the members of the Gen Z about real estate investing through modern alternative real estate investment options. Some are gravitating towards alternative routes like real estate crowdsourcing and blockchain-based investing. Thanks to technology, these resources are available for the younger generation who don't have the finances yet to go through the traditional purchasing properties.

4. Start investing in various assets like real estate investing trust (REITs)

Gen Zs can explore how to acquire different assets be it stocks, bonds, mutual funds, bank products, options and annuities. For small investors or beginners in real estate investing, REITs are a more accessible and less expensive way to profit from large-scale properties. One also can avoid the worry of paying the total cost upfront or being stuck with low returns on investment if they want to sell early. REITs available in the country to date are: 

• Ayala Land REIT (AREIT) 
• ​Filinvest REIT (FILRT) 
• Robinsons Land REIT (RCR) 
• ​Double Dragon REIT (DDMPR) 
• Megaworld REIT (MREIT)
  
  

Conclusion​
When it comes to early real estate investing, there is no one way to do it. Gen Zs need to understand too that it's not about how much they earn, but where they put their money as soon as they start earning. If they are determined to own a real estate property at an early age, increasing their savings and building healthy financial habits will help them become a property owner in time.

Despite the rising living expenses in Manila, the Philippines' capital city is still a popular choice among locals and expatriates when it comes to choosing a place to live in. The city center offers a vibrant and comfortable life as it is near most places of leisure activities and major business districts. But do the rising transportation costs and food costs as an impact of inflation make living in Manila worth it if you compare the cost of living in other major cities in Southeast Asia?

One factor to look at would be people's lifestyle demands and the average salary they earn to cover the monthly cost of living expenses entailed by that lifestyle. According to Salary Explorer, the median or average monthly salary of an average person working in Manila is 53,200 PHP (before taxes). The lowest average salary one can earn in Manila is typically 13,500 PHP and the highest average salary is 238,000 PHP.

Another salient factor to consider is the estimated monthly costs that cover rental costs or shelter, transportation costs, food costs, utility bills, and healthcare. Of course, a single person would have an easier time covering the average monthly cost and still save money. A breadwinner for a family of four will have to have to consider more than twice the average monthly cost.

How much salary do you need to live comfortably in Manila?

According to Filipino Wealth, to live comfortably in the Philippines, a single person will be able to cover the basic cost of living plus miscellaneous and leisure allowance if he or she has a salary of around 30,000-40,000 PHP. Choosing to live in Manila, however, will cost higher by around 10,000-20,000 PHP due to higher rental costs, transportation costs, and food costs. This means to live comfortably in Manila, one must earn around PHP 50,000. This means that a person earning the average minimum wage of 13,500 PHP will be struggling to make ends meet or will have to take on multiple jobs.


How much does a family of four (estimated) monthly costs?

A breadwinner needs to cover at least 94,000 to 111,574 PHP for four people to live comfortably in the metropolitan area. Daily expenses aside, the higher cost of living is due to higher rental rates for a two bedroom apartment or a three bedroom apartment compared to a one bedroom apartment. Rental costs are also affected by which area in Manila you live in. The closer you are to a business district, the higher the expenses if you compare cost to remote areas.

How to live comfortably in Manila (and save money at the same time)

Your monthly income will naturally impact how comfortably you live. While choosing a studio apartment in Makati will cost more money than a one bedroom apartment in Pasay, being near a central business district will also have its perks like cheaper transportation costs when commuting to work, saving on energy and time (especially during rush hour), and access to the best medical care.

Keep in mind that a higher salary also requires more responsible financial planning. Because living expenses in Manila is high and volatile, having a contingency fund to cover an unexpected increase in monthly costs is a must.


Here are tips to help you save money and maintain your lifestyle:

Have a budget and stick to it

It's easier not to overspend when you have your monthly estimated costs budgeted. Planning out every detail of your daily, weekly, and monthly expenses helps you keep track of how much you spend and save.
  
Have your go-to local markets and shopping areas

It's easy to get carried away by the ambiance in Manila's high-end malls. While it's nice to window shop and lounge around in those luxury places, knowing where to get cheaper groceries in local stores and shopping areas helps you spend less than necessary monthly.

Watch out for sales and good deals

Being financially savvy means spending only on what you need. When it comes to your "wants," timing is everything. Be in the know when annual sales of brands you love are coming up. Waiting for better deals online is also a great option when it come to spending outside your monthly costs.


Be a wise commuter

When push comes to shove and fuel prices keep on hiking up, having plenty of commuting options will help you save money. Instead of succumbing to the price surge of ride-hailing apps or filling the gas tank even though the fuel hike is out of your budget, you can choose to walk and stretch your legs especially when your destination is nearby. Riding via a bicycle is also a great way to improve on your cardio. Knowing shortcuts or leaving home ahead of the traffic jam are all ways to be a wise commuter.


Think long-term and start investing in your own home

Starting to invest in your own home is a great long-term plan when it comes to saving. Having to pay for rent for the rest of your life, might not be sustainable especially when you plan to retire. Also investing in residential and commercial properties is also a nice way to future-proof your life. Instead of spending on luxury items, put your money on investments. This is an excellent means of ensuring you will live comfortably in the future.

Don't we busy bees all dream of a chore-free weekend where we can embrace solitude or dedicate free time to activities that recharge us? Instead of getting the rest we need, unfortunately, a Saturday morning or Sunday night is spent on cleaning tasks.

Let's face it. As soon as you begin your first meeting on a Monday, the weekday just flies by until you turn in one last report on Friday night. There's hardly time to fit in a cleaning schedule for all those household tasks.

Time is precious. So, if you want to cross off all the chores by Sunday night, it's either you seek a cleaning service that offers the expertise of a professional cleaner, or come up with a daily cleaning schedule that dedicates a few minutes to run errands or accomplish a cleaning task.

If you don't have the budget to get the cleaning service of professional cleaners, check out this daily to do list that will help you save time and achieve significant progress in reclaiming extra time on weekends.

Daily Cleaning Schedule

It can be hard to stick to a rigid cleaning schedule, so feel free to keep this to do list flexible from Monday to Friday depending on your work commitments too. Go ahead mix it up. The key is to dedicate 20 to 30 minutes every day to most parts of your household. You may also split the cleaning tasks among members of the household so all of you can have free time during the weekends.

Note that not the whole house is commonly occupied by you or your household members. High-traffic zones are commonly used rooms like the kitchen and bathroom so make sure to have a go at these each day to avoid a deep clean every weekend.


Kitchen

1. Don't let the dishes pile up on the sink. Automatically wash dishes after every meal and each time you cook.
2. Spend time daily wiping countertop surfaces and the stove. Keep those places splatter- and spill- free with a damp cloth or sponge and an all-purpose cleaner.
3. Mop the kitchen floor daily to avoid oily sauces and crumbs from piling up. This will save you time cleaning on the weekend.
4. Wash and dry kitchen towels as part of your daily routine. A stinky pile of dirty towels on the counter is not a pleasant sight (or smell). Take a few minutes to hand wash and dry them.
5. Empty and clean trash bins should be part of your cleaning schedule daily.
6. Wipe off stains on the microwave and daily-use appliances. This includes toasters and coffeemakers.
7. Check the fridge for soon-to-expire leftovers. This will prevent leftovers from piling up too

Bathroom

1. Keep the toiler seat and rim clean at all times. Remind members of the household to do the same each time they use it. Give the toilet a scrub if needed.
2. Keep splatters off the mirror. Avoid foamy toothpaste and water from drying up on the surface.
3. Wipe the sink and faucet with a washcloth.
4. Hang towels to dry or fold them once they are dry.
5. Dry the bathroom floor after bathing. This will significantly keep the bathroom stink- and stain-free for at least one weekend.

Bedroom

1. Make your bed as soon as you get up. A smoothly spread-out comforter on fluffed pillows adds to a polished look.
2. Fold or hang clothes. Toss used clothes in the hamper as soon as you take them off.
3. Keep away jewelry as soon as you take them off. Having everything in place will save you from losing them. Of course, this goes for shoes and other accessories, too.
4. Keep your bedside table free from clutter. Books and magazines that you've read the night before should be straightened out.

Living Room

1. Tidy the sofa. Fluff those throw pillows and fold blankets for an everyday neat vibe.
2. Vacuum high-traffic floor zones. This will avoid crumbs, dust and dirt from piling up on the floor once the weekend comes.
3. Dust the entertainment equipment or coffee table surfaces. Keep it fingerprint and moist or oil-free with a microfiber cloth.
4. Keep remote controls in place. With the many appliances taking over our lives, it pays to corral the remote controls into one place.
5. Declutter the floor and tables. Go throughout the house with a basket collecting items that don't belong and return them to the proper place. Toys, books, tablets are frequently left on the sofas so it's best to clear this one out daily.

​Getting the help of a professional cleaner weekly won't be necessary if you and your family members are on the same page when it comes to having your house cleaned daily with these tips. Yes, you can finally have your life on weekends if you put in a few minutes or an hour daily to housework.

Settling into an empty new home comes with the daunting task of buying and assembling furniture. When you have the luxury of time and money, shopping for a new bed frame or having a dining table or coffee table customized to fit a new living space can actually be a worthwhile nesting experience.

However, this is not the case for people who would rather save time, energy, and upfront costs that come with choosing a fully furnished apartment. Fully furnished apartments are hassle-free, especially when your work requires you to move around a lot or when you're newly independent and have not previously invested in your own furniture. A fully furnished unit is usually equipped with furniture and appliances, so lifting and assembling furniture is automatically off your to-do list.

But before the obvious appeal of a fully furnished apartment gets to you, it's important to know what to expect exactly prior to securing it. Note that just because an apartment is advertised as "furnished" does not mean it is a "fully furnished" unit. Should it have a coffee maker, cooking utensils, bathroom essentials, or a dining room table? Use this fully furnished apartment checklist to guide you in maximizing that rental agreement.

What is a furnished apartment?

Basically, a furnished apartment is outfitted with necessary home items that make a space functional and comfortable to live in. Prior to securing the home, it is important to ask the landlord or real estate broker how furnished the apartment is and it comes in three different levels.


Semi furnished apartments

These only come with essentials that usually include a bed frame and mattress, kitchen table, dining table with chairs, plus a couch or sofa. Often, but not always, semi furnished apartments also have major appliances and bathroom items like shower curtains. The place may also include trash and recycling bins and window curtains or drapes. Make sure to ask your landlord if these apartment essentials are provided, otherwise, you might have to come up with a first apartment checklist and shop for each.

Fully furnished apartments

Fully furnished apartments save newly moved-in people from a complex moving process and the expenses on home necessities. These fully furnished apartments normally come with a fully equipped kitchen, bedroom, bathroom, and living space. Use this comprehensive checklist to make sure you're getting the most out of your fully furnished apartment.

1. A furnished bedroom includes a bed frame, mattress, window curtains or drapes, nightstands, table lamps, and a bedside table.
2. A fully functioning kitchen with a kitchen table and chairs, stools for countertops, also trash bins.
3. A comfortable living space or living room must be able to provide a cozy spot for lounging and relaxation. Therefore, these items are a must: a couch or sofa, accent chairs, a coffee table, lamps, and area rugs.
4. A fully furnished bathroom should have enough space to house all your personal hygiene items. Double check if your fully functional bathroom is provided with a shower curtain, waste bin, and enough storage space for your vanity items.
   
   
   

Move in ready apartments

Move in ready apartments should be able to cover all household items and accessories so no urgent shopping is necessary on the day you move in so you can ultimately save money. Bedding, dish ware, and decorative items are covered. You may also check on the following items:

• bed frames with mattresses
• beddings and linens
• bedroom pillows
• throw pillows or decorative pillows
• window coverings
• extra lighting
• kitchen appliances such as a microwave, toaster oven, food processor, coffee maker or French press, slow cooker
• kitchen items such as water glasses, dinner plates, dish towels, hand towels, measuring cups and spoons, bottle opener, cutting board
• major appliances like smart tv and sound system
• cleaning supplies

Of course, choosing a furnished apartment on any of the three levels will assure you of a stress free moving in process. No furniture or appliance costs to think of, even hiring movers will not be part of your list of tasks. While this may come as a huge relief, you still have to watch out for a few things to get the most of your rental agreement.


Here are a few tips when finding a fully furnished apartment suited to you.


1. Check for extra amenities and their corresponding costs.

This would usually depend on what complex or establishment your unit stands on. Check for the following:

• functional elevator
• laundry facilities
• well-maintained air conditioning units
• parking
• a reliable security staff
• community working spaces
• fitness center

 2. Review the length of the lease agreement and how much advance pay and deposit it entails.

Don't get carried away easily by a fully furnished apartment that has everything you need. A lease term can make or break your full experience. Usually, lease terms are year-long so be completely sure that you will be able to cover a year's worth of rent not just financially but work-wise. Will you be moving anytime soon? Factors like family and work come into play when it comes to this. Opt for a flexible lease if you cannot forecast how the next months will go for you.  

3. Know your non-negotiables when choosing your home.

We all have different personalities and lifestyles that we adhere to. When selecting a fully furnished apartment, consider its square footage, its number of rooms, and storage space. For someone who cooks, a big kitchen space would be favorable. For someone with a lot of clothes and shoes, the size of the closet would be a top concern.

At the end of the day, your preferences in a home would matter most. So make sure to make to and review this comprehensive apartment checklist and tips again before you invest your time and resources to a fully furnished apartment.

To a property owner, the safety of a tenant in a rental property is paramount. Equally important is securing the protection of the rental property to ensure longtime profit from it, increase its rental value, and avoid damages and other risks.

Owning rental properties are profitable personal assets that come with risks such as those produced by the rental property itself. For instance, as a property owner, the law holds you accountable for personal injuries incurred by a tenant within the rental property. Outside risks also come into play when your equity as a property owner is threatened by lawsuits, which could affect your real estate property investment.

This is why protection strategies for rental properties exist in the form of landlord insurance, rental agreement, or lease agreement, to protect business and personal assets from creditor claims. It is a must for property owners to educate themselves and use a combination of these property protection ways to limit risks in a single property asset.

It is recommended that property investors or landlords have a go-to legal advisor and finance expert to discuss crucial matters such as local laws, legal requirements, and legal expenses entailed in developing a rental property protection plan.

Here are basic strategies to put in place in order to protect your real estate property investment:


1. Prioritize safety

Prioritizing the safety of your current and prospective tenant is the best way to avoid a lawsuit or insurance claims for an injury incurred on your rental properties. It's best to be aware of the basic legal requirements for repairing and maintaining the property. When repair requests are reported by tenants, promptly respond at once. Initially address hazards such as molds, asbestos-containing materials, carbon dioxide, and lead. Install carbon monoxide detectors, maintain HVAC systems, and leaks immediately.


2. Hire a property manager

Investors who are handling several rental properties or who do not live near their rental should consider seeking the help of a property manager. Having an official point person can help with concerns on property maintenance, security, and sorting out an problems that an investor might not be able to address at once. Spot checks on the property can be done regularly by property managers to ensure that the rental is in good condition.


3. Hold tenants accountable by requiring security deposits

Requiring a security deposit from a tenant motivates them to keep a property in perfect condition. This deposit is made by tenants to secure the payment of rent and utilities. The said security deposit can also be used to repair damage if your rental agreement directly states it. Having a damage deposit ensures funds for the repair and replace of damaged assets beyond reasonable wear and tear.


4. Screen tenants before signing a lease agreement

Landlords can avoid irresponsible tenants by doing a background check on them prior to doing business with them. Setting an interview with interested applicants or asking for character references from employers will give you a chance to decide if you can trust or refuse them.


5. Get the right rental property insurance

Reduce the risk of unprecedented costs by taking out the right insurance policy for your specific needs. The best rental property coverage should be able to protect you as the landlord and your property assets, including furnishings within the rental property. Rental property insurance or landlord insurance should be able to offer the following:
​

• Liability coverage should be able to protect the landlord if someone on the property gets injured and takes legal action. Potential costs could include bodily injury and emotional distress claims, medical bills, loss of income due to injury, funeral costs, and legal and court fees.
• Property damage covers repairs after damage has been done to the rental property and any damage inflicted by fire, natural disaster, or theft. This also covers the personal assets or equipment of the landlord such as landscaping equipment or power tools.
• Loss of rental income protection covers rent not received when a tenant moves or relocates when a damaged property is undergoing repairs.

Running your own rental business comes with risks but they can be avoidable if you are aware of each and use strategies to ensure the protection of your real estate investment. Good risk management habits is key to seeing past the potential liabilities before they strike. Knowing which tools can certainly mitigate insurance claims and lawsuits.

Reality check: we are always meant to face price hikes from food and fuel costs to the monthly electricity bill. The cost of basic needs perennially increases over time due to inflation and the volatile supply and demand chain.

In fact, in January this year, the Philippines' annual inflation reached a 14-year high. Unfortunately, fixed incomes won't be enough to cover the rising cost of living so smart and simple tips to save on monthly expenses, including food and energy consumption are much needed.

In the Philippines, the monthly electricity bill is infamously high whether in offices or households. Being a tropical country, the heat is something to beat. Most of the electricity consumption goes to the air conditioner or refrigerator use.

Prioritizing minimum energy usage is a must in every household. The goal is to reduce energy consumption in order to save money and not break the bank. Here are energy efficient means to keep the Meralco electric bill from taking up the majority of your utility bills.

Tips and Hacks to Save Energy Consumption at Home

1. Fix insulation and airflow​

The best way to consume electricity less is to ensure cold air readily flows in your home. Proper air flow would mean using your air conditioners at a minimum even during warm weather, so make sure to improve the insulation within your home.

The material of your ceiling matters as well as the height of your ceiling. The goal is to reduce your home's heat retention to make your household use the air conditioning unit less.

2. Take advantage of natural light

Saving electricity comes easy when you maximize the direct sunlight that streams in your home. Natural sunlight doesn't just brighten one's mood, it also lightens up any room efficiently. Open up your curtains or blinds during the daytime when working on tasks so you won't have to turn on the lights. This will surely tame those electric bills.

3. Use LED lights

One surefire way to ensure your home's energy efficiency is by opting for LED lights over incandescent bulbs. LED lights last longer than incandescent bulbs. They also produce less heat and are proven to reduce energy usage by up to 50 percent.


4. Use a smart power strip

If you have multiple appliances in one area of your home, plug them all into one power strip to save electricity. This device can detect when gadgets or appliances are not in use and ensure these electronics aren't taking up more energy when in standby mode. You can also easily turn off all devices in one go when leaving home.

5. Use energy efficient appliances

Manufacturers of home appliances are now more aware of consumers' need to save energy and save money. For instance, inverter equipped appliances can efficiently control its own electricity consumption.

Your home's air conditioning unit, washing machine, and refrigerators can help you save energy through inverter technology. Inverter appliances also make the appliances more durable because it works their motors less. Pro-tip: check the energy rating of an appliance before purchase. This would be a good indicator of their energy saving ability.

6. Use the timer to turn off the air conditioning unit

Setting the timer of air conditioning units for a two-hour use will assure you of a higher electricity bill next month. All you have to do is to learn how it works and consistently make use of it. Using the timer of your television or even your electric fan to ensure it is not consuming energy all night can do well to reduce your energy bill.

7.Constantly check for air gaps in your home

If you rely on your air conditioner 24/7 to beat the warm air, checking for air gaps in all areas of your home is crucial. Make sure cool air from your air conditioner or electric fans is utilized well by sealing off places where the cool can escape. This will ensure more energy is saved.

8. Save energy when you cook
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Among the best energy saving tips is to consume less electricity at home by using an induction cooker. An induction assures heat is directly transferred directly to your kitchenware without any waste.

This saves money on gas bills and is also safer to use since you avoid using fire. If you find it a hassle to use cookware made for induction tops, you may use copper-bottom and cast-iron pots and pans to heat up and retain warmth more efficiently than stainless steel ones.

A wise way to defrost frozen food is to take it out of the fridge ahead of time as opposed to utilizing the microwave's defrosting option.


9. Charge gadgets smartly

To ensure less energy use, make sure to charge your phones, laptops, tablets, and other gadgets only when their batteries are at 10 to 20%. This will lessen the constant plugging of chargers especially when gadgets still have sufficient energy. A charging device, when plugged in, still consumes energy that adds up and impacts your monthly bills.

10. Regularly monitor your electric meter

Be mindful of how much energy you consume monthly. This will give a good gauge of when your household is consuming more energy than it should. Of course, this would mean learning to read an electric meter.

​Although this will take effort, it will certainly benefit you in the long run. Recording your monthly bill and getting updated about the current power rates are all part of keeping track of staying on top of your electricity bill.

Ways to save electricity at home does not only boil down to using air conditioners or electric fans less. Sometimes, the simplest hacks such as maximizing your home's natural lighting or using the right light bulbs will keep your Meralco bills from hurting your wallet.