Credit Union | Tags: Credit Union

I have been not been very good lately. I have been neglecting my blogs and I am sorry. One of the main reasons was I just bought Ecto for my mac and I was unable to import this blog into the system. I have been trying the past few weeks, until I have decided to ditch wireless internet and used the cable on the Macbook and viola, perhaps the steady stream of broadband juice was better and my blog was imported to my Ecto now.

On my Mac, I use Ecto to plan and write my entries. What is great with Ecto is that it is pretty straight forward although there was an instance that I lost what I have written once. No idea what happened, but it just went kaput. Anyway, life is good and I am happy that although I have not updated my blog for awhile, I have been receiving alot of traffic specifically my entry, Why I keep my money in FICCO . I am happy that FICCO has been gaining alot of attention and more and more Pinoy are thinking of putting their money in cooperatives.

Due to the demand of information about how you can keep and maintain your savings in FICCO, I will be posting more information laden entries about FICCO, the benefits of signing up as a member including their non-banking services offered. Nonetheless, I intend to write more frugal tips on the coming weeks, including the lessons learned everyday.

Popularity: 15% [?]

Uncategorized |

I have moved houses last weekend, and although I am happier for finding a house which was only a block away from my children’s school and this entails an increase in savings since the children won’t have to take the short tricycle drive to the school everyday now, my webwork was halted by absence of internet connection.

I was so excited about the move that I forgot to consider my DSL connection.  Moving not only meant moving furniture but also moving antennas and packing– again… darn, I am getting so good with packing and moving houses now. Moving also mean changing my mailing addresses and that mean changing billing addresses for my internet, landline as well as bank statements. Being a webworker, my life and work breathe along with the internet.  Without internet connection, my job is non-existent, and my work was for a week on hold until I get my antenna up.

I went to Globe Innove office the very next day I moved and requested for relocation as well as reinstallation request. Much to my dismay, the CSR who attended to me at the office told me that I needed to make the request at another branch and asked why, she said this was because the form was unavailable in their branch. Trying my best not to explode, I asked her if the other branch can send the form via email or by fax to their branch so I can complete the form there so they can perform the process. She looked at me like I came from outer space and when I started to look for another personnel to speak with. I asked her, “can you just check if my request is possible?” She reluctantly went to her colleague on the other table and the other girl said yes it is possible. I smiled back upon hearing this and then the girl who was attending to me hurled another stupid utterance: “Ah, Ma’am can you please come back later kay mag lunch pa ko…”

OMG

…Aaahhhhh…

Customer service truly suck here in the country! Hearing this reminded me of my experience with Banco de Oro and I had to strain myself from bursting.

Then my son started saying, “Mom are we eating at Pizza Hut?” Save by the bell… Instead of reasoning out with her, I instead I said, “ok, can you please make sure the form is here after 45 minutes? My kids and I will have lunch as well.”

After our lunch the forms were ready and I signed the request.

Now waiting for the serviceman to come around my address was another thing…

Popularity: 38% [?]

Credit Cards, Debit Cards | Tags: Debit Cards, Payoneer, webwork

I have not been good lately.  I have neglected blogging because I was busy with webwork.  Suffice to say that financially we are okay but not too great because I have used up one of my emergency funds.  You see my family’s primary income comes from the monthly lease of our home in Manila, and since our lease contract ended last month, we do not have any other income aside from my weekly earnings in oDesk.

Thank God I still have oDesk and we are pulling and chugging along fine.

Lifewise, we continue to live frugally.  Since my pay comes in weekly and my earning is forwarded to Payoneer, I needed to go to the city to withdraw my earnings.  I usually use my card to pay for the groceries since mastercard is accepted almost everwhere here.

To those who area interestedto know more about oDesk or webworking, please feel free to email me (almaatpinoyfrugallivingdotcom) or use this contact form.  I hope to hear from you all.

Popularity: 60% [?]

Credit Cards, Credit Union, Finances, Investments, Saving, Time Deposit | Tags: cooperative, Credit Union, FICCO, Mindanao

I have started several accounts in our local FICCO months ago in an attempt to start my children’s savings account.   What is amazing about opening an account in FICCO is that you can open an account with as little as P50.  So there go your excuse that it is just simply  difficult to open a savings account for your children.

To encourage my children and get them to learn how to save their own money, I give them P50/weekly allowance each.  My eldest daughter I observed is more aware of her spending.  Instead of buying snacks in school she would ask me to make sandwiches for her and even brings her own water or juice in a bottle along.

First Community Cooperative  (FICCO) is a cooperative which originated in Cagayan de Oro City.  It is one of the largest and a fast growing cooperative in the Philippines. From its very humble beginning, within the confines of Xavier University, it has now extended its reach throughout Mindanao. This effort is based on the belief that FICCO is a variable and beneficial product which can benefits the locals here in Mindanao.  FICCO now has twenty five offices spread in Northern, Southern and Eastern Mindanao. And two more branches are coming up in Bayugan, Agusan Sur and Maranding, Lanao Norte.  FICCO now boasts of almost 97,000 members, resources of P 2.1 billion, and share capital of P 830 million.

Continued »

Popularity: 100% [?]

Finances, Saving | Tags: children, FICCO, Filipinos, habits, money, Saving, saving money, Spending, teaching money habits

As a mother of four children, separated and all, I take my responsibilities seriously.  At an early age, I wanted my children to be aware of money; How to keep money; How to spend wisely; And how to make more money.  I have discussed previously the benefits of discussing your money issues with your children.  I have a 5 and 7 year old and  they are both in school and unlike most parents in the province, I have been giving my children their weekly allowance every Monday and I expect them to stretch that allowance until Friday unless they needed to use their allowance to pay for some supplies or school related expense like paying monthly dues in homeroom. I also make a big deal of refunding my children’s allowance when they needed to use some of their allowance to pay for their monthly dues.

The problem with us Filipinos is sometimes were are too touchy and be tend to avoid discussing money issues even among families.  I was born in a very traditional home where my parents never discussed money problems with us children.  I have brought that up with my father years ago and his response was that he didn’t want us to be aware of any money issues because he can take care of that himself.  He said it with so much pride and even with dignity that I did not have the heart to argue and voice out my thoughts.  What’s the point?  The important thing is that I did not want to pass that kind of behavior and attitude towards money to my children.  That as a parent, I needed to be aware that I owe it to my children to prepare them and mold them to be responsible people.

So where should you start?

Give them an allowance. By giving your children an allowance you are giving them the chance to learn how to manage their cash.  For them to be responsible, discuss and inform them your expectations.  Ie, that if they finish their allowance before Friday, there is no way you are giving them more spending money. Be firm with your rules and enforce them.  Be firm and consistent.  Sometimes children both young and old can be crafty and absolutely know how to manipulate you or the situation  to their advantage so they can get more cash from you.  But as soon as they realize that you are serious, then they hopefully will not waste more time thinking of schemes to get you to increase their allowance but instead would put more effort on how to spend their money wisely.

Continued »

Popularity: 77% [?]

Finances, Frugal tips, Spending | Tags: children, economic crisis, family

One of the biggest hurdle in my life as a recently single parent was the fact that I needed to explain our financial situation to my children, especially my eldest.  Ofcourse they have noticed the big difference.  Like we do not shop as often now, especially for unnecessary items we used to horde when we were still shall we say, well-off.

It is true, one of the big responsibilities of any parent is how much to talk to their children about serious, complicated and potentially worrying issues. Although most parents want to allow children to maintain some degree of innocence, and to be shielded from the worst the world has to offer, but I agree that children need to be aware of certain issues especially when they are deeply involved as I am.

The current economic climate is causing many families to reassess what they spend their money on and how they live their lives. Like most families, we have drastically changed our lifestyle.  I know children aren’t stupid, and they are very impressionable.  I know that we do not have to necessarily burden them with the details, but simplifying the situation and explaining the issues to the children who are old enough to understand rather than just letting them wonder what the heck things were different than before.

It’s probably best not to force the issue that is if your child is showing no interest in the subject at all, it’s not worth making a big issue out of it – that could backfire and cause the child to become anxious about the situation.

It will depend on the age of the child as to if, when and how you tell them. Very young children are ultimately looking to you for their security, and no doubt you’re doing your very best to see that their needs are met. Why confuse them?

On the other hand, older children and teenagers may be much more inquisitive, possibly asking more demanding questions.  You might also find yourself being asked why you can’t afford those new trainers, mobile phone or games console. This is a good time to explain that, as a family, you have to look after your money and spend it more wisely.

One thing:  Don’t make them feel guilty for wanting new things. Instead, suggest that, at least for the next few months, you’ll all have to find other less expensive ways of having fun and entertaining yourselves.  I have learned that once explained and they become more aware of the situation, my children has stopped asking but has even learned to curb their desire for things and unnecessary items.  You should hear my daughter say, “This is not important.  We must buy food and pay for utilities first.”

Every family is different, and you know your children the best, but these are some guidelines that you might want to adapt so that your family continues to feel secure and informed even in these more difficult times.

• What do you think?
• Have you talked to your kids about money and the current economic situation?
• How did they react?
• What advice would you give to other parents?

Popularity: 69% [?]

Uncategorized |

Welcome to Pinoy Frugal Living !  Thanks to Emily Carlin for this Swanky template and hosting.  It finally pushed through and I am happy with the end result.

I am still busy with Freelance Work, but Pinoy Frugal Living will certainly get back on its feet a few days from now.  Expect more frugal tips, review on productivity tools, personal finance hu-has and my stories relating to rural life and the financial challenges of a just-separated mother of four.

Popularity: 49% [?]

Debit Cards | Tags: Consumerist, glitch, Paypal

I just got this unbelievable news through the Consumerist that a man was over charged $81,400,836,908 by Paypal for $26 for gasoline! Juan Zamora was so shocked when he was informed his Paypal debit card has been maxed out when he knew he had $90 fund in his account! Who would have guessed this kind of fuck up, hiccup to happen?  

Until now, Paypal has not explained the reason for the computer glitch…  $86 BILLION !  Unbelievable!

Popularity: 56% [?]

Saving | Tags: retirement, Saving

How is your anxiety level when it comes to your future and retirement? It is quiet understandable how the economic turmoil, job displacements and increasing price of basic commodities is causing alot of financial anxiety to families and even single people alike. Here is a list of 5 steps on how you can begin to ease that anxiety, today.

1. Beware of scams. This is so obvious. With the wake of recent financial scandals in the US causing major collapse in finance related companies, not ot mention the collapse of CAP and Legacy Group. Be aware of scams and stay away from to-good-to-be-true deals. There are 3 ways you can do to ensure you never fall and become a victim of fraudsters. First, if you have a financial advisor, never issue a check directly to him nor give custody to your assets to them. Second, never give your advisor a Special Power of Attorney over your bank accounts. Third, insist on getting monthly statements from the custodian (place where your trading accounts are held) rather from your advisor.

2. Do not dare predict the future. I do not think there is a sure fire way of predicting the future. No one can predict the future, do don’t try or you’ll just drive yourself nuts.

3. Invest 5-10 minutes a month and know exactly how much you have spent. Just track your total withdrawals from your accounts, chargings made into your credit cards with your income. Get everyone in the family involved. It would be easier this way. Not only that, you would be teaching and showing your children how to manage household finances.Getting their involvement will also make explanation easier in case you needed to do some cost cutting in order to make ends meet.

4. Do not withdraw too much from your investments. According to CFP Neal Frankle from Wealth Pilgrim, if you have a balanced portfolio, it’s generally safe to withdraw 4% to 5% annually. If your accounts have taken a hit over the last 12 months you have to re-evaluate your withdrawal rate. Just because you could safely take let’s say P15,000 a month out of your account 12 months ago doesn’t mean you can safely do this now. If your withdrawal rate is too high, you run the risk of running out of money faster. If your accounts have dropped 40%, your withdrawals may have to be reduced.

5. Take time to understand your investment time horizon. It’s easy to be very anxious about finances these days – but it may not be necessary. Let’s say if you are 60 years old, and you intead to retire next year, you may take away or withdraw 5% of your investment account just to make ends meet. If you are female, you can expect to live another 20 years! You have to consider and ask yourself if your money will last as long as you will. If you think about it, a person in this situation really have plenty of time to invest and work on your own portfolio. Just because you are retiring next year, doesn’t mean your investments should. Your money still has plenty of years to work for you. Make sure you don’t squander those years by allowing your money to lounge around in low-paying investments.

These are all easy and common sense steps. If you take the time to protect yourself, refuse to try to predict the future, track spending, make sure your withdrawals are appropriate and understand your investment time horizon, you’ll be far ahead of the game. More important, you can eliminate financial anxiety.

Popularity: 59% [?]

Frugal tips | Tags: Budgeting, Google Docs, productivity

How much do you spend for dry cleaning every month? If you are serious with taking care of your office clothes- expensive suits, silks and other delicate garment, here’s something else to consider.

How to wash and iron delicate garments

1. Handwash delicate garments like rayon and silk with little powdered soap and water.

2. Rinse liberally with water and never wring the material. Instead,

3. Hang it using a plastic hanger and air dry it. Do not leave your garments under direct sunlight. Instead, hang it somewhere shady and cool.

4. In case your garment is seriously wrinkled, instead of taking the risk ruining the garment, use a an aluminum foil to help straighten the garment out. According to this tip from Real Simple, “to get wrinkles out of silk, wool, and rayon clothes that can’t take direct heat, place a piece of foil on your ironing board, then lay the garment flat over it. With the steam button down, pass the iron three to four inches over the fabric several times. Wet heat radiating from the foil helps smooth out wrinkles.”

Popularity: 59% [?]