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Tuesday, September 18, 2018

You Can Beat Inflation By Doing These Things

Our country is now experiencing high inflation rate like its neighboring countries. The only thing is that, while other countries in the region like India, Malaysia, Thailand, Indonesia, etc., seems to recuperate with high inflation rates, we are just started to hit the peak. 
The high inflation rate is so evident that even the families of overseas Filipino workers  (OFW) who used to catch up with their expenses using the remittances sent by the OFWs to pay their bills, mortgages etc., are now complaining of budget shortage due to high prices of food items, transportation, and basic commodities. 
Recruitment and migration expert Emmanuel Geslani even advised the OFWs to send at least 20% more remittances in order for their families to cope up as the prices soar high.
Could it really help? How do we beat the high prices brought about by the inflation?
Our country is now experiencing high inflation rate like its neighboring countries. The only thing is that, while other countries in the region like India, Malaysia, Thailand, Indonesia, etc., seems to recuperate with high inflation rates, we are just started to hit the peak. The high inflation rate is so evident that even the families of overseas Filipino workers (OFW) who used to catch up with their expenses using the remittances sent by the OFWs to pay their bills, mortgages etc., are now complaining of budget shortage due to high prices of food items, transportation, and basic commodities. Recruitment and migration expert Emmanuel Geslani even advised the OFWs to send at least 20% more remittances in order for their families to cope up as the prices soar high. Could it really help? How do we beat the high prices brought about by the inflation? Ads Sponsored Links As we are all affected by high prices, there is a need for a great effort for everybody to work together and beat inflation. This challenge is not for the government alone. It includes the private sector, media, and common people. We all know that this condition is temporary and everything will come to pass. Its all a matter of cooperation and we can all survive just like what we did in the past crises. Keep a record of your spendings Tracking your expenses by keeping a record and listing down your purchases. It will allow you to determine your average spendings. You can compare them and find out which will be your basis of a monthly allowance. Check out which month you spent the least and make it a reference for your preceding monthly budget plan. Have a contingency budget of at least 10% every payday Set aside at least 10% from your monthly take-home pay for emergency purposes. Financial emergencies are inevitable and it is important that we are ready. Watch your lifestyle We often hear that we should not spend more than what we earn. Buying things that you need must be a priority over the things that you want. Exercise frugality Saving for the future benefit none other than yourself. The money you save today could save your life in the future. Everyone will come to their retirement but some of them will not retire well. Spending your money like there will be no tomorrow will render you broke on your retirement. As the inflation rate soar, buy only where you can save a lot like on sale items. Keep your spending on needs only Shopping for things you want but you don't really need could make the effect of the high inflation even worse. Allocate your spending on the basic things you need at least for the moment. Look for extra income Even if you have a pretty decent take-home pay, having a side hustle will be a great help during this time where the prices of almost everything are rising. Having an extra income could help you beat the effects of the high inflation rate. Invest The best way to save is not by putting your money in the bank but to find a profitable investment to make your money grow. Over the years, with the right investments, your money will grow rapidly compared with just putting it into a savings deposit. However, be careful where you invest. Make sure you are putting your hard-earned money to legitimate investments. Filed under the category of high inflation rate, India, Malaysia, Thailand, Indonesia, OFW, mortgages, transportation, Recruitment, migration.

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As we are all affected by high prices, there is a need for a great effort for everybody to work together and beat inflation. This challenge is not for the government alone. It includes the private sector, media, and common people. We all know that this condition is temporary and everything will come to pass. Its all a matter of cooperation and we can all survive just like what we did in the past crises.



Keep a record of your spendings
Tracking your expenses by keeping a record and listing down your purchases. It will allow you to determine your average spendings. You can compare them and find out which will be your basis of a monthly allowance. Check out which month you spent the least and make it a reference for your preceding monthly budget plan.


Have a contingency budget of at least 10% every payday

Set aside at least 10%  from your monthly take-home pay for emergency purposes. Financial emergencies are inevitable and it is important that we are ready.

 Watch your lifestyle
We often hear that we should not spend more than what we earn. Buying things that you need must be a priority over the things that you want.


Exercise frugality
Saving for the future benefit none other than yourself. The money you save today could save your life in the future. Everyone will come to their retirement but some of them will not retire well. Spending your money like there will be no tomorrow will render you broke on your retirement. As the inflation rate soar, buy only where you can save a lot like on sale items.


Keep your spending on needs only
Shopping for things you want but you don't really need could make the effect of the high inflation even worse. Allocate your spending on the basic things you need at least for the moment.

Look for extra income
Even if you have a pretty decent take-home pay, having a side hustle will be a great help during this time where the prices of almost everything are rising. Having an extra income could help you beat the effects of the high inflation rate.

Invest
The best way to save is not by putting your money in the bank but to find a profitable investment to make your money grow. Over the years, with the right investments, your money will grow rapidly compared with just putting it into a savings deposit. However, be careful where you invest. Make sure you are putting your hard-earned money to legitimate investments.

Filed under the category of high inflation rate, India, Malaysia, Thailand, Indonesia, OFW, mortgages, transportation, Recruitment, migration. 
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As a move to urge Filipinos and foreign businessmen to engage in doing business in the country, President Rodrigo Duterte signed the Ease of Doing Business and Efficient Government Service Delivery Act into law in May 2018. This new law sets a deadline for the government to quickly act on business applications, about three to five days for simple processes and seven to 10 days for complex ones. Even before the effectivity of this new law, the government had already been doing its part to make business registration for prospective entrepreneurs easier by making some application processes online. As a move to urge Filipinos and foreign businessmen to engage in doing business in the country, President Rodrigo Duterte signed the Ease of Doing Business and Efficient Government Service Delivery Act into law in May 2018. This new law sets a deadline for the government to quickly act on business applications, about three to five days for simple processes and seven to 10 days for complex ones. Even before the effectivity of this new law, the government had already been doing its part to make business registration for prospective entrepreneurs easier by making some application processes online. Ads Sponsored Links The Department of Trade and Industry (DTI)’s business name registration for single proprietors is among the first processes to become digitized. The Philippine Business Registry (PBR), DTI’s business name registration system, has been made more accessible for single business owners since 2012. A prospective entrepreneur is not anymore required to visit DTI offices to secure a Certificate of Business Registration. With the PBR website, the certificate can even be printed in the comfort of their own home. Here are the steps you have to take to secure that certificate. Check the availability of a business name Before starting the registration process, it helps to check if the business name you have in mind is still available to use. At the PBR, one can easily type in the prospective business name and it will check the database if there are enterprises already using that trade name. A word of advice: don’t just try to check the business name you are aiming for once. Try to modify your search to save time later on. For example, if you are thinking of putting up a business called “Juan dela Cruz Services,” modify your search and break down every part of the business name from just “Juan dela” to “Cruz Services.” Some business names just differ in spacing or spelling. The DTI also reminds applicants to ensure that the business name isn’t similar to an existing trade name or trademark, such as “Anne Dok’s Lechon,” “Jolibee” and "Starbax Café.” On the other hand, names that are too generic, such as “The Coffee Shop” for your café, aren’t permissible, too. Business owners also can’t use the abbreviation of a government agency or international organization. Business name registration Once you’ve verified that your prospective business name is still available for use, you can proceed to the business name application. Once in the page, you will be required to choose the geographic scope of the enterprise: national, regional, city or town, and barangay. If you are keen on operating a business that will reach clients in different parts of the country—for example, an online shop—then it’s best to register your scope as nationwide. The fees will vary depending on the scope, ranging from Php200 to Php2,000. Afterward, the business owner’s personal info will be required. You will only have to submit some basic details such as tax identification number, residence address and mobile number. By this time, you’re done with the most tedious part of the online registration process. You may now choose whether to pay cash through either a local DTI office or Go Negosyo Center, or via an online payments system. The PBR only accepts two kinds of online payments: Bancnet and GCash. If you have an online account with any bank, then paying through Bancnet is advisable. Otherwise, a GCash account may be needed to complete the transaction. You also have the option whether to pick up your business certificate from a local DTI office or have it printed yourself. Once the payment is complete, a message will be sent to your e-mail on how you will retrieve the certificate based on the method you selected. Most likely, the whole process will only require 15 to 30 minutes of your time. Filed under the category of Filipinos, foreign businessmen, President Rodrigo Duterte, Ease of Doing Business and Efficient Government Service Delivery Act, business registration, entrepreneurs, application processes online Ads Sponsored Links The Department of Trade and Industry (DTI)’s business name registration for single proprietors is among the first processes to become digitized. The Philippine Business Registry (PBR), DTI’s business name registration system, has been made more accessible for single business owners since 2012. A prospective entrepreneur is not anymore required to visit DTI offices to secure a Certificate of Business Registration. With the PBR website, the certificate can even be printed in the comfort of their own home. Here are the steps you have to take to secure that certificate. Check the availability of a business name Before starting the registration process, it helps to check if the business name you have in mind is still available to use. At the PBR, one can easily type in the prospective business name and it will check the database if there are enterprises already using that trade name. A word of advice: don’t just try to check the business name you are aiming for once. Try to modify your search to save time later on. For example, if you are thinking of putting up a business called “Juan dela Cruz Services,” modify your search and break down every part of the business name from just “Juan dela” to “Cruz Services.” Some business names just differ in spacing or spelling. The DTI also reminds applicants to ensure that the business name isn’t similar to an existing trade name or trademark, such as “Anne Dok’s Lechon,” “Jolibee” and "Starbax Café.” On the other hand, names that are too generic, such as “The Coffee Shop” for your café, aren’t permissible, too. Business owners also can’t use the abbreviation of a government agency or international organization. Business name registration Once you’ve verified that your prospective business name is still available for use, you can proceed to the business name application. Once in the page, you will be required to choose the geographic scope of the enterprise: national, regional, city or town, and barangay. If you are keen on operating a business that will reach clients in different parts of the country—for example, an online shop—then it’s best to register your scope as nationwide. The fees will vary depending on the scope, ranging from Php200 to Php2,000. Afterward, the business owner’s personal info will be required. You will only have to submit some basic details such as tax identification number, residence address and mobile number. By this time, you’re done with the most tedious part of the online registration process. You may now choose whether to pay cash through either a local DTI office or Go Negosyo Center, or via an online payments system. The PBR only accepts two kinds of online payments: Bancnet and GCash. If you have an online account with any bank, then paying through Bancnet is advisable. Otherwise, a GCash account may be needed to complete the transaction. You also have the option whether to pick up your business certificate from a local DTI office or have it printed yourself. Once the payment is complete, a message will be sent to your e-mail on how you will retrieve the certificate based on the method you selected. Most likely, the whole process will only require 15 to 30 minutes of your time. Filed under the category of Filipinos, foreign businessmen, President Rodrigo Duterte, Ease of Doing Business and Efficient Government Service Delivery Act, business registration, entrepreneurs, application processes online Ads Update: The DTI online business registration is temporarily suspended due to systems upgrade and will notify the public when it is ready. The business owners are advised to proceed to the nearest DTI offices near your area. To download the application form for business registration, you may visit the DTI official website.
The Social Security System (SSS) has announced the new batch of loan condonation program or the loan restructuring program (LRP) whereas the members with delinquent status in paying their previous loan in a period of more than 6 months will be allowed to settle their accounts without paying any penalty. Overseas Filipino workers (OFWs) in the United Arab Emirates (UAE)who currently has current unpaid loans are urged to apply for the LRP until October 1. Ads Sponsored Links SSS continues to encourage its members, including OFWs, to apply for loan restructuring program with penalty condonation especially OFWs who have short-term member loans including calamity, salary, educational, and emergency loans. Under the program, members will no longer pay the additional penalties for the unsettled loans. Members only need to pay for the annual interest alongside the principal loan. Payments can be done in whole or on a monthly basis as long as the payment terms will not exceed 5 years. OFWs can apply for LRP in two ways: 1. If you are currently in the UAE, you can visit the SSS office located at the Philippine Consulate in Dubai and the Philippine Embassy in Abu Dhabi. 2. OFWs can also delegate their application to their authorized representative. Give them an authorization letter to process the application through the SSS office in the Philippines. You can download the application form at the SSS official website. Ads Filed under the category of Social Security System , SSS, loan restructuring program, loan condonation program, Overseas Filipino workers, United Arab Emirates , loans
Being considered as modern-day heroes, government offices, as well as some private establishment, give different perks and privileges to overseas Filipino workers (OFW). Aside from the sacrifices they had to go through just to earn better by working abroad, OFWs are the breadwinners of their families back home and the major contributor to keep the Philippine economy afloat by sending their remittances. they deserve to be rewarded by these kinds of privileges. Ads Sponsored Links Exemption on Fees It’s all because of the Overseas Employment Certificate or OEC. Being an OFW, specifically, a legitimate one means you will be exempted from various fees like airport terminal fee, travel tax, and documentary stamp tax. Tax-Free Shopping at Duty-Free If you want to do some additional shopping before heading home, then the Duty-Free Philippines can be your partner. You can enjoy tax-free shopping within 15 days from the time you arrived so you can give pasalubong to your family, relatives, and friends. Housing Loan from SSS or PAG-IBIG Are you thinking of buying a house or giving your existing home a much-needed renovation? SSS or PAG-IBIG can help you on this since they offer housing facilities at lower rates compared to banks and other lending institutions. SSS offers Direct Housing Facility Loan for OFWs where you can loan for as much as P2 million and payable up to 15 years maximum. On the other hand, PAG-IBIG also offers a housing loan facility for OFWs where you can borrow as much as P6 million. Free Language Courses at TESDA Yes, you read that right. TESDA Language Skills Institute offers free language training for Spanish, English, Japanese, Mandarin, and Arabic to help Filipinos become more equipped in terms of language. This will come in handy when you are headed to any of the countries that speak any of these languages as well as an advantage on your part as OFW. If you plan to enroll, then make sure you register early because slots are limited. Nonetheless, OFWs are given priority, but it’s best to reserve your slot early. You can check TESDA website for further details about this program. OWWA Benefits The Overseas Workers Welfare Administration or OWWA is the agency that protects and promotes the welfare of OFWs and their dependents. In line with this, several benefits are being offered by the agency such as onsite assistance, livelihood trainings, education assistance for dependents, counseling, and legal assistance among others. DFA Courtesy Lanes With the recent opening of passport renewal slots (86,889 New Slots in September!), you can now apply for your passport related concern without hassle. OFWs are given access to DFA Courtesy Lanes. You don’t need to even schedule an appointment online. No OFWs will miss a job just because of delays in Passport Application. How good is that? Low interest loans There are loan programs from the banks that are tailored for OFWs and they are giving it for very low-interest rates and flexible tenures. Flexible Investment scheme from SSS SSS provides a program they called SSS Flexi-fund where OFWs can invest their excess contributions to earn dividends and they can withdraw it anytime they wish or when they finally decided to stay home for good. Ads Filed under the category of modern-day heroes, overseas Filipino workers, working abroad, OFW remittances
Food, shelter, and clothing are the basic necessities of human lives. We can choose our lifestyle whatever we want like living in a simple yet safe home and wearing modest low-end clothing to save but the rising cost of food is a serious matter and we need to do something about it. Imagine that you are earning just enough to pay your bills, mortgages and other household expenses and your company seldom give you a raise in your salary. Even the families of overseas Filipino workers (OFW) are finding it difficult to budget the remittances they receive due to inflation. Everything has increased its prices and you need to catch up. Ads Sponsored Links Here are some practical tips to save money on food items. Make A Shopping List And Stick to It Planning your meals for the week and carefully selecting specific ingredients to buy can save a lot out of your food budget. With the list on hand, purchase only the items you need to buy and avoid impulse buys. Eat Before You Shop When you are hungry and you walk into a building full of food, it is more likely that you are going to grab unnecessary and expensive items that appeal more to your palate than your pocket. It is highly advised that you eat first and shop. Avoid Fastfoods Ready-made meals are easy to buy but come with a cost. Instead of eating in fast food or restaurant, buy the ingredients and do it at home preparing the meal yourself. It could save you a lot and still keep the leftovers for the next meal. Do Not bring Your Kids While Shopping Every extra minute that you spend in the store increases the chances of you buying more and this includes toys and snacks meant to keep the kids behave while you try to focus on your hunt for a good bargain. Do not bring your kids with you while shopping to save time and money. Buy in Bulk Buying in bigger packaging can save you a lot. You can usually find great deals in buying a larger packaging. However, pay attention to your spending habits and consider your storage capacity. Use Store Reward Cards And Coupons Coupons provide an easy way to save money. There is no harm in clipping them and using them in purchasing foods, helping you save on your food shopping cost. Buy locally produced foods Locally grown or produced food is cheaper because you don't pay for long transportation costs. You also help local farmers and food producers meet their daily needs as well. Compare Store Prices; Grab the cheapest Have an assessment of which stores offers lower prices for particular food items and buy it from them. Some grocery stores have special prices for a specific item and they are not often applicable to other stores. Be aware of the price tags and grab it where it cost the lowest. Look Down at the lower shelf Most expensive items are usually displayed at eye-level. To find less expensive items, look down. Avoid the Checkout Temptations Beware of the displays placed at the end of each aisle. They often feature premium brands and they are placed there for a purpose. Shop for Sales Pay attention to sales on necessity items and stock up on non-perishables and freezer goods. Be mindful of the expiration date because most of the sale items are often near expiration dates. Ads Shop Infrequently Reducing the number of trips that you make to the store each week or month reduces the chances of unnecessary purchases and minimizes the amount of transportation cost spent getting there. Pay in Cash Avoid using your credit card in purchasing food. If you don't pay off the card in full each month, you pay interest on the purchase. To avoid paying the extra cost, use cash when you shop. Check Your Bill Electronic scanners make the shopping experience faster and more convenient, however, scanners aren't foolproof. Take a look at the receipt to make sure your coupons and discounts were accurate. In addition to this, try planting edible plants and vegetables and use it to save on your next food purchase. Having an organic vegetable garden in your yard lets you eat your favorite veggise for free.
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