Tag: money matters

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Dealing with Windfalls

This year is getting to be very good in terms of financial blessings. The first quarter alone saw the hubby and I receiving some unexpected incentives at work. Then, during the second quarter, our mid-year bonus arrived and a few more monetary benefits came after that.

Receiving windfalls (in our case, it’s usually from work and nothing else) is always a pleasure and a reason to give thanks. By giving thanks, I mean saying a short prayer of gratitude to the guy above and sharing the blessing (in whatever form or way we like) with our loved ones.

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Insured!

After weighing our options and preparing our payment, the hubby and I have recently gotten ourselves a term insurance from Sun Life Financial. It’s called Sun LifeAssure. As what’s standard, our annual premiums were based on our age. Mine was P5,160 while the hubby’s was a bit higher at P5,585. This is for a coverage of P500,000 with critical illness benefit. For add-ons, we got accidental death and total disability benefits.

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Sun LifeAssure is renewed after five years. This means that the annual premiums to be paid for the five-year period (that we signed up for) are fixed. After that, should we decide to sign up again, our premiums will be higher as they will be based on our age again.

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On Generosity and Tithing

If I were to rate myself on my level of generosity (with 10 as the highest), I’d give myself a seven. Nope, never a perfect score because I’m not a saint. I’m just human and I can be selfish on occasions. While I tend to be generous to family and friends, I normally hesitate helping other people especially if I don’t know them too well. (I’m actually more helpful to people online than offline.)

In my quest for financial freedom, my generosity is constantly tested. Should I give money to charity on a regular basis or keep it to myself so I could achieve my financial goals faster? I guess the answer to that question should depend on how much I’m willing to give. Some say it should be 10% of one’s income and they have a term for it — tithe. Tithing is a practice, or more like a way of life, that a lot of Christians have adopted as part of their faith. And I admire them for that because let’s be honest here, not everybody can do it or is willing to do so.

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Choosing BDO Peso Balanced Fund (BDOPBAL)

Last Tuesday, the day after we received our Christmas bonus, the hubby and I realized another financial goal. Along with my sister Jodie, we opened a Peso Balanced Fund with Banco de Oro (BDO). It’s one of their Unit Investment Trust Fund (UITF) offerings. Our branch of choice was the one nearest to our place, SM Manila. Slowly but surely, this little investment, along with our other ones, will grow. We are already claiming it!

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It was quite easy to sign up. I just brought two valid IDs and that’s it. (We have decided to put this account under my name for easy monitoring.) Oh wait, another requirement is having a savings account with BDO which I do have. Anyway, the account officer had me fill up an application form and a signature specimen form. She also had me answer a Client Suitability Assessment (CSA) form to find out what type of investor I am and if the product I was eyeing suited me. She also took a photo of me through a camera attached to her PC (no need to bring 1×1 pics!). Then I handed my initial investment and I was issued an official receipt. I got the Certificate of Participation (COP) after three days.

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A Money Saving Failure

On the first week of January 2014, the hubby and I have decided to take on a money saving challenge. You may be familiar with it or may have been doing it also. It’s popularly known as the 52-Week Saving Challenge. I am sad to report that we FAILED the challenge.

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We only made it until the 18th week (April 30 to May 6, 2014). After that time, we gave up. We accepted our failure and just charged everything to experience. I can’t believe I’m blogging about this just now! I’ve gotten so busy in the past months, you know. (Naghanap pa talaga ako ng excuse!) Haha.

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Planning for Our Financial Future

I’m turning 31 years old in October. Still young, I guess, but not so young when it comes to investing. As they say, the earlier you invest, the better. I don’t regret it, though. I may have not invested early when it comes to assets of various kinds, but I have other “investments” in my life that are now bearing fruits.

You see, I used to be the breadwinner in our family. That was after my father lost his job in 1999. Actually, I fully became the breadwinner after landing my first job after college. I sent my three siblings to school and luckily for me, they were able to finish their studies one by one. They are my other “investments” that are now bearing fruits. And so today, we are working together to give our parents the good life that they deserve. But that’s another story for another time.

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