Saving money is a way of life.

Saving money is a prerequisite of investing.

But how do you exactly save money? What’s your budget?

How much do you put away a week?
How much do you spend on food?
How much on gas?
How do you split your rent / mortgage up?

These are just some of the questions that you can find on OrlandoForums.com regarding our topic today.

Here are some of the answers  to those very basic and fundamental questions by the members of the forum (at random):

1. Save at least 10% of your income each month and you will surely go a long way in growing your money.

2.  5% on transportation but if  you drive – count  gas, insurance, maintenance and parking. This can go up to a little less than 20%.

3.  15% on food and groceries including toiletries.

4. 5%-7% – for all kinds of  bills such as electrical, phone, cable subscription etc.

5. 20%-30% – payment for mortgages, taxes and insurance.  Keep this  part as your savings if you’re not paying mortgages.

6. 5%-10% – incidentally a lot of the members are paying off  some kind of debts specially credit cards. Consider yourself lucky if you don’t belong to this group.

7. %% – the left over is for everything else such as clothing, entertainment, medical cost etc.

One of the senior members of the forum suggested the following  very practical ways to save money:

• Cook instead of eating out
• Don’t speed to save gas
• Make sure everything you don’t use is unplugged except for your fridge and alarm clock
• Ac temp never changes
• Got on a family plan for cell phone
• Paid off debt and never use a credit card unless you can pay the balance
• Paid off car debt, never buying a new car ever
• Teach your girlfriend how to be cheap like you.

I love the last point.

Working for Money or Money Working for You?

Even if hundred of thousands of Pinoys are working abroad as OFW, survey still shows that 90% of Filipinos do not have enough savings even if they cut back on expenses already.

Why? Simply because of lack of  knowledge, specifically in financial management.

Did you  know that richest people in the Philippines and other parts of the world (based on Forbes Magazine’s “Richest” lists) built their wealth through business, investing, or real estate.

Opportunities abound that will make your hard-earned money work for you, create automatic and passive income, offer unlimited income potential, build appreciating and income-generating assets, and help you become your own boss. Money Summit & Wealth Expo will present all these opportunities. Now it’s your turn to become wealthy!

Money Summit and Wealth Expo 2010

WHAT YOU WILL LEARN

There are different roads to riches. In this conference, you will learn the four most practical and most common ways to achieve wealth. Each opportunity presented will answer these three key questions:

1. How much money can I make? You will learn about the size of the market and what you can reasonably expect to earn.
2. How will I make money? You will get an overview of the different market opportunities, various business models, and strategies to make money.
3. How do I get started? You will find what you need to start and what specific steps to take to get started.

The Money Summit & Wealth Expo features real millionaires and money-making experts from the fields of real estate, investing, business, and sales.

The conference is divided into four areas, covering 16 income opportunities and wealth-building strategies. Each day will have topics on these four areas. Below is the program schedule (subject to change without prior notice):

Day 1, July 2, Friday (8:30-6:00)

• The Think Rich Quick system of flipping properties, with master real estate investor Trace Trajano (via live webinar)
• Infopreneurship: Make money in the information business, with Master List Builder Joel Christopher (via live video streaming)
• Get rich through rent-to-own properties, with rent-to-own specialist Eden April Alemania-Dayrit
• Secrets of direct sales superstars, with superstar sales performer, best-selling author, and top trainer Dr. Rodolfo “Dr. Dups” de los Reyes
• Simple stock market investing: The way to a richer life, with CitisecOnline.com chief executive Conrado Bate
• Beat the market with foreign stocks and funds, with Global Investor’s Center’s Malaya Laraya
• Telesales: How to make money selling over the phone, with One Outsource Direct president Butch Villamor
• Fast and furious profits in forex trading, with master forex trader Mark So

Day 2, July 3, Saturday (8:30-6:00)

• Make millions in network marketing*
• How to become a Pinoy eBay power seller, with certified eBay instructor and power seller Eireen Diokno-Bernardo
• How to build a million peso home-based Internet business, Internet marketing expert Jomar Hilario
• Make money in franchising, with Francorp executive and Philippine Franchise Association head Bing Limjoco
• Start and grow a lucrative Multiply business, with Renegade Folk co-founder Regina Sambalido
• Boost your portfolio with alternative investments, with Superfund Financial Hong Kong Ltd.’s Joseph Wong
• Quick profits in foreclosures, with The Property Forum founder and real estate auction expert Noli Alleje
• The Rich Dad way to getting rich, with Laurus Enterprises CEO Jerome San, official partner of Rich Dad Asia in the Philippines

* subject to change

If you would like to know more about the Speakers and the process on how to register, please visit: http://iluvlearning.com/money-summit-wealth-expo/

View exchange rates for top currencies from over 50 countries.

We just installed our own currency or money exchange rate page here at KayaMoPinoy. This page is dedicated to all who looking for the latest exchange rate in the market and not only to our OFWs kababayan who always on the lookout for the best exchange rate of their hard-earned money.  We also display a widget version on top of our website  for the more popular currencies.  Just click on the words “More Currency Exchange Rate” to see other currencies.

Kindly note that the information is provided ‘as is’ and solely for informational purposes and not for trading purposes. Data is provided by financial exchanges and may be delayed as specified by financial exchanges.

We highly suggest that you check the currency Exchange Rate page before you run to your nearest bank or your “suking” currency exchange shop (or what we call “blackmarket”). This is to give you an advance information  if the bank or the shop is giving you the fair exchange rate.

The page is still in a beta phase. Kindly let us know if you have any suggestions or how to make the page more useful to you.

Whether you’re expanding your business or just buying a used car, there’s a flexible Plantersbank loan suited to your needs.

Plantersbank Handy Credit – Entrepreneur Personal Loan

A non-collateral cash loan worth P100,000 to P500,000. The installment plans are flexible, ranging from 12 to 36 months. Applicants should be sole proprietors or self-employed individuals between 30 and 65 years old, with a business operating profitably for the past three years and total gross monthly sales of P50,000. Applicant must also be credit card holders for at least one year with good credit standing and with single combined credit of at least P50,000.

Plantersbank Auto Loan

This is for aspiring car owners who wish to purchase a brand new or pre-owned car up to five years old, or existing car owners who either wish to refinance an existing car loan or get a cash loan with an existing car as collateral. The minimum loan amount of P100,000 can be paid in up to five years.

Plantersbank Small Bizloan

A multi-purpose credit facility lending P500,000 up to P5 million as a revolving credit line or term loan. Approvals are given in only 10 days upon submission of requirements.

For more information, visit www.plantersbank.com.ph or the Plantersbank nearest you.

For Nenita Raymundo, only one thing spells the difference having money and having none. “It’s attitude that matters most,” she says.

Nenita believes that attitudes got her where she is right now- a unit sales manager of life insurance firm Nippon Life Philippines. Her resume boasts impressive achievements including,among others, being named Consistent Achiever & Annual Awardee by Nippon life. She was also given that title by her previous employers, including Sun Life Of Canada, Lincoln Life Insurance, Ayala Life, Fil-Estate Realty Corporation, and Berkely International Life Insurance.

Yet life was not always good for this 57-year-old mother of four. She came from impoverished family and she never finished college. But rather give in to her circumstances, she fought back. “I hated poverty, and if you really hate poverty maaalis mo yun.”

While working as a receptionist in 1966, she discovered her knack in selling. While serving coffee to visitors,she successfully convinced them to buy real estate. A year later, she pursued a sales career full time.

One important lesson that Nenita learned early on was that you shouldn’t be ashamed of who you are. “hindi ko na-feel ang hiya. ‘Pag naglalakad ka, wala namang nakadikit sa noo mo na nagsasabing doctor,nurse, or lawyer ka, di ba?So I realized it is only your attitude that will defeat you. I can talk to both president and the janitor and make them feel at ease.”

Before you can save, you have to have the money to save- and this is still a matter of attitude. Some people want to become rich, yet what are they doing? Read the rest of this entry

Saving has always been a way of life for Margaret Ramos, Hongkong and Shanghai Bank branch manager. While still single, Marj saved at least 30 percent of her salary. Even her choice of mate seems to reflect her conservative personality. Her husband Hedctor works in the insurance industry.

“I’ve always believed in the power of saving because otherwise, what are you working so hard for?” she says.

Marj sets short-and long-term saving strategies. For the short term, she calculates how much she can save from her earnings every year and stick to it. For the long term, she seeks ways to make her money grow.

Marj advises first-time savers to place their money in savings accounts. As they build their savings, they can move on to time deposits and then move on to time deposits and then to mutual funds. While Marj used to play the stock market, she is more conservative now that she has a family. Her advice: “ If you want to go to stock market, you have to have the time to monitor things. And you have to be willing to lose sometimes.”

Marj’s saving strategy has enabled her family to achieve their money goals. They now have their own home and they even provided a little something for their daughter. But Marj has more dreams in mind. “I want to travel Europe, but I really want is retire while I’m still young so I can enjoy the fruits of my labor with my loved ones”.

Since the start of this year, my wife and I are thinking to refinance our house which we loaned from a bank for 10 years. Our interest rate for the first 5 years was fixed at 10.5% which ended this month of February 2010. The reason we’re planning to refinance our housing loans is because there’s a lot of banks offering a much lower interest.

We actually set aside some of our savings for various fees such as processing fee, documentary stamp, notarial and other fees the other bank will impose.  Until we received a letter today from our current bank stating that they reduced our monthly amortization to 9.50% per annum. This is indeed a good news for us. We don’t have to shell out any money to pay for the fees I’ve mentioned, and no need for us to fill-up new documents too which I really hate doing.

Have you refinanced your home loan? Or do you have any idea on what it’s all about?

Home refinance in other terms can be called refunding on the same property. Home loan refinances are taken up usually to repay the first home loan and continue the second loan with a favorable rate of interest. A home loan refinance always lowers down the interest rate from the prevalent interest rates. This profitable home loan refinance rate can be the biggest reason to refinance your home loan. There also can be various other different requirements for taking up a second loan or a refinance.

Reasons to obtain a Home Loan Refinance Read the rest of this entry

This is the third and last series on Think and Act Rich. If you haven’t read the previous articles, here are the links:

1. Think and Act Rich – It is what you choose to think, and act upon, that produces the money you want. What you think will be, will be.

2. Control Your Expenses – It’s living “below” your means and not “within”.

And here’s our last post for this series:

Many people think that rich people are selfish, that’s why they have lots of money at hand. This may be true in some cases; however, there are a lot more individuals who are wealthy because they know how to give.

When you give something from your heart without expecting anything in return, you release a powerful force that will trigger your good deed to “bounce” back to you in amazing, and sometimes unusual ways.

Whenever possible, be generous in giving to others. You will notice that what you receive, or the return, will be more than what you give. As humans, we have the tendency to reciprocate what we receive. But don’t give for the sake of expecting something in return. Read the rest of this entry

When I was still young, I used to hear the expression: “Live within your means.” I think nowadays, we need to correct this expression by changing “within” to “below.” These days, if we work for somebody or for a corporation, we need to set aside some savings which we can use for a “rainy day.”

There is never enough savings, that is why we sometimes find a second job. And this is the reason why we want to improve our lives financially, by getting off the “rat race” and achieving financial freedom.

Sometimes, we have the uncontrollable habit of buying things we don’t actually need, especially when items are “on sale.” We stock up on things that are “on sale” thinking that we are saving. At first thought, it seems we are, but on second thought, we are actually losing. Foodstuffs get spoiled. Clothes go out of fashion. Appliances’ warranties expire even before they are used. Sometimes, they become defective due to prolonged storage. And new models are introduced which makes what you have on hand, obsolete or phased out. This might probably be the reason why they are “on sale.” Read the rest of this entry

Always keep in mind that you can attract as much money as you desire by knowing that it is all in the mind. It is what you choose to think, and act upon, that produces the money you want. What you think will be, will be.

Feel Rich and Be Grateful

What I am about to tell you is a simple yet very powerful way of attracting wealth and prosperity in your life.

First, imagine what life would be like if you are rich.

Don’t just see it. Feel it as if you’re already experiencing the luxuries and lifestyle of the rich. Do you see yourself driving your dream car? What model and color is it? Touch the seat and feel its soft texture. Open the car radio and listen to your favorite music. Experience the joy of driving it towards your favorite place.

Maybe you could visualize a house. How many rooms does it have? Take a relaxing soak in the bath tub. Smell the food aroma coming out from the large kitchen. Play sports in your own private gym.

The important thing here is to believe that you are already rich.

Now doesn’t that feel good? By doing this exercise, you are unleashing the powers of your subconscious and directing it to give you what you’re dreaming of.

But it doesn’t end there. To make this even more effective, breathe slowly while still hanging on to this wonderful feeling of being rich, and say a small thanks to God, or to a Higher Power.

By being grateful, you are commanding the Powers of the Universe to work in your favor. You are confirming that you are graciously accepting your blessings.

Try it out. Believe and feel that you are already wealthy, and be thankful for it. You will be astounded by the results.