Financially stability is probably every Millenial’s dream. Born in a world of economic meltdowns, fiscal and monetary policy, these individuals often look forward to easing their worries regarding finances.
They start early – they look for jobs and side hustles, build empires and turn their passion into business ventures. Of course, the path to these isn’t easy. It can be a breeze when you know where to start.
To help you get started, here are some hacks to financial stability.
1. Build your emergency fund.
There’s no other solution during difficult times than to establish a sizeable amount of emergency funding. Each day unexpected events happen to each one. What’s worse, the outcomes are unpredictable. Some events result in greatness while others result in depression (not the illness).
These events not only happen to us. They also occur to people close to us – parents, siblings, and children. When these occur, you must be ready to buffer against the hardship. A sudden layoff, sickness, and death entail costs that can eat up your operating expenses. An emergency fund will help you sail through them.
If you’re a regular employee with a monthly salary, it helps to save six months’ worth of expenses. Entrepreneurs, people on commission and those without a fixed income must save a year’s worth for their expenditures.
2. Expand your income base.
It will take you awhile before you reach the ideal amount for an emergency fund if you have a meager paycheck. A minimum wage will only get you so far – utilities, food, other necessities, and the remaining for savings. You won’t have enough for investment which is crucial to make your money grow over time.
Thus, you must get creative and bust some move to gain some moolah. Some people get a side hustle on top of their 9-to-5 job. Others explore their passion until they start making something out of it. There are guides and tutorials on the Internet that can guide you and become your inspiration to grow your money.
3. Explore community services.
Privatization and exclusivity may be convenient and fancy, but it’s highly expensive. An Uber ride to work is double the amount of your daily train fare. Therefore, commuting is highly sustainable compared to other modes of transportation. Exploring the travel route from Trinoma to Vertis North saves you a couple of bills while doing good to the Earth.
The same goes for biking and walking. It doesn’t only decrease your expenses. It also minimizes your carbon footprint. Besides commuting, common areas like public parks, museums, and libraries are sources of culture and entertainment. Most of these establishments offer a small fee (often the entrance fee) to maintain their operation.
TL, DR: You can be part of something without spending a ton of money just because of exclusivity.
4. Set a partition on your utilities.
Scheduling bill payment twice a month between both paychecks is a life hack. It spreads out your money and extends your budget. To do this, include electricity and water bills in the first half of the month. The other half covers the remaining expenses such as cable, Internet and other payables.
You can throw in other expenses such as groceries and household expenses in the mix. You can do grocery shopping twice per cutoff. That way, you can easily track where the bulk of your money goes.
5. Use budgeting apps.
There’s an app for everything. There’s an application for budgeting for sure. Hence, use the power of technology to cultivate lasting financial habits. If budgeting and monay management isn’t your cup of tea, you can rely on apps to balance accounts and compute your expenses for you. All you have to do in input the complete details to arrive at an accurate computation of your payments and net income.
Maintaining a savings account and paying off a loan is easy when you don’t have obligations. Family members can add to the bulk of expenses without contributing to income. Thus, use these tips and hacks to maximize your earnings. Once you have enough, start growing your passive income. Being financially stable is based on a having a fixed passive income.
Photo from Unsplash
One of the many things that matter when it comes to remodeling your home is the budget. Of course, who would not think about it when your budget is important? Right? Obviously, you also have to save for it. However, home renovations don’t mean you need to spend more and more money for it. You can definitely do the renovations even if you are saving money. Well, that is if you know what and what not to do when it comes to renovating your home.
Although some of you here are living in Manila properties, renovating your kitchen and bathroom in an affordable way as possible is already within your reach. Of course, homeowners who are living in any other real estate property in the Philippines, you can also reach a desirable outcome if you know what to do.
Well, if you are one of those homeowners who want to renovate their kitchen and bathroom yet don’t have enough budget for it, then you can consider doing these below. Of course, below are just simple and affordable tips for you to do.
Hire a home inspector
I know. A lot of you here might wonder and ask, “We are saving yet we should hire an inspector?” Yes, you heard it right. You need to hire an inspector when renovating your home for you to know which part of your home needs to renovate or not. Moreover, this is also one of the many ways you will learn what things to do to prevent you from doing costly mistakes. Of course, inspectors are professionals. And if you don’t know anything about home renovations, you better hire one for you not to regret your decisions later on.
Budget your remodeling costs
This time around, you already know what to do with your home since you already hire a professional to look at that matter. Now, this time, you need to know how to budget the things that are needed for the renovations. Of course, you are not going to buy materials that are not useful for the renovation of your home. You are not just wasting your money, you are collecting useless things at home. so, before deciding on what to buy, you have to determine first on which of the things that are needed.
Be upfront and honest about the total budget
This is one of the things you should not hesitate to do. When it comes to money matters, you need to be upfront and honest about it with the professionals. Of course, you should not force yourself to buy something that is too expensive for you to buy. It is also not wise if you are going to buy expensive things when there are alternatives or cheap materials you can buy. If you are not wise enough when it comes to the budget that is intended for the renovations, it will surely be a trouble on your part – financial trouble especially.
“Do I need a permit for my remodeling project?”
Asking these questions will definitely save you from spending too much money on the renovation. Of course, you have to know which part of your home is allowed to be renovated. Or even you should know if it is really ok for you to renovate your home. And yes, there are communities that are strict when it comes to that matter. You need to have a permit first before renovating your home.
Think beyond sticker price
Before we buy something, one of the things that we usually do is to look at the price tag. Right? Well, it is a good sign that you are a concern when it comes to saving money. However, even if the price is cheaper than the other, if you are not going to need it anyway, then you are also wasting money without being aware of it. Of course, why would you buy something that is not needed anyways. Right? That is why you have to think first before anything else.
The living room is one of the important areas we have at home. Of course, it is in the living where we usually gather and have good moments together with our family and friends, and it is also where we spend our spare time to entertain ourselves. Well, it doesn’t matter where you live. Whether you live in condominium Manila or any other condo units in the Philippines, you can still have your living room.
Some of us here don’t realize that they have been arranging their furniture in a way where it ruins the style and beauty of their living room. Yes, not all of the arrangements are stylish and good enough for the area. Of course, before you decide what you should do with the furniture, think about whether or not the things you want to include would fit perfectly with the other furniture.
Well, if you are one of those homeowners who don’t have any idea at all when it comes to the arrangements of their furniture, then you better stop and read these tips below for you to know what makes your living room look bad. Of course, avoid these things.
One of the most common misconceptions of most homeowners is that, whenever they see something that looks great, they include it in the arrangements. Just because they look good, it doesn’t mean that it is also fine to add it in your living room. Remember, the things found in your living room are mostly useful. And if you think that that particular thing is not useful at all, then you better find other furniture that can be of use. It is better to find another one than filling your living room with useless things.
The wrong paint color
This is one of the most common mistakes a homeowner can do. They Paint their home with the wrong choice of color. Remember, the color of your home plays a big role when it comes to beautifications. When you have the wrong color, you will most likely have a hard time finding the right furniture or interior design that would match the color that you choose. Moreover, you might not want that particular color that leads to not having the enthusiast to make some decorations at all in your home.
Bulky overhead lighting
For some homes, having a large overhead light might not be a good idea to them. Unless you want your home to look dark and your ceilings to appear lower than they are, then going big might not be for you. Moreover, if you want to have a sense of light and roominess, you better not choose the heavy fixtures for your room – it doesn’t look good. Well, you better look and choose light fixtures with open designs, slim lines, and try something with crystals on it if you want to go stylish and to reflect some light on it.
The wrong size rug
Whether you realize it or not, there are different kinds of rugs not just the rugs we have at our front door. In fact, some rugs are intended for the living room – rugs that are stylish enough for you to include it as one of your furniture. However, if you choose the wrong size of the rug, it might not look good. Before deciding on what rug to buy, you have to think first of the furniture that you have. If the rug that you want to buy would fit or match with the other furniture that you have, then you can have that rug.
There is no wrong if you follow home décor trends. But there will also be a danger when you tend to follow different trends – it might not look good on your living room. Just because it is a trend, it doesn’t mean it also suitable for the living room. No, not all. As a homeowner, it is your responsibility to know your living room and the kind of ambiance your home has by heart. With that, it is easier for you to determine what design would you like to have for your living room. Give some personal touch to it, not just merely following the trend. It is also one of the many ways to give your home a homey feeling.
After you purchase a townhouse, do you know what things you should do next? I bet, there are only a few who knows the rights and responsibilities of a townhouse owner. Agree? Of course, it doesn’t matter if you live in a townhouse Manila or any other townhouses, you still have the need to know your rights and responsibilities as a townhouse owner.
Sad to say, not all townhouse owners see the good side of knowing their rights. Perhaps, all they think about is living a good and satisfying lifestyle without thinking any other things. Well, knowing your rights and responsibilities is not your “any other things”.
If you are one of those owners who don’t have any idea at all of his/her rights and responsibilities, then below are some things you should know as a townhouse owner.
Every townhouse owner has the right to:
Enjoy all basic community services and facilities
If you think that you are only going to live your life in that particular townhouse, then you better think again. You can also enjoy the amenities, and/or facilities your townhouse has, provided that he/she pays the required fees and other relevant charges.
Avail of and enjoy all common areas and facilities
If you are planning to host a holiday party yet you don’t have any available space at home; you can request to your landlord or property management for a function room where you can hold the party. Of course, it is also your rights when you are one of those townhouse owners.
Inspect association books and records during office house
As one of the townhouse owners, it is also your right to know if there are some anomalies regarding the annual reports of your townhouse association. If you think that the financial statements didn’t match with the current situation or finances, then it is your right to question and inspect association records during office house.
Participate, vote and be eligible for any elective or appointive position
It is also one of your rights. If you think that your particular neighbor deserves to be elected as the president of your association, then you also have the right to vote for him or her. You have the voice of the matter. Of course, it is also your duty to make sure that that particular owner knows what and what not to do when it comes to handling his or her association members.
Enjoy all other rights stated in the association bylaws.
If you think that your rights are only limited to the things stated above, then you better think again. There are still actually a lot of rights you can have when you are a townhouse owner. And you should embrace the fact that you are lucky to be one of the owners who enjoy their rights.
It is every townhouse owner’s responsibility to:
Pay membership fees, dues and special assessments
Again, you are not worthy to be called a townhouse owner if you don’t know who to pay all your bills and other payments. Paying your fees, dues, and other special assessments is a must for you to follow and do. That is also for you not to be kicked out as one of the townhouse owners.
Attend meeting of the Association
If you don’t want to be left behind the progress of the townhouse owner’s association, then you better attend meetings. It is in the meetings where you will know what will be the next plan for the community, and it is also your chance to voice out if you have any other concerns with regards to the surroundings that you have.
Support and participate in projects and activities of the Association
Unless you are sick, it is also your responsibility as a townhouse owner to support and participate whatever activities your association have. Of course, if there are projects that need to be implemented in your community, you also have to support it. That is also for you to help your community grow.
Some of you here might not be convinced of owning a home. You can have a good and comfortable place to stay even if you just rent, anyway. And aside from the satisfaction you can get, you don’t have any problems if you want to move out of the property that you are staying. Why own when you can rent a home – which is way cheaper than buying one. Right? Well, if that’s what you think, then better think again and again!
For some people, owning a home is their biggest nightmare. While for some, it is the fulfillment of their dreams. Basically, whether you are going to rent or own, there will always be a monetary involved. And investing in Manila properties can be one of the biggest decisions you will make in your life.
When you think of buying and owning a home, it is just a norm for you to think about it a million times. However, there will always be best things you can ever get when you own one. Well, homeowners can definitely testify why owning a home is the best choice that you will ever make.
You can decorate exactly how you want your home to look.
The fun part of owning a home is that you can definitely decorate and/or design your home exactly the way you wanted it to be. Of course, it is your home, you have all the rights to change or renovate the things that are needed to be changed. Moreover, you will no longer worry about your landlord getting upset about the change that you have done to the house. Owning your home allows you to create a home without getting permission to the other people.
You have the leeway to do something that you would always love to do
When you are living in your own home, you will definitely feel at home. Who wouldn’t? You don’t need to be hesitant on the things that you want to do. If you want to throw a party in your home, you can definitely make it happen. Or even watch a movie from morning until evening, nobody will reprimand you since it is your home, you can do whatever you want to. However, as a homeowner, you also have to be responsible with your actions.
You have a great sense of security and privacy
One of the basic needs in our life is the safety and privacy. Agree? Yes, some of you might feel secure and have their own privacy even if they are just renting a home. However, the privacy and the security that you have is not that tighter than living and owning a home. You will know when whether you are living in a place where there is a high security since you will notice security guards that will roam around the premises of the place. Of course, they will see to it that there is no suspicious person that gets inside the community.
There is that feeling of pride for the accomplishment, not everyone can achieve.
Considering the fact that we are paying a lot of monthly dues, daily expenses and other things that we need that uses our savings, owning a house is definitely one of the best feelings that we can ever have. Of course, not all can achieve and/or reach that kind of goal in life. It is a long term plan for a long term achievement for the betterment of our future.
If you are still confused on whether you are going to purchase and own a home, then this is the time for you to reconsider the decision that you are going to make. You don’t know, this might be the breakthrough of your life.