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Side hustles are rising in popularity amongst young Filipino workers. Part-time jobs, freelancing projects, or even contractual tasks all fall under this. There’s no specific boundary between what can be considered a primary job or a side hustle. Generally the latter refers to activities that augment your monthly income. 

How can side hustles help you reach financial goals?

Many consider cutting down expenses first in order to help uplift their financial situation. However, cutting down costs can only get you so far. Increasing your income through side hustles will be a big help since it will help you have more options. More options for needs, and of course the capability to save and invest more. Of course, just ensure your unnecessary expenses don’t rise alongside your income.

Popular side hustles among Filipinos

It might seem hard to look for side hustles at first, but you’ll quickly find out that there are a lot of opportunities available. You just need to assess what you can offer, and start looking. Here are some popular side hustles:

1. Freelancing: Freelancing by far is one of the most popular side hustles among Filipinos. Freelancers are considered self-employed workers. They don’t have long-term commitments to any single employer. You basically offer certain skills to clients who have certain short-term needs. Whether if its creating graphics, excel sheet templates, or even digital marketing for a campaign, you’ll find that there are a lot of people or businesses willing to pay for such services.
2. Buy and sell: This one is a straightforward side hustle. If you’re good at looking for bargain deals, this could be a solid opportunity for you. With the rise of e-commerce, many have started buying different items. From watches to sneakers, all you have to do is be knowledgeable enough about the ongoing rates people pay for these items and try to source them through bargains.
3. Ridesharing/Deliveries: As more and more people procure services from Grab, Foodpanda, and the like, ridesharing and making deliveries has become a common side gig. Usually, these apps work by letting riders or drivers set when they want to accept passengers or deliveries. If you’re fond of just driving around or riding a motorcycle, this might be a fun one for you to try. 
4. Small business: A small business can be complicated, but it also has the capacity to become a passive source of income. You can start selling pastries, run a shoe-cleaning service, or even become a distributor of certain goods. Just keep in mind that this could be time-consuming. You would also need capital to get started.
5. Content creation: Most think that you need to have a huge following to make money creating content. While you do need to gain traction, you don’t need millions watching you to make money. Once you reach a certain milestone, you can already start earning from your content through affiliate marketing. 1,000 followers is usually a good milestone to start earning from content. It’s easier said than done but is very much achievable. 

Last words

All of these side hustles can make a big impact on your finances. However, make sure to find one that you can enjoy. Working a full-time job while doing a side hustle that you don’t enjoy can easily burn you out. As always, look for something that still helps you maintain balance in your life. Of course, it also helps to find like-minded people who you can talk with. Make sure to check out Investment and Money Tips Philippines if you want to look for ideas or thoughts on different side hustles! 

Lastly, make sure to invest a portion of your money along the way. The end goal should always be to make your money work for you. 

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In our lives, choices constantly confront us. Whether it’s deciding what college degree you should pursue, how to spend your leisure time, or even what to have for lunch, every decision we make involves an inherent trade-off. This trade-off is known as the concept of opportunity cost. Let’s discuss the significance of opportunity cost, its influence on decision-making, and its impact on our lives.

What Is Opportunity Cost? 

Have you ever experienced accepting a scholarship grant from a university in your hometown and ended up knowing that you got the scholarship you applied for abroad? This is one example of opportunity cost, which refers to the value of the next best alternative foregone when making a decision. It encloses the potential benefits we sacrifice by choosing one option over others. But we must be mindful of every choice we make because every judgment comes at a cost. 

To better understand how opportunity costs work, we will look at stories that require decision-making and analyze how we can resolve them effectively. 

Career Building: Choose Wisely

Toma and Kahane are both graduates of Ateneo De Manila University. They both applied for a marketing position abroad in a multinational brand and fortunately, they got accepted as a marketing associate. However, they approach their career-building differently. 

Toma’s goal is to find a job quickly to buy a house and a car. Thus, he accepted the offer. Kahane, on the other hand, declined the offer. Because he knew that some other companies he applied to are willing to pay a higher salary than he deserved considering his skills. 

Opportunity cost significantly impacts our professional lives. Choosing one career path often means forgoing potential opportunities in other fields. Assessing the long-term consequences and potential benefits of each choice is crucial. Recognizing opportunity cost allows us to make career decisions that align with our passions and aspirations.

Financial Investments: The Trade-Offs

When the pandemic struck the Philippines, the market was in turmoil as everyone withdrew their assets from their stock trading. Joanne is one of the stockholders who withdrew their shares from a specific company. She took her assets to have financial security amidst a crisis. 

One year after the lockdown, pharmaceutical companies are developing a vaccine against COVID-19. Aggressive investors saw it as an opportunity to invest and support the company’s research. However, Joanne is still skeptical and decides to buy an aircon since she is working from home. 

After a year, the stock prices went up after the vaccines were proven effective and distributed worldwide. This led to Joanne realizing that financial decisions are rife with opportunity costs. When we decide to hold our money, purchase goods, or make any financial commitment, we must consider the trade-offs involved. Understanding opportunity cost in financial decision-making helps us make wise choices and achieve our financial goals.

The Final Word

Opportunity cost is ubiquitous in our daily lives, as choices constantly confront us. For instance, choosing to eat at an expensive restaurant alone vs. going to a cheaper place to eat but with friends or family. 

Opportunity cost is an essential concept that permeates every aspect of our lives. By recognizing the inherent trade-offs and evaluating alternatives, we can make informed decisions that align with our goals and aspirations. Whether pursuing a career or making financial choices, opportunity cost guides us toward a path of conscious decision-making. Embracing the hidden trade-offs inherent in every choice empowers us to shape our lives in ways that optimize our well-being and fulfillment.

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Unemployment benefits are government-provided financial assistance programs. The goal of which is to support those who lost their jobs and are still looking for new employment.

While not known to many, the Philippines’ SSS provides unemployment benefits in the form of cash to those who fit the criteria. Here are some of the requirements you should know about, along with the process involved.

Qualifying Conditions for Unemployment Benefits

The SSS grants unemployment benefits to members who are involuntarily unemployed. This could be due to company downsizing, closure of operations, or cost-cutting measures being taken. Of course, this would mean that employees who lost their jobs due to misbehavior or negligence aren’t qualified. According to the SSS, these prohibit individuals from receiving the unemployment benefits:

• Serious misconduct
• Willful disobedience to lawful orders
• Gross and habitual neglect of duties
• Fraud or willful breach of trust/loss of confidence
• Commission of a crime or offense
• Analogous cases like abandonment, gross inefficiency, disloyalty

Generally, the individual should also not be older than 60, along with other age-related restrictions. The applicant should also meet the following criteria:

• Has made at least 36 monthly contributions
• 12 months of which should be in the 18-month period right before the involuntary separation

Applying for Unemployment Benefits

The process is fairly simple and can be done through the SSS’ members portal. Those looking to apply for unemployment benefits will need to present an original and photocopy of one of the following:

• UMID
• SS Card
• Alien Certificate of Registration
• Driver’s License
• Firearm Registration
• License to Own/Possess Firearms
• Permit to Carry Firearms Outside of Residence
• NBI Clearance
• Passport
• Postal Identity Card
• Seafarer’s Identification and Record Book
• Voter’s ID

If none of the above are available, two different IDs can be used instead. However, both of them should have the person’s signature and at least one of the two includes a photo. 

In addition, a DOLE certification is also required. For OFWs, a certification should be acquired instead from the Philippine Overseas Labor Office (POLO). 

The Amount of Unemployment Benefits

An qualified unemployed individual can receive 2 payments, each worth 50% of their average monthly salary credited (ASMC). For example, a person who earned PHP20,000 for 10 months and PHP30,000 for the following 10 months will have an ASMC of PHP25,000. He or she is entitled to 2 payments worth PHP12,500 each.

The money will be credited to the individual’s SSS UMID card, or to a UBP Quick Card Account. 

Last Notes

Something that needs to be remembered when applying for unemployment benefits is that the documents provided should all have coherent information. The SSS has rejected thousands of applications over the recent years largely due to discrepancies. 

You also don’t have to worry about paying back the cash received since this is a benefit, not a loan. Again, the goal of unemployment benefits is to help individuals get back on their feet after losing their jobs.

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Investing is a way to make your money work for you. It allows your money to grow and gain interest in the long run. However, Investing is not just a one-time transaction. It is a process where you have to stay diligent in order to maximize your returns. This article will give you tips on how to keep investing consistently. 

Know Your Investing Goals 

To help you invest consistently, you must first know your Investment goals, which will give you a big picture of your investment blueprint. For instance, before you decide to put your money into PAGIBIG MP2, which has a lock-in period of five years. You should first determine if your investment is a long-term type of investment or a short one. But what is the difference between the two?

• Long-Term Investment

A long-term investment is a strategy to invest your capital for a long time. This type of investment leverages time to maximize investment and yield high returns. For example, Mark bought a one-hectare land property eleven years ago for two million pesos. He waited a couple of years before he sold his property for triple the price because the land value had appreciated over the years. 

• Short-Term Investment 

 On the other hand, a short-term investment strategy is where an individual invests in assets intending to hold them for a relatively short period, typically less than one year. Swing trading is an example of short-term investing as the market is volatile. You need to know when you should buy low and sell high. 

Create A Separate Account

Creating a separate investment account may help you segregate your savings, emergency, and healthcare fund. For example, you can make a different bank account solely for cryptocurrency investments. Another one for emergency funds, just in case something urgent came up. Through this, you can sort out your assets efficiently and serve their purpose while avoiding mixing your capital with other funds. 

Build Your Habit Loop: Set A Reminder 

Setting a reminder is essential to build a habit of investing consistently. According to the book “The Power of Habit” by Charles Duhigg, there are three stages in a habit loop— Cue, Routine, and Reward. 

It will help if you start first with your cue. It might be an alarm from your phone every 15th of the month to invest in a cooperative fund in your office. This alarm can be your cue to walk to the cooperative office of your company and deposit your share. Once you build this system, you will have a routine of walking every 15th of the month to the cooperative office, paying your share, and becoming your monthly habit to invest. 

Track Your Investments 

Tracking your investments may encourage you to maintain your assets and invest consistently. Observing the market trend lets you understand what you should do to mitigate the effects of market volatility. This lets you know where to put your capital and yield high returns. You can use tools to monitor your investments, such as the InvestaWatcher. 

Investing Should Not Be A Sacrifice: Celebrate Small Wins 

Some people fail to invest consistently because they view it as a sacrifice rather than an opportunity and a process. For example, Anne is targeting to invest nine thousand monthly in a mutual fund with her fourteen thousand salary. Thus she chooses to deprive herself of eating at her favorite restaurants to meet her investment goal. But the reality is, delaying gratification is often a skill that only some possess. 

Therefore, you should occasionally take a bite of your cake to keep you motivated to invest consistently. It might be treating yourself in a restaurant if your investment yielded a high return in a specific period. Through this, your investment journey can be sustainable in the long run and have a higher possibility to invest consistently. 

Final Word

Investing is a powerful tool that allows your money to work for you and grow over time. It is not a one-time transaction but a process that requires consistent effort to maximize your investments and achieve their full potential. To invest consistently, it is essential to have a sustainable investing approach and a clear understanding of your investment goals.

Overall, consistent investing, thoughtful goal setting, organization, tracking, and a positive mindset, can lead to financial growth and success over time.

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Fixed income assets are financial instruments that help provide a steady stream of passive income to investors. They usually involve loans or debt obligations issued by governments, corporations, or other entities. In return for the debt, a fixed interest rate is given to the lender.

Fixed income assets can be a big help in letting you reach financial freedom. While stocks and mutual funds can have bigger returns, they tend to be volatile. Fixed income assets can serve as the safety net of your portfolio. Even as the market is in a downturn, they can still help you get a return for your investments.

Here are some examples, and how you can gain access to them!

1. Government Bonds and T-Bills

Government bonds, also known as treasury bonds, are debt securities issued by governments to raise funds. These fixed income assets usually have fixed interest rates and a set maturity date. They are often touted as one of the safest investments available, but the catch here is that returns are often lower due to the smaller risk involved. Treasury bills (or t-bills) are similar in many aspects, just that they have a maturity date of less than 1 year whereas treasury bonds mature after more than a year.

Some common examples are the RTB25 and the Premyo Bonds. The RTB25 provides a 2.375% interest rate per annum where interest payments are made every quarter. The bond matures after 3 years. The Premyo Bonds are bonds with a gimmick added in. Aside from receiving a 1.25% interest rate with a 1-year maturity, Premyo Bond investors receive raffle entries! The prizes include brand new cars and cash for the lucky winners.

Usually, investors would need to get in touch with their local bank of choice to set-up investments in government bonds or t-bills. However, the process is easier now thanks to BONDS.PH. A platform from UnionBank, it aims to make investing in treasury bonds and bills easier by making it possible to do so just from your mobile phone.

2. Corporate Bonds

Corporate bonds are fixed income assets that help companies raise capital. They are also debt instruments similar to government bonds, but are perceived as riskier assets. Corporate bonds also have fixed interest rates (paid regularly) and predetermined maturity dates. They usually feature higher interest rates than government bonds and bills given the increased perceived risk.

Choosing which corporate bond to invest in comes down to your due diligence. Similar to investing in stocks, try to figure out if the company offering corporate bonds is one that will stand for a long time and if the debt will be put to good use. 

As for purchasing them, the experience differs per broker. The process is somewhat similar for different banks and brokers – fill up the forms and go through the usual registration processes. Once you’ve got an account up and funded, you then have to figure out what your broker will let you do. Some brokers will only allow the purchase of newly issued bonds through primary offerings. Others, like Security Bank, allow for the purchase of “2nd hand” bonds through the market. The ability to purchase bonds from the market is a BIG convenience, especially if you plan to invest periodically. Companies don’t issue new bonds everyday, so your money might get stuck for a while if you have to wait for new primary offerings.

3. Time Deposits

Time deposits are financial products usually offered by banks. By agreeing to keep your funds with the institution for a specific period, you’ll receive a bigger interest rate compared to the usual savings rates. 

Usually, you’ll find time deposit options that span through 30, 60, 90 days and onwards. Rates can sometimes range from 0.5% up to 1.5% per annum, but largely differs based on the bank offering them and the amount to be deposited. If you’re looking for bigger rates, digital banks have started to offer time deposits themselves. The likes of UnionDigital Bank are offering time deposits with rates up to 6.75% for 1 year, while others such as Tonik offer similar time deposit options with more flexibility at a rate of 6%.

If you want to invest in time deposits, it would be best to first figure out which digital bank offers the best options suited for you. Once you create an account with the one you like, just look for the time deposits section and the process should be straightforward from there. 

4. Pag-IBIG MP2

The Pag-IBIG MP2 is a special mention in this list. No, it’s not a fixed-income asset, but it is definitely something finance savvy Filipinos should know about. The Pag-IBIG MP2 is a voluntary savings program that any Pag-IBIG member can join. The minimum remittance for the MP2 program is PHP500. 

The most attractive feature here is the solid track record of the fund. Throughout the past years the fund has delivered returns of 6% or more! Dividends even reached as high as 8.11% back in 2017. While this isn’t as eye-catching as some promos from digital banks, you have to consider that the MP2’s returns aren’t just a promo – their rates have been high for multiple years now, and will most likely continue to range at least above 5% per year.

Investing in the MP2 should be easy now given that Pag-IBIG launched the Virtual Pag-IBIG platform. All you have to do is go to this link and proceed to create your savings account. From there you’re good to go.

On a Final Note

With the different fixed income assets available along with the multitude of investment options, we now have a lot of tools to help us reach our financial goals. All that’s left is for us to create a plan and stick to it.

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Balancing your needs and wants is essential to achieve financial freedom because this can significantly affect your spending habits. Financial freedom requires knowing how to determine and balance between needs and satisfying our wants. This article will discuss balancing these two to attain financial freedom. 

Needs and Wants: What’s the Difference?

Differentiating between needs and wants is essential to achieve financial freedom. Needs encompass shelter, food, education, transportation, and healthcare. Basically, It is your primary need to survive for some time. On the other hand, wants are driven by leisure as comprised of non-necessity in your daily life, such as watching the cinema and buying a bracelet. 

Know Your Priorities

In achieving financial freedom, we should learn how to prioritize our expenditures. Creating a monthly spending list is a hack to classify your priorities from high to low depending on their social value. For example, you may put your monthly rental payments as the first on the list and last for a phone case that you have always wanted. Through this, you can distinguish things that matter the most and avoid splurging that don’t. 

Create a Budget Sheet

Creating a budget sheet may help us to segregate our finances effectively by allocating a significant portion of our income toward meeting essential expenses, such as shelter, food, and transportation. Through this, Individuals can lay a solid foundation for their financial well-being. It involves careful planning and disciplined spending, ensuring that money is distributed efficiently and no basic needs are disregarded.

Delaying Gratification

Delaying Gratification is the capacity to defer an impulsefor an immediate reward to receive a more favorable reward later. It is crucial to cultivate self-discipline and resist impulsive buying behaviors by practicing mindful spending and carefully evaluating the value and necessity of purchases. For example, you plan to buy an expensive headphone, but you defer your purchase to invest instead. 

Save and Invest

Saving and investing are two key strategies to achieve financial freedom. Saving involves:

• Setting aside a portion of income for future needs.
• Creating a safety net.
• Allowing for future investments.

It requires discipline and wise budgeting. Investing, on the other hand, involves putting money into assets that have the potential to grow over time, such as stocks, bonds, or real estate. Through this, Individuals can grow their wealth and create passive income streams by investing wisely. Both saving and investing work hand in hand to build wealth, make financial security, and ultimately pave the way to achieving financial freedom. 

Balancing needs and wants is an integral aspect of achieving financial freedom. It needs consistency, and an understanding of the distinction between needs, your wants, knowing your priorities, delaying Gratification, saving, and investing.

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Budgeting helps us stay on track toward reaching our financial goals. With the rise of digital banks, people have become more conscious of their finances. 

While many focus on the high-interest rates provided, budgeting through digital banks can also be a big help. 

Creating a Budgeting System

The first step in creating a budgeting system is figuring out how much you will set aside for different expenses. There are a lot of alternatives here with no definite best way to budget for expenses. Some people prefer going with the 20/30/50 rule to make things simple, where 50% of their money is for necessities, 30% is for wants, and 20% is for savings and investments. Others prefer putting great detail into how they budget, with each expense planned to the dot.

While each way has its ups and downs, the more important question is how you’ll be able to execute the plans laid out. The common problem is that people tend to overspend. Usually, this is due to failing to keep track of how much was spent on non-essentials. 

Budgeting through digital banks can keep you on track

Aside from high-interest rates, something digital banks usually boast is the ease of opening an account. Nowadays, it usually takes less than 30 minutes to open a digital bank account. The only documents needed would often be a government ID and proof of address.

Being able to quickly and easily open multiple accounts can be a big help in sticking to your budget. By creating multiple accounts, you can designate each one with a specific purpose. For example, one digital bank can be used solely for the purpose of holding your savings. Another can be used for your bills and necessities such as food, rent, etc. Then a different digital bank account can be used for non-essentials. 

Instead of having one big amount of money where you still need to remember how much is allotted for something, you can just allocate money to different accounts from the start. By budgeting through digital banks, you don’t need to put in the effort to remember your budget every day while also making it near impossible to overspend.

Which digital banks should I use?

There’s a multitude of digital banks right now, with each one having unique offers along with its own interest-rate promos. For example, Maya has a case for being one of the easiest to use among the different digital banks. Most establishments accept payments from Maya, where you’d only need to use a QR code to finish the transaction. You can send Pag-IBIG contributions through your Maya account, and you can also claim your own Maya debit card. Cashing in is also free if you’re transferring funds from certain banks. These make Maya a solid choice to use for bills or expenses. The digital bank also offers different promotions to increase your interest rate, but it’s unclear how long they can keep running high-interest rate promotions.

There are also others like Seabank which offer 15 free transactions across any bank every week. On top of that, they also offer a 5% interest rate for balances below P250,000. Then there’s Tonik which offers a group stash feature – handy for groups that tend to save up together for trips or even for Paluwagan. 

You can check out our list of digital banks if you want to look at and compare the different features and promotions each one offers. As for which ones to use for what, it mostly depends on what’s easiest for you. For example, you can set up your budgeting system so that your Maya account serves as your necessities account for the ability to pay using QR. A Seabank account could be for the bills, while you use GCash for wants.

On a Final Note

It might seem troublesome at first to set up a system like this. But, once it’s up and running budgeting should become an easier task to do every month. Just remember to always keep your pins and passwords safe to protect yourself from phishing!

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