Tips on Savings and Personal Finance 2017

Image credit: gonegosyo.net

Repost from my Go Negosyo Newsletter subscription, January 18, 2017

Top 5 tips from entrepreneur Armand Bengco to make that money go-round for a prosperous 2017!

1) Have a bank account aside from your payroll account
Bengco emphasizes that importance of being present and active in the financial world. Having an account outside your payroll account allows you to build a relationship with your bank. Also, you can assign one account to be reserved for savings and the other for expenses.

2) After a savings account, get a checking account
Bengco recommends getting a checking account because a check is not only in your name, but the bank’s. The bank itself lets you borrow money in their name – this gives you credibility and an even better foothold in the financial world.

3) Savings, savings, savings
Set a percentage of your income that you need to save and stick to it. It doesn’t have to be a big percentage – you can even start with 10%. Savings should be the last thing you touch, so make sure when you’re planning on how much of your income will go to your savings, you’ve already properly allocated your funds to cover all your expenditures.

4) Start investing your money on other things
Bengco shares his personal venture into male vanity in the form of Backalley Barbershop – a way for him to diversify his income. Savings are important but investing allows you to grow and protect your money. Imagine if you only had one source of financial security, like your savings or business. Having a diverse source of income won’t leave you bankrupt at the end of crisis.

5) Insurance is necessary
Insurance today already covers life/living benefits. Before, insurance only had death benefits. But insurance has developed and improved today and among the benefits are paying off debts, unforeseen expenses, and securing your dependents’ futures.

Armand Bengco is the Co-Founder and Executive Director of the Colayco Foundation for Education, Inc., as well as the Co-Founder and General Manager of Kapatiran sa Kasaganaan Service and Multi-Purpose (KSK-SMP) Cooperative. He hails from a family of established financial and investment practitioners. He has a wide experience in personal finance, government, manufacturing, self-employment, and information technology. Mr. Bengco is the host of Global News Network’s Pisobilities at the Business Portal and DZRH-TV’s Pera Pera Lang Yan and Seminar School Plus. A regular also in GMA News TV’s Pisobilities TV Program and radio host in DZXL-RMN’s Pisobilities. He regularly conducts financial seminars and workshops in line with the foundation’s advocacy.

Few Things You Need to Know When Looking for an Apartment

Image credit: Stoonn at FreeDigitalPhotos.net
Image credit: Stoonn at FreeDigitalPhotos.net

When you are searching for the right apartment, you may just choose one depending on what looks great. Remember that living in an apartment is different from living in a house. Your neighbors can be heard easily and there are a lot of rules that you have to follow even if you have already bought the apartment.

You can use your reverse mortgage from your old home in order to pay for the apartment but choosing the right apartment can be complicated. Here are some of the essentials that you have to remember:

  • Search for one that has parking space. Even if you do not own a car, you may have guests who have cars who need to park when they are visiting.
  • Check the flooring. You need to have an apartment that will last for a long period of time. Quality flooring will also add to the overall appeal of the apartment.
  • If you have enough storage in the apartment despite its small size, then this can be perfect for you.

There may still be some personal things you have to remember when searching for an apartment but you can do it well with proper knowledge.