QUESTION: I have been trying to save but it’s like fighting a losing battle as I keep on nibbling away at my savings until they’re all gone. It’s like going on a diet, that’s the word die with a “t.” Do you know of an effective way of saving?—Housewife from Quezon City via e-mail.
Question: We are newlyweds who want to start on the right foot financially. Friends and relatives are giving us all sorts of advice and to be honest, we are getting confused. Some suggestions even run counter to our present beliefs. What is the best way to sift through such advice?—Couple making a conscious financial effort
More Filipino households that depend on remittances from loved ones abroad are getting into the habit of saving.
The Philippine economy is roaring ahead. In the just-concluded quarter, the country was among the fastest-growing economies in Asia, next only to China. S&P just upgraded the country’s credit rating to one notch below investment grade. Consequently, I get the feeling that I am being left behind. A lot of people say that the best way to ride the country’s economic growth is to become an entrepreneur. But I am just an ordinary employee with no knack for running a business and definitely not enough money to start investing like the rich. Moreover, I believe that I have found my calling in being an employee. I love what I do, I do it well and my employer pays me commensurately for it. Is there no other way to become rich and secure my family’s future?—Employee who is sleepless in the struggle to become rich
What is the ideal age in which I should start focusing on retirement planning? I have heard people say that five years is good enough. I am quite young and still have my whole life ahead of me.—Fast-rising young executive.
I notice people have difficulty saving up for big purchases; what is the best way to do it?—Carlo Ople, TV5 via e-mail
