my wife and I did the same with our housing loan last yr.. we completed the payment in a yr span. luckly, in 2006-07, usd exchange rate was better. but now, it is really hard to save… around 50T of my salary lost in the exchange rate. Sad to say, i think the gov is just thinking how to eat the ofw’s money pie. I think, it’s ok for them to eat a part of the “money pie” as long as they prepare something for ofw when they return home for good.

as for my salary as an OFW….i am saving 30% as of now, 30% for budget and the rest for bills, mortgages and loans with some givings.

my savings are broken down into liquid and illiquid:
-cash on equities(stocks)
-cash on bank
-lot ammortization
-life insurance
-super $$ saver plan

after mortgages payments ends next year it will be shifted to investments

During a one-time car sale/promotional event, I waited in line under the sun (and then moon, then sun again) without provisions (e.g., food, shelter, change of clothes) as I did not find out about the sale until I got there, to get a 2007 Toyota Camry for about $14,000. In spite of my co-workers’ snide remarks about being “ghetto”, the 20 hour wait saved me about $6,000. That’s $300 for each hour I shifted uncomfortably in a folding chair that a kind Filipino couple graciously lent me.

Somebody from Pag-Ibig Fund told me they are actually encouraging long term housing loans vs short term for the following reasons :
1. Low monthly amortization for long term loans, you can use your extra money for investment , children education, or to enjoy life without scrimping too much.
2. It is fixed monthly amortization (+-3%) and the cost of that amount would be so small after 20-25 years.
3. There is MRI on your housing loan so it would be fully paid in case the principal borrower dies…

But then again, everyone has their own preference of tackling loans, some people do not want to be bothered paying for 25-30 years which is sooo long, that is why they wanted them to be paid the shortest possible time, then enjoy/invest afterwards…for some people, something in the middle (say 10-15 yrs) is ok, so they can still enjoy while paying the monthly..for those with access to large amount of money like some ofws, they can pay in short time.. for a lot of regular employees out there , long term housing loan is the norm..

i did get a housing loan thru PAG-IBIG way back 1996 for 10 years, but i cant wait for 10 long years to get back my land title as a collateral so what i did is when ever i get extra money i have to make sure to pay it to my loan (dirrect principal) sundenly after 40 month i fully paid my loan. Now am saving 60% of my income thru saving and the rest is for my kids educations.

Did see one laundry shop in QC with the name Kosh, Kosh Ayosh. Really creative and pun (fun-intented)

You might be surprised but there are actually very rich people who live simply and not just to pay off for something but as a general way of life.
I know someone who doesn’t have much furniture at home except the necessary ones (they turn on their aircon when its really, really hot), buying only second hand cars BUT, he flies once a month to HK and Europe to sign papers for his multi-currency investments.
He even goes to Divisoria to shop.

Just recently, I was very disappointed with myself when I audited my bank savings for 2 years. I found out that my supposed to be 60% per month savings just turned out only an average of a little less than 50%.

Maybe I need to shed alittle bit more of my spending whenever I go home for vacation twice a year.

It hurts if we simply save money. We should invest instead.

I’m 22 and I have never been conscious all my life to save until just now. My # tip in saving is to buy the uber big bulk of an item (let’s say a laundry powder, shampoo) because that costs way lower than the small one.

I’m turning 24 this October 30. I’ve heard and read all this kind of saving. Nevertheless, I hadn’t plan it right away three years ago. So for my birthday wish to do, I’m going to save for my savings in a cooperative bank, and also in our province coop bank which after you make a 2T shares, your money raise. And if someone wanted to sell his/her shares, I’m going to buy their shares. It’s my future after all.

save and invest in a mutual fund. Still finding and discerning the right prospect to trust.

Training from my mom, helps me on how to handle my finances. At the age of 8 years old, I help her compare prices in the shop-buying only the specials, we ending up buying the most economical goods. Super-imposing discipline in spending my greatest virtue, and now she say. I’m the most kuripot
I don’t feel the tighten of the belt for this is my way of leaving. We have to be logical in every ways. I just finish buying my 250 square meters – empty lot at the age of 21 and bought a house and lot @ the age of 25. I make my money work hard… investing in stock market, shop around bank as well to check that I will give the biggest return. SPEND ONLY IF YOU NEED TO.
Be wise on your Charity.