All Articles With Author : Munmun Nath

The latest and the best financial news, tips and tricks.

[Mommymax] 3 Money Lessons You Must Teach Your Kids

Just like all good habits, teaching your kids how to save money early in their lives will go a long way. Research by the University of Cambridge shows that money habits in kids may be formed as early as age 7. Kids learn a lot by observing how adults behave. Try telling your child that you have no money for a toy purchase and their response might surprise you! From “let’s go to the ATM”, to “use a card”, their response will be based on their observations of how you transact and shop. Their minds are curious about money even if they may not say so. So during shopping trips or ATM visits, take the opportunity to explain money and finance concepts. This would help them form thoughtful money habits early in life. What money concepts should you start with?  Based on my personal experience, here are three starting money lessons for kid that I recommend. Money Lesson # 1 – Understanding Currency Source: @Kidzaniamanila The key concept to teach is the purpose of currency and different formats of currency in use. Start by exploring the following ideas: Names of the coins, explanation behind the designs, and symbols used in the currency notes. Show them the different types of Philippine notes and coins in circulation to begin their basic understanding of currency. Stories related to the currency such as the history of Philippine money and how the Philippine coin has changed over the years. Different types of currencies in the world[1]. What is paper currency made of and where currency…

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We Got Ourselves a Complete Makeover!

We have super exciting news for you – we just launched a completely redesigned website and a brand new logo. What does this mean for you? Read more to find out! What has changed: Our Website We believe in keeping our customers (and we mean you) at the center of everything we do. Therefore, we have redesigned our website to serve your needs better. Here are four ways our new website can help you compare financial products better and faster:   1) Results First – You can see the results of your comparison immediately. We will ask you to submit your personal details only when you are sure that you want to apply for a product. 2) Mobile Friendly – We know that you prefer to use your smartphone when browsing our website. Hence, our new website has been designed to give you faster, more sleek results. 3) Facebook Chat – Got a question while browsing our website? Our Facebook Messenger support is there to answer all your queries. 4) Article Categories – Love our car insurance article? How about the government-related ones? Now you can see all of them in a single page. We have introduced article categories that will help you quickly browse the type of content you are most interested in . Our Logo We launched Moneymax in the Philippines in 2014. Since then our brand identity has closely followed our parent CompareAsiaGroup. While we continue to be part of the group, we have also evolved as a company. Therefore, we have created a new logo that…

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What You Need to Know for a Successful Housing Loan Application

Are you planning to make a housing loan application?  If yes, this article will help you understand the basic concepts related to the mortgage that you need to consider. The Monthly Payment For a housing loan, you must have sufficient income to get the loan approval. The monthly payment should be at most one-third of your income. Anything more than that makes your application process for a housing loan more difficult. Philippine banks generally do not approve loans that result in a monthly amortization of more than 30 percent of your monthly gross income. If you wish to know how much you are going to pay every month, an amortization schedule is recommended. It helps to save your time and free yourself from the hassles of computing the amount which varies with each payment. An amortization schedule is a table with the details of the amount of each payment allocated to the principal and interest. Early in the schedule, the majority of each periodic payment is the interest. After that, the majority of each periodic payment is put toward the principal. You can use an online amortization calculator to find out your monthly payment. Just provide the information regarding your total loan amount, interest rate, and payment terms.  The Down Payment What is a down payment? It is the amount of money you pay upfront when purchasing a home. Your down payment influences the home price you can afford. Generally, the banks in the Philippines require at least 20% of the appraisal value of the property as a down payment. It is also a benchmark used…

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Complete Guide to BPI Family Housing Loans

If you are still on the lookout for an affordable and reasonable housing loan, you may want to pause and have a look at the BPI Family Housing Loan. BPI Family Housing Loans are not only for purchasing a new house, it is also available for the construction, improvement, and renovation of properties. What are the Types of BPI Family Housing Loans? Apart from the housing loans, the BPI Family Housing Loan also offers the property equity loans. The housing loan serves several purposes such as: The acquisition of vacant lot, house and lot, a townhouse and residential condominium House construction Home improvement Home renovation On the contrary, property equity loans use the equity in your home (the value of your home deducts the amount you owe on the property) as collateral. You can use the loan for any purposes other than purchasing houses. Am I Eligible for the BPI Family Housing Loan? Any Filipino of legal age is eligible to apply for the BPI Housing Loan. However, the borrower must not be more than 65 years old upon the maturity of the loan. At the same time, a foreign national also can avail of the BPI Housing Loan but his or her application is restricted only for condominium purchases. A foreign national is a person who is not a citizen but is currently residing in the Philippines for a period. However, if the foreign national marries a Philippine citizen, he or she is eligible to acquire a house and lot by providing an Affidavit of Support and the Waiver of Rights…

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You Won’t Believe How Rich These K Pop Stars Are!

Filipinos love K-pop stars for their multi-faceted talent for singing, dancing, as well as acting. They are also known to be down to earth, consistently displaying a charming behavior towards their fans. From dramas to music, we love to lap up everything K-pop. We love watching their shows with our families; themes such as romance, friendship, and family relationships are the same values that we connect with. When it comes to music, K-pop artists have become a sensation in the Philippines due to their catchy music and fast-paced choreography. In fact, according to Google, there are more than 10,000 searches every month in the Philippines related to K-pop stars. And what do Filipinos want to know about their favorite Korean stars? Here’s a chart that shows our top 10 Google searches on K-pop. If you are one of the thousands of Filipinos who has searched about K-pop stars, then you probably know a lot about them. However, you might be shocked to know how much money these artists make! Here is a list of 10 popular Korean stars and how much money they are worth. Taeyang Notable association: BigBang Net worth (in USD): 10 million Instagram followers: 8.5 million Why is he worth it: Taeyang has been regarded as one of the best vocalists in Korea and has been a part of several successful albums across multiple countries, both solo and as part of his group. View this post on Instagram 우왕.. 📸 by @yb518yb #Airyoungbae A post shared by TAEYANG (@__youngbae__) on Dec 31, 2017 at 11:18pm PST Suzy Notable association: JYP Entertainment Net worth (in USD): 10 million…

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How to Get Most Out of Your Mobile Data Plan

As per the 2017 Ericsson Mobility Report[1], tremendous growth in mobile data traffic is expected by 2020, fuelled by video streaming and social networking. In the Philippines, mobile data is mainly used to access Facebook, Facebook Messenger, Viber, YouTube, and Instagram by smartphone users. Telecom companies such as Smart have reported significant business growth due to consumer mobile data usage. As per Smart[2], data revenues have already edged out voice calls and text messaging as the largest revenue source for the wireless business. Source: dict.gov.ph The Ericsson report says –  on average, users on the smallest plans (lower than 100MB) go well beyond their limits. More than 60 percent of users in this group exceed their data allowance by over 200 percent, consuming data almost in parity with users of medium-sized plans (up to 1GB). Users of small plans do not seem to feel bound by their small data bucket, but rather consume data on a “pay-as-you-go” basis. Mobile data is expensive for many people around the world. A 2015[3] survey showed the cost of mobile broadband in the Philippines was among the most expensive in the ASEAN. We all use a variety of apps daily, but do we know how much data our activities are actually using? When we download an app it shows us its size, so we can see how much data we need for that. In most cases the data we consume we do so unknowingly. Sure, we know that watching a video on YouTube or scrolling through our Facebook feed requires data. But do we think about how…

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9 Best Instagram Experts to Follow for Money Advice

Notwithstanding our poor internet speeds, Pinoys love to spend time on social media. Facebook is the #1 social app for us, but Instagram is also becoming very popular. According to @napoleoncatcom, we have more than nine million Instagram accounts from the country. And yes, Instagram is completely free like Facebook!. If you have a Facebook account, you can easily log in to Instagram using that login. View this post on Instagram There are 9.4M #Instagram users in #philippines🇵🇭 . 64% are female. 80% of all #instagramers living in #philippines are aged 18-44. With #NapoleonCat you can #analyze any public Instagram profile, monitor your market #competitors, track #hashtags, make reports. You can manage your #socialmediamarketing. #demographics #socialmedia #socialmediatips #smallbiz #business #marketing #smm #smtools A post shared by NapoleonCat (@napoleoncatcom) on Oct 24, 2017 at 12:31am PDT The most popular form of content on Instagram is lifestyle and fashion. But did you know that Instagrammers can also provide great financial advice (and for free)? So here are nine Instagram accounts that we like to follow to give us inspiration on all money matters: 1. @dailyworth This account is focussed on providing financial advice for women. The Philippines has the fourth-highest proportion of women managers in the world with 47.6% of managers being female. If you are a working Filipina, this is a great account to follow for your daily dose of inspiration. 2. @stefanieoconnell[1] This account is focused on providing financial advice to millennial women and their behaviors and money mistakes.  Given the increase in the number of millennials in the workforce, saving and investment advice that is…

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Richard Thaler Wins 2017 Nobel Prize for ‘Humanizing’ Economics

The American economist who proved that people make irrational decisions when it comes to money has won the 2017 Nobel Economics Prize[1]. Richard Thaler is synonymous with the term ‘behavioral economics’, a field of economics that explores the impact of social, psychological, and emotional factors on financial decisions. This article explains some of the key concepts introduced by Richard Thaler[2] in most simple terms. View this post on Instagram Nobel Prize winning economist Richard Thaler for the Deloitte Review, June 2016 #richardthaler #nobel #behavioraleconomics #economics @nobelprize_org @deloitte A post shared by Oliver Ludlow (@oliverludlow) on Oct 9, 2017 at 2:09pm PDT Mental Accounting One of the most important concepts of the field, mental accounting indicates that people tend to divide their money into separate accounts in their minds such as ‘party fund’, and not using such funds for more pertinent needs such as an impending loan installment. The Endowment Effect This effect says that people place a higher value on things they already own, compared to a situation when they don’t own the item yet. This explains why car owners place greater value on a car they are selling compared to the buyer interested in the same car. Status Quo Bias People prefer to stick to their decision once they have invested in a situation. This leads them to choose the default option. Status quo bias explains many other behaviors such as brand loyalty and the phenomena of ‘word of mouth’ (higher trust of familiar sources than unfamiliar ones). The Hot-Hand Fallacy This fallacy says that people who believe what is happening today will happen tomorrow as well. So if…

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