All Articles With Author : Munmun Nath

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

Mommymax Speaks: Reminiscing My Fulfilling Journey with Moneymax

Editor’s Note: Moneymax Co-General Manager Munmun Nath looks back on the highlights of her career and forward into the future with Moneymax in the Philippines. The article was originally published on Medium.[1] In 2017, I left my job as a Product Marketing Manager at IBM Philippines to join a small fintech start-up called Moneymax (which is part of Hyphen Group, known as CompareAsiaGroup back then) as its Head of Marketing. I had not heard of either brand, but a quick Google search revealed the news of a $50 M series B,[2] a roster of alumni from renowned companies like McKinsey and Visa, and the presence of a board made up of Goldman Sachs, Alibaba, IFC, etc. All these were reassuring enough. It’s been four years since then, and as Moneymax celebrates its 7th birthday this month, I decided to take a pause and reflect on my journey so far. Putting People at the Heart of What We Do When I joined Moneymax, I had lived in the Philippines for over two years. But because I’d been working in the technology space for the US market, I had only a high-level knowledge of the financial services industry here. Also, I had spent most of my career in B2B (business-to-business) marketing. I’m glad that our CEO Sam Allen, who hired me, took a chance on a person who was new—not only to the country but also to the industry, as well as B2C (business-to-consumer) marketing. Recognizing this, from day one, I jumped head-on into every opportunity I could get to understand our…

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[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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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. https://www.instagram.com/p/BaCrRzhBcHA/?tagged=richardthaler 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 house prices are rising, more people will start buying houses thinking their investment value will increase. But often, the trend reverses and people end up losing money on their bet. This can also lead people to not save for their…

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