Managing Your Money

Chemical engineer Arnulfo “Nonoy” Blanco was connected with some of the country’s biggest names in food manufacturing like Liberty Flour Mills, CFC and San Miguel Corporation. A more challenging engineering design job enticed him to work for an oil and gas consulting firm in Saudi Arabia. It meant a higher salary, too. He recalls, “Pag labas ko, unang buga ng hangin, ang init-init. Sabi ko, ‘Naku! Hindi yata ako tatagal.’ Pero noong pumasok ako sa opisina, may aircon naman pala. Pati sa accomodation. So, ok lang.”
Nonoy’s second stint was a short 5-month stay with the same project but with a different consulting company. A worldwide over-supply plunged oil prices so low that a lot of projects were shelved including theirs. “Iyong first experiences ko, ganon pala ang abroad. Walang security kasi per project ang trabaho.”
Nonoy’s third stint was the charm as this time, he would stay in Saudi Arabia for the next 12 years. It was also here that he was pirated to work for Caltex Indonesia. Nonoy shares his personal experiences in handling money to fellow overseas Filipino workers.

* Focus on one or two priorities at a time
Sa first stint mo, todo ka gumasta kasi wala ka noon eh. ‘Yung mga electronics - mini component, mga jewelry, yan kaagad ang first. Pero think twice bago ka bumili, lalo na kung luxury items. Dahil sa insecurity ng trabaho, maganda, nakapaghanda ka.
Ang first priority ko, matrikula. Alam naman natin na education is a tool para umasenso. Doon ka mag-focus. Whatever na makuha mo, hindi sasapat ‘yon na mabubuhay ka maski hindi mag-aral. So, pagsumikapan mo mapaaral ‘yung anak mo. Later on, wala ka ng problema. Nasa kanila na iyong tools, gamitin nila.

And then bahay. Sabi ko, intayin natin iyong one year kasi makikita naman kung makakatuloy-tuloy ka. At the same time, nag-ipon para sa equity. Iyon lang muna. Pag ok na yung first, ‘yung second mo, magiging first. Ganon lang ‘yon. Actually, yearly ka naman nagko-contract. Nagkakaroon ng increment iyong sweldo. So, nag-project naman kami ng sasakyan. Mga two years din pinaghandaan. Mag-focus ka one project at a time.

* Avoid going in debt for non-essentials
Ang Pilipino, may penchant tayo na bili ng bili ng kung ano-ano. Don’t buy anything which you will not use. Kung magpro-project ka, ‘yung hindi na kailangan pang mangutang to put up that certain project. Kasi pag inutang mo, you have to pay interest. Instead na nakakaipon, nawawala iyong para sa pamilya mo.

* Choose short-term vs. long-term installment plans
‘Wag kang kumuha ng installment plans na mahahaba. Hindi mo ma-predict. Baka bigla kang mawalan ng trabaho, papano? Maaaring ngayon, ok. Next year, hindi mo alam. Dapat maiikli. Mas maagang matapos iyong burden.

* Treat your wife as an equal partner in budgeting your money
Iyong wife ang pinakamalaki ang part. Kasi, almost 90 % ng sweldo ko, pinababahala ko. Ito ang budget mo. You have to take charge kung papano mo gagawin. ‘Yung 10 %, allowance ko.

* Go into business if you’re going to be hands-on
When you’re working abroad, you can have so much relatives and so much friends. Nandiyan lahat ng mga suggestions, mga business. Don’t venture into business without your presence. Tutukan mo. Pera mo yon.
Nonoy also says managing your money back home is just as important as managing it when you’re out of the country.

* Look into investments for your eventual retirement
Ang naging minor investment ko, ‘yung dating bahay namin sa Makati na pina-repair para maging two door apartment. At saka, a certain amount, naka-dollars time deposit. Hiwa-hiwalay. Magkaroon man ng bank run, hindi ka apektado.

by: Melissa Casia (ofwguardian)