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Maximizing my salary

Hello there PEx,

I've been working for a year now in a corporate office. Sad to say, sa isang taon na yun, wala akong ipon. Gastos dito bayad dun, girlfriend, etc. Sinibukan kong maghigpit ng sinturon pero health ko naman ang nagsuffer. I've tried other options like cooking my meals para makamura, sad to say I don't have any idea about cooking.

Anyways, I've tried looking for another job just to sustain my demands. Well no luck. I've tried calculating my average expense (daily, weekly, monthly) and expected salary and it turns out even lang.

I've been thinking of applying for a personal loan to start investing, but I have no idea where to invest aside from Forex. Or apply for a credit card. Or just apply for another job to meet my demand.

Anyways, what could be the best way to resolve this?
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Comments

  • AgapitoAgapito PEx Influencer ⭐⭐⭐
    My advice to you, is to STAY AWAY FROM LOANS AND CREDIT CARDS.

    Loans and credit cards, are not your money. They are money owned by someone else. If you are unable to pay them back, they will hunt you down like a rat in a drainage canal. If you don't believe me, try reading the thread here in PEX about delinquent credit card holders.

    You said you have calculated your expenses, and you are just break-even. I think you can still further trim your costs, since you can still afford to sustain a girlfriend.

    You should prioritize your health. Because getting sick is expensive.

    The only option i can see for you, is to keep looking for a better job. You need the right skills to land a better job. Try to acquire skills that are in demand. Look for jobs abroad.

    If you are break-even in your income and expenses, that means you don't need debt. So again, do not borrow money from loans or credit cards. Your life will end very quickly, if you do.
  • kung break even ang expenses mo with your income, then live way below your means. SACRIFICE.

    pag sumahod bawas ka na ng 10 or 20% which is for your savings then investments kahit sa mga Mutual fund ka muna magstart because of low capital requirement na 5k for some like Philequity. them from there you'll know what to do.

    pero habang lumalaki sweldo, continue to live the same lifestyle pero learn to reward yourself from time to time.
  • Agapito wrote: »
    You said you have calculated your expenses, and you are just break-even. I think you can still further trim your costs, since you can still afford to sustain a girlfriend.

    The only option i can see for you, is to keep looking for a better job. You need the right skills to land a better job. Try to acquire skills that are in demand. Look for jobs abroad.

    Well actually it only got even when I lost my girlfriend. I've tried to focus myself on my work yet I have bigger problems ahead already, mostly property related stuffs. Well actually there was an offer before unfortunately it was contractual based, though doubled my current salary, it isn't good for long term decision.

    I was looking forward already to work abroad but since I've currently employed in a Japanese company, I've decided to wait till the right time to take the leap for a new oppurinity or a big raise if lucky.
    kung break even ang expenses mo with your income, then live way below your means. SACRIFICE.

    pag sumahod bawas ka na ng 10 or 20% which is for your savings then investments kahit sa mga Mutual fund ka muna magstart because of low capital requirement na 5k for some like Philequity. them from there you'll know what to do.

    I've tried considering the word SACRIFICE in my daily vocubolary. It made my life worse. Maybe it's because I was spoiled with an adequate when I hit zero on my wallet.

    I heard about mutual funds, but isn't that kind of investment takes time to nurture?



    Anyways thanks for your advice. I'll remember them even it's easier said than done for me.
  • AgapitoAgapito PEx Influencer ⭐⭐⭐
    nanojava wrote: »
    I have bigger problems ahead already, mostly property related stuffs.
    Like what? Are you losing a house because it's mortgaged?

    If you have time, try to make a list of your assets and liabilities (just like what government officials do every year). This is to find out whether you are really break-even, or insolvent. Many people are really insolvent without them realizing it. They end up borrowing money with no way to pay it back. Their life ends up twice the misery.


    nanojava wrote: »
    actually there was an offer before unfortunately it was contractual based, though doubled my current salary, it isn't good for long term decision.
    Yes, i would agree that you need job security at this time, since you don't seem to have sufficient savings yet to finance you through the dry days when you are unemployed.

    Keep looking for job opportunities. If your parents can afford it, ask them if they can pay for you to get more "employable skills" to add to your resume.

    You need to be "marketable", so that the job will be looking for you, instead of the other way around.



    nanojava wrote: »
    I was looking forward already to work abroad but since I've currently employed in a Japanese company, I've decided to wait till the right time to take the leap for a new oppurinity or a big raise if lucky.
    Some opportunities may be lost. But other opportunities will open. They always do. And like the saying goes - if you can't find opportunities, you can make your own. :)



    nanojava wrote: »
    I heard about mutual funds, but isn't that kind of investment takes time to nurture?
    Yes, it does take time.

    Right now, i don't think "investing" on anything is okay for you. What you need right now, is savings. Atleast savings for an Emergency Fund hidden in a place with the least risk, say a Savings Deposit in a reputable bank like BPI, Metrobank, or Banco De Oro. You need savings that will keep you alive to pay for those "unexpected" events. How can you invest, when you have very little money for sustenance? And borrowing money for investment, is best left to the professionals or those who know exactly what they are doing.

    If you are young, which i presume you are, then there is plenty of time for investing in some future date. But if you really want to kick your finances to high-gear at the soonest, then what you need is to acquire a skill that pays a lot of money.
  • Agapito wrote: »
    Like what? Are you losing a house because it's mortgaged?

    My parents are civil separated and there might be a possibility that my father won't pay the mortgage of the condo we own.
    That's the very reason why I should shift gears early on my career plan.
    I've tried looking for a job just to pay the mortgage myself, sad to say it was closely to impossible to find or acquire.
    Agapito wrote: »
    If your parents can afford it, ask them if they can pay for you to get more "employable skills" to add to your resume.

    How I wished. Actually I was advised by my professors and colleagues to take up masters already.
    Unfortunately, financial crisis hit me so I can't afford it sooner or later.
    Agapito wrote: »
    You need to be "marketable", so that the job will be looking for you, instead of the other way around.

    I'm trying must be to be marketable. It just the skill set they need for the salary I need doesn't jive.
    I myself know this much. But with my skill sets (mostly with fundamental knowledge) I know most the items listed.

    As per the other way around thing, I just wished it would came true soon.
    Agapito wrote: »
    Right now, i don't think "investing" on anything is okay for you. What you need right now, is savings. Atleast savings for an Emergency Fund hidden in a place with the least risk, say a Savings Deposit in a reputable bank like BPI, Metrobank, or Banco De Oro.

    If you are young, which i presume you are, then there is plenty of time for investing in some future date. But if you really want to kick your finances to high-gear at the soonest, then what you need is to acquire a skill that pays a lot of money.

    I'm my very best to make a value on the savings department. It's just I need settle my personal debts first.
  • AgapitoAgapito PEx Influencer ⭐⭐⭐
    Based on your additional information, i believe you are in dire straights. Here's my follow-up opinion:

    Since we do not know you, can you tell us how much is your monthly salary? What's your current job anyway?

    If you say that you may not be able to pay your mortgage, and you also have personal debts, this means you are insolvent. Simply means you have more outgoing money, than incoming money.

    I would think that it would be best to give up your condo, and move to a much smaller living space with cheaper rental. Move-in to a relative's house, if that's possible. You can even be just a paying bedspacer, like what many college students do.

    Look at it this way, if you really cannot pay the condo, it will be a terrible waste of money to continue with the monthly mortgage payments when in the end your condo will be repossessed anyway. You lost your condo, and you lost all the money you paid for that condo. That's a double whack. It would have been best to save the money, and lose the condo. Than lose the money, and lose the condo.

    Don't bother your mind with investments right now. You have no capital. You have nothing to invest. Your primary objective right now, is survival. Don't play with forex or stocks. And NEVER apply for personal loans or get any credit cards! That would be suicide.

    In my opinion, this is not the right time for you to take up a Masters Degree.
    What i am looking at, are short-term skill sets you can acquire to qualify you for highly in-demand job openings.

    If you are a software programmer, you can try and get a Microsoft Certification or something similar.

    Going back to your original question on how to maximize your salary, i think your only solution is to strip yourself down to the bare minimum cost of living. List down everything that is costing you money. Then cut each one to the barest essentials. Picture yourself like someone who is trapped in a cave somewhere in the Himalayas.

    You need frugal survival skills. Wear the same underwear for 3 weeks if you have to, if you plan to reduce laundry costs. Your thick jeans should be able to shield the smell. Shave your head to avoid going to the barber often. And see if buying a deodorant is cheaper, than paying water bills.

    You are on survival mode, man. You have to.... Let It Go....
  • peternato10peternato10 PEx Veteran ⭐⭐
    Agapito wrote: »
    Based on your additional information, i believe you are in dire straights. Here's my follow-up opinion:

    Since we do not know you, can you tell us how much is your monthly salary? What's your current job anyway?

    If you say that you may not be able to pay your mortgage, and you also have personal debts, this means you are insolvent. Simply means you have more outgoing money, than incoming money.

    I would think that it would be best to give up your condo, and move to a much smaller living space with cheaper rental. Move-in to a relative's house, if that's possible. You can even be just a paying bedspacer, like what many college students do.

    Look at it this way, if you really cannot pay the condo, it will be a terrible waste of money to continue with the monthly mortgage payments when in the end your condo will be repossessed anyway. You lost your condo, and you lost all the money you paid for that condo. That's a double whack. It would have been best to save the money, and lose the condo. Than lose the money, and lose the condo.

    Don't bother your mind with investments right now. You have no capital. You have nothing to invest. Your primary objective right now, is survival. Don't play with forex or stocks. And NEVER apply for personal loans or get any credit cards! That would be suicide.

    In my opinion, this is not the right time for you to take up a Masters Degree.
    What i am looking at, are short-term skill sets you can acquire to qualify you for highly in-demand job openings.

    If you are a software programmer, you can try and get a Microsoft Certification or something similar.

    Going back to your original question on how to maximize your salary, i think your only solution is to strip yourself down to the bare minimum cost of living. List down everything that is costing you money. Then cut each one to the barest essentials. Picture yourself like someone who is trapped in a cave somewhere in the Himalayas.

    You need frugal survival skills. Wear the same underwear for 3 weeks if you have to, if you plan to reduce laundry costs. Your thick jeans should be able to shield the smell. Shave your head to avoid going to the barber often. And see if buying a deodorant is cheaper, than paying water bills.

    You are on survival mode, man. You have to.... Let It Go....
  • Agapito wrote: »
    Since we do not know you, can you tell us how much is your monthly salary? What's your current job anyway?


    I'm getting a monthly net of 15.5k - 20k

    Agapito wrote: »
    I would think that it would be best to give up your condo, and move to a much smaller living space with cheaper rental. Move-in to a relative's house, if that's possible. You can even be just a paying bedspacer, like what many college students do.


    Look at it this way, if you really cannot pay the condo, it will be a terrible waste of money to continue with the monthly mortgage payments when in the end your condo will be repossessed anyway. You lost your condo, and you lost all the money you paid for that condo. That's a double whack. It would have been best to save the money, and lose the condo. Than lose the money, and lose the condo.


    Easier said than done for me. My friends also advice the same thing. The things is, my father can still pay for the condo.
    I just need to put an extra account to build up whenever he unable to pay and worse finish the mortgage.


    The things is I can't give up this condo. If your in my shoes, honestly, this is the only property me and my mom would fight for when separation went legal.
    Renting the condo was an option, but it would only make my father at ease of his faults. I know I know, it's cruel but it's only fair if you getting my shoes right now.

    Agapito wrote: »
    Don't bother your mind with investments right now. You have no capital. You have nothing to invest. Your primary objective right now, is survival. Don't play with forex or stocks. And NEVER apply for personal loans or get any credit cards! That would be suicide.


    Thanks for this, I now have to shift deadlines from soon to later.

    Agapito wrote: »
    In my opinion, this is not the right time for you to take up a Masters Degree.
    What i am looking at, are short-term skill sets you can acquire to qualify you for highly in-demand job openings.


    If you are a software programmer, you can try and get a Microsoft Certification or something similar.


    I'm already trying to apply for better oppurtunities. The problem is that I can't get any job that can offer near my expected salary around (35k-40k).
    I know, I know. It's way too much for a programmer with only a year of experience. Venturing abroad isn't my plan unless when things go critical.
    I'm trying to find a job in which I could earn more money. I really am in a situtation of severe fustration.


    Within my 1 year of stay, the things I bought where from the 13th month salary. The rest when to bills, allowances, ex, and dates.
    Nothing went back to me or to savings. Though recently I don't have a girlfriend, but I need someone like a FUBU or something.


    Okay this is a bit out of topic. But I'm trying to solve my financial issues without loosing things.
    I'm confused, I'm looked into many options, and I can't afford to make a mistake I will regret in due time.
  • AgapitoAgapito PEx Influencer ⭐⭐⭐
    nanojava wrote: »
    I'm getting a monthly net of 15.5k - 20k
    If you say that is your net take home pay, then that is surely a survivable salary range. I know many people who have family with children who survive with salary much less than that.

    You are single. I think there are many things in your monthly expenditures that you need to send to the chopping block. I don't believe you are being frugal enough. You have to tone down your lifestyle further. With a 20k salary, i don't think you will die if you do so.



    nanojava wrote: »
    The things is I can't give up this condo. If your in my shoes, honestly, this is the only property me and my mom would fight for when separation went legal.
    Technically, none of you own the condo, since it is under mortgage. I am just saying this for you to realize, that if any of you miss the mortgage payments, your condo will be repossessed. There is nothing to fight for when that happens.

    I don't think you need to worry about fighting for the condo ownership, since it's a conjugal property. But if your parents go separate ways, maybe your mother could get compelled to pay-off the property share of your father if you will kick your father out of the condo. A Family Code lawyer would iron this out with you.

    But anyway, that is still a "future" time. Your emergency issue right now, is the mortgage payments. Just in case your father does not pay the mortgage anymore, and your income will never be able to sustain the monthly payments, all i'm saying is give up the condo because you will be wasting boatloads of money if eventually your condo will be repossessed anyway.



    nanojava wrote: »
    I'm already trying to apply for better oppurtunities. The problem is that I can't get any job that can offer near my expected salary around (35k-40k). I know, I know. It's way too much for a programmer with only a year of experience.
    From my experience, you can get that kind of salary as a programmer if you shoot for a Certification Exam. You just need to be a hardcore programmer, not just your ordinary run-of-the-mill casual programmer.

    You need to be a specialist. Choose a software or language, and specialize on it. Don't be a Jack-of-All-trades. People pay premium on specialists, because they can solve problems at the shortest possible time.



    nanojava wrote: »
    Though recently I don't have a girlfriend, but I need someone like a FUBU or something.
    Girlfriends will cost you money, because of the romance. And romance is a regular expenditure. FUBUs are just one time payment. If you are good looking, you can even get it for free. But if you are dead broke, man, stick with baby oil and Bonus tissue. It's cheaper.



    nanojava wrote: »
    But I'm trying to solve my financial issues without loosing things. I'm confused, I'm looked into many options, and I can't afford to make a mistake I will regret in due time.
    Unfortunately, financial issues always involve losing property. When you get into debt and get sued for it, the first thing they want is your property.
  • nanojava wrote: »
    I've tried considering the word SACRIFICE in my daily vocubolary. It made my life worse. Maybe it's because I was spoiled with an adequate when I hit zero on my wallet.

    Dude kaya nga sacrifice. You will definitely experience reduction of comfort. Pero ang end result is financial freedom.
  • Newbie_101Newbie_101 🐯 Tiger Squad🥈
    nanojava wrote: »
    I'm getting a monthly net of 15.5k - 20k





    Easier said than done for me. My friends also advice the same thing. The things is, my father can still pay for the condo.
    I just need to put an extra account to build up whenever he unable to pay and worse finish the mortgage.


    The things is I can't give up this condo. If your in my shoes, honestly, this is the only property me and my mom would fight for when separation went legal.
    Renting the condo was an option, but it would only make my father at ease of his faults. I know I know, it's cruel but it's only fair if you getting my shoes right now.





    Thanks for this, I now have to shift deadlines from soon to later.





    I'm already trying to apply for better oppurtunities. The problem is that I can't get any job that can offer near my expected salary around (35k-40k).
    I know, I know. It's way too much for a programmer with only a year of experience. Venturing abroad isn't my plan unless when things go critical.
    I'm trying to find a job in which I could earn more money. I really am in a situtation of severe fustration.


    Within my 1 year of stay, the things I bought where from the 13th month salary. The rest when to bills, allowances, ex, and dates.
    Nothing went back to me or to savings. Though recently I don't have a girlfriend, but I need someone like a FUBU or something.


    Okay this is a bit out of topic. But I'm trying to solve my financial issues without loosing things.
    I'm confused, I'm looked into many options, and I can't afford to make a mistake I will regret in due time.

    Megahdd! I was thrown off track nung sinabi mo na isa sa mga kelangan mo ay FUBU :lol:
  • AgapitoAgapito PEx Influencer ⭐⭐⭐
    Satisfying the senses, is a great stress reliever when you are miserable.

    I know someone who, despite having a hard time feeding his family, still finds the money to buy cigarettes or drink beer. Fubus, by definition, are supposed to be free of charge. Although you are expected to spend a few bucks for rubber (P15), juicy fruit (P3.50), bonus tissue 1 ply (P12.50). :D
  • Newbie_101Newbie_101 🐯 Tiger Squad🥈
    Agapito wrote: »
    Satisfying the senses, is a great stress reliever when you are miserable.

    I know someone who, despite having a hard time feeding his family, still finds the money to buy cigarettes or drink beer. Fubus, by definition, are supposed to be free of charge. Although you are expected to spend a few bucks for rubber (P15), juicy fruit (P3.50), bonus tissue 1 ply (P12.50). :D

    While I do agree on that note, I was more of amused on TS being so candid and honest :hiya:

    Uhm not sure what the juicy fruit is for?

    On a more serious note, can they not sell the condo and perhaps move somewhere cheaper?
  • AgapitoAgapito PEx Influencer ⭐⭐⭐
    You need juicy fruit during breaks. :D

    About the condo, i think the TS was afraid his estranged father will take away this only possession that he shares with his mother. So it's kind of personal attachment. But then again, i think it is conjugal property so i don't think the father can easily snatch it away if they go separate ways.

    And also, i don't know what kind of condo this is. But most condos i know, have high maintenance fees. If i had no personal attachment to this property, i would have asked a family court to put the condo for sale. Split the proceeds with the spouse. Then use the money to purchase a smaller shack, or use it as cash reserve to pay rent for several years until financial situation improves.
  • Newbie_101Newbie_101 🐯 Tiger Squad🥈
    Oh I thought small talk will help during breaks :lol:

    I think TS is quite young and just starting his corporate life, even if he did change jobs he can't command a much higher compensation, for now even if it pains him and his mom if there is any way to get the condo liquidated then I guess it would be wise to do that, to mitigate further losses.

    If I understood it correctly, TS is not used to this scenario?
  • I quickly browsed the thread, I agree with the one who said that you need to save at least 10% - 20% right after you get each paycheck.

    Anyway, dalawa lang naman ang option mo kung gusto mo kumita ng mas malaki IMMEDIATELY

    1) Bawas expenses
    2) Increase income

    Para sa #2, wag ka magfocus masyado sa traditional office job kasi nga wala ka pa masyado experience.

    Pwede ka naman mag part time.

    Try mo maghanap ng trabaho sa oDesk or onlinejobs.ph. Tanong mo din sarili mo kung ano ba mga skills mo na pwede mo gamitin at pagkakitaan.
  • AgapitoAgapito PEx Influencer ⭐⭐⭐
    Newbie_101 wrote: »
    Oh I thought small talk will help during breaks :lol:
    I think you are confusing fubus, with the more expensive 'romance'. Small talk with fubus, usually end up into romance. And romance is very dangerous to your balanced sheet. It will affect your net worth, especially if you are break-even.

    And besides, small talk will dry up your mouth and throat. Juicy fruit will help keep the saliva coming. What am i saying. :D


    argeltibs wrote:
    I quickly browsed the thread, I agree with the one who said that you need to save at least 10% - 20% right after you get each paycheck.
    Sometimes when you are break-even, that 10%-20% would have meant payment for the utility bills like meralco or maynilad or pldt. If you keep missing those payments, your utilities will be shut-off.

    There is only so much you can do, when you are on a tight budget. In the US, i've read about people who sleep in their cars, take a shower in a public gym, take dumps inside shopping malls, and one guy i read who works at Silicon Valley, he literally never left their office. He sleeps in the office by hiding when everyone goes home.
  • You're right.

    Then adjust to a lower percentage.

    What's important is to pay yourself first. Not the utility companies, not the credit card companies.

    This will eventually form a habit. And from there, he/she can increase the percentage.
  • AgapitoAgapito PEx Influencer ⭐⭐⭐
    argeltibs wrote: »
    What's important is to pay yourself first. Not the utility companies, not the credit card companies.

    This will eventually form a habit. And from there, he/she can increase the percentage.
    You can ignore the credit card companies. But i don't think it is bearable to live in a house without water or electricity. And it can also be more expensive, because reconnection of utilities carry a certain reconnection fee.

    I would suggest to start with the "savings habit", when your net worth is above zero. The more pressing issue right now, is where to find money.
  • I don't think so too, Agapito.

    What I'm getting at is to set aside money however small. To establish self-esteem.

    I don't care how small, basta meron.

    In my opinion, for someone single and earning above average salary, meron at meron diyan expenses na pwede i-cut down.
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