MoneySense Q2 2023 Issue Features Salve Duplito

Pioneer, Educator, Changemaker, Salve Duplito is not your typical personal finance personality. With a potent mix of journalistic credibility, domain experience, and social empathy, she’s the real deal.

Not many people realize it, but Salve Duplito may well be the most influential person in personal finance in the Philippines.

Yet, she may be the last person to make that claim. “I cringe when people call me a pro, somebody they think is a prominent figure in the industry,” she says. “I’m a really, really shy person, and I couldn’t come to terms with being called an expert or a guru.”

Salve is probably best known as the co-host of “On the Money,” the groundbreaking and award winning personal finance TV show on ANC. Her background, however, is in print media, where she pioneered personal finance journalism at BusinessWorld and, later, Inquirer.net. Her work has been widely recognized, winning the Jaime V. Ongpin Awards for Investigative Journalism, EJAP/Metropacific Banking and Finance Reporter of the Year, and the Citibank Award for Excellence, among others.

Today, she has fashioned herself on social media as the “Financial Beshie ng Bayan,” an apt title given her warm personality and knack for providing sound money advice. Salve is practically everywhere – on TV, radio, print, Facebook, Instagram, Twitter, YouTube, Kumu, TikTok, you name it. She’s also active in the speaking circuit and corporate training. You can say Salve is the personal finance equivalent of the “Queen of All Media.”

Learn more about Salve Duplito in the Q2 2023 issue of MoneySense magazine, buy a digital copy online at <www.moneysense.com.ph>.

More reasons to buy the Q2 2023 issue of MoneySense magazine:

• SALVE DUPLITO PIONEER, EDUCATOR, CHANGEMAKER
• LOWER YOUR INSURANCE PREMIUMS
• HOW TO SAVE MONEY ON SHOPEE, LAZADA, AND AMAZON
• BALANCE TRANSFERS VS. DEBT CONSOLIDATION
• STOCK MARKET INVESTING FOR KIDS

We also feature:

BATTLE OF THE DIGITAL BANKS

by Carlos Gonzales

Digital banks are certainly getting our attention. With their generous interest rates for deposits, they are giving traditional banks with their measly rates a run for their money, pun intended. Add to this their user-friendly apps that allow you to open an account, transfer funds, pay bills, and save for goals without ever setting foot in a branch, and it’s enough to make you consider switching or at least having a second go-to bank. For many unbanked Filipinos, this just might be their first and only bank account.

Digital-only banks, also known as neo banks or virtual banks, are financial institutions that operate exclusively online without physical branches. They leverage technology to provide banking services through mobile apps and online platforms, transforming how people access and manage their money. With a smartphone and an Internet connection, customers can perform various banking transactions anytime, anywhere.

Why Consider Digital Banks?

There are many of reasons to open an account with a digital bank, buy your copy to learn more.

Editor’s Note:

Managing Your Family Finances

Managing family finances can be a challenging task, especially when you have multiple income sources, expenses, and financial goals to juggle. However, with careful planning, budgeting, and communication, you can effectively navigate your family’s financial landscape and achieve financial stability. Here are some practical tips to help you manage your family finances and make informed decisions for a secure financial future.

Create a Comprehensive Budget

Start by creating a detailed budget that encompasses all your income sources and expenses. Track your monthly income and allocate it to different categories such as housing, utilities, groceries, transportation, debt payments, savings, and discretionary spending. Make sure to involve all family members in the budgeting process, as it promotes transparency and a shared understanding of financial priorities.

Establish Financial Goals

Set short-term and long-term financial goals as a family. Whether it’s saving for a vacation, paying off debt, or planning for retirement, having specific goals can provide motivation and direction. Break down larger goals into smaller, achievable milestones, and regularly review your progress. Celebrate milestones together as a family, which can strengthen your commitment to financial success.

Communicate Openly About Finances

Open and honest communication about money is crucial for effective financial management. Regularly discuss your family’s financial situation, goals, and concerns with your partner and children. Encourage family members to share their thoughts, ideas, and suggestions for improving financial well-being. This shared responsibility fosters a sense of unity and helps everyone feel invested in the family’s financial success.

Save for Emergencies

Building an emergency fund is essential to protect your family from unexpected expenses or financial setbacks. Aim to save three to six months’ worth of living expenses in a separate account. Consider automating regular contributions to your emergency fund to make saving a consistent habit. Having this safety net in place provides peace of mind and reduces the need to rely on credit cards or loans in times of crisis.

Prioritize Debt Repayment

If your family carries any debt, prioritize paying it off as soon as possible. Start by tackling high-interest debts, such as credit cards, while making minimum payments on other debts. Consider strategies like the debt snowball method (paying off debts from smallest to largest) or the debt avalanche method (paying off debts from highest to lowest interest rates) to accelerate your debt repayment journey. As a family, brainstorm ways to reduce expenses and allocate more funds toward debt repayment.

Teach Financial Literacy to Children

Instilling good financial habits in children from an early age is essential. Educate them about money management, budgeting, and the value of saving. Encourage them to earn money through chores or part-time jobs and teach them to allocate a portion of their earnings towards savings. Involve children in age-appropriate discussions about family finances, helping them understand the importance of responsible money management.

Plan for the Future

Take steps to secure your family’s financial future by planning for retirement and investing wisely. Consult with a financial advisor to determine the best investment options for your family’s goals and risk tolerance. Review your insurance coverage regularly to ensure adequate protection for your family’s health, life, and property.

Live Within Your Means

Avoid the temptation to overspend and live beyond your means. Practice mindful spending by distinguishing between needs and wants. Encourage smart shopping habits, such as comparing prices, using coupons or discount codes, and buying items in bulk when it makes sense. Encourage family members to make thoughtful purchasing decisions and avoid impulsive spending.

Effectively managing family finances requires a combination of careful planning, open communication, and disciplined execution. This issue digs deeper into family finance issues, including avoiding financial scams, lowering your insurance premiums, saving on groceries, shopping smart online, and teaching stock investing to your kids. Remember, small steps taken consistently can lead to significant long-term financial success for your family.

Heinz Bulos
Editor-in-Chief
<hbulos@moneysense.com.ph>