Ideas And Tips On How To Save And Get Through Financial Difficulties

By Marianne Malaca

We are facing an economic contraction all over Canada. Financial markets were unstable for the past few months and many layoffs have been announced from different companies, mostly from the Oil & Gas Sector. Many project are put on hold or cancelled. 

Given our current situation, here are six easy way to save money that will help create a sound budget for you and for your family.

1. Bring lunch to work all the time.  Ten dollar lunches per day add up to $200.00/month!

2. Instead of buying coffee/tea three or twice a day, make it only once a day.

3. List all your major expenses for the month. Like, house rent/mortgage, food/grocery, utility bills, credit card payment, kids school expenses, gas, insurance, car payment.

4. Avoid any extra shopping that is not on your daily/monthly necessities.  “Do not buy if you really don’t need it”. This is not a time for extras.

5. Be a wise spender! Use coupons and always look for discounted items whenever you shop.

6. A friendly reminder as well – do not forget to set aside money for your savings account. It is important to have emergency funds set-aside.  As the Ants life lesson says, “Work hard and save your money, so that when storms come and as the season changes, you will be able to survive”.

Let me share this interesting article written by a good friend of mine entitled "The Cost of Waiting" as published in his blog (http://ariellxavier.arevalo.ca/).

Juan saved up for a total of 10 years: Total savings of $24,000

Pedro saved up for a total of 38 years: 

Total savings of $91,200

At age 66 (assuming 8% rate of return):

Juan has an account balance of:  $699,374

Pedro has an account balance of: $571,058

Pedro saved more, but ended up with a smaller amount. Why? It is called the COST OF WAITING. In Tagalog, we have a saying "daig ng maaga ang masipag," which literally means "it is better to be early than to be hard-working."

In building up your retirement funds, it is especially true. Starting earlier means that you are doing less of the work in growing your money. If you start late, the harder you have to work to save up for your future. Start early and you will be rewarded.

I hope you enjoyed reading this post and that you learned something useful from it.  In this tough times, small things can add up and create a big impact on your finances.  Being wise with your money now can bring many benefits for you in the future.

Until next time, fellow champions!

About the author

Marianne Malaca
Independent Broker/Financial Adviser
Works with Greatway Financial and BMO Insurance
Volunteer Member of Possibilities in Motion Foundation (non-profit organization)
Contributor/Writer at TFCC blog site (The Filipino Champions of Canada)
You can reach me at (403) 708-0413 for any inquiries and help on financial matters.

Filipinos Must Learn to SPEAK UP: The Openness Advantage

By Abel Pagaling

Are you familiar with these comments?

“I stopped telling my husband to do things in the house because he’ll just forget or get upset when I push him on it.”

“The meeting was a waste of time. We discussed the wrong issues. No one is interested about the right issues because no one is willing to challenge the boss.”

“If I speak up about it, I might be seen as confrontational or negative and I might lose out on my pay raise or promotion.”

“I don’t want to tell dad about my mistakes because he’ll get upset.”

When I hear people say this, I automatically think that there is an “Openness” problem.

What is an openness problem?

That’s when people are afraid to speak up because they fear the punitive consequences if they address difficult issues.

It’s when companies and governments silence their people because it threatens to expose their weaknesses and shortcomings.

It’s when a child, a wife, or a husband is afraid to bring mistakes out in the open for fear of consequences.

Sadly, many of us have been trapped in this cycle of lack of openness. Growing up we are taught to comply and not to question. To play nice and not cause any trouble. Or to do what we are told and follow orders in the name of compliance, obedience, and the fear that something will be taken away if we question our established practices.

However, for a person, community, or organization to truly grow, we have to practice OPENNESS: the ability to freely speak our mind on the things that we know are important without fear of punitive consequences.

I call this the OPENNESS ADVANTAGE.  Here are my reasons why:

1. Openness allows innovation to happen quickly. It is a competitive advantage.
2. Openness values and respect others. It is a human advantage.
3. Openness strengthens trust. It is a community advantage.

Openness allows innovation to happen quickly. It is a competitive advantage.

Five years ago I started a workforce management team in one of the largest home and auto insurer in Canada. Our mandate was to ensure we have the right people, at the right place, at the right time so we can give the best service to our customers.

For a team of 4 people to successfully coordinate 4 offices in 3 time zones to respond to thousands of inquiries each month was a big undertaking. But through openness my team learned and understood our challenges quickly. We continually met our mandate, and implemented several key changes to ensure great customer experience for both our external clients and employees.

Was it easy? No. It was tough work. We had to be very innovative to be relevant, or we would lose our team. For a competitive person such as myself, this was not an option. I relied heavily on the spirit of openness so we could produce results and move forward. The outcome? We always had a good picture of our environment and the challenges we were faced with. The best part is that my team gave me options that I can use at my disposal. I made sure that they could speak what’s on their mind. And my team consistently delivered results.

I’ve since moved on to form a new team within the same company. My mandate is to build a business intelligence team that will mine data and workflows and bring new insights on how we operate. Is this going to be easy? Absolutely not. Is it doable? With an openness culture in my team, absolutely yes!

Openness values and respect others. It is a human advantage.

The worst thing we can ever do to another human being is to make them feel less valued. If you’re an employee and your boss dismisses your input all the time even when there’s merit to what you are saying, you will probably feel insecure and less valued sooner or later. Chances are you won’t want to contribute your absolute best in such a work environment. You might even consider leaving the company.

If you’re a manager, a boss or own a business and have staff who report to you, keep this saying in mind:

“People join an organization, but they leave because of bad bosses.”

When people join an organization, they believe they have what it takes to succeed. But when they leave the organization, a good percentage of the time they leave because they believe their boss doesn’t see the potential in them.

Each one of us want to contribute something significant to our society, to our community, or to our family. Openness allows us to work together so everyone is given a chance to contribute.

Openness is a human advantage because it enables us to tap into what we are passionate about, and redirect that passion into something creative and beneficial. Take openness away and we destroy our chance to turn our ideas into reality.

Openness strengthens trust. It is a community advantage.

When there’s openness, we create trust. Trust says we might not see eye to eye all the time, but I know you have my best interest in mind and I have your best interest in mind.

In a community where we practice openness, we can debate and dialogue freely about things that matter. We deal with issues quickly. We learn the skill to question each other without provocation or planting ill feelings towards each other. And when we do this we are strengthening the trust in our community. We are saying that we care.

The news is filled with stories of countries falling apart because of lack of trust.

In the Middle East, Africa, and Asia, lack of openness created many social and economic challenges.

I can say that this is only because people have failed to practice openness, to really talk about issues that matter so they can find solutions to move forward.

In a world moving at a very fast pace, where global competition for innovation and talent continue to increase, where we see people in many parts of the world suffer, and where we see an increasing number of social issues within our communities, I believe that openness is our key advantage. It is a competitive, human, and community advantage.

But Openness doesn’t happen by itself. We must create the environment for it.

To see its benefits, we must allow for it to happen. Individually, we must exercise openness.

So let me ask you this: What important issues have you talked about lately?

About the author

Abel Pagaling is the TFCC Communication Lead. He manages a team of business analysts with a major Canadian insurance company. He is also an entrepreneur, a writer, a community servant, and a motivational speaker. He is passionate about personal development and leadership.

Email: abel.pagaling@gmail.com

Twitter: @abel_pagaling

Facebook: www.facebook.com/abelpagaling1

Maria Andrea De Luna: From Low Self-Esteem to A Successful Business Woman

By Abel Pagaling

What defines us as individuals?  Is it our perception of who we are?  Or are we defined by the results of our actions and judged by our impact on others?  Many people struggle with this question and go through life not knowing what they are really about.  

Photo credit: Kiko Celis

But there are individuals who show us that we are defined not so much by our perception of ourselves, but by the impact we have on others.  They overcome their own negative perception of themselves so they can serve others.  One person I recently met who showed me that we can become more than our fears or weaknesses is Maria De Luna.

Maria is an immigration consultant and currently runs two offices Calgary.  In 2002, she came to Canada with her family and stayed in Montreal for several years where she had an opportunity to work as a legal assistant.  In 2006, Maria and her husband moved to Calgary where she worked in a law firm.  Shortly after, she established her own practice.

Photo credit: Kiko Celis

Maria comes across as a friendly, yet confident person, but it wasn’t always so.  “Growing up, I struggled with low self-esteem,” said Maria.   However, she had one passion that drove her forward.  She wanted to help her fellow Filipinos.  Maria set aside her negative thoughts of herself and focused on what she needed to do to help others.  She took courses on Canadian immigration and acquired all the requirements to be able to provide immigration services in Canada.  She said, “Nakita ko there were so much abuses in the immigration system back in 2007 and 2008, and I wanted to really help.”

I asked Maria what some of the issues were that Filipinos face with respect to the immigration system.  “I see many of our kababayans do not have the proper resources to make the right decisions.  They get information from unqualified sources.  Many get the wrong information and it causes issues in the immigration processing, and sadly, some don’t get approve to stay altogether.  I want to help.  I want to provide a better way and maximize their options to stay.”

I can’t help but admire Maria’s passion for helping others, but I also wanted to know more about her as a person and what inspired her to start her own business. “I wanted to prove to myself that I can do it,” she said.  “When I started I was afraid.  Before, I thought I couldn’t run my own business, but now I’m doing it.  There’s nothing wrong in trying and giving it your best.”

But Maria advised that running your own business is not easy.   I asked her about the challenges she faced.  She replied, “The frustration of not knowing everything.  When you’re employed, you only focus on one thing and that’s your work.  As a business owner, I am responsible for many things, from payroll to taxes, and most importantly, I have to make sure that I deliver for my clients.”

TFCC Founder, Jerry Caingcoy and TFCC Communication Lead, Abel Pagaling with MDL

Today, Maria’s two offices in downtown Calgary employ 10 staff, and she’s planning to hire more in the future.  “I love what I’m doing.  This is really a passion for me.   I think of this as my responsibility.  Our new office has more space so we can do more for our kababayans.”

As I close my conversation with Maria, I asked her for advice that she could give to Filipinos.  “Always help each other,” she said.  “It’s time now for Canada to see Filipinos as a tight group.  It benefits us individually.”  

On business, she said, “It’s ok to be afraid.  It’s a natural response.  But don’t let that stop you from pursuing your passion.  Before, I said to myself that I couldn’t do it, but surprised I’m doing it now!”

Maria also advised to not listen to your fears.  “I was always afraid but this kept me on my toes.  Fear became my fuel to push harder.”  As a result of her mental attitude, Maria has helped many Filipinos with their dreams of living in Canada.  A visit to her Facebook page will show just how grateful many of them are to her.

So what defines us as individuals?  Is it our perception of who we are?  Or is it our impact on others that ultimately show the kind of person we really are?  In my brief conversation with Maria, she has taught me that our perception doesn’t always define who we are.  It’s what we do and our impact on others that matter.  In Maria’s case, it’s not her low self-esteem that defined her, but her life changing work on helping others pursue a better future in Canada.

To know more about MDL Immigration Services, click the link below:

https://www.facebook.com/mdlservicesinc?pnref=lhc

About the author

Abel Pagaling is the TFCC Communication and Program Lead. He manages a team of business analysts with a major Canadian insurance company. He is also an entrepreneur, a writer, a community servant, and a motivational speaker. He is passionate about personal development and leadership.

Email: abel.pagaling@gmail.com

Twitter: @abel_pagaling

Facebook: www.facebook.com/abelpagaling1