All about Dollar Accounts and Investments

[marlo]

mga sisses, need your guidance...

i'll be assigned overseas for site assignment again. magiging dollar ang rate ko but we have an option to convert it to peso. usually, whenever i'm in overseas assignment, half of my salary goes to my dollar account and half goes to my family..in peso.

in my previous experience, nalugi ako dahil nung nasave ko yung dollar ko, P53=$1 sya tapos nung winidraw ko, P49 na lang...sa conversion pa lang, ang laki na ng nawala sa akin.

now, isip ko kung magpapasok pa uli ako ng dollar sa account ko. baka kasi mangyari uli yung nangyari sa akin noon na nung nangailangan ako ng cash, ang liit ng palit na ng dollar.

kung 100% of my salary goes to my family account naman, ang worry ko ay baka di macontrol ng wife ko yung budget at wala kaming maipon. gastadora siya hehe. ito lang kasi ang means ko para makaipon e...ang ipasok sa $ account ko. di nya kasi to kayang i-access.

ano pong magandang gawin? ang trend po ba ng dollar ngayon ay pababa (maliit ang palit) now that economy in US are expected to pick up by this coming year?

tia!

[lors1025]

same question din po ako...

[smoothie]

hindi kaya by next year tataas ulit ang value ng $ because of the coming elections here?

hindi ba pwede na yung iba ay peso tapos yung iba ay $. para may ma-save na naman and yung iba mapunta naman sa family mo.

[ms.rain]

according to citibank's forecast, by december 2010, 40 pesos to a dollar nalang raw.

feeling ko aakyat ng kunti itong holiday season because of OFW remittances... pero bababa ulet after the holidays.

[i_miss_sleep]

if you are to save in dollars, then make sure this is a for a long term savings. or parang stocks, you buy when it's low, you sell when it's high. pero do not sell your entire savings.

don't be too greedy too. just put in a reasonable  amount for investment. put it in an account that yields high interests.

set aside another account for emergencies and future plans (ie vacation, children's college funds) and another for your family's daily basic needs.

set aside a peso account for your own too. para naman pag birthday ni misis eh yung regalo mo galing sa ipon mo at di sa common account niyo

the point is, may it be on different currencies, you should know which account to tap for a certain purpose.

good luck!

[jarjarbinks]

lumalakas ang pesos ngayon. i remember when i received my first bonus (in US$), exchange rate was Php 56 to US$1. Ngayon, nasa 46 na lang.

pero i must agree with sis i_miss_sleep. save part of it in pesos then some to dollar account. no one can project what our economy would look like in a year or two.

[aMz]

Yes, just set aside a certain amount in dollar savings.  As posted previously, make it as a long term investment.   And dapat din you have enough money in peso to address the current needs (and for emergency too) of your family so that you will not be forced to have your dollar savings converted to peso even if the rate is low.

[blooming]

if you ask me, kung lahat naman ng gastos ninyo eh peso, dapat i-peso mo na ang sweldo mo. hwag mo nalang ipa access 100% sa spouse mo if you think gastador sya.

does not make sense to keep dollars, and just end up worrying kung kelan ka magpapapalit, at kung kelan mo ikeep.  ok siguro sya kung nasa business ka na magpapalit, pero kung marami ka pang asikasuhin, lagi mong sasabihin sa sarili mo, na mali ang decision mo at lagi mong panghihinayangan.

ako naman, i save up some dollars and peso kasi we have reasons for them.  Dollars, kasi we plan to travel, nag iipon din for studies abroad. But if it is something na iconvert ko later sa peso, hindi ko na nilalagay sa dollar. Peso savings ko remains in peso. Dollars in dollars.  as much as possible, i minimize conversions, kasi nga bandang huli, lagi lang ako naiinis kasi sobra syang fluctuating.

ngayon kung as investment in other currencies... sorry to say, wala ako masyadong tiwala sa peso at sa dollar ngayon.  Hindi sa lumalakas ang peso kaya 46 nalang ngayon, it is more of humihina ang dollar.  As for the peso, wala kasi ang fundamentals sa bansa natin, kaya I have yet to see those things, para masabi kong palakas na talaga ang currency natin.

Euro nalang for investment 

[marlo]

thanks mga sisses sa input nyo!

wala namang purpose nga yung pagsave ko ng dollars. ipon lang talaga. dati, nagamit ko siya as show money nung nag apply ako ng visa for canada. pero now, wala talagang purpose na. and definitely yes, mahuhugot ko siya once na back to manila na naman ako...

sige, pagisipan ko pa na all the way peso na lang.

i'm thinking din na instead na sa dollar ko ipasok, sa savings account na lang ng daughter ko. ako lang din naman ang nakaka access dito unless bigyan ko siya ng authorization.

mga sisses, if you are my wife, maooffend ba kayo pag sinabi ko na part of my salary will go to our daughter's account? di ba mafe-feel nyo na na bypass kayo? normally kasi, lahat ng sweldo, hawak nyo di ba then kayo na ang magse-save?

e kung mag open pa ako ng new account para sa sarili ko lang? yung ako lang ang nakakaalam? she wouldn't know how much i'm getting every month kasi may overtime ako. pwede kong ipasok doon yung overtime pay ko. whatchathink?

[leela1025]

just save a few dollars if you need to travel. sa akin, it makes no difference kasi sa pilipinas ninyo naman gagastusin yung pera.

[blooming]

^^ nasa pag uusap ninyo yang mag asawa. 

Basta alam ng wife mo you have grand plans pa sa future kaya you need to keep money aside. May pros and cons. And advantage, puede sya magcooperate and support you all the way. Ang disadvantage, sabi mo malakas syang gumastos. So mas wala syang takot sa paggastos nya now kasi alam nya sinasalo mo naman ang savings.

Ang maganda siguro e mag usap kayo. I-assess mo kung magkano ba talaga DAPAT ang gastusin ninyo kada buwan.  Tapos kung wala work wife mo, bigyan mo rin sya ng sarili nyang pang-gastos.  So yun lang ang money na aabutin mo sa kanya. yung para sa savings, dapat ikeep mo na in a separate account. hindi mo naman gagamitin yun sa bisyo, at para din naman sa pamilya nyo yun, kaya ok lang. Basta naman nakapag usap kayo ng mabuti at naiintindihan nyo ang isa't isa.

[ms.rain]

^i agree with blooming. if i were you, bibigyan ko si wife ng allowance para sa everyday expenses, a little shopping etc., and i would open a separate account also for my own savings. pwede mo rin open ng account daughter mo... okay rin to since masmataas ang interest ng mga kiddie accounts compared to our regular savings account.

[i_miss_sleep]

when you undergo major decisions about handling finances, kailangan share kayo diyan ng wife mo, regardless kung naga-add siya or not sa money bucket niyo. putting aside money for your daughter's future is a great idea and sino bang ina ang tatanggi sa kapakanan ng anak, so i'm sure you're wife will support it.

you also don't say, 'my' salary, 'my' money, 'my' plan sa wife mo. di rin naman niya siguro kagustuhan na wala siyang money that she earns on her own but i'm sure she contributes a lot to your family's well-being.

again, transparency ang key sa mag-asawa para walang conflict. if you plan to open up an account of your own, let her know about it. what is it for? kapag ba bibili ka ng bagong shoes and shirt yan na ang ita-tap mo o sa common pool niyo? si misis, if may kailangan bilhin for her personal needs, meron din ba siyang separate funds?

don't let money ruin your relationship. root yan of mistrust. proper budgeting lang ang kailangan. let her know of your expectations pagdating sa savings. from time to time check if you are on target sa build-up ng savings niyo. then make adjustments if it didn't work.

this early, make your daughter responsible din sa paghandle ng money. teach her the proper way of saving and earning money on her own at di lang aasa sa maiiwan niyo sa kanya.

[cati]

around 2003 we stock up on dollars (for a hedge investment)...we bought it for 56.50....super nalugi kami sobra kasi now, nag convert na kami into peso for 46 lang!!! super kaiinis, its so unpredictable halos presyo ng kotse ang lugi namin

if you want to make sugal your investment...make sure yung allowable amount lang pwede ilagay....sabi nga nila you win some and you lose some

[sweet angel]

^ ako din me dollar account dyan sa pinas, di ko alam kung dadagdagan ko o hayaan ko na lang para kasing pababa ng pababa  kaya puro peso na lang iniipon ko saka syempre yung currency dito, dahil dito kami nakatira at gumagastos

pero parang gusto ko din talaga me ibang currency na naiipon, kasi mas hindi ko nagagawalaw katulad nung sa dollar account ko, ilang taon ng walang widrawal yun...sayang nga sana TD na lang hehe

[kutingpie]

according to citibank's forecast, by december 2010, 40 pesos to a dollar nalang raw.

feeling ko aakyat ng kunti itong holiday season because of OFW remittances... pero bababa ulet after the holidays.

oh no..40 na lang sa 2010

[imnuttz]

kaka open ko lang ng dollar savings account. di ko pa kasi alam kung ano gagawin sa pera. ayaw ko naman i stock lang sa wallet ko. wala lang gusto ko lang sya i bangko. sabi naman sa BDO basta meron sya transaction history kahit isang beses lang within 2 years di na sya ma dormant nun.

[iamlove]

Last 2007 po, ano po ang forecast ng citibank sa dollar? Nagkatotoo po ba?

Ako rin po last week lang nagstart ng dollar account. Maliit lang naman. Di ko na gagalawin ito. Pang long term investment ko na siya. Sana lang matunugan ko agad pag nasa height na ulit ang value ng dollar para makapag-cash out ako agad. Kung hindi another cycle na naman yun.

I'm not so pessimistic about the dollar kasi maraming specialists and experts ang gumagawa ng paraan to make it stronger. It's a fighting currency.

[aquacharly]

If the primary intent is to stash away in a safe place, or to keep it out of reach parang hindi magastos -- sure, keep it in US$ or whatever foreign currency-denominated Savings Account or even a Time Deposit.  Kasi naman talaga, the interest rates they give you for such here in the Phils are soooo low!

BUT if you are after value appreciation, and you will just bank on movements in the exchange rate... well, can you commit to keeping track of international developments everyday?  Araw araw, para kang forex trader... bantayan mo the ups and downs every hour.   That is the only way you can minimize possible currency depreciation of your holdings.

Now, if  you are not into that kind of monitoring... the way you can hedge against value depreciation is to invest in financial instruments.  But you also have to spread your investments.. . sabi nga eh, do not put all your eggs in 1 basket.   

But even that last option is not foolproof ha, as proven by the recent global meltdown. 

Bottom line -- kelangan tsismosa ka talaga when safeguarding your funds.  Parang alam mo when to shift  from 1 currency to another.   

[aquacharly]

MARLO, I do not advise keeping funds secret from your wife.  LOL, even if I advocate wives to keep some funds secret from their husbands... but that is another story.

The reason for keeping some funds secret from your wife is to make her control better use of your funds?  Magastos sya, per your assessment?

1st off -- talaga bang magastos?  Baka naman hindi ka updated sa prices dito sa atin?
O sige, assuming magastos nga sya ...It may work out better if you both sit down and thoroughly craft a budget both of you deem as reasonable and workable.   
Breakdown by major expense category and put upper limits to each... parang maliwanag.  And commit that there will be no "fund transfers" from 1 expense category to another.   

Atchaka, give your wife a discretionary allowance -- na hindi na kelangan explain to you how nya ginastos.
Most wives need this to cover up for extra expenses for kids (iba kasi ang definition ng husband and wife ng wants vs needs eh);  for the house (most husbands do not care about aesthetic requirements or add-ons), or the occasional spa or salon treatments.

If a wife spends a husband's hard earned money on gambling activities, a DI or some such talagang non-essential stuff -- aba, kelangan talaga si husband na ang mag secret account.