Guest Post: 4 Ways to Avoid Debt for Newly-Weds

(This is a guest post from one of my friends, Penn Ross. He  is a financial writer who has profound knowledge on the financial industry. He is associated with Oak View Law Group. To know more about him, you can visit here. Thanks for sharing, Penn!)

Newly-weds should avoid incurring debt as much as possible. 

In marriage, as in life, there are no guarantees. Among the uncertainties you have to deal with is how to address your finances when you are already together...forever!

Whether you get married at the age of 20 or 50, you will certainly find yourself party to someone else’s credit card debt, student loans or even foreclosures. The very thought of marriage and longtime partnership with your spouse sounds super romantic!

Witty! But I don't think I agree...

However, consider this scenario: even though you might not have any monetary skeletons in your closet, once you get married, you have to take thoughtful decisions about your finances. If you want to avoid debt through options that are within your means, here are some personal finance tips that you might need to practice:

Don’t jack up your lifestyle: 

It is nothing but an erroneous belief that two can easily live as cheaply as one. Although it is possible to save money on home-cooked meals, rent and transportation, you should not feel that you already hit the jackpot when you’re able to save a few pesos (or dollars). Follow a budget and lead your life in a shoe-string budget so that you may have enough funds at your disposal. Avoid debt by avoiding common money mistakes.

Live on 70% of your salary; save the rest: 

You should not expect that each of you will always keep on earning the salary that you have now. Take into account the interruptions in your income that you might face. In the tough financial conditions, you can even get laid off! Therefore, both of you should live on only 70% of your combined salary! Save the rest of the funds as a cushion for beating the odds of the economy. Avoid debt by saving for rainy days. 

Contribute money to your retirement accounts: 

If both of you are working, both should have a retirement account. Don’t make the mistake of not contributing a portion of your income to your retirement account as this is certainly a huge mistake within the present economic conditions. This is a tax-deferred growth and by having enough money in your retirement account, it is possible to secure a happy and satisfactory retired life. Avoid debt by attaining financial freedom. 

Get enough insurance policy: 

We should take all the required steps to insure ourselves so that we don’t burn a hole in our wallets when there is a sudden emergency. You should have the basic life insurance, health insurance and auto insurance policies so that you'll be much better off during times of emergencies.

Getting married is certainly bliss, yes. But, if you fail to manage your finances properly after marriage, all the romance might be gone and bitterness may ensue.

Friends, do your relationship a favor and manage money properly as early as now. 

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How to Transfer Money from BPI Direct Save-Up to BPI Express Teller (Tutorial)

Do you know how to transfer money from BPI Direct Save-Up to BPI Express Teller?

If not, then, don't worry! Read on to know how to transfer money in 3 easy steps!

Please take note that this tutorial assumes that you already have a BPI Express Online account. Let's start, shall we? 

1. Log-in to your BPI Express Online account 

You do this by visiting the official website of BPI Express Online here.

After that, you need to click on Personal Login:

Then fill-out your log-in details appropriately:

2. Click on "Fund Transfer"

3. Fill out the required fields accordingly

Click "Transfer Fund" and confirm. Then, see if you've been shown the Fund Transfer Confirmation page. After that, you're done!

Now, wasn't the transfer of money from BPI Direct Save-Up to BPI Express Teller easy? :)

Don't hesitate to comment for any questions!

Invest in YOUR retirement through the stock market now - earn millions. :)

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Earning Money: Why do we need to earn money?

Money - what's the big deal with it anyway? 

Dough. Bread. Cheddar. Cabbage. Lettuce. 

What do all these items have in common? 

No, these aren't the items in my grocery list!

These are all slang terms for money.

That's right - today, we'll be talking all about our reasons for earning money. 

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Why?

My intention in producing this post is to help motivate you into earning money - without feeling guilty, without being lazy and without practicing procrastination! 

I desire for you to earn money for God, for you, for your loved ones and for the needy people just because! 

Feeling excited yet? Let's get started! 

How to Register Business Name at DTI Philippines

Today, we'll be talking about registering your business name with the Department of Trade and Industry (DTI) in the Philippines. 

When you've already decided on your business name by knowing how to name your business, the next step for you is to register it. 

Are you ready, entrepreneurs? 

Proper Agencies for Business Name Registration

Depending on your business structure, here are the following agencies that you need to get a certificate of business name registration from: 

• Department of Trade and Industry (DTI) – for sole proprietorship
• Securities and Exchange Commission (SEC) – for partnerships or corporations
• Cooperative Development Authority (CDA) – for cooperatives

For this post, we'll be discussing DTI business name registration. So, sole proprietors, listen up! 

Business Name Approval 

For your business name to be registered at DTI, it needs to be approved first. According to DTI, it's your responsibility to ensure that your proposed business name is NOT:

• To be used for business that is  illegal, offensive, scandalous, or contrary to propriety 
• (e.g. Popoy's Jueteng Betting Place, Boobs Massage Services);
• Identical or which nearly resemble business names already registered with government office authorized to register names 
• (e.g. Starbax Cafe, Nasyonal Bookstore);
• Composed purely of generic words 
• (e.g. Cubao, The Drinking Place);
• A name by which by law or regulation cannot be appropriated
• (e.g. Intelligence, State College, CALABARZON);
• Used to designate or distinguish or suggest the quality of any class of goods, articles merchandise or service
• (e.g. Best Sisig Factory, Top 1 Repair Shop);
• An abbreviation of names of any nation, inter-governmental or international organization
• (e.g. WHO Marketing, DTI Health Services);
• Misleading, deceptive or which misrepresent the nature of business
• (e.g. XYZ Marketing Services where the business is actually of business nature)

General Instructions in Registering Business Name 

You can either apply online or over-the-counter. I'd advise you to do over-the-counter instead so that you can be able to ask questions personally. Also, when I went there, most application forms of online applicants were misplaced so it was actually inconvenient. We'll be talking about OTC business name registration at DTI here.

1. To save you the hassle of being asked to go to another office, find out which area office you should go to.

2. Accomplish the application form through the office itself. Only the owner of the business or his/her Attorney-in-Fact (who is authorized in a proper legal instrument) is authorized to sign all the forms.

Business Details 

• Business Location: Indicate full business address. Make sure that your address is correct as officials are very particular about this. 
• TIN: Indicate the TIN duly issued by BIR to you as an individual taxpayer. 

Owner's Details

• Must be of legal age (at least 18 years old)
• For Filipino applicants, present (1) nationally-issued valid ID:
• Birth certificate
• PRC ID
• Voter’s ID
• Valid passport.
• For Foreign nationals, present the following, if applicable: 
• Certificate of Authority to Engage Business in the Philippines
• Certificate of Authority to Engage in Retail Trade

3. Submit duly filled out application form to the DTI processor. If it's available, good for you! If it's not, then, think of a better business name and try again. You can even ask the official for some help.

4. Pay the applicable fees and get the receipt.

Applicable Fees 

• Business Name Registration Fee 
• Barangay - P 200.00
• City/Municipality - P 500.00
• Regional - P 1,000.00
• National - P 2,000.00
• Documentary Stamp Tax - P 15.00
• Surcharge for late Renewal Application - 50% of Registration Fee

5. Show the receipt to the Processor and wait for your Business Name Certificate to be released. It'll only take about ten minutes or so. 

6. Give yourself a congratulatory pat on the back. Great work, your business name is now registered with DTI Philippines! 

Is your business name already registered with DTI? :) 

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Yakimix: Greenbelt 3, Makati City (Food)

Yakimix in Greenbelt 3, Makati City is the place where I told my family I'd treat them out for dinner while using the money I made purely online. If you haven't heard of it yet, it's this super popular buffet restaurant that serves Chinese, Japanese and Korean cuisine. I'm not sure where Yakimix got its name from. Maybe "yaki" as in the cooking style of grilling meat and vegetables is combined with "mix" as in the mix of Asian cuisine? 

We went to the Greenbelt branch simply because it's the nearest one to our place. 

A shot of Yakimix's exterior

Upon entering Yakimix, you will be greeted by a vast and finely-decorated space. Papa said he liked the place (and he's not that easily pleased...) so I guess Yakimix did something right. Either that or we're just too hungry to observe negatively.

Yakimix looks so classy.

Then again, no one actually really cares about the interior, right? I bet you're here to look at all the food that Yakimix in Greenbelt 3 had to offer! Therefore, let's go to the food shots! 

We attacked this section first. Yum, broccoli. 

We weren't really planning on eating the cooked food since we wanted to grill meat and vegetables all night long, but our stomachs protested and so we gave in. Here's a shot of what I got:

I'm a sucker for seafood.

Papa and Mama decided to get fruits while my little brother LJ got meat. He was too fast of an eater for me so I wasn't able to get a picture of his plate. After attacking the cooked food, we proceeded to maki pieces and tempura. Move fast since they run out of these quickly. (They'll refill, though, so just chill. I was just kidding!) 

Yakimix's specialties 

Now comes the grilling part! Here's what I got for the whole family:

See the abundance of Yakimix seafood there?

This post wouldn't be complete without the required eating, bonding and grilling shots!