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May PERAan 2021 year-ender: Top financial tips to carry over to the new year

Carry over good financial habits in the coming year. Source: Ron Lach from Pexels

Here are the top May PERAan financial tips of 2021 to carry-over to the new year.

'May PERAan' is SBS Filipino's podcast series which features financial experts seeking to answer the most common questions about money and finances.


Carry over good financial habits in the coming year through valuable advice from May PERAan finance experts.

Listen to the podcast here

May PERAan Year-Ender: Mga financial tips na kailangang tandaan sa 2022
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  • Your finances should be divided into three buckets and have a "whatever" fund. 
  • There is a capital gains discount for long-term investments such as cryptocurrency and, remember that the ATO never suspends TFNs.
  • Comprehensive car insurance covers a lot of situations compared to third-party providers.

How can I have enough money for myself and still send remittances to my family?

Your finances will have three buckets: 50% of your salary should be directed to bills (rent, utilities and others); 20% should be saved. 30% can be allotted for leisure activities and wants. Part of this can be directed to remittances.

Will I still be able to get back the money owed to me?

Have a "whatever" fund where you can get the money you lend out.

Make sure you don't go beyond the amount in the fund and jeopardise your own family's well-being. It's ok to help but, make sure you help yourself first.

How does my cryptocurrency investment affect my income tax?

Whether you're a trader or investor, you are taxed; but if it's a long-term investment (say for around a year), we have what is called a capital gains discount.

When you're a trader, you will generally pay more tax compared to an investor.

Can I include weather damage to my comprehensive car insurance?

Most Filipinos only get third-party car insurance, meaning damages are only covered if it is their fault. On the other hand, comprehensive car insurance covers a lot of situations such as hail damage.

When you sign the insurance contract, you are asked if you have an open or covered garage or if you have off-street parking. This determines how much you pay monthly. Your claim can be rejected if you have a garage and you leave your car outside during a hailstorm.

How do I know if the caller on the other end is a tax scammer or really someone from the ATO?

The ATO does not suspend tax file numbers When the caller asks you to pay to prevent suspension, it is guaranteed that the person on the other end of the line is a scammer.

Don't react with fear or nervousness. These scammers target people they know they can intimidate and scare. The best way to counter this fear is to answer the caller's queries with questions.