Money Matters in the Philippines/Our Monthly Budget/ Old Dog New Tricks
Money Matters in the Philippines/Our Monthly Budget/ Old Dog New Tricks@paulinthephilippinesolddog9234 I go over our monthly income and outgo, along with some future changes
In Angeles City until a few months ago I was paying 300 pesos a month ( 30 pesos/ cubic meter….10 cubic meters minimal charge) Recently an extra P50 tax was added…environmental fee. In Dumaguete water charges went up to P32/cubic meter last june. There is a minimum of 10 cubic meters montly charge. So in Dumaguete it costs P320/month for water…unless I am wrong.
As much as I despise insurance companies, I'm kinda surprised at the lack of health insurance given how much more affordable it is here compared to the US. I know you've discussed this in previous videos. Are you considering health insurance in the future? Have you priced it?
On a related topic, I'm struggling to come up with a good reason to open an account in the PI. Only good reason I can think of would be if I needed to transfer a larger sum of cash for a purchase of some sort but then I remember the stories of how Philippine banks can make it hard to withdraw large sums. Any thoughts on this?
As in a previous video you made I find that our biggest expense is feeding everybody. Although it's just me, my wife and our 2 sons on a daily basis we feed 7 to 10 people. I budget constantly with my wife. But then again I have a substantial income from the military and SSA.
I'm in mindanao province area and we own our own home and land my girlfriend has 2 high school age kids. I've been here 3 months and just do the basics food, electric, wifi cable and original i had planned to be at 1500 usd per month. Its nickel dime stuff I'm over 2,000 per month so far. And I'm in the province. I didn't think it would be that much. I'm still ok but got little sticker shock til it levels off. Anyone who thinks they can live here for 1,000 usd is in for a shock.
Just found your site, love how you describe everyday life. ! Your drive around vids are Exactly what I need to see before traveling for the first time to Phillipines. I had traveled for years to Thailand, and hoped to retire in Thailand until they increased financial income requirements sky high. Making philippines visa far more attractive. Thank you ❤️ I'm retired in NV! .
I am sure food and entertainment are the big expenses for your budget. From what you tell us, it gives me a good idea, of what my budget will be. I will have travel from Guihulngan City to Dumaguete, and the prices for some things will be different. Fortunately I also live in a state that has no income tax on my Social Security, or VA disability, so that is one less worry. I too base my budget on 50 php to a dollar. I am lucky as I will pay no rent or taxes as my a Filipina lives in a home that her family owns. I am not counting on that forever, but money will be put away for the rainy day emergency fund. My biggest worry is getting a bank account started there. I will be coming there, most likely between June, and October, 2023. My final destination will be the Airport in Dumaguete, and sure I will be flying from the NYC area, to Manila, and then down to Dumaguete. Not sure if I should fly to Manila first, then book a flight to Dumaguete after I land in Dumaguete. Still not sure how to book a cheap flight out of the Philippines, as I plan on trying to stay in the Philippines. Thank you and all the fellow Expats for all the helpful information you provide. Your information, will help me from the many mistakes that has happened by fools and their money.😊
Thank you Paul for a very helpful show today. I was born in 1954 and will probably stop working soon. My work is so enjoyable that it has not been something I had to escape from. The Mouse is good to work for, especially old people. Your budget is great. I have been talking with my friend in Mexico, Pampanga and wow the difference in rent from there to Negros Oriental seems to be a lot. I think maybe Cebu may also be higher due to being a metro city. Hope to be back in the Philippines in the last 2 weeks of February. I need to explore Dumaguete for retirement. Have not explored the Southern Philippine Islands much. Happy Trails
Heading to the Philippines in just over 2 weeks. Excited to spend the holidays in the Philippines. Hope I can get down your way for a social visit in the near future.
Not quite true Paul. I still have to pay federal taxes which is between 10% and then you have to pay Medicare which is $164 a month out of your Social Security we are still being raped blindly but we’re still being raped even though we live in a different country.
A lot depends on extra money coming in. For me it is my military retired pension and then a small percentage of my SS. I use USA Free Tax on line. If I was SS only, I would not be taxed. My SS income would be to low of earnings. But my military retired pension gives me to much.
Very well explained on your monthly expenses . Its good that you rent an apartment instead of having ur own property coz u don't have to worry about real property tax or maintenance on your roof, etc. paying association dues. Life is so short , enjoy the fruit of your labor, always plan your vacation even if it's around the country only . More power to your channel.
Paul…I really enjoy your videos….I’ve noticed in your monthly budget there is nothing for health insurance….BTW..I currently live in Las Vegas where I noticed you once lived …I’m looking forward to living in the Philippines within 3 years of now…..keep up the good work
great video!!! I was looking at either retiring over there or staying in an RV in the US and travel the states. It is actually cheaper the RV route.. thanks for the useful info.
Paul, just a technical correction. Your Social Security increase will be 8.2%. Your S.S. check will increase by 8.7% only if you have part B of Medicare. There was a reduction in Medicare part B premiums and when added to the COLA increase amounted to 8.7% increase in the total dollars received. Since you are living overseas I believe you do not have Medicare so your increase should be 8.2% . Just to let your know, I really enjoy your videos. Happy Holidays.
38 Comments
For those interested in changing your state of residence to avoid state income taxes (not just SS income) here’s a good video on how to do that.
https://youtu.be/jntFI_5FiA8
In Angeles City until a few months ago I was paying 300 pesos a month ( 30 pesos/ cubic meter….10 cubic meters minimal charge) Recently an extra P50 tax was added…environmental fee.
In Dumaguete water charges went up to P32/cubic meter last june.
There is a minimum of 10 cubic meters montly charge.
So in Dumaguete it costs P320/month for water…unless I am wrong.
Super helpful Paul, this is exactly the no nonsense data that we welcome. Regards to Mae.
TN….no tax
To the point your great.
If you move there before 62 how do you start SS when you turn 62 there?
very informative!~
Money matters everywhere.
Found out we’re Paul’s 600 month spent that he cannot account for went, it turns out the money was spent on cigarettes
lucky one tank propane only good for a month in my house lots of cooking.
In NY they don't tax social security or govt pensions federal, state etc. And in NY you don't need underwriting to make changes to medicare.
As much as I despise insurance companies, I'm kinda surprised at the lack of health insurance given how much more affordable it is here compared to the US. I know you've discussed this in previous videos. Are you considering health insurance in the future? Have you priced it?
Wassup you cadaverous fool
On a related topic, I'm struggling to come up with a good reason to open an account in the PI. Only good reason I can think of would be if I needed to transfer a larger sum of cash for a purchase of some sort but then I remember the stories of how Philippine banks can make it hard to withdraw large sums. Any thoughts on this?
As in a previous video you made I find that our biggest expense is feeding everybody. Although it's just me, my wife and our 2 sons on a daily basis we feed 7 to 10 people. I budget constantly with my wife. But then again I have a substantial income from the military and SSA.
health insurance? mobile phones?
I'm in mindanao province area and we own our own home and land my girlfriend has 2 high school age kids. I've been here 3 months and just do the basics food, electric, wifi cable and original i had planned to be at 1500 usd per month. Its nickel dime stuff I'm over 2,000 per month so far. And I'm in the province. I didn't think it would be that much. I'm still ok but got little sticker shock til it levels off. Anyone who thinks they can live here for 1,000 usd is in for a shock.
Just found your site, love how you describe everyday life. ! Your drive around vids are Exactly what I need to see before traveling for the first time to Phillipines.
I had traveled for years to Thailand, and hoped to retire in Thailand until they increased financial income requirements sky high.
Making philippines visa far more attractive. Thank you ❤️
I'm retired in NV! .
paul u look great
Hello Paul, do you still maintain a street address or PO Box address in Nevada?
I am sure food and entertainment are the big expenses for your budget. From what you tell us, it gives me a good idea, of what my budget will be. I will have travel from Guihulngan City to Dumaguete, and the prices for some things will be different. Fortunately I also live in a state that has no income tax on my Social Security, or VA disability, so that is one less worry. I too base my budget on 50 php to a dollar. I am lucky as I will pay no rent or taxes as my a Filipina lives in a home that her family owns. I am not counting on that forever, but money will be put away for the rainy day emergency fund. My biggest worry is getting a bank account started there. I will be coming there, most likely between June, and October, 2023. My final destination will be the Airport in Dumaguete, and sure I will be flying from the NYC area, to Manila, and then down to Dumaguete. Not sure if I should fly to Manila first, then book a flight to Dumaguete after I land in Dumaguete. Still not sure how to book a cheap flight out of the Philippines, as I plan on trying to stay in the Philippines. Thank you and all the fellow Expats for all the helpful information you provide. Your information, will help me from the many mistakes that has happened by fools and their money.😊
yeah, money matters for young women, the rest not 😆😆😆😆😆😆😆😆
You should spend some money on a dentist. Jesus.
How much is each motorbike to ensure
Thank you Paul for a very helpful show today. I was born in 1954 and will probably stop working soon. My work is so enjoyable that it has not been something I had to escape from. The Mouse is good to work for, especially old people. Your budget is great. I have been talking with my friend in Mexico, Pampanga and wow the difference in rent from there to Negros Oriental seems to be a lot. I think maybe Cebu may also be higher due to being a metro city. Hope to be back in the Philippines in the last 2 weeks of February. I need to explore Dumaguete for retirement. Have not explored the Southern Philippine Islands much. Happy Trails
Heading to the Philippines in just over 2 weeks. Excited to spend the holidays in the Philippines. Hope I can get down your way for a social visit in the near future.
Not quite true Paul. I still have to pay federal taxes which is between 10% and then you have to pay Medicare which is $164 a month out of your Social Security we are still being raped blindly but we’re still being raped even though we live in a different country.
If you live in the states on ssa money you do not have to file federal taxes.
Hi, great video. We are thinking of renting in your area. Do you have a good real estate contact that could help us with a rental? Thanks
I am from Arizona and they do not tax Social Security.
it always matters indeed. Love the thumbnail with doggy ;>)
A lot depends on extra money coming in. For me it is my military retired pension and then a small percentage of my SS. I use USA Free Tax on line. If I was SS only, I would not be taxed. My SS income would be to low of earnings. But my military retired pension gives me to much.
Very well explained on your monthly expenses . Its good that you rent an apartment instead of having ur own property coz u don't have to worry about real property tax or maintenance on your roof, etc. paying association dues. Life is so short , enjoy the fruit of your labor, always plan your vacation even if it's around the country only . More power to your channel.
Paul…I really enjoy your videos….I’ve noticed in your monthly budget there is nothing for health insurance….BTW..I currently live in Las Vegas where I noticed you once lived …I’m looking forward to living in the Philippines within 3 years of now…..keep up the good work
Well Hooray Paul
Add in 8.7 % increase to your Social Security next Jan 2023:)
Nice huh?
Does anybody have any update about how John is getting on ?
great video!!! I was looking at either retiring over there or staying in an RV in the US and travel the states.
It is actually cheaper the RV route.. thanks for the useful info.
St Brendans Isle in Florida. Is a full mail forwarding service and it allows you to establish residence in Fl – an income tax free state.
Paul, just a technical correction. Your Social Security increase will be 8.2%. Your S.S. check will increase by 8.7% only if you have part B of Medicare. There was a reduction in Medicare part B premiums and when added to the COLA increase amounted to 8.7% increase in the total dollars received. Since you are living overseas I believe you do not have Medicare so your increase should be 8.2% . Just to let your know, I really enjoy your videos. Happy Holidays.