Well, I am back again with my Podcast called “The Expat Answer Man“.
To listen to the Podcast, just click on the play button of the audio player that you will see just above this article.
Today is the very second episode of this podcast, but I hope to include it here on LiP once per week in the future, provided that enough people leave questions that can be included for the podcast. Actually, it is my plan that there will be daily shows of this Expat Answer Man Podcast which will be featured on a new website that I am working on, with one episode per week included on LiP, so that readers here can get a feel for the show, and hopefully pick up a few answers to questions that they may have in mind regarding life in the Philippines.
Today’s Episode
For today’s episode, Episode 0003, we got a question from James in Ohio. James has a common concern that people express to me, he is wondering if his income is enough to support life in the Philippines. What about you, can you make it on a fixed budget? Listen to today’s podcast to see what advice I have for James.
So, give the Podcast a listen and see what you think. I hope you enjoy the show, and will listen in each and every week.
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Thanks again for listening, everybody!
Bob,
I’m really glad James asked that question because as you should know by now I’m planning on moving there in the near future. I have a little more money tucked away than James does (no offense James) so I feel as though this coupled with my life style I too should be okay.
I’d be curious and interested for others who live there to provide more input and conversation in regards to this matter. Moving is scary as it is, but moving overseas is a HUGE change of life style.
Anyway, just want to let James know I appreciate his question and your answer.
Bill
Hi Bill – Thanks for sharing your thoughts! You are right, moving overseas can be a very scary thing! I know, because I’ve done it! Ha ha. I am sure we will get more discussion where people can share their thoughts. Since you have some savings, and I presume some monthly income as well, I think you should be fine!
Thanks for a good episode bob,its a question that i have also wrestled with. Thanks for sharing. As a father and husband,budgeting and financial planning are vital.
Hi Victor – I am glad that you found the episode useful! Indeed, budgeting your money is a very necessary skill, especially when you have a family!
Hi Bob, Are Philippine banks safe to put in about a $45000 reserve?
Hi Ray, deposit insurance in the Philippines is only 500,000 pesos and it can be difficult to collect. I, personally, would not put in that kind of money.
Hi Bob – Solid advice as usual. We do $1500 a month for a family of four, with no helper, but our children are still young with no great financial demands. A family of ten like yourself, is much more substantial. It really is a matter of what lifestyle you want though. I notice the mistake we make as foreigners is to think in dollars not pesos. If you disrespect the peso, it has a way of really biting you in the backside!
Thanks, Brenton! Really, I consider $1500 to be a good accomplishment with having 2 young kids. Even though it may seem that their financial needs are small, caring for young children is not cheap!
For me, I think $10,000 USD in reserve would be a bit marginal. About twice that in reserve would be a bit more ” comfy “. With the situation as you mention with the banks there Bob, and I have also read here and there that some do go out of business or otherwise close, would it be better to leave a decent reserve in a USA ( or Home Country ) bank that could be accessed from The Philippines. Have a reserve in both places.
Hi Bob – There have been some bank failures in the years that I have lived here. A couple of big ones too! But, I think there have been more US banks that have failed, especially in the 2008-2012 or so time frame… there were hundreds of banks that failed, and some huge ones in the States! But,t he big difference is that the FDIC is about as solid as a rock and pays out quickly. Here in the Philippines, PDIC payment can take years if a bank fails.
Bob,
If Brenton can make $1,500.00 per month work for a family of four being a single guy I should be okay. I commend Brenton because they must be very good at budgeting. I think that’s the key formula. Learning how Filipinos live and like you said long time ago; don’t try to live like an American in the Philippines.
I never revealed my income, but based upon on what I’m reading I should be okay. In regards to the Banking. I’m going to have the state post my money in my lifetime bank stateside. I am going to set up a banking account with PNB (NY Branch) before I fly over. I’ll funnel funds from my stateside bank to PNB as needed.
I also have three ATM Cards with different numbers. One gets lost or stolen or eaten I’ll cancel the card and break open a new one. Once I receive the eaten card back then I’ll activate it again.
I should be okay.
Bill
You will be good, Bill, I am sure of that.
Hi Bob – I have a question that is off topic, but I hope you will answer it. I have read about places like China where the cities suffer major pollution from cars exhaust that make living there not very pleasant. Does Davao have any problems with air pollution that would affect those who come from North America to live there?
Thanks for any information you can provide.
Hi Richard, there us certainly more air pollution in davao than when I first moved here, but it is not too bad. Sometimes there is a bit of a haze in the sky, but I don’t think there is enough that it will bother you.
Newbie here, yet been in the planning stages for a few years, and we have both retired in Iloilo. Steady income $2290. Between both. And a little invested from stateside. The best thing I see you mention is that ” not living like an American”. Smart one. We have a cute place situated between mountains and ocean and the City, can’t be more pleased as I begin our new life’s here, my wife is from here. Yet I am learning new things and hope to learn language to a point of conversing soon…again thanks Bob for your time and effort ….
Hi Gordon, thanks for stopping by and for commenting. I think you are doing just fine on the income available to you!
It sure is true that we have to learn how to live differently than our fellow Americans back home.