How Filipinos Choose to Spend ₱50,000 If They Were Handed This Money

Back in 2020, international e-commerce company Picodi published a report revealing the average net salaries in 110 countries. Using compiled data from Numbeo, the results revealed that the Philippines had one of the lowest wages at ₱15,200. Correspondingly, it placed 95th in the list led by Switzerland, Luxembourg, and the United States of America.

In the general run of things, Filipinos are also some of the most madiskarte nationalities in the world. Depending on the person, ₱15,000 per month (or even less) can go a long way for someone who excels at budget management. All the greater for someone who lives with and has to share expenses with a family member, a friend, or a partner.

Also read: 21 Money Saving Tips to Help Build Your Savings in 2021

What Filipinos would do if they had ‘free money’

Nevertheless, to be handed ₱15,000 would be a godsend. By multiplying it three times, you’d have close to ₱50,000, which many say is the ideal minimum money to have as savings. Hypothetically, we asked some Filipinos what they would do if they were given free money worth this amount during the pandemic. Only, they couldn’t answer recreational travel or online shopping.

Donate to organisations and communities

Interestingly, the most common response was to donate the money to animal organisations. Specifically, animal shelters or those that provide assistance to stray and rescued animals. Among those who have pets of their own, they added that they would also use some of the money to buy pet supplies.

If not animal-related initiatives, some said that they would donate to indigent and unemployed Filipinos, as well as indigenous communities in need.

Start or support an existing business

Respondents also answered using the money to start their own business. Or, for those who already have one, use it to improve their services or products. “Wala po kasi ako work since nagka-pandemic, nagtitinda na lang po ako kaya lang kulang po sa puhunan sa small business ko,” shared social media user Elvin De Gala Chiang.

In terms of the type of business, the prevailing answer was food, such as bakeries, street food stands, and rice shops. Others are also looking into franchising.

Spend on healthcare for themselves or for loved ones

What else would Filipinos do if given free money worth ₱50,000? Another common answer would be to spend it on healthcare. One social media user said that she would use the money for her mother’s dialysis treatments. Another would use it for her cataract treatment. Meanwhile, the rest said that they would simply spend it on general checkups or maintenance medicines.

Rather than spend now, some Filipinos would likewise prefer to keep the money for health emergencies should they occur in the future to themselves or their loved ones.

Put it on savings or financial investments

The respondents likewise showed interest in simply saving the money for all kinds of essential purposes. Some would also use it for their own investments. Specifically, they would want to buy their own stocks and invest in a lot, housing, or trust funds.

As for the latter, one respondent said that she considers it as a form of delayed gratification for the money she has worked hard for. By giving it at least a year, the money only grows and will give her a significant amount of savings that banks don’t usually give her.

Maintain personal and household resources

Furthermore, buying other essentials such as daily food and baby supplies was also a no-brainer. Aside from those, some Filipinos said that the money ought to be spent on paying utility bills and study- or work-from-home resources, such as a printer and proper Internet service provider.

Others mentioned that they would use the funds to build a house for their family. A considerable number specified wanting to repair their existing homes that were severely damaged by calamities. A local teacher by the name of Andrea Ancero Llabres also shared that she would spend it on school supplies for her students with limited resources.

Also read: My 52-Week Money Challenge Savings Brought Me to 6 Countries

Note that the above responses are not based on an official or formal survey, but through crowdsourcing among TripZilla Philippines’ readers. Check out more responses on how Filipinos would spend their free money (besides travel and online shopping) here.

Featured image credit: aldarinho via Canva Pro