Do You Think In Pesos?

[Nephi]

After all the years living here I think mostly in pesos. My Filipina wife on the other hand thinks in both dollars and pesos. After working in a purchasing and finance job and now full time for our local water district; she enjoys finance and conserving cash. I have never liked dealing with bills etc and as such my wife takes care of most things. Easier for her too being a local than for me to mess with being overcharged etc.

[Tukaram (Tim)]

My monthly allowance is in pesos. I never see dollars, or spend dollars.  So generally I think in pesos.  For a big purchase I will convert it to dollars (aircon, fridge etc).  Daily expenses I don't worry about the conversion. For quick conversions I just think of a p1,000 note as a $22 bill (USD).   I know how many pesos I get each month... and it is easier to keep up with in pesos.  :tiphat:

[Jack Peterson]

My monthly allowance is in pesos.

 

All my Pensions come in Peso's so very rarely  think UK pound ( except usually the Exchange rate) Seems a little useless even for Comparisons. To me the longer we are here, comparisons are of Little use as prices are so far behind us.

[Jollygoodfellow]

I was trying to get some information from another thread that was elsewhere on the forum about the cost of living in P.I. but gained no information from it.

 

Cost of living, budget topics. There are quite a few, some with full real life monthly expenses from members so if you did not gain much out of one topic I suggest you use the google site search option in the drop down of the search box which gives better results.  :thumbsup:

[Onemore52]

Thanks Jollygoodfellow, appreciate the advice.

 

Cheers,

 

[Gratefuled]

When I first arrived here 5 years ago I would carry a small calculator with me and check how much everything was when I considered purchasing something.  USD to Pesos . Some salespeople would smile when I would do this. Now, I have an idea how much things are here compared to the states. I also notice how inflation takes its toll on me both in the US and here. It's good to see the USD is still strong. I still do not like paying more for imported groceries but I have my favorites that I'm used to.

[sonjack2847]

The first time I ever came to Philippines, the old-timers told me that it is important to stop thinking in terms of dollars and start thinking in Pesos.  It was good advice at that time.  It was important to stop thinking something like:  "That taxi ride was only $10, cheap compared to what I am used to."  Instead,  I needed to start thinking like a local: "That will be a 470 peso taxi ride and the V Hire is only 50 pesos so I better watch myself if I want my money to last as long as possible.

 

Now I find myself going against that advice.  I had an argument with a long time friend who says it is still good advice to think in pesos and he refuses to listen to any discussion where I think in dollars, so I am trying to explain it here.

 

In the beginning a new expat has to learn to think in pesos to learn the value of a peso.  But after years of living here with a foreign income, you have to learn that your pesos are directly linked to the value of your dollar.  For example:  A year and a half ago, my long time friend and I had the same budget.  His US$100 would buy 4400 pesos the same as my CDN$100 would buy 4400.  Now he has discovered a windfall and every US$100 gives him a 'free' 400 pesos on the exchange rate.  On the other hand, my CDN$100 now only gives me 3200 pesos.

 

So if I had continued to think in pesos, I would run out of money.  But unless your currency is depreciating you will never see that.  My friend doesn't see it.  Do you?  Do you think in pesos now. or in the currency with which you are paid?

I think when buying something here you must think in Peso but you must also be aware of what your spending in your own currency or as you say the money wont last long. When the exchange rate goes you must cut down accordingly.

[sonjack2847]

 

The first time I ever came to Philippines, the old-timers told me that it is important to stop thinking in terms of dollars and start thinking in Pesos.  It was good advice at that time.  It was important to stop thinking something like:  "That taxi ride was only $10, cheap compared to what I am used to."  Instead,  I needed to start thinking like a local: "That will be a 470 peso taxi ride and the V Hire is only 50 pesos so I better watch myself if I want my money to last as long as possible.

 

Now I find myself going against that advice.  I had an argument with a long time friend who says it is still good advice to think in pesos and he refuses to listen to any discussion where I think in dollars, so I am trying to explain it here.

 

In the beginning a new expat has to learn to think in pesos to learn the value of a peso.  But after years of living here with a foreign income, you have to learn that your pesos are directly linked to the value of your dollar.  For example:  A year and a half ago, my long time friend and I had the same budget.  His US$100 would buy 4400 pesos the same as my CDN$100 would buy 4400.  Now he has discovered a windfall and every US$100 gives him a 'free' 400 pesos on the exchange rate.  On the other hand, my CDN$100 now only gives me 3200 pesos.

 

So if I had continued to think in pesos, I would run out of money.  But unless your currency is depreciating you will never see that.  My friend doesn't see it.  Do you?  Do you think in pesos now. or in the currency with which you are paid?

 

 

A good post Dave.  I have gone through the same transition as you here in Thailand.  We are both suffering from low exchange rates. AUD is down 20% an it will be the same in pesos when we get there, if things remain the same.

 

But I can now determine whether something is ok value in both dollars and bht.  I do a monthly budget in bht but always relate that back to dollars, because that is what my money is!  There is no logic when it comes to foreign exchange - I am totally convinced that we are just being manipulated by the big players.  I wish they would outlaw foreign exchange speculation.

 

When I was in Thailand I was converting BHT to pesos

[sonjack2847]

There is no logic when it comes to foreign exchange - I am totally convinced that we are just being manipulated by the big players.  I wish they would outlaw foreign exchange speculation.

Us and the OFWs help  to keep the peso strong as we are all changing our currency to pesos.This make the peso stronger.

[scott h]

When I first started coming here on vacations the rate was about 42=1 USD. So I would round down to 40 so 100 pesos was about $2.50 USD. I still use the same mental formula. So if a Diet coke is 33 pesos I know its about 70 cents USD.

 

100 pesos = 2.50 USD

500 pesos = 12 USD

1000 pesos = $25 USD

 

Still use this mentally today. If I think its worth it I buy it.

 

Not exact, but...........it works for me :thumbsup: