Buying a condominium and calling it home is now common in urban cities such as Metro Manila. While owning a house and lot remains a dream for many Filipinos, a growing number of young professionals and newlyweds are choosing condo units as their starter homes.
But financial planner Fitz Villafuerte, a Registered Financial Planner (RFP), says that even in a compact living space, the basics of money management still apply. In an exclusive interview with Financial Adviser PH, he emphasized one principle that condo dwellers often overlook.
“If you don’t monitor your cash flow and spending, then your money-saving efforts won’t make much impact,” Fitz said.
Budgeting isn’t just for large households or families with children. According to Fitz, it’s even more important for condo residents, who deal with a unique set of recurring expenses.
“Living in a condominium means paying association dues apart from the usual household expenses,” he explained. These monthly fees, common in most Metro Manila developments, are non-negotiable and often misunderstood by first-time owners.
“Sometimes, there are also other fees, such as garbage collection and maintenance fees, that you need to include in your budgeting,” Fitz added. These additional charges can easily slip through the cracks if residents don’t keep a close eye on their monthly cash flow.
Many condo residents fall into the trap of assuming their costs will be lower because of the smaller space. But Fitz says this mindset is risky. Without proper tracking, expenses can quickly add up—from utilities and dues to maintenance and hidden service fees.
That’s why he believes that budgeting is not optional—it’s foundational. Whether you live in a 20-square-meter studio or a three-bedroom unit, knowing exactly where your money goes each month is the only way to take control of your finances.
Fitz also pointed out that financial awareness empowers residents to make better lifestyle decisions. When you know your spending limits, you’re less likely to fall into debt or suffer from bill shock when dues increase or repairs are needed.
The condo lifestyle may offer convenience, but it comes with responsibilities. And for Fitz Villafuerte, it all starts with one habit: tracking your money.
“If you don’t monitor your cash flow and spending, then your money-saving efforts won’t make much impact,” he repeated.
Whether you’re a young employee, a newlywed couple, or someone enjoying city life in a high-rise, take this advice seriously. Your ability to save in a condo depends not on how little you spend—but on how well you track and plan.
