Apart from the insane Manila traffic, there's one other thing that car owners have to deal with whenever they leave their home: parking. And unless you're lucky enough to have an office that has enough parking space or one that's directly beside a giant lot, it's usually a pain to figure out where you're going to leave your car for eight to 10 hours.
On top of that, sometimes, fees can get pretty expensive, especially if you're in certain areas. But how much does parking really cost for people who choose to drive instead of taking public transportation? We asked these Cosmo girls.
Where do you live? Commonwealth, Quezon City
Where is your work located? Mandaluyong City
Do you park in your office building or in a parking complex? I park in my office building, but the only option I have is to go for valet, since I don't have my own parking slot.
How much is the daily rate where you park? I spend a minimum of P180 for a regular day at the office.
How much of your monthly salary goes to parking? I would say around 10-12 percent, including parking outside of the office for when I need to go to other places for work.
How does this affect your financial goals? Whenever I review my monthly expenses, it makes me quite unhappy how much I spend for parking alone. (Gas is another thing, haha.) I would be able to save more money if I don't have to spend P180 on parking daily. But since there's no escaping it, I just have to make sure that I set aside a fixed budget for it every month. I also make sure to leave an allowance for that budget because parking prices raise regularly. When I started this job almost five years ago, I only spent P120 for a whole day.
Where do you live? I live in San Juan, within the vicinity of LSGH, ICA, and Xavier. Traffic is bad in the morning, especially on school days, but I'm fortunate enough to have a job that lets me work flexitime so I can leave a little bit later to avoid the school rush.
Where is your work located? When I started with my company, our office was based in Pioneer, which was practically a stone's throw away from where I live. The workspace had limited parking slots but at least it was free. Since then, our company has grown and we've relocated to (Paseo Center) Makati. (Hold me while I sob.)
Do you park in your office building or in a parking complex? There is a parking lot in the building but I can't stomach the rate. It's P40 for the first two hours and P40 for every succeeding hour. So if you're working an eight-hour day, it will set you back P280! That's money you could be spending on a good lunch or movie instead! There's a nearby parking complex that charges P50 for the first two hours and P20 for every succeeding hour. If I don't work overtime, I'll spend at least P170. Which, I suppose, is better than P280, but conisdering I used to spend P0 on parking, it still hurts me.
One constant problem is that the parking complex gets full pretty quickly. So, on days that I'm running late, I park in a hotel [Valero Suites] across the street that offers Pay Parking for the exact same rate. I actually prefer parking at the hotel because at least I can rest assured that I'm not going to get carjacked!
How much is the daily rate where you park? On average my parking is around P190-P210, so let's say around P200.
How much of your monthly salary goes to parking? I work five days a week so approximately P1,000 goes to parking weekly; that's more or less P4,000 a month. That's already 17 percent of my salary!
How does this affect your financial goals? It's honestly so deflating. What initially attracted me to my job was that I get paid gross wages. I thought I would be able to save enough in one to two years to pursue post-graduate studies. Now that I'm spending roughly P50,000 a year on parking, paying for my own master's degree is starting to sound like a pipe dream.
I would also say that having to pay for parking has made me far more stingy than I used to be. As a rule for myself, I would always deposit 80 percent of my salary. As for the remaining 20 percent, I'd use it for miscellaneous expenses like food, clothing, bills, etc. Every now and then I would treat myself to a good meal, a movie, or a mani-pedi. (#SelfCare LOL), but now I find myself thinking about the cost of things in terms of x hours of parking...it's sad that I'm not able to enjoy my hard-earned money.
Where do you live? Cainta, Rizal
Where is your work located? Mandaluyong City
Do you park in your office building or in a parking complex? Both
How much is the daily rate where you park? In my office building, it's P45 for the first two hours and P15 for every succeeding hour. Sometimes, I avail of the valet service just because parking slots get occupied so quickly. For valet, it's the parking charge (P45 for the first 2 hours and P15 for every succeeding hour) plus P25. At the parking complex, it's P30 for the first three hours and then P30 for every succeeding hour.
How much of your monthly salary goes to parking? 30 percent
How does this affect your financial goals? I'm determined to budget more for parking expenses because I drive to work almost every day. I always have to make sure that at the end of each day, I've allotted around P200 for parking. Though there are times when I opt for a cheaper alternative to get to work (ex. P2P or MRT), TBH I'd still prefer to drive and pay for parking because for me, it's less of a hassle and more comfortable way.
Where do you live? Katipunan, QC
Where is your work located? BGC, Taguig City
Do you park in your office building or in a parking complex? Parking complex
How much is the daily rate where you park? P150
How much of your monthly salary goes to parking? 12 percent
How does this affect your financial goals? I am still able to save money despite the monthly parking expenses. However, since it is still quite a sum, it takes me longer to grow my savings and to earn enough for the things on my wishlist.
Where do you live? Parañaque City
Where is your work located? Makati, Central Business District
Do you park in your office building or in a parking complex? I park in our office building.
How much is the daily rate where you park? There is no fee, but we only have limited slots allotted for our company, and this is reserved for directors and management first, and whatever slots are left may be used by the rank and file staff.
How much of your monthly salary goes to parking? [When I have to park outside of our office,] rates in Makati usually run from around P40-50 per hour depending on where you park so that would cost around P360-450 for a regular nine-hour work day.
How does this affect your financial goals? It doesn't. I'm lucky that our building provides parking but if it were not, I would have to look for parking in parking lots or buildings, and in Makati, that could cost upwards of P5,000 a month which would cut in to a large chunk of my savings.
*Names have been changed.
This story originally appeared on Cosmo.ph.
* Minor edits have been made by the Entrepreneur.com.ph editors.