Finances 2018

I overspent last year. I actually got ashamed of myself, but not to the point of frustration. I knew that my “overspending” was still at the normal level. I didn’t accumulate any debts because everything was well-accounted for. It was just that I felt regretful because I could have saved more money had I not succumbed to overspending.

So, what did I spend my money on? Bigger clothes because I gained weight (this I’m admittedly quite disappointed about!). More pasyal which translated to bigger transportation and eating-out expenses. Some home stuff that I could live without but were too nice and convenient not to indulge myself in (you know, products of the I-deserve-these-comforts-because-I-work-hard attitude that I get on occasions). And other unexpected miscellaneous expenses that I’m too lazy to remember right now.

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My Monthly Income Distribution in 2016

I only started saving money more seriously in 2014. It was also around that time when I started investing in the stock market. Back then, I created this MS Excel file that I would update religiously. (I actually use it to this day!) I took advantage of Excel’s autosum feature as a way of adding up the money I got to save every month. I made several tables and filled it with relevant items and figures. I felt happy and accomplished because at the end of each passing year up to December 2016, I saw my savings grew dramatically from how it was prior to 2014.

My monthly income distribution, or how I divide my income to provide for my needs and that of my family, is pretty simple. Take note that this “income” refers only to the salary I receive from my job as a rank-and-file government employee. It doesn’t include the hubby’s as we manage our respective salaries and pay for our marital expenses on a shared basis. He still pays more than I do, like he solely takes care of our house and lot amortization, which is something I appreciate about him.

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Zero Car Mortgage!

While working in the office last Chinese New Year, I received this photo from the hubby via Viber with a caption that said, “Happy 5th Birthday Nissen :)” (Nissen is the name of our car.) Suddenly, I felt my eyes brightened and my heart swelled with happiness. I knew it was going to be this month but the exact date eluded my memory. Fully-paid na kami sa car, yeeeeees! One major debt down, one more to go (a.k.a. our Bacoor house)!

nissen
the hubby’s FB post with the same photo he showed me on Viber
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Book Review: The Debt Squeeze, How Your Family Can Become Financially-Free by Ron Blue

Reading the book entitled “The Debt Squeeze, How Your Family Can Become Financially Free” by Ron Blue has given me new perspectives on debt. (I got a second-hand copy from Book Sale for Php10.) Who wouldn’t want to live a debt-free life, right? While debt-free living is possible, having some debts isn’t bad at all. As long as you have the means to repay your debts, you should be fine. Or so this book claims.

book

What I liked about the book was that the author presented debt in a casual way. He also explained the different kinds of debt in layman’s terms. And because he’s a Christian, he also included some verses in the bible conveying God’s words on material wealth. The author also shared some real-life finance stories, how-to-get-out-of-debt tips, borrowing rules, and other money principles. Even if most of the concepts he explained were not new to me, they have refreshed my memory on what it really takes to be debt-free and eventually, financially-free.

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On Economic Outpatient Care and Relatives Who Ask for Money Habitually

I first heard the term economic outpatient care (EOC) in the book “The Millionaire Next Door” by authors Thomas J. Stanley and William D. Danko. There’s actually an entire chapter in the book devoted to it. EOC refers to the affluent parents’ act of giving money (on a regular basis) to their adult children (who normally have jobs of their own). The authors believe that EOC tends to encourage laziness among the recipients and instill a false sense of security in them. Apparently, instead of empowering them, they are weakened by this financial practice.

I have seen and I know of working adults who continue to receive money from their well-off parents. This could be in the form of cash gift and most of the time, debt (the kind that is intentionally unpaid or forgotten to be paid). From what I have noticed, the recipients tend to use up the money on luxuries instead of growing it through savings or investments. Sad, but true.

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On Paying Off Cash Loans

Today is a happy day. It’s pay day and I expect to see a slight increase in my weekly salary because my last month’s pay slip says I’ve already finished paying one of my three cash loans at work. (It’s through salary deduction so I just have to look at my pay slip to check on their status.) The remaining two cash loans will be fully settled by September so that when October arrives (which is actually my birth month!), I could expect more money to finance my birthday party. Haha.

pay slip
my actual pay slip

Now, why am I writing about this? Because I waited for this day to come. That one by one, the hubby’s and my loans will be fully paid and we could have more funds to add to our emergency and retirement funds. Our financial goals are as clear as water and our determination remains strong. We just have to stick to our plan and we’re good.

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