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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Dealing with Windfalls

This year is getting to be very good in terms of financial blessings. The first quarter alone saw the hubby and I receiving some unexpected incentives at work. Then, during the second quarter, our mid-year bonus arrived and a few more monetary benefits came after that.

Receiving windfalls (in our case, it’s usually from work and nothing else) is always a pleasure and a reason to give thanks. By giving thanks, I mean saying a short prayer of gratitude to the guy above and sharing the blessing (in whatever form or way we like) with our loved ones.

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How I Try to Live Below My Means

You’ve heard it before. Living within your means is good. But living below your means is better. I have been living within my means for as long as I can remember. And I found out it’s doable. But living below my means???

Source: As indicated in the image.

When I started having solid “financial goals” this year, I thought about trying to live below what my income can afford. You see, the hubby and I keep our salaries to ourselves and we just share in our household expenses, mortgage payments, and other bills. (This setup is subject to change any time we I deem it necessary.) The exact percentages I cannot divulge here, but let’s just say he’s a real gentleman.

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A Money Saving Challenge

One random weekday, the hubby showed me this link to a blog post sharing about a saving challenge. I immediately got interested and asked the hubby if he wants to do it with me, not individually but more of a joint effort. A day after, I’ve seen the same topic on a blog I follow and my determination grew even more. Fast forward to last January 7th, the hubby and I finally decided to take on the challenge. We started that same day.

Dubbed as the 52-Week Saving Challenge, this unique concept of saving money is pretty simple. Basically, it allows you to save up moolahs gradually but surely. Each week, you keep an amount that accumulates as the weeks progress. The total amount you’ll save gets bigger and bigger in the process. At the end of the challenge, on the 52nd week, that is, you will save as big as P68,900 (Pinoy version, in Philippine peso). Cool, ayt?

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Freedom from Debts

I remember early this year, I told myself (and probably shared in this blog) that I wanted to be debt-free. No, not just me, but my husband as well. We have some credit card debts that need immediate financial attention. I’ve heard of other people’s horrible stories on credit card debts and while we’re far from credit card-related trouble, I can’t imagine ourselves getting into the same situation. It’s like it’s gonna be the end of the world for me.

I noticed that in the past two years, a good chunk of our supposed-to-be savings just went to our credit card obligations. I know there’s nobody else to blame but us. We made a lot of impulsive purchases (I once bought tons of cheap postcards just because they were on sale!) and spent money before it even came. Truly, a bad spending habit that needs to be curbed before it’s too late.

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