Tag: money talks

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How I Became Credit Card Debt-Free

I dream of the time when I won’t have to use my credit card anymore. I dream of the time when I can just use my ATM or debit card to pay for my purchases. I dream for that time to come soon! Right now, I still depend on my one and only credit card (I used to have three) for when I travel (for plane tickets and hotel accommodations), shop (for big, expensive items only) and dine out (occasionally).

On a related note, I’m very glad about the recent development in my credit card use. I am now credit card debt-free! Yes, you read that right. And I plan to make it for good. This means no more impulsive shopping for me. This means no more shopping when financial blessings are about to be received (hello bonuses!) or when expecting that extra income from my side jobs.

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Another Line Increase from Citibank (And How I Reacted to It)

For the first time in my life, I didn’t feel happy after knowing that Citibank has just given me a line increase. I used to get excited whenever I’d get a surprise like this from credit card companies. I remember when I first landed a job after college, all I wanted to do was apply for a credit card. I even jumped for joy when I received my very first! Haha. (Obviously, I know better now.)

line increase
excerpt from the email I received from Citibank

From P45,000, my card’s credit limit is now P55,000. For some people who have cards with credit limit as high as P100,000 or more, this amount is small. But I guess I’m okay with a small credit limit. (My first card only had P15,000.) I’ve never really bothered to ask for a bigger credit limit even if I’m very much qualified now with my higher annual income.

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Learning About the Stock Market

I happened to get a copy of Bo Sanchez’s e-book entitled, “My Maid Invests in the Stock Market…And Why You Should, Too!” I read it last week and learned some good investment-related wisdom. It even made me want to invest in the stock market pronto. I think I’ll get to that sooner or later. For now, I’ll save up more money first.

Bo Sanchez’s explanation is pretty plain and simple. He made me understand how the stock market works. He made me find out how I too, can earn money from it. Just like what his three domestic helpers do at present. However, I still have a lot of questions left unanswered. Things like, how long should I keep my shares in a certain company for it to be qualified to earn a dividend? Or how much money should I invest in the stock market for me to gain an average profit? Or how long would it take for me to really gain a profit?

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Earning Money by Selling Pre-Loved Stuff

Instead of spending money on more stuff that would just accumulate in our tiny house, I realized I could try earning money by selling pre-loved stuff. You know, those things you have used just once or twice but are still in mint condition. You could even add to these those items that you bought in the past but have never touched at all.

Last Monday, I sold my portable sewing machine online through my superfriend Nice. She took care of everything from posting an ad and finding a buyer to closing the deal with the seller and shipping the item. The hubby and I bought it in March 2012 (a few days after our wedding!) for P3,699.75 and I’ve used it only once. I attest to its perfect condition. I just found it hard to sew straight at that time (I think I need to attend sewing lessons first before I could fulfill my dream of sewing my own dress!) and also, I’ve found a new, fun hobby — baking!

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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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First Real Investment

Last month, the hubby and I took the bold step of investing through retail treasury bonds (RTBs). Don’t ask the amount. It’s just a small one that’s why we didn’t hesitate to use it for that purpose. We think it’s better than keeping it in a savings account where it earns very low interest. We still have some funds left in case of emergency so I guess we made a good decision with this one.

RTBs are a good investment. It’s the government that borrows the money so the risks are almost non-existent. I think it’s better than time deposits as it offers higher interest at a fixed rate. The investment time is longer, though, so you really have to make sure not to touch the money within the set period, say 10 years or more. Otherwise, there will be some risks.

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