Tag: money talks

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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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On Living Within Your Means

I came from a lower middle class family. Unlike other families where both parents are working, it was just my dad who had a job. My mom took care of our home, of us. It was in my early years that I fully grasped the meaning of living within your means, through the examples and practices of my parents.

Then, my mom had a budget to follow and I believed she was able to manage her spending most of the time. Maybe it’s because she knew she couldn’t overspend because it would make her children hungry and her husband disappointed. During those times when she did overspend, she was smart enough to cover for it by borrowing money from friends. A not so smart practice, but at least, she was able to feed us and we didn’t go hungry for our dad to notice.

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Managing Credit Cards

UPDATE as of January 2015: I’m back to having just one credit card now. You might want to know how I became credit card debt-free. 🙂

I used to own only one credit card. Then it became two. Currently, I own three credit cards from different banks. So far, and thank God, I’m managing all three well. But it’s not a walk in the park, you know. Like many people, there are times when I get to overspend and end up getting charged with interests and late payment fees.

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Having credit cards can be stressful, too. That’s why managing your credit cards well is a must. I’m not an expert at credit card debt management but here are some things I do to make sure my credit card debts don’t balloon to alarming levels:

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On Sticking to One’s Budget

If there’s one thing I used to hate myself from doing, it’s my not sticking to the budget I set for myself. Whenever I’d overspend and lack funds to pay for my bills, I’d blame myself for not taking my finances seriously.

Fortunately, I’ve learned my lesson already. I now look at my finances in a more mature way. I make it a point to pay my bills on time and down to the last centavo. The good result? It saves me from headaches and panic attacks. Plus, it gives me peace of mind knowing that I get to pay my obligations and track my money well.

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Investing on Real Estate

Last weekend was quite bitin but still fun. We went home Friday night and left for Manila Sunday evening instead of the usual Monday morning. We just slept and ate and cuddled and the cycle just repeated itself. On Sunday afternoon, we attended the house blessing of our friend at a high-rise condominium in Makati.

These days, investing in real estate is popular whether it’s a town house, a single-detached house and lot or a condominium unit. That friend of ours, who works as an engineer in Japan, plans to have his two-unit condo rented to augment his monthly mortgage payment. Good idea, isn’t it?

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Spending Habits

I noticed that after I got married, my spending habits have changed dramatically. I don’t have the urge to shop now. That or maybe, I’m just not overly exposed to the things women love (e.g. clothes, shoes, jewelries, etc.). And it doesn’t help that we hardly hit the mall these days.

As for the hubby, I think he’s also changed. It’s a given that he’s very fond of gadgets. He’s a techie, after all. If I’m not mistaken, he plans to get an iPhone 5 this year. He also loves looking at cars and model kits when we’re at the mall. But these he can’t buy in an instant as we’re still paying for our car. Haha.

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