Tag: personal finance articles

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The Thrill of Buying Things Using Money You Haven’t Received Yet

Some family members are still having a hard time managing their finances. As much as I would like to help them, only they can help themselves. If they will continue sabotaging their budgets and keep a maluho lifestyle, nothing in their financial life will change for the better. One of their money practices is buying things using money they haven’t received yet. Is there really a thrill from such kind of acquisition? Apparently, there is!

The idea that you can have the thing you’ve been wanting to have in advance by borrowing money from someone. The thought that you can buy the merchandise you’ve been planning to get earlier than schedule because somebody is willing to lend you money. The realization that you can get the things you want because you have some money coming soon and there are people that can lend you money right now. There’s a thrill there at some point, right?

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Dealing with Money: How to Find a Financial Balance

I used to hate it when, after receiving a windfall, a big and necessary expense would suddenly come up. It’s like fate is testing my drive to save money. You know, instead of keeping the cash for a brighter future, I get to spend it. But lately, I have realized that God really never fails to provide for my needs. Things could have been bad. What if I didn’t have any moolah and a big and necessary expense has suddenly come up? I should have been grateful instead of whiny.

balance
Image Source: http://breakingmuscle.com/mind-body/finding-balance-in-our-physical-personal-and-professional-lives
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Teaching Financial Literacy at Home

I grew up in a family where money is a taboo subject and financial education is never taught. I actually learned about such important concepts as personal finance and financial freedom through self-study. My mother, who was in-charge of budgeting in our one-income household when I was little, wasn’t really a good example when it came to managing our limited financial resources.

Chalkboard Series - Money
Image Source: http://connexcu.wordpress.com/2013/09/03/connecticut-gets-an-f-in-financial-literacy/

Back then, we were living from paycheck to paycheck and we were acquiring liabilities instead of assets. While my parents certainly did their best to provide for our needs, the idea of financial freedom was non-existent to them. Or maybe they knew about it, but it was just not among their top priorities.

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Planning for Our Financial Future

I’m turning 31 years old in October. Still young, I guess, but not so young when it comes to investing. As they say, the earlier you invest, the better. I don’t regret it, though. I may have not invested early when it comes to assets of various kinds, but I have other “investments” in my life that are now bearing fruits.

You see, I used to be the breadwinner in our family. That was after my father lost his job in 1999. Actually, I fully became the breadwinner after landing my first job after college. I sent my three siblings to school and luckily for me, they were able to finish their studies one by one. They are my other “investments” that are now bearing fruits. And so today, we are working together to give our parents the good life that they deserve. But that’s another story for another time.

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Additional Credit Limit from Citibank

Just the other day, I received an email from Citibank informing me that my credit limit has been increased once again. From P55,000, it’s now P80,000. Again, I didn’t ask for it, they just willingly gave it to me like in my previous line increase. Was it because I’m a responsible cardholder now? Yes, probably. Or maybe, they just want to lure me into spending more. Well, good luck to them because that won’t happen!

citibank
email excerpt from Citibank

Ever since I became credit card debt-free, I’ve been paying my credit card dues in full. After learning the hard way how credit card companies make money, I started to take my credit card spending seriously. I want to give them as little profit as possible by being a responsible cardholder now.

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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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