I have two kinds of card: a credit card and a debit card. Both are from the same bank. I use my debit card for the following:
1, Grocery purchases
2. Shopping (on purpose) like when we bought a new gas stove the other day
3. Medicine purchases
4. Books and school supplies
On the other hand, I use my credit card for the following:
1, Representation Expenses (chargeable to my company)
2. Gasoline, when I have no cash on hand and I need to load
3. Planned eat-out with family and also friends (on purpose to get credit but paid immediately)
From my experience, I get into trouble when I use my credit card on unplanned purchases. Come pay time, I miss it since I have no budget for it.
This is my year. I promised myself that I will celebrate my birthday with a party in May. This will be my "first" birthday party. Looking back, I can't remember a time in my life that I celebrated my birthdays with a party.
First on my list is to save for this big event. Every centavo saved counts from now until May. I feel it is an exciting time for me.
But why spend if you can save the money? Yes, I've thought of that. Frugality dictates that I don't spend my hard-earned savings.
However, for this special event in my life, I would like to share the fruit of my labor with my friends and loved ones. It's "once-in-my-life-event" that I believe, I should do.
So this early, I am believing God for the blessing on my savings and provision to honor Him on my 60th birthday on May 18.
Come celebrate with me,
Jimmy
P.S. By the way, saving to buy an item on cash basis is a good habit that will definitely get you out of debt.
Hi there. I have been away for a while. Japan is now in winter season. Visited our Filipino workers around Takamatsu in Kagawa-ken. It has been a fruitful monitoring. Just by seeing them and being where they work, brings joy and refreshing to these precious people.
Together with the industrious lady welders in Takamatsu
At the highest point in Tsuda, Kagawa-ken
With the lady Chicken Choppers
On my way back home last January 17 on PR 407, I was reading an article on the Philippine Star. This particular article caught my attention because it speaks to retirees, of which I am within its zone!
Took this photo at the Kansai Airport on arrival
But I believe the resolutions mentioned by AP can be applied to younger ones too. The author mentioned Seven (7) resolutions for retirees in 2012.
Although I can go on retirement mode, I made a conscious decision not to retire yet because I feel that my best days are still ahead of me. There's no time to stop doing what I am called to do.
Now, let me give you my take on this article.
First of the resolutions mentioned is the call to get disciplined about money matters. The best way to do this is to set up a formal budget and stick to it. Being thrifty without a plan only goes so far when unexpected expenses arise, especially at an age when health care costs can start to mount. How true this is.
Attack your debt. The top priority is to pay off credit card debt. After the card is zeroed out, use only one card and pay off the balance monthly. If an emergency expense leads to a balance, don't let it linger or it will erode retirement savings. Having only one credit card is a very practical suggestion indeed.
The other resolutions include:
1. Invest in dividends-paying stocks
2. Get your estate plan in order
3. Be more generous
4. Check into long-term care insurance possibilities
The last one is especial to me: Stretch your body and mind. The author says we need to choose daily pursuits that keep you physically, mentally and socially engaged. Physical activity helps us to live longer, feel better, depression free and keeps our mental skills sharp. I take physical exercise as a necessity for my body that's why I play badminton and brisk walk at least three times a week.
I can't help but notice the mental sharpness of Justice Cuevas and Senator Enrile in the current impeachment trial of CJ Corona. They are in their 80s yet they are still sharp as ever. This is also the main reason why I blog!
What about you? Do you feel you can use these resolutions for 2012?
The New Year is full of hope and excitement. Many are looking forward to a bright year ahead. This includes goals like having a new car, promotion at work, increase income, better relationships, better house, and probably more travels. The list goes on.
For me, I have decided that I will look for ways to increase my earning capacity for two reasons: to speed up the process of paying my debts and to celebrate my birthday in May, my first since I can remember! I want to save towards that meaningful event of my life when I turn 60. What A blessing!
I am posting this article by MMarquit entitled "Get Out Of Debt: 6 Steps You Need To Take" (Coupon Shoebox). The thing that really cool about this article is it's simple and easy to do. My wife and I start our year by revisiting our last year's budget and making changes to arrive at our 2012 budget. Part of that process is listing all of our debts as suggested in item no. 3.
I know it will be of great help to you as you do what MMarquit says. Cheers and Happy New year!
One of the most important financial lessons that you can learn is that debt is prison. Indeed, when you are paying interest on your debt, that money is going straight into someone else’s bank account — and you receive nothing in return. Plus, paying that interest makes it harder to pay down the principal and to reduce your debt. Even though it might be difficult to get out of debt, it is doable. Here are the steps you can take to get out of debt.
1. Really Decide That You’re Getting Out Of Debt
The first thing you have to do is decide that you are really committed to getting out of debt. You need to truly want to change the way you do things, and get serious about paying down your debt and getting on the path to financial freedom. Without the commitment to get out of debt, you are likely to give up.
2. Stop Adding To Your Debt
Take a look at your budget, and figure out how you can better live within your means. Before you can effective tackle your debt problems, you need to stop making purchases with debt. Look at your spending, and cut back on the unnecessary items so that you are living within your means.
3. List All Of Your Debt
Next, list all of your debts. List the balances, minimum payments and interest rates. Decide on an order to pay them off. Many people like the “debt snowball” method. You take that lowest balance debt, and concentrate on that first. This method is psychologically rewarding, since you see success faster, and are encouraged to keep going. Others, though, prefer to start with the debt with the highest interest rate, since it will save more money in the long run, since you will get rid of the most expensive debt faster.
4. Decide How Much You Can Put Toward Debt Pay Down
Now that you have prioritized your debt list, it’s time to figure out how much money you can put toward your debt pay down. Honestly evaluate your spending, and look for places to cut back. You should be able to find waste in your spending, and, instead of spending it on frivolities, put it toward paying off your debt. Pay the current minimum on all of your debts, except the one at the top of your list. Put your debt pay down amount toward that debt. The more you can put toward it, the better.
5. Look For Ways To Earn More To Speed Up The Process
If you want to speed up your debt repayment process, you can look for ways to earn more money. Start a side hustle. Get a part-time job. It’s only for a little while. If you can put your debt repayment efforts into overdrive, you can be free that much sooner — and you will reap the benefits.
6. Acknowledge Your Successes
You can stay motivated when you acknowledge your successes and take time to reward yourself. Don’t go big though — you want to stay out of debt. But you can hold a little celebration, or you can retire each debt in a creative way. Buy a small treat, or cook your favorite dinner at home. Be sure to mark each milestone, and get excited about your next step toward success.
Looking forward to 2012, debt-free,
Jimmy
P.S. Last year, I decided to start blogging in my desire to create a new stream of income. However, as I learn how to blog, I found that beyond making money, I can express my passion and help others find answers to their problems and challenges. Today, I am grateful to my mentor, Jomar Hilario, for teaching me how to blog and hopefully to be like him someday. If you are interested in blogging, why don't you join me at Online Mentoring Club.
Topics covered many areas including finance. My eldest is a licensed Architect and works at Architecture Network, a well- known architectural firm in the country today. When asked what her goal for this year is, she readily included taking good care of her financial house, making sure it is in order this year.
I love to hear that kind of goal. I am proud of my daughter and I am sure she will succeed in that area of her life.
Like it or not, finances are one of the most talked about issues this 2012. Many are hoping to earn more, save more, invest more and become debt-free in order to gain financial stability.
I suggested the following goals for my daughter this year:
Try to save more of her income, at least 20%.
Monitor her spending patterns for a month, to find out where her money goes.
Start creating an additional stream of income.
That was simple and short but doable. One of my goals this year include item # 3.
There will be many opportunities for earning more this year. Are you ready to grab them given the chance? I believe, we can do so if we have the financial resources as a result of controlling our spending habits and saving for the future.
Happy New Year and be happy saving, investing and getting out of debt.
I am grateful to God for this year 2011. Looking back, I see many blessings that have come my way. It is always good to count our blessings, list them and thank God for them.
I have learned that nothing is solved by thinking and focusing on my problems. Focusing on the negative things that happened in my life, including thoughts on how to deal with DEBTS, make these problems bigger than what they really are. So, why waste time thinking about the negative things?
Today, I would like to thank and praise God for these blessings:
My wife, Maritess, who has been very loving, understanding and supportive of me
My 3 daughters, who have grown to love the Lord and are now professionals in their own right
My son-in-law, Allan and our first grandson, Jesse Alexandre
My Pastors and mentors: Colin Shaw and Ian Shelton
My brothers, who are very caring, brotherly and fatherly to me: Larry, Ralph and Butch Plus their wives, Gina Mae, Del and Babylin respectively
My dear close friends, many of them, imagine that? Wow. Ramon & Elvira, Andy & Cristy, Edna C., Gene & Zeny, Edna & Ador, Daisy, Bing & Virgie, Dennis & Divine, Bong, Gwyn, Rose, hah-- too many to mention... thank God for each one of them
My house of 14 years
My 17 years old Toyota Corolla, which is ably maintained by Chief Ruel Larrosa, owner of Exalta Auto Shop in Banawe, Quezon City. Thanks so much, Chief
My dear sisters Jean and Julie
My brothers, Jessie (my disciple)& his wife, Greta and Nonoy
My good friends, Adel Lacson, German, Domeng Jose, Radley
My new pairs of Hush puppies shoes
The gifts I received this Christmas: A pair of Sanuk shoes, pink shirt, hankies, Samsonite laptop bag, too many to mention too
Uno Overseas, for the job and opportunity to preach the Gospel to our Interns going to Japan
For the health card provided by CRC and Uno, a big help for Maritess and I
For the almost weekly massage at Rilassante Spa located at Banawe infront of the Orthopedic Hospital
For the discounted Dr. Pi Water from Tere and Mario Lontok, hehehe
For the Scalar Pendant and Scalar Flask we bought from Adel. It really helps increase my energy level daily and in lowering my blood pressure. Try it
For the Mercy, Grace and lovingkindness of the Lord Jesus Christ, my Lord and Savior!
There are many more. I tell you, if you try writing them, you'll never run out of things to thank God for. I have made it my New Year's resolution to count my blessings everyday in order to overshadow the seemingly negative things that try to disturb me every now and then.
Give thanks to the Lord for He is good for His mercies endures forever!
May the coming year be a blessing to us all.
May the Lord Bless you and keep you. May His face shine upon you and be gracious to you. May His countenance be upon you and give you peace!
May 2012 be the start of a debt-free life for all of us.
The last leg of our tour was Shenzhen, China. From Hong Kong,
we took a train to Lu Wo, the last station at the border of shenzhen, where our tour guide was waiting.
I can still remember, the words our tour agent from Hong
Kong told us on the bus going to the train station. After briefing us on
how we will go to Shenzhen, he briefed us on what to expect in
Shenzen.
The warning he gave us was this: In Shenzen, there are many
pickpockets. So we need to carry our bags in front of us, always. Also, we must
not place our wallets in our back pant pockets. The pickpockets can get it in less
than 2 minutes. Scary.
Susan, our tour guide in Shenzhen
I was thinking, why do we still need to go to Shenzen? If
all we do will be to watch for our belongings. There would be no more time to enjoy
the city and shopping at ease.
When we arrived at the shopping center, our local tour
agent, Susan, told us the same thing before alighting from the bus. Gosh.
As a result, my wife and I went to a well known department
store, which we felt was a safer place to shop. We spent our time going around the store instead of shopping outside where pickpockets would go.
Finally, after spending some time, we ventured out and went
to other well known, branded stores. But in the end, we told ourselves, why not just
wait for the others at the McDonalds while drinking coffee.
So we went to McDonalds. Guess what? Lo and behold, we saw most of our team there
too. They were waiting for us and avoided shopping by consoling themselves that
the items they saw can also be bought in the Philippines anyway. We were all scared and avoiding the pickpockets.
You will appreciate the power of words. Sometimes we don’t realize
that the words we say are powerful. If our tour guides were able to sow fear in our hearts, we can do the same on a positive
note. Their words, which created fear in our hearts, caused us to avoid the crowded places where pickpockets abound. This, however saved us some money. A blessing in disguise?
Words are powerful. Whenever we speak positive words, we are blessed. The Bible declares “out of the abundance of the
heart, the mouth speaks.” The words we speak determines who we are.
So I say today, I am blessed to be a blessing. My best
days are ahead of me. I am going to live a debt-free life! Fear has
no place in my heart except the fear of God.
So be careful with what you say. What you declare will happen!
