Now that 2008 is almost over, people are getting busy preparing for the New Year. Numerous resolutions ago, I have vowed to do quite a few things. I have been accomplishing most of them, but what eludes me is really to have a fat bank account before the New Year ends. I try hard to make extra money with my part-time writing gigs to supplement my income as a full-time IT Manager. Don't get me wrong, I have wisened up through the years, as a matter of fact, I did better this year compared to last year. The biggest challenge we have encountered by far was how to manage my finances when we have a slew of bills to pay. It is what I call, a pitfall from a bad decision.
I have been introduced to credit card spending when I was 29. Not that I did not knowhow a credit card looks like...on the contrary, I do. However, growing up we always paid in cash. Our food are paid for by money my father earned...cold hard cash. Everything including groceries, clothes, shoes, utilities, etc...all in cash. My Papa was a good accountant, he never believed in credit cards. He had a corporate Diner's Club card when he was working as a Purchasing Officer at General Foods, Inc. in the Philippines, however, he rarely used it. The one time that I saw him use it was during my High School graduation, when he treated me and my older brother to a nice lunch as a graduation gift. That was the only time...and I know afterwards, he paid that in full to make sure he does not get in trouble with his comopany. He always would mutter...when I envy people flashing their cards, he said, well at least we can be proud we pay everything in full and not by installment or minimu payment.
I should have taken heed to that gentle reminder...but I was young and never paid attention thinking I would not end up like others. I was spendrift all my life, thanks to my parents' wise ways of managing our finances. My Mama was the designated family treasurer, in charge of balancing the sheets. She would train me and show me the ropes when i was young,a nd said that I was her assistant. I learned to save from my school allowance...and I even managed to help myparents when an emergency happened and they needed some cash. When I overhead their plight, I gave them the money I saved in my piggybank to both their amazements. My mother even had tears in her eyes...she was speechless but I could tell how grateful she was. I told them that was my "EF" and when they asked what the 2 letters stood for, I told them "Emergency Funds". I was only in 2nd year highschool...and I learned not to spend all my school allowance. I only spent my fare to-and-from school and bough sncak at recess. I walys bring "baon"-- leftover food, which I ate during lunch. I never miss bring those, since I enjoy eating home-cooked food anyway, and I knew I would save a bundle.
I have written an article on eHow entitled "How to Budget Wisely", I encourage you to read it to learn how to cut down on expenses and keep track of your finances. Here is the link to that article : http://www.ehow.com/how_2224104_budget-wiselybudget-wisely.html
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