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Home » Archives » 03. August 2006

Money Talks

August 3, 2006

I usually pay around 30k a month for my credit cards alone, only to realize that only half of it serves as the real payment while the rest goes to interest. I’m appalled! That’s like P150,000 Citibank earns from me thru interest in a period of 10 months! I panicked! So I researched on other options I could take . After four years of working for GSIS, I finally took my ever first loan on my equity. I only got P84k (payable in three years at P2,666 a month) which I immediately used to pay for my Visa card. Then I took a call for cash loan of P25k on my Mastercard, payable in 1 year at 2,395/mo., which I also immediately used to pay for both my remaining Visa and Mastercard credits. Now I feel much better. It’s like a huge thorn has been taken off my chest. Not only will I save on monthly interest but finally I can start really saving up again, either for pleasure like our intended Palawan, Boracay and Bacolod trips on the coming months or simply to just have some left-over money in our atms.

Sometimes I worry that we don’t have much cash savings in the bank. Everything is in our insurance investments which we could only liquidate once they mature after a couple of years. But I think that’s much better. We are obliged to pay for them either every month or every quarter (depending on which insurance plan) and in case something bad happens to either of us (knock on wood) then the one left behind becomes an instant millionaire. We’re not praying for that though. It’s just another form of security … just in case…

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Posted by sexynomad at 3:55 am | permalink | comments[3]