When it comes to money it’s a hot topic that most folks will most likely avoid.
For the uninitiated, It takes a lot of time, and effort to manage our daily finances, whether it be borrowing money, securing loans to support your business endeavors, or budgeting. Knowing where they go without the proper accounting is a pain, like throwing money in thin air only to find out it’s already gone.
As they say, money comes and goes like winning a lottery and as a result, you become regrettably poor in the end.
To start with my money journey.
Things begin to turn around when I took my job as a public school teacher.
Then, a number of privately owned banks begin lining up for us, offering loans up to one million pesos 1,000,000 payable in 5 years.
We, teachers, consider these as perks and privileges, once you work in a government public school, bonuses; such as the 13th Month Pay given in May, and Midyear Bonus in November are the norm given as incentives to us annually.
In addition, we also have chalk allowance now renamed to cash allowance for school supplies, clothing allowance for our 4 days uniform, Fridays are our best day to show off some of our fashionable outfits, and extra cash gifts by December for early Christmas treats. All of these cover all expenses related to our teaching profession.
Well, the hard part is when it comes to settling and consolidating our maxed-out loans
Stick to your budget
Now your financial plans are set in motion.
Plan things ahead of time, list down all possible expenses, and mark the most important, breaking up the money into manageable pieces and assign to their respective purpose. This small change with minor tweaks can be tricky without clear goals in mind.
Borrowing from friends.
Humans as we are, we don’t like seeing our loved ones suffer and helping them in a small way whatever we can. It also has a set of drawbacks with limitations that are subject to abuse.
Helping is good.
I have a handful of friends who lean on me when they are in dire need of financial help to fill in their basic needs, at some point I lend them small amounts no questions asked, and a few moments later I brutally tell them; “I do not expect you to pay!” lovely when they hear that, In most cases.
Meanwhile, my friends from the other side share the same issues they’ve been experiencing, they tend to utter the most overly used word, saying they’ll pay on the said date, sadly, true to the point it appears the opposite – painful part, the obligation goes unsettled with broken promises.
Friends, at both sides of the coin, you can tell who your true friends are – try to impress you with their charisma, mild demeanor, flattery, too good to be true – these red flags to watch out for.
The thing is it will never happen I promise, my advice? – stay away from them (I beg of you please!) or you can give them as a gift for helping out (big bonus, the universe will reward you for your good deeds) – don’t give what you can’t afford to lose.
Consolidate your loans
On every 15-30 payday salary, we have what we call payslips or payroll slips – it’s a breakdown of various business and personal loans we owe to accredited private banking/lending institutions, government shares, salary increases, and other financial details.
Since the pandemic, most of my colleagues missed their monthly obligations and contributions we were given an option to consolidate all of our bad credit loans, the reason for these, was so we can have clean credit – we requested banks of our statement of accounts and all were settled on the spot. Instead of having different bank credit obligations on our payroll lists which may be very confusing for us, we’ll have peace of mind of having one.
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