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I used to have a total of P80,000.00 balance on 4 credit cards.  I have 6 credit cards.  That was 4 years ago.  I was in deep sh*t.  I can only pay the minimum amount due every month because I still have to pay for other things.  And when I ran out of money and needs to buy some groceries and milk for my son, I will use again my credit card.  It's a cycle.  I pay a little and spend a lot.  Luckily, my husband sold his other car and the proceeds went to paying the credit card balances.  I then terminated some of my cards and retain 3 of them.  Now, I'm wiser on using my card.

I still use my cards but I make sure that I will pay more than the minimum amount.  And sometimes even if I have the cash, I will use my card to earn some points then deposit the equivalent amount on my bank account and make payments thru online banking before the due date.


CARD # 1 = P 12,000.00

CARD # 2 = P 5,000.00

CARD# 3 = P 37,000.00 (laptop and car stereo at 0% interest)(monthly payment is P 4,000.00)

Educational Fund :  P 5,000.00 (I started with this amount and aim to add P5,000 every month)

Retirement Fund:  P -0-

Emergency Fund 1:  P 10,000.00

Emergency Fund 2:  P -0-

Passive Income:  P -0-


My brother is working at a local bank and the perks of being a regular employee is being able to avail of their SALARY LOAN feature.  He was hesitant to take a loan at first.  But he already has plenty of ideas where he will use the money.  A few weeks later, he avail of the loan and purchased a photocopy machine and rented it out to our relative.  He made a really wise decision.  I thought he will use it to buy a cellphone or other appliances.  But I think he listened to my advice.  I told him that if he is going to buy something, make sure that it will put money in his pocket not the other way around. 

So before making a huge purchase next time, think first if the item is a CASH IN or CASH OUT.

CASH IN = will generate money for you
CASH OUT = will take away money from you


We were able to have some extra cash because of farming and decided to pay off some debts instead of buying things.  So here's our financial situation update:

CARD# 1 :  P 15,000.00

CARD # 2:  P 9,000.00

CARD# 3:  22,500.00