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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