Tips from Queenie (Wednesday, May 20, 2009 / 8:09 PM)
I have a few people asking me how do we actually could save money and clear our Credit Card and Loans. Well, here's the thing. I forgot how I do it, cause sometimes, I either ignored or forgotten to pay for my Credit Cards. In total, I have 4 credit cards. - I'm not bragging. It's not a good thing to have one either. Trust me, based on my experience it's a stay away kind of thing. I don't have a loan - THANK GOD. Burden is far way beyond me.
Anyways, I have done my research, some of the article are copied and pasted from another website. I only do it cause I find it interesting and self-learning experience for myself. I might want to start to do it next month onwards.
Clear your credit card debt
One of the golden rules of financial planning is to clear your most expensive debts first, in other words your credit cards. OK, credit cards offer a convenient way to pay for goods and services but if you can't clear the balance every month, consider a low-cost loan as an alternative.
I always make sure that my Credit Cards are deduct able from my account every month, so that I wouldn't have a headache on which one on which. I have learned my lessons to always open up whenever I have a problem. And I did it, I told myself that I do have shopping problem. I have to claim my problem and solve it. And I did, 2 credit cards I will have to pay by cash every month and the other 2 will be deduct able from my account.
Everytime when I want to do some shopping, I make sure I have a shopping list. Especially groceries, thankfully. It worked and I got my averaged monthly shopping no more than DHS 500 [SGD 250 estimated]. And cutting down from 5 tops and bottoms to 1 each month. Shopping could be addictive but when you know where to go for it, you are cutting down major cost. If you travel alot, make sure you survey each country before setting your foot near to the register counter.
Selling of unwanted wearable and usable items on Ebay could be a good idea for you to ease of your debts. These items could be anything to be sold online. Remember: THE UNUSED clothing are always up for a good cost.
Saying NO! to yourself on regards to items that you don't need can make you a good person, one day. Saying NO is not a difficult word to use in other circumstances like economy crisis. NO to the ones that you don't need. Make a list of the things you NEED and the things that you DON'T NEED. It helps when you are doing your monthly shopping.
Shopping online could be a good and saving ideas these days. Get the clothes you want for only half the price. Or groceries shopping if you need some.
I am giving you some of my bad and good habits which I should and should not continue.
Good Habits:
- Paying everything in cash.
- Buying a limited number of clothes each month. [1 per piece]
- Cutting down on drinking and socializing
- List down the shopping list
- Express my wants and needs
Bad habits:
- Forgotten to pay credit cards and use the cash for others
- Didn't save enough to give my parents monthly
- Drinking & Smoking [which I have to cut down]
- Spending my way on expensive restaurants and beverages
Sometimes, bad habits have to go and have to keep. Without bad habits you are not human. If you get what I mean. Anyways, I hope these tips could do you guys in a good way.
Remember: Save money is the key to the next future
Till then
Queenie
