Frugal Honey

Debt Management

How to Defeat Debt For Good

I was in Quezon City for a meeting yesterday and my husband went with me since he also had some business to attend to in the area. My meeting ended at about 3pm, but with the almost 3 hour travel time that we endured just to get to Quezon City from Paranaque, I thought twice about going back to my office in Pasay, because what would most probably happen is that I would arrive with an hour to spare before the office closed. I knew that there was nothing important pending in the office that couldn’t wait until next week, but we were scheduled to receive our salary and a bonus yesterday and I have to pay a credit card bill tomorrow. However, when I checked my active account, I realized that I had just about enough to pay off my credit card bill and even if I didn’t, I could tap into my emergency funds and then simply replenish those accounts next week when I receive my money. And so we didn’t go back to Pasay, instead we spent quality time at the grocery (parents can relate to this I’m sure) and went home early to our son.


How To Waive Credit Card Annual Fees

A few days ago, I asked for the reversal of my credit card’s annual fee of Php2,250. Yesterday, I received a text message saying that my request for reversal was not approved but that they hoped I would still continue using the credit card so that I can qualify for waiver next year.

In your dreams.


So Near Yet So Far!

Maybe it’s wrong to equate getting my first paycheck and my commuted leaves as the finish line, but that’s how it really feels like at this point. It’s as if I’ve been running this financial marathon these past two months, making do with what we have without touching my investments. Unexpected expenses like our car’s battery dying and the resurrection of a headache which I honestly thought had long been dealt with, felt like punches to the gut. Let me reiterate again for the nth time how important it is to have a healthy stash in your emergency funds and believe you me that building up my emergency funds is the second thing I’ll be doing, next to paying off my credit card bills, once my cash inflow becomes regular.


Debt and Depression

There’s no denying that debt is debilitating and has ruined one too many lives, but the effect of debt on a person’s psyche was once again brought to the spotlight with the recent news of the suicide/ murder of the Hsieh family.

The news outlets say that the family’s business went bankrupt and with their mounting debts with loan sharks and the knowledge that under Taiwanese law their children will inherit their debt, the parents deemed it best to just kill their children and themselves.

I’ve heard people ranting about how death was not the only solution that they could have pared down their belongings and sent their children to less expensive schools in order to pay their debts down. And those are very valid solutions, but the thing is, you don’t really think rationally when crippling debt gets a hold of you and drags you down into deep depression.


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