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Salapi | Ang Iyong Pilosopiya sa Salapi

bagyoboybagyoboy PExer
edited March 2019 in Banking and Finance
What's your philosophy on this thing called money? How do you handle money? Do you operate on a budget? How do you earn lots of it?
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Comments

  • QuentinQuentin PEx Veteran ⭐⭐
    it disappears faster when handled as small bills.
  • It has been said that "You learn your spending habits from your parents". Would you agree?
  • AdaAda Administrator PEx Moderator
    My mom believes I don't know how to handle money since she thinks I'm spending too much on useless junk [since when have clothes been considered junk?! :D] Anyhow, maybe she's right. I've been working for two years already and I haven't really saved a lot. I've been shrugging it off as normal for people who haven't come to terms with having more money than they usually do.

    I haven't considered getting a credit card either because my belief is, if you don't have cash, then you don't have the right to buy anything. And I, being the impulse buyer that I am, could really wreak havoc with plastic.

    With regard to learning my spending habits from my parents, it's partly true. My dad isn't an impulse buyer like me [in fact, he never goes to a mall unless he really has to buy something] but he goes for quality even if he has to pay a little bit more. We're alike in that respect. I don't mind shelling out a bit more as long as I know I'm getting something of better quality.

    I'm trying to adopt a new attitude towards money: save as much as you can, give as much as you can.
  • Ada: Good Luck!
  • zimdudezimdude PEx Veteran ⭐⭐
    Ada's right, it is said that if you give to a good cause, God will return it to you a hundred (or more!) fold. My family has experienced this already. :angel:

    As for charging, I've had a bad experience with credit card overspending so I'm very cautious now. Don't be tempted by "installment terms", so don't buy anything that you can't repay in full (ideally) at your next payday.

    And buying online, hmm, that's another temptation...
  • ----
    some sez: "Money, root of all :evil: "

    :D <---look hu's tokin?! :lol:

    diablotin.gif <---and look hu's reading?! :lol:




    ----
    bl_paw.gif
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    While I admire people whose attitudes towards credit cards and spending are like Ada's and zimdude's, one advantage of having a credit card is that it gives you a chance to develop a good credit record.

    Sometime in the future, we'll all need credit. Maybe we'll want to buy a house, a car, or home appliances. Maybe we'll need to answer for the debts of somebody else, like a relative or a friend. If we didn't have a credit record, it will be hard for us to borrow money.

    Having a credit card, and using it properly is an easy way of providing a credit reference when you need one. With a credit card, you might tend to keep less cash in your wallet, and more in your bank account, where it can earn interest.

    Sometimes we'll need credit cards for emergencies. I've put hospital bills on my credit card many times. Some were for emergencies, but others were also for planned stuff such as when my two sons were born.

    It's also an easy way to bridge finance. What if you were in the market for a nice pair of shoes, saw something you liked, on sale at 30% off, but only until the 15th? What if you knew you would be getting your bonus on the 30th? Would you forego this bargain just because you didn't have your money yet? You can bridge it, with your credit card, and still not live beyond your means.

    I've even been able to convince some merchants, who didn't know me, to accept my check in payment of purchases, using my credit card as a backup/guarantee. Now these same merchants honor my checks without question even without the backup, because the first ones I issued were good.
  • I'm sorry to say this but "Money Talks, ***** Walks"
  • KD: Very admirable. I don't have a very impressive credit record, paticularly with one credit card company. What you just said sends the chills down my spine. I haven't settled my bill with one credit card, but I got a loan from a cooperative for a piece of land. Most of the financing my business requires, I get from this cooperative.

    If I have a bad record with a credit card company, does that mean I cannot get any loan from any bank?
  • zimdudezimdude PEx Veteran ⭐⭐
    Well I really had it before with my card... got suspended :lol: but I paid it all back...
  • zimdudezimdude PEx Veteran ⭐⭐
    FemaleNetwork | The Kiss of Debt

    http://216.149.156.198:8080/female/career/articles/971282304

    Debt, like death, can be as appealing and swoon-worthy as Brad Pitt that it's so easy to fall for its spell. When you think about it, all addictions — and the other bad habits they perpetuate — have always been packaged into something real mouth-watering to lure more oblivious and unsuspecting victims. Once these individuals are hooked, all attempts to rescue them sometimes become almost futile. What's sadder is that they don't know or refuse to admit how trapped they've become.
  • Zimdude: Thanks for the article. I needed that.
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    Originally posted by bagyoboy

    If I have a bad record with a credit card company, does that mean I cannot get any loan from any bank?

    Not necessarily. It might make things difficult in the future, especially if the amount involved is large enough.

    However, you have a credit record with the cooperative. I hope your record there is a good one. You can use this as your reference. Since it's a later transaction than your credit card, your future lenders might conclude that you've "reformed". ;)
  • MONEY DISAPPEARS VERY FAST. our money almost has no value! u could buy a lot with a thousand pesos back then, pero ngayon kulang pa! :(
    ngayon ko lang na-realize na when u earn your own money, dun mo nararamdaman hirap ng buhay! ngayon nga parang mas matipid pa ko kasi alam ko kung gaano kabilis maubos sa konting purchase lang. thankful na rin ako i was brought up na hindi humihingi ng money. dati sa gimmicks and buying my stuff, savings ko lahat from my alowance. kaya ngayon i don't have much difficulty controlling myself from spending. i know my limitations and my mom always stresses she will never pay for my purchases, lalo na pag luho ko lang, especially now that i'm working.
    having a credit card is very convenient, walang hassle sa shopping,pero u have to make sure you pay your bills completely dahil sobrang hirap pag nabaon ka sa interest.
    kuripot man ako, at least wala akong utang :)
  • wow! a very old, but timely thread (at a crossroad here, personal issues at the moment).


    MONEY is just something man invented to get one over the other. money has become the most popular currency for accumulating either more of it, more possessions, more land, more cars, more of everything. it doesn't stop.

    there is just no escaping it. try living without money in this modern world, and you would end up in the streets. to end up like that just for some piece of valuable paper that you do not have is very sad.

    we worry about global warming, or the next big hit by an asteroid. world issues left and right. but we have never thought of our dependence on money as an issue. that is a ticking time bomb by itself waiting to explode, more than many of us will realize - or admit. just look at all the chaos caused by the crash of a small stock market.

    what's my point? none evidently. i too am enslaved by the material world. maybe when Mars becomes habitable we all could start on a clean slate.
  • Old chinese proverb:
    MONEY is a good servant, but a poor master.
  • ..."In 1915, the highest denomination of a German Note was 100 Marks, which was roughly equivalent to one US Dollar. By October of 1923, 100 BILLION Marks Notes were common. In 1915 a retired person could live comfortably off the interest from 50,000 Marks in the bank - by 1923 the same banks were closing those accounts for insufficient funds! In January of 1919 you could buy an ounce of silver for 12 Marks On November 30, 1923, only four years later, it took 544 TRILLION Marks to purchase the same ounce of silver. For those Germans who had simply taken their money out of the Mark and put it into a different currency or anything of value, they preserved their money and many prospered."

    Is that really money you are holding in your wallet? It cost the US government 3 cents to produce a dollar bill or a 100-dollar bill! All paper money is a fraud accepted blindly by people w/out knowledge of its history or beginnings. Paper money used to be a convenient representation of historical store of value: gold and silver. And redeemable at the banks. Now paper money is just ink on paper produced by your local central bank. It does not preserve purchasing power. It gives government through central banks the ability to spend at will and control finance, business and people.

    Can you really honestly work and save your pesos, dollars, rupeehs, dinars, pounds, yen, etc and hope that it will provide for your old age? Inflation and taxation will make a pauper out of you!

    The Good Book talks about the dishonesty of false weight and measures. Thou shall not steal!!! Yet the central banks do it everyday w/ the willing masses of people laboring for pieces of ink paper that buys less and less w/ time...
  • kLes02BattousaikLes02Battousai PEx Veteran ⭐⭐
    You have to SPEND money, to MAKE money
  • knnknn PExer
    Save some, spend some.
  • A peso saved is a peso earned.

    True enough, you can't invest and get higher returns if you don't have any money saved up from the money that comes in.


    Lessons, news, and insights on personal finance and tech-preneurship - www.mariecasas.com
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