Since I now have a concrete plan on how to grow my money - Save and Invest. I think the proper course of action to take next is to actually acquire that money to save and invest. Now, let's see here... My only source of income is my salary, which is my active income (income I generate while actively working)and nothing else (voila!). And my main objedctive is to have a steady source of passive income (income generated from investments - your money working for you!) So, I have no other choice but to tap my only resource - my salary!
What I did last February 23, 2007 was I took out a loan worth P24,717.00 from an insurance company so I can save and invest that money. But I can't put it all into my savings since I have to take care of some expenses to afford that loan. But first, here's a look at my pitiful current financial status on a monthly basis (prepare to cry a river):
**Income:
Monthly Salary (NTHP) - P5,978.00
**Fixed Expenditures:
Monthly aid to family - P2,100.00
Rent - 1,000.00
Payment for cellphone - 1,000.00
Payment for TV - 600.00
TOTAL - P4,700.00
**Other expenses (balance):
Payment for glasses - P 400.00
Avon - 250.00
TOTAL - P 650.00
GRAND TOTAL OF LIABILITIES- P5,350.00
So, that pretty much is it! Food's not included there as are toiletries and other stuff I need to live. And it does get worse, because I'm expecting the start of salary deduction for my new loan on April, which is P1,220.00, so that my NTHP will be reduced to a very meager amount of P4,758.00!
But, I feel pretty good, because I know I'm in the right place, right track right now. And I swear I can move that liability. How? Well, simply because I can live on just P1,000.00 for two weeks. What do you mean how? I don't need money for transportation because I walk to work, office is a few blocks away. And we actually have free lunch at work. How cool is that? As for amusements, I can watch DVDs galore at home. I have tons of unwatched DVDs and I don't have electric and water bills because I live in a boardinghouse. Nice, huh? Besides, I can go to the mall whenever I want and don't feel like I have to buy tons of stuff for myself because I've already done that before when I still didn't have a plan. So, basically, when I go to the mall, all I do is eat! This is a charmed life, what can I say?
So there, I can do this. But there is an expense that I seriously need to settle before I'm really good with this - pay my cellphone! I have a balance of P5,950.00 and I'm taking P4,500.00 from the P24,717.00 so that the remaining balance will be P1,450.00 only as of Feb. I still have March to pay P1,000.00 more before my deductions start so finally, that leaves a balance of P450.00 for me to worry about. I'm not worried though. God will make a way. Now, why do I need to make full payment of my cp? You may ask. That's because it will mean that I will have a deduction of P220.00 only instead of P1,220 every month! I pay P1,000.00 per month for the cp, remember?
Seriously, paying my cp will mean that I will be left with only P19,300.00 to put into my savings account which currently has P8,850.00 right now (I will be taking P900.00 from the loan money for some stuff I need). That makes P28,150.00 savings. But it's the most money I've had in my entire life that's really mine, to tell the truth.
Again, I still can't believe I'd only be paying P220.00 every month for that loan! (because I paid my cp).
No comments:
Post a Comment