My Money Saving Challenge

If you live in a country where the standard of living is very steep, the prices of commodities are high, and the accommodation rent is stupendous, saving enough to fill the retirement coffer just seem to be so impossible for expatriates like me.

I have been working for almost 27 years; while I am very happy that I have managed to save enough money to invest in properties. I feel that I haven't saved much for my retirement though.

Saving is one of the biggest challenges that my family here has to face. We spend our earnings in this place too so what ever is spare is deposited to our daughter's account back home.

2017 is a big Money Challenge year for me and my husband as we try our best to cut down unnecessary expenditures while putting percentage of our earnings to our investment, cash savings, and paying off loans and credit cards so as not to accumulate high interest on finance charges. One option to consider while trying to pay off loans is refinancing them. Earnest's can help refinancing your student loans. Their unique Precision Pricing not only can save you a ton of money but you can pay them off much faster. It is high time we understand where our money goes, how our debts can accumulate, and what means can we find to lead us on the right track on spending conscientiously, saving wisely, and where to get financial assistance when needed.

Below is a personalized Money Saving Challenge infographic for myself. I want to be able to set aside a portion of my salary to my intended allocation so I can meet my target for this year and onwards.

A Good Credit Score For A Loan

Most people will need a loan at a certain point in their lives. Others will consider the use of credit cards and will seek credit card advice for their application. The use for a credit can be for personal, business, a milestone in their lives and educational. However, what ever the reason for acquiring a credit or loan, people must be aware that what money you borrowed must also be returned in good faith.

Acquiring a loan these days is getting very difficult due to the fact that we are still in recession. The financial market has not bounced 100% yet and even if some banks and other financial institutions have opened their doors to money-lending, applying for one is like going through an eye of a needle. One must have a good credit standing to have a good chance of loan or credit approval when you apply.

Many will wonder how the credit score works and what gives you a good and bad credit score. Most lending institutions follow the FICO scoring system or in long term, Fair, Isaacs, and Co. It is the company behind the widely used credit scoring system used by most credit reporting companies. The FICO score ranges between 300 to 850. The latter is the perfect credit score and the ideal. One's credit score has the history of a person's credit flow and is an indication whether that person will be a risk to be given a loan or even be considered about credit cards issuance.

Not all denizens can afford to stick to the good credit score range due to many reasons. Some of them may have been unemployed for sometime and have fallen on hard times. Others may have been trying to make both ends meet due to the meager wage and facing tons of bills to pay so they result to other means of getting ready cash. This is when the misuse of credit card comes into the picture. However, there are still companies offering loans even to those with bad credit standing. These companies offer special rates with low credit balance and special interest rates to those who have bad credit score to help them keep their spending on track and build up a good credit standing.

If you are looking for a loan or credit, make sure that you are ready to face the responsibility of paying back regularly and using the loan or credit very wisely.

Managing Credit and Finance during Recession

People are smarter now when it comes to managing finances and credit. Ever since the global economy took a nose dive last year, people have learned to appreciate the value of money. Many who fell into a big credit sink hole are now seeking personal finance help to put them back on track. A lot of people are now watching what they buy with their hard-earned money. Many credit card users are also taking into consideration the finance charges they will incur if they do not pay their credit on time.

People are not wary of all these before the advent of recession. A household will generate expenses relentlessly because of the assurance of getting monthly salaries to compensate the flow of cash. Many are not mindful of their credit score range because the market was not strict in lending money to borrowers. Money just flowed easily. That was what everyone believed until the great market plunge. Due to the economic downturn, people learned to save and live within their means. Budgeting has become the by-word of every household in the world. Cutting back on the usage of credit cards is one of the top means to save money. People have learned to be smart with their existing mortgage by either selling their properties or applying for a new re-mortgage scheme being offered by banks to lower the interest rate and keep them afloat.

All of these economic uncertainties have taught every one a lesson in handling one's finance and credit. People are now informed and will be better prepared in case of another major recession.

My Goals this 2011

A lot of us made our new year's resolution for 2011. I have and I am resolved to do few things which will bring continuous and positive effect until the coming years.

My goals for 2011 (and hopefully to spread all the way to the coming years):

1. Be more healthy. This will stave illness and keep the medical bills away.

2. Be more active. I am done sitting in front of the computer and playing games on Facebook. Yes, I am also one of the millions who got hooked at one point on the ever-addicting social network. I imagined how my life was pre-Facebook. I used to do a lot of stuff and recently I was in a rut because all I did was play some games in that social network.

3. Pay down my credit cards. I do not have to elaborate on this. Many share this sentiment with me. I am tired paying for the finance charges. This borrowing thing has to stop. And it will this 2011.

4. Save, save, save. I used to be very thrifty when I was single. After having my own small family, I noticed my budgeting skill  went a little wayward. I used to save big time and wonder what happened to my spending habits. I counted the chicks when they weren't hatched yet so I used up my savings for things and services I didn't actually need. I am re-focusing all my energy and will-power to save.

5. Be more sociable. I am an anti-social! There, I said it. When I say anti-social, I don't mean the hermit-kind of reclusiveness. I just enjoy small gathering of people I truly know. So, I have to muster the guts to attend to social events where I barely know anyone. I have a problem breaking the ice. I don't have the gift of gab like most people do. That has to change. I have to face my fear of public-speaking and overcome my shyness. Now you know why I enjoy blogging than partying...

6. Learn a new language. I used to speak Japanese, a bit of Arabic and French. All those were side-tracked because I focused more on helping my daughter with her school stuff. I want to challenge my mind and continue learning different languages. I don't know if I'll be able to use any of them in my daily life but it does help to know a different language because we travel a lot. During our trip to France, I was able to communicate with my very little French and found our way around town. I know they have their benefits. I will soon find that out.

7. Move to a new department or have a career change. This one is my last goal for 2011. I am aiming to empower my career so I can earn more but if I don't see any light at the end of the tunnel for the current economic situation, I may have to shelve this temporarily until the dust settles. Our company is still very stable and I don't want to shoot my foot by jumping out. I will probably find another higher position within the company if the recession's tide has still not ebbed.

So, do you have your goals for 2011? 

                                                                                                               

High Technology in Seoul

My family and I have enjoyed our recent trip to Seoul, Korea. The place was scenic and clean. I love the weather although it was so chilly.

We had the chance to visit some nice malls and I cannot help but compare their advancement in technology. I bought some chocolates in the grocery and had to use my credit card because I had few money left. I was surprised to see their sleek receipt printer with a very high-quality paper print out. The receipt was thick. I was also waiting for the shop attendant to ask me to sign the paper receipt she printed. Instead, she directed me to a small check-book like device placed in front of me with a small pen. She told me to sign there. Wow, electronic signature! I have never used that yet and have not seen that here in Dubai.

Seoul is really modern and advance.

Quick Money

I don't grow money out of my limbs. That is what I always tell my family. However, ever since my dad passed away, my brother and I have been pulling our resources to send money back home. What I don't understand is, our family in the Philippines seem to not realize that we are also affected by the recession.

I have been telling them over and over again that my bank account is as flat as a paper. I wish I can do something to help everyone but I am also tight.

Our company does not offer payday advance so they will have to wait until my brother and I get our salaries by the end of this month.

Quick money these days are hard to find. Pre-recession, the banks here would run after us to offer personal loans and high credit limits cards. The table has turned and the banks are very strict now. Some banks don't even lend to "Filipinos." I will not go into details as to why but it is a fact.

I don't want to ask for another loan just to help every body out. If I do that, I will never, ever get out of the financial rut. I need to help myself and my family here too. I just wish my family back home will try to understand that.

Banish Debts Completely

I have fallen prey to the credit card monsters here in Dubai. Back when recession was far from everyone's minds, banks here in the Gulf region offered great deals on credit cards. Some offered free-for-life scheme where annual fees were waived. Others had interest-free for a certain number of months. All those changed when recession hit the financial market. The banks issued new credit rules and interest rates were hiked.

I remember paying for a certain card for less than $100 only but now, I have to shell out extra money just to cover the minimum when I have not used the card recently. It seems like my credit card bill has not improved at all and I owe the bank more than what I have used because of interest charges.

Banishing my credit card bills is my primary concern. I want to be able to enjoy my earnings too and not waste it by paying credit cards every month. It is hard to accomplish this goal at this point because of many factors. Money is scarce. Our company has not given us any increment last year and other incidental expenses keep creeping up like school fees, car maintenance, house rental, mortgages and family to support in the Philippines. I am not even taking into consideration the medical bills I have to incur for my check-ups and medication.

I wish there is a fast way to reduce the card bills. I hope they can offer credit cards with small interest fee like TrueEarnings card and Starwood Preferred Guest Card which you can use for your basic needs like groceries and food items. At least, the purchase of groceries and food items is something I will not feel guilty of.

The US market is more flexible in helping consumers cut back on their spending and lessen the credit card bills. US offers great deals on cards and provides free credit standing checks to consumer. I have yet to see a financial institution here in Dubai to offer credit standing check. All I know is that, we are paying so much for the use of cards. To be able to maximize the payments we make, we must pay more than the minimum. This is a sure way to banish card debts completely and fast.

Cash or Credit?

I have not been using a credit card for my shopping needs. I used to use my credit cards for travel and other leisure purpose purchases. However, the recession has brought a grim realization when it comes to budgeting and keeping our cash flow to the minimum. For one, we had to cut back on our travels and hotel bookings. I had to set a limited budget for a month to maintain. I stopped shopping for no reason. Now, I am a wiser money-holder than I was when money used to flow like a river. I know better now.