Share ko lang mga sis,
I am a shopaholic, retail therapy has been my answer every time I feel stressed out and depressed. Before I know it, my financial health is already negative. I used to pay all my CCs in full amount, then I just woke up one day that I could not anymore. Then I realized, I had to fix my problem already. I'm sure papagalitan ako ng parents ko if they find out my spending habits and debts incurred in my CCs. Good thing my CC bills are electronic
What I did was strictly follow the rule: INCOME- Savings = Expenses. Yes, I've read somewhere kasi that even if you have debts, it is mandatory to also start saving because it gives you that control over yourself and a little motivation that you are already managing your finances well.So right after payday, I transfer online my "savings" for that month, so that it is secured already.
And the priority now goes to paying up my incurred CC debts using the snowball method.
To also keep track of the expenses, you can use the apps such as Wally (free in ios), debt monitor app (for those with cc debts or loan payments, also in ios) and even the home budget app (for your home expenses, esp if you are living alone).
I also try my hardest not to go to any mall (probably limit myself), so that I won't be haunted by new stuff ( be it clothes, shoes, bags etc), imagine the movie, confessions of a shopaholic
You can also try the envelope system, it really works! So after getting your salary, you divide the amount into the following respective categories:
1. Envelope 1 - Emergency Fund ( should account for 3-6 months of your expenses)
2. Envelope 2 - Savings
3. Envelope 3 - Everday Fund ( your expenses on a daily basis)
4. Envelope 4- Enjoyment Fund
5. Envelope 5 - Spiritual Fund (if you do practice tithing)
You can customize your envelope names to suit your own needs
Or if your techie, then you could just transfer the amount online to your respective bank accounts.
