Postsecrets: Money matters
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Every first week of each month, I always panic in silence. Why? My pay day is celebrated with difficulties and apprehension concerning serious thoughts about the necessities of life include food, electric, water & telephone bills and my contributions to the family. All my money goes to all of these. It makes me just want to vanish before the storm while worrying about how am I gonna survive it.
First, I have to find out in advance how much money I have to spend and for how long I have to budget it. Ideally, I usually record my spending at the time I spend it, it seems like a pain, but this is how to find out my spending patterns before setting up my budget. I seem to be a person who makes more withdrawals than putting a lot of deposits to my account. It’s just hard.
Say I am making a budget for one month and I have a total amount of $15,000. My budget would split like, $5000 for my rent; $3000 for my bills (even if I estimate generously— there is no extra left over); $500 on food (groceries are not much of the problem since I can survive it at the company’s canteen); and $2000 for luxuries such as internet & telephone bills & $3000 for other credit cards. A credit card is a budget-wrecker I tell you. Even if I can pay the minimum payment, a large part of it goes to paying the interest the bank is charging, but not paying off my balance. This is really alarming.
This might mean a tight budgeting for the whole month is going to be possibly hard for me. But oh well, I’m still making a budget. My spending is consistently more than my weekly budget and this is tightening my financial belt. I hope this helps even if they may make my life seem less fun temporarily, but even so, it sounds like it is a permanent thing that will never go away. It still is affecting my bank account.
Anyway, I went to the ATM machine and was apalled learning that the income I earned just disappeared from my checking account and wondered what went wrong. I assumed there was a delayed with the autopay system so I’ve decided to wait a few days until today, but still couldn’t withdraw my money. I deliberately informed the costumer service and they too, couldn’t tell me. The total amount was there when I swiped it thru the machine but it seems that the bank is freezing my account with no other explanation. I was advised to see the branch in person so someone can explain it to me. So which means, a customer complaints by phone banking is being disregarded because they can’t give a proper explanation.
After the hoola boolas, they found out that the Inland Revenue for Tax Collection has done all the money-freezing. I was shocked by this. Why didn’t they informed me or even the company? I claimed myself ignorant to this case. How would I know I didn’t pay my tax for the past year since I haven’t received any voucher of such? This makes my blood boil really. They said that they tried several attempts to reach me by phone (oppps, sorry my phone is engaged!) and repeatedly sent the letters to my old address from which I was not aware of. But I’m sure I’ll give my complaints to our HR for not updating my whereabouts.
At the Inland Revenue office, a letter of Writ of Summons has been issued against me that I have no knowledge, whatsoever, which stated in the letter. Fook for the first time I was feeling like a celebrity there with tax problems minus the news photographers. My understanding however is that, that I have not paid my salaries tax. It was clearly stated that I have to pay the said sum of money to the District court or I’ll be in jail? Well if you don’t see me updating this blog, meaning I’ll probably inside the cell. If they’d let me carry my notebook with free internet, I’m sure wouldn’t mind. I am not scared at all. The thing is, I was not informed and have not recieved any payment vouchers. How the hell do I know?
I had no choice but to pay at least a sum of money for the month. But Of course, I literally have no money left in the bank but was advised that I should print the advice slip thru the ATM machine, where it was two buildings away, in pouring rain. I got the slip and handed it over to the information table. Then, I went inside the tiny booth-room, it looks very casual and thought I’d be talking to a police-looking officer. I was so mad it made me swear infront of this ugly young woman. I didn’t realized she was the officer attending my case. After a few series of discussions, she then decided that my explanation was considered valid. I have made a suitable agreement for paying the installment until the end of this year and I just felt so relieved.
On my way home, I thought I’d check the ATM to see if my money was there. To my dismay, my ATM card was found missing. It has been 3 hours already wondering where I left it, screaming in the elevator by myself and even pressed the wrong stupid floor. I was very hysterical thinking where to find my plastic card. I went back to find the ATM in the building where I used it but voila, no CARD! no ATM Card! no fooking ATM card! I walked in circle like a lunatic murmuring to myself. I was sweating in rain-water and just mad. Yeah mad at myself. Even so mad with that guy who didn’t let me light my cigarette. Moron!
I decided, it’s now a lost card. From that very moment on, I thanked God for giving me all these mishaps. I know it’s a reminder that I have to spend less and do a serious budgeting. Meaning, that from now, I have to buy stuff in bulk – it’s cheaper and lasts longer. Use leftovers and waste nothing (which means I will eat a rotten food too), cut out my impulse purchases, no snacks (too late, I bought some already before you even know it), avoid the mall (now, what?), wear what I’ve got (hey it’s true, I have lot’s that I don’t even remember I have them), or maybe cut my internet usage for a while (what do you mean?). And most definately, cut my cigarette spending, besides I’m quitting this month, 11 days to go.
For now, I’m considering to get a bankruptcy application until I set all this budgetary headache. In four (4) days, I’ll be receiving my new ATM replacement card, no more worries. But tomorrow, I’m going to the bank with all the hopes that my money is already withdrawable. My advice to myself, I’m leaving my credit cards at home because it’s too easy to pull it out in my wallet before getting myself into trouble.
Living In Confusion
by: Phyllis Hyman
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[...] I ain’t got no money, how is that every year I owe thousand dollars for taxes and never get a [...]
Last year, I got married. Cost us in total about C16000$. I have finally paid off my share, but I still have some debts left over from last year. We did too much in a year. In a space of 6 months, we bought a condo, I changed cars, got married, went on a honeymoon.
Now, our parents paid a bit, but the rest we paid ourselves. There is nothing worse than being in debt. I am only glad that we aren’t like the people in Oprah’s debt diet, tens of thousands in debt.
If you are in debt, try buying real estate and using a mortgage creditline to consolidate your debts. Right now, I only have one Visa card left. I don’t buy anything anymore on credit. Only with my debit card.
I was talking about this with one of my friends, it seems that we just live to pay our bills. And it is frustrating and draining.
So don’t believe in the MC ads that says “You got the whole world in your hands”. I’ve been using my card for a long time now and not even getting any “free” tickets, what happened with my card points? If you redeem your price naman, pahihirapan ka pang pumunta ka pa sa Mongkok to collect them.
Uy people around here don’t carry cash in bulk, syempre if they don’t use credit card, the Platinum EPS member card ang ilalabas nila - swipe, punch the pin number and voila! I think 7-11 na lang ata ang walang EPS swiping payment eh.
gosh , K
I would be totally embarassed! I don’t bring my CC most of the time when I go shopping. I pay in cash para safe lagi
You’re right, it’s the high cost of living. Hong Kong has been in the top most expensive city to live but most people around here do think that it’s normal. I can honestly say that it doesn’t pay off the rent since typical bachelor flats around here are “as twice the size as the typical bathroom in the US”, you knowwhat I’m saying?
I’m going to cut down my smoking, I’m sure. 10 days more to go.
Would your kitty snuff at cheaper cat food?
…the billing date arrives too early for my pay day before.”
Hmmm… that is a problem isn’t it? Especially when there is currently no buffer to fall back on in case your salary comes in late. Plus pretty high cost of living isn’ it? Do you have to send some money back home or is it solely for your own use?
Food is usually the #1 expense. Well, at least for me anyway. Maybe it’s time to live on rice and soup for one month and see how it goes.
“Oh…and do try to pay your bills on time.”
For credit card payment, it doesn’t make sense to me. Since I rely only with my income to pay these payments off, sometimes the billing date arrives too early for my pay day before. And if I missed that final date, I will have to pay the late charge and will recieved phone calls from collecting agency reminding you to pay these stupid credit card.
Having all these budgeting is getting into my nerves. I often asked, where does my money goes? A CD there. A weekend away. Dinner on Thursday. My money easily diisappearing in a blink. But what I do is to collect the receipt and add it up in a week and see how I am going to budget it the next month. I spend as I normally would but sometimes buying a cat food is more expensive than buying my own food because I need to budget every cents. Do you think I get rid of the cat to avoid buying him those expensive fish cat food?
I need a calculator now!
Wow… I’m surprised that you didn’t collapse from hyperventilation… because I probably would have.
Keep a simple excel spreadsheet to record your expenditure for the entire month. You’ll have a clearer picture of what areas you ought to cut back on.. other than the obvious ones like smocking (yeah, the spelling is intentional). Gotta be disciplined in this. I’d alot of difficulty keeping to this routine, but it got a easier when I use a transparent box to hold my unrecorded receipts and paid invoices.
Oh…and do try to pay your bills on time. :p
That is so true. Few years back, I could never resist getting an extra and extra plastic in my wallet. If you visit the bank to check your account balance, chances are, they will ask you if you’d like a credit card. As you try to avoid them there’s visions of iPods or new shoes dancing through your head. Plus they offer free gift of cellphone for primary card holders, etc. There are pros with the card really. You’ll be able to buy things on the spot, even if you don’t happen to have cash. At the same time, credit card make purchasing things you want (but can’t afford) too easy and ruins your entire monthly budget as you pay the minimum payment.
It’s like resist the urge, or take the card but don’t carry it with you every day. Pero, teka hirap atang iwanan sa bahay. Haha.
when i started working i really had a struggle with credit cards! i would shop till i literally dropped since i couldnt carry the bags anymore! but before i got married i told myself that i’ll pay all my CC debts para clean slate … to be honest, that was one of the heart-wrenching things i’ve ever done in my life … to pay off a significant amount of debt (from my shopping!!!!) na lumaki dahil sa interest! still i was glad i did it …
now that i have my own family and household to manage i really try my best to save … what i do is look at the BIG PICTURE … i normally think if i dont buy the “unnecessary things” then i could save and travel more and hopefully in the long run invest in real estate
“Good decision to leave your credit card at home. It’s the devil in plastic.”
Have you ever encountered yourself in a grocery store and when they swipe your card, there was a message that says “declined” and you had this acute embarrassment in fear that the tender would give a “YOU BETTER PAY IN CASH” face? It happened to me at the Armani shop. I didn’t really thought that my credit card has exceeded its limit so I had no choice but to make a RED face exit with a silly excuse, “You know what, can you hold it for me, I need to check the bank first..”.
Imagine that?
my dear K,
it was a baaad day!
“when it rains, it pours”
I can’t believe they froze your account just like that. That is really annoying. I would be fuming mad like you.
Good decision to leave your credit card at home. It’s the devil in plastic. Please don’t cut down on yoru internet, just quit smoking. I know how expensive cigarettes are over there.
Incindentally, I love budgeting. Ilokana ata ako in my past life
I find budgeting difficult really since mas malaki pa ata ang babayaran ko kesa sahod ko.
I thought I can save much on electric bills without having a washing machine in my flat. I would spend at least thousand more pesos for my laundry twice a month. I think the A/C is taking up much power supply during this time of the year, ang init kaya, kahit electric fan lang, ganun pa rin. Buti kamo I don’t use public transport, nakatipid ako masyado since, 5 mins walk lang naman to work. I think I need to disconnect my land line since I never really use it. Cellphone + Land line, do you really need them both? Pero, kailangan dahil sa internet, yung cellphone, eh papano na yung ka text ko?
life as an adult sucks, right? all that responsibility… aarrrgghh!
i’m lucky though that my husband budgets for us, kasi if it were up to me, bankrupt na kami matagal na. along with cooking, budgeting is the other thing i hate doing most. but, we just take what we are given and make the best out of it. one day at a time. hang in there!
“wala na tayong project, wala na kong peraaaaa”
At least you’re not caught in between debts alone because you share it with your partner. If you’re living on your own, it’s difficult to monitor your spending habit. I just freak out everytime there’s a bill in my mailbox. Walang matakbuhan kaagad at hindi pwedeng pakiusapan. Sometimes budgeting doesn’t make sense to me anymore ang hirap kapag walang extra income. Pag dumami naman pera mo kahit tips & commission eh naka declare sa tax return at libo-libo babayaran. Kaka-ASAR!
if there’s any consolation, you’re not alone experiencing this…haha. depletion of financial resources, to me it happens most of the time. i was just speaking to my design partner hyperventillating in panic “wala na tayong project, wala na kong peraaaaa” (and i called twice with the same monologue, how annoying)
you’re right about spending less. giving up some luxury…for me it’s the spa and the gadgets. for others it’s gimmick…