Within days after payday, a lot of employees are faced with the dreaded question – where did their salary go? Quite often, employees feel that right after their wages arrive, it gets spent without them being able to hold or enjoy it. With that in mind, let us then try to find just exactly where the money goes.
The very first place anyone should look for their money is in their credit card statements. Ideally, each person should only have two credit cards–one Mastercard and one Visa. Anything beyond that is unnecessary.
Read the Fine Print: Annual Fees and Interest Rates
Most of the basic credit cards (by basic, I mean those entry-level credit cards that are offered in most shopping centers) will waive the first year’s annual fee as an incentive for an individual to join. On the succeeding years, those fees will be applied. Now, most of them will charge an annual fee of P1,200 upwards. If you have four cards, that’s a total of at least P4,800 yearly expense which you can use for investing or other necessary expenses.
Furthermore, having many credit cards [Read more…]