Posts from — May 2011
Congratulations to Scotty McCreery for winning the American Idol.
I actually loved the show especially when Steven Tyler sang. It was fantastic.
Here are a few highlights:
May 26, 2011 No Comments
I am a big fan of increasing income. But lowering expenses is the other part to get ahead in your financial life.
PERK is a system that Robert Pagliarini, author of The Six-Day Financial Makeover created to reduce expenses.
The PERK System is easy and most people can reduce their expenses by a few hundreds to thousands per month in a matter of minutes. The PERK System consists of just two steps:
List all of your expenses individually and then add them up together. Include recurring monthly expenses like rent, as well as those that occur less frequently which includes car insurance.
Next to each expense, write a P for Postpone, E for Eliminate, R for Reduce, or K for Keep.
- Postpone – These are expenses that you can putt off for a while. For example, vacation or a new car purchase.
- Eliminate – These are expenses that you can completely remove from your budget. These are things like gym memberships and cable.
- Reduce – Any expense that you can lower the amount you pay for. A nice example for this is lunch which you can choose to bring from home
- Keep – Some expenses can’t be reduced such as mortgage payments
If ever you didn’t reduce your expenses, you should get back to applying PERK to your expenses and make sure you reduce your expenses.
I love this approach and has been my system for a few years now. I must say that I am still working at it and continually applying it on my everyday expenses.
You should try it out.
May 18, 2011 No Comments
There are a lot of things that we may think are little expenses but in reality can add up to a lot of money. Here’s a list of things you’d want to cut from your budget this year.
|Expense||Daily||Monthly||Yearly||10 years||30 years|
The amount that is being wasted on such expenses can still be increased. Imagine if you invested the money earning 10% per annum. It would be significantly higher.
May 15, 2011 No Comments
The Automatic Millionaire is one on best books I’ve read on personal finance. It is a great motivator for you to save. It is also has a sound plan.
- Pay Yourself First
- Make it Automatic
This brings me to BDO’s Easy Investment Plan, which in this case follows the following principles. With as much as Php 1,000 monthly, BDO will withdraw and invest it to your UITF of choice automatically just like clockwork.
Aside from this, BDO’s UITFs has one of the best UITF performances in the UITF market. It also has the lowest fees.
Come to think of it, since I am planning to invest some money in an educational plan, I might as well open one again with BDO with the Easy Investment Plan(EIP) and use it as a “sort of” educational plan since I am having some problems finding suitable pre-need companies that offer educational plans in the Philippines.
May 13, 2011 No Comments