I am a compulsive shopper

Ah! Next to diamonds, shopping is a woman's next best friend. It certainly is for me ;-P

Being one, however, can destroy one's personal finances. Yay!

Ok, so here's what I did to curb my impulsiveness. I have established a 'fun' monthly budget - P5,000. So here are the rules. Yay! Who just love rules?!? Haha

1. spend for pigging out, shopping kikay stuff, taxi fares - jeepneys are there, right?, novels
2. anything i don't spend goes to my BPI special savings account
3. i cant borrow from the succeeding months - meaning if i should over spend, i can't justify that by saying i can always borrow from next month's fun budget. Simply, no over spending.

Here's to better spending and personal finance management.

Source of image: http://blogs.propertyfinder.com/news/upload/2007/08/budget.jpg

Where I am today?

So, where am I now vis-a-vis this million pesos I want to have in 2 years or so?
Well, I have about P150,000 in cash in several bank accounts.
I have about P50,000 in stocks, then about P15,000 in accounts receivable. Then I have a car worth about P170,000 (it's old, haha). Add the bits and pieces like laptop, computers, cellphones, jewelries, and give or take several thousands, then that is about P500,000, and say I owe P100,000 in credit card, so that is about P400,000 net worth now.

Therefore, in 2 years that should be P1.4 million.

Cheers!

I am a compulsive shopper

I don't need a financial guru or mentor to tell me that yes, I am a compulsive shopper. This habit must be stopped if I want that first million pesos. So what does a woman do?

I bought a cutesy little notebook. This notebook I bring anywhere with me, and EVERY TIME, I really mean every time I spend money, I write it down on my cute notebook. Even jeepney fare, taxi cab tips I write down. All details as long as it involves me parting with the littlest amount of money, I write down. So what does writing my expenditures do? Every time I look at my list, I agonize over the things I buy that are not necessary.

I have been doing this for some time now, that every time I want to buy a new pair of shoes, I think about it first. I think about how it doesn't look good on my notebook. With the help of the notebook, I am not as compulsive a shopper anymore. It has been ages since I bought a new pair of shoes. Yehey!!!


[Source of image (shoes): http://marshawedding.files.wordpress.com/2008/05/shoes20from20dh.jpg]
[Source of image (dress): http://freethoughts.org/archives/dress.JPG]

Maybe real estate is one way

So now that I know what I want - a million pesos. I should decide when I want that million pesos, and how shall I get it. ;-P

First, when? Well, how about a million on the eve of my 3oth birthday. I think that's a good date.

Second, what to do to get it?

Ok. So, here is one of the ways - the way (pardon the pun) I see it.

This Friday, yes, on my birthday I will become the proud owner of a condo unit. Unit #2223 of SM Berkeley. (to read more of this project go to http://www.smdevelopment.com/). This condominium is my biggest asset so far, and my BIGGEST DEBT. About P1.96 million! Yay!

Starting September 8 this year for the next two years, I will have to set aside about P14,500 for the monthly amortization, and afterwards for the the next 15 years or less, I will need about P17,400 for the bank loan amortization for the unit.

I know this is a lot of responsibility - I am afraid as a matter of fact. However, fear is an excellent motivation.

Maybe some people would also want to cross the bridge and do the same thing as I did, but afraid to do it OR don't know how to do it. So here I am. My agent is Ronald Pereira, if you are interested I can introduce you to him OR I can even walk you through my decision process for this project.

[Source of image: http://www.smdevelopment.com/]

An Epiphany of Money

e piph a ny (noun) [i piffenee]
a sudden intuitive leap of understanding, especially through an ordinary but striking occurrence (Encarta)

I just had an epiphany, few days before my 28th birthday - four days to be exact. Yes, I will be 28th the day the Beijing Summer Olympics open.

My epiphany is this - I am not getting younger, and yet I still don't have a million pesos under my name. True, I have earned millions since I started working, but where did ALL that go?

Of course, I know where it all went. I have spent them all on shoes, dresses, senseless books, trips, foods, etc., nothing to brag about and nothing to help me in my old age (ehem), but there you go - ALL my earnings blown away.

I want that first million pesos - financial gurus say that the first million is the hardest to have, the next millions are a breeze. Hence, I created this blog - my first million - to chronicle my journey in putting a million under my name. Yes, it is symbolic, but I won't stop at a million, but it is my first step. My first million is just a title, see. As I face the world everyday, I will be looking at the goal always and I hope that soon I will attain it.

Cheers!

[picture is from http://blogs.sfweekly.com]\