Friday, July 1, 2011

Money and Credit Savvy from RD

I have been a loyal subscriber to Readers Digest Asia for years now. One of the features that I like there is the one where money, savings and credit advice is dispensed by a certain Gabriel Yap.

It's from him that I learned how to take advantage of debt optimization offered by credit companies. I also learned that investing in the Chinese Yuan, Singapore and Australian dollar could be worthier investments over a regular dollar account. I still don't quite get all the advice on equities and mutual funds but it's still great to be learning something new monthly about money and investments.

This is particularly crucial now since hubby and I have two kids to provide for. I dare not even contemplate just how costly it would be to send them to college someday (but maybe with K-12, they don't need to go? haha) especially in these times when there are so many options for self-realization for them.

All the advice was especially relevant when we ran into debt last month, because our disposable cash is currently tied up with an investment and we suddenly decided to enrol our child somewhere. Talk about not having any disposable income. It was jarring to feel that limited in your purchasing power, even if only for a time. It was a wake-up call that got hubby and me to revisit our income sources and spending habits. And now, it's time to make some of the changes.

Good thing though that I have developed the habit of not bringing my credit card with me all the time. Sure, it has been a source of stress realizing I didn't have enough cash on me too and returning all the lovely things I already have in my basket (this has happened twice already!) but it's still better than developing a habit of reaching for the plastic whenever I find something nice.

Hopefully, we get to raise money-savvy kiddos as well.

No comments: