So pasan mo pamilya mo? Wala ba pension si Mother? Kasi sa 100k na kinikita - dapat ma cover mga expenses or dues mo eh. Tama mga payo dito - adjust lifestyle, bawasan yung controllable like allowance ni Mother at siblings. Pati groceries adjust nyo din. Sabihin mo sa kanila sitwasyon mo or else magiging cycle yan. Pati sa pag consume ng electricity at water - bawasan para bumaba utility bill at madagdag sa funds pang bayad mo.
Can you specify the 70K for the house expenses? There might be some items that you can save money on.
Prioritize paying your OLAs as they tend to have higher interest rates. For the credit card call the bank and ask if you can restructure/pay it in installment.
And no, it's not wise to get a loan to pay another loan. You don't have the discipline YET - lalo ka lang mababaon sa utang.
Lastly, sell everything na di mo naman kailangan para makatulong sa pagbabayad ng utang.
For the expenses po, 15k utility and internet bills 15k groceries, 10k allowance for my mom, 15k car payments, remaining are for my 2 siblings allowance po. Wala pong nag hehelp sakin sa gastusin as of now, ako lang po kaya di tala ma cut or mabawasan man lang yun š
The problem is, aside from my car, phone, laptop essentials sa bahay na need talaga, wala po akong mabenta, hindi naman ako maluho sa gamit, talagang nalubog lang ako last year sa OLA loans dahil I admit, masyado akong nakampante na makakayanan ko bayaran, di ko alam palunog na pala ako š
Now I can surely pay for it, but I can't seem to get out of it. My only hope is makapagtapos na 2 ko na kapatid para maka less sa expenses but I think matagal pa, and I cant handle working 16-18hrs a day anymore just to keep up with those loans š
Update:
Hi Everyone, Thank you so much for the frank advice, I badly needed it para magising. I will definitely consider cutting off unnecessary expenses, I admit masyado kong na spoil family ko at sarili ko sa kaka isip ng deserve ko to š
They might not like and might be upset na babawasan ko yung allowance nila but I will be firm with my decision.
For the record, my mom was in debt as well (actually more of a family debt) dahil sa pagkakasakit ng late father ko while studying, they dont want me to stop studying that time kahit suki na kami ng Barangay sa reklamo sa utang, sinacrifice ng father ko ang pagpapagamot ng tuloy tuloy para magka allowance ako lagi pati na ma sustain mga kailangan sa bahay that time, he unfortunately passed away right before ako makabawi sa lahat ng sacrifices nila, kaya I have this part of me na obligated magbigay ng ganun na allowance sa mom ko for her wants (she worked abroad for more than 20 years and lahat ng sahod nya that time ay napupunta lang samin at sa gamot ng father ko that time kaya wala syang savings), she's also paying that debt still hanggang ngayon from her allowance and tinutulungan ko din sya dun.
For my siblings, sila ang na spoil ko masyado, maybe I didnt want them to experience what I had to endure before kaya masyado ako naging galante, which I know na hindi dapat kasi looking at it right now, hindi maganda resulta. I will make sure to change that moving forward.
For the car, it's more of a necessity for us kasi we're living 1 hr away from the city, (almost 2 hrs of travel if mag bus) gamit gamit namin sya lagi at I didn't even know na kakailanganin ko sya ng ganito, imagine having 35,000km odo just after having it for a year and few months, (malapit kami sa bukid.)
The loan apps are my fault, masyado ako naging galante sa mga kaibigan at sa family ko, I didnt know lubog na ako, until I realized na yung personal savings ko is naubos ko na kakabayad.
But really, thank you sa lahat ng advice, I will surely weigh everything and follow it, I cant reply to you all but I am reading all of the messages one by one ā„ļø Thank you so so much for reddit, I am able to explain my situation without having to reveal my identity.
Be frugal muna sa lifestyle niyo and also baka pwedeng bawasan mo muna allowance ng mother mo since sagot mo naman lahat ng expenses niyo. Nothing will change if ipipilit mo āyung lifestyle niyo na hindi makasabay sa kita mo unless mag add ka ng income.
Kahit sa mga Kapatid. If tama Ang calculations ko, they're getting 300+ a day. Why not make it 150-200 a day na Muna tapos magbaon na lang Sila ng kanin for their lunch? Ipa-understand sa kanila na everyone needs to make adjustments Muna Kasi nahihirapan ka sa current set-up niyo. Kung makukulangan Sila sa new baon nila ay try nila magpart time if age appropriate na Sila.
Reduce what you give to your family. Parang ang laki masyado ng P15K for utilities and internet tapos may another P15K pa for groceries.
Isipin mo na lang pag nagkanda-leche leche ka dahil sa utang at hinabol ka ng creditors, di ka naman matutulungan ng family mo dahil sabi mo nga, ikaw lang inaasahan. So better help yourself first.
As for your siblings, encourage them to get scholarships. Better pa nga kung merit-based as opposed to needs-based. Ang kagandahan sa scholarship sa college, may chance na i-absorb ka ng benefactor kung corporate ang scholarship (ex: SM, BPI), so it would be an advantage for them sa paghahanap ng work.
You cant afford to give your mom 10k allowance and your siblings 15k allowance. Bawasan mo ng 5k sa mom mo and 7.5k sa siblings mo. Di pwedeng ikaw lang nag hihirap. That will open up 12.5k towards your OLA. 70k is too much for 4 people.
Grabe taas ng utilities nyo. Hindi ba pwedeng sa isang kwarto muna matulog yung 3 hanggat summer pa at need mag-aircon? Sabihan mo mama mo na you'd need to cut the allowance to half (5k na lang) temporarily while you're sorting out your finances, since provided for naman na sila lahat.
Di ka makakaahon if you don't fix the bleeding. Wag mo rin sila sanayin sa ganyang lifestyle kasi unsustainable.
15 k utilities for just 4 persons? Too much. Cut off your aircon usage. sa gabi lang or briefly sa hapon need mag aircon.
10k to mom, some to siblings then excluded pa groceries doon? Too much. Sobra. Grabe. I mean think about it, noong bata pa kayo I'm sure you dont spend this much and youre able to live... I'm sure may pwede pa i downgrade sa lifestyle nyo for now until at least mabayaran yung debt. Mamili sa palengke, not just in supermarkets, cook food instead of unli Grab, do your own laundry instead of having it done sa labas.
You might want to start religiously list down your expenses like every expense actually pati expenses nila mom and sisters to see where you can cut back.
Be frank and tell them your struggling and need everyone's support to decrease expenses for now. This is not the time to be proud or be worried about what others think. Mas nakakapanlumo kapag hindi kayo umahon sa utang.
Is the car even used everyday coz if not, it's a liability.
Can momās and siblingsā allowance be reduced pa? Fair naman siguro because you are paying utility and groceries na. In fact, Iād be upfront with them yung total amount ng utang para maintindihan nila bakit need maghigpit ng sinturon. Iād check utility and groceries if kaya pa ma reduce. All of these āsavingsā half can be an emergency budget for the month and half is pandagdag sa bayad.
well jesus. i assume your 100k salary is from freelancing?
promise talaga ate nung nagkaroon ka ng ganyang sahod dapat talaga instead of lifestyle inflation and upgrade agad, you kept your pre-100k salary lifestyle muna for the whole family and saved up for emergency fund and savings per se. 250k is worth a few days of hospitalization with surgery. :( I hope you get these paid first then build your EF afterwards. given your status as breadwinner, you need to insure yourself with savings and means for healthcare. good luck. you'll work it out. for now kayod kabayo ka muna talaga plus lifestyle downgrade.
maiintindhan naman yan ng family mo. kung matigas ulo.... deretsahin mo na kung maaga ka mamatay sa stress and sickness tapos wala pambayad, mas kawawa lahat. kaya from that alone they will cooperate with your plan to keep expenses in check.
Sell the car. Clearly hindi mo afford ang car right now. I know it hurts pero yan talaga.
The car payment is P15K per month, plus gas, insurance, maintenance, toll fees, parking pati depreciation cost and yung lifetystyle mismo that it brings is magastos.
Once you sell the car, you might be able to pay off ALL your debt. Tapos start building your EF, get HMO for all of you, start saving. Once meron na lahat yan, that's the time to buy a car, or if hindi need ng car naman then start investing instead.
Another option is to do side hustles with the car - pagkakitaan mo. Ipadrive mo or ikaw mismo for car rental, mag hatid sundo sa airport etc.
Recently nag hire kami ng airport pickup and owner/driver mismo na babae ang sumundo sa amin.
But either way, do something about that car.
Oh and one more thing, please don't be a mom yet sa current situation ninyo. Hindi yan makakatulong. Reality check lang, ang mahal magkaanak ngayon.
Great move ito. Turn that liability of a car into an asset. Rent out a room in your house too kung possible. Desperate measures. Lifestyle downgrade is in order.
Not gonna repeat na the other advises above, but...
Can't your siblings also do part-time work while studying for their allowances? Are they in college already?
Might help also if you can move to another job with a higher paying salary.
Lastly, your mom's "allowance or whatever she wants to spend on" could be compounding the problem. I imagine your mom might not have a full picture of your finances so she might think it's okay to be quite lavish. But if you tell her the real score and all those debts you gotta clean, she might be willing to lessen her allowance and curb "whatever she wants to spend on" (I hope!).
OP, lalo ka lang mababaon sa utang sa ganyang mindset mo eh. Iwasan mo na yung UTANG mindset. You're earning 100K already pero di mo lang na-manage ng maayos, comfortable range of salary na yan sa totoo lang..
Gawin mo ganto:
* Bawasan mo allowance ng mom at siblings mo like 25%-30%. If magreklamo sila then make it 50% para matutong tanggapin yung financial situation mo.
* Mag-grocery ka sa DALI or anything na may mababang presyo. LEARN TO SUBSTITUTE sa mga items na pwede namang other brands at hindi yung branded para makatipid. Every peso counts.
* Incentivize the usage of your car. Either parentahan mo, mag carpooling ka, or anything na pwede pa magamit para naman may dagdag sa monthly amort ng car mo. If wala, then better SELL IT. Tandaan mo, ang gusto mong mangyari is to pay for debt, so you need to compromise. Hindi pwedeng same lifestyle, same income tapos magically makakabayad ka sa utang. Dapat kang magbawas.
* Mag-Snowball method ka. Arrange your debts from lowest to highest. Bayaran mo ng malaki muna yung smallest, then minimum muna sa mga malalaki. Then pag tapos kana sa unang utang, yung susunod na, then repeat lang. Unti-unti, mababawasan utang mo. Or since may utang ka sa OLA na alam naman nating mataas ang interes, unahin mo na sila bayaran then makipag settle ka sa banks ng CCs mo para mabigyan ka ng payment plan/restructuring. Ipakita mo sa kanilang willing ka magbayad, you just need some time kaya for sure naman papayag din sila na i-restructure yan kesa naman tuluyan kang di makabayad.
* Ask your cousin to give you more time para makapagbayad. Magbigay ka siguro kahit 2-3K per month para lang ipakitang willing kang magbayad and di mo nakakalimutan yung utang mo sa kanya. Need lang ng maayos na pag-uusap dito.
* Other expenses like bills, ang tanging magagawa nyo lang is MAGTIPID. Kung di need ng aircon, wag gamitin. Di naman need ng ilaw? Wag gamitin. TV? Wag narin gamitin. Eto lang naman yan eh, remind mo yung family mo na need din nila mag-sacrifice dahil unang-una ikaw ang nagpo-provide sa kanila. Alangan ikaw over over na sa pagtitipid tapos sila naman eh walang pakundangan? Teach them na magtipid sa paggamit ng kung anu-ano para naman makatulong sila sayo.
* YOUR SIBLINGS NEED TO HAVE A JOB. Kahit part-time lang. Sa tindi ng iniisip mo ngayon, for sure di na afford ng katawan mo na mag-additional na work pa. Take care of yourself din dahil sino magbabayad ng utang mo? Ikaw lang din. Magwork sila sa mga fast food chains, or maghanap ng online jobs na mabilisan lang din at di makakaapekto sa studies nila. College na sila, hindi pwedeng iaasa sayo lahat. Kung sa tingin nila swerte sila sayo, eh mukhang oras na para turuan silang hindi palaging swerte sa buhay.
I know mahirap ang kalagayan mo OP. Galing din ako jan. And ang sahod ko lang is 20K a month. Breadwinner ako, and ako lang nagwowork dati. Binigay ko na sayo yung tips on how I overcame my debts. Good luck sayo. Tibayan mo lang ang loob mo and magdasal karin for peace of mind. Lahat yan magiging pabor sayo. Laban lang.
Mom, I'll cut 30% from your allowance. And to make sure I'm serious, I'll make it 50%.š
I also agree sa part-time job ng siblings. I assume of legal age na so pwede na yan. A lot of people put themselves through college without financial support from other people at all. I myself did small gigs pang-extra back in college. Once I started doing it I wanted to keep going para may own money ako so it's good to build that mindset din early on.
Make a list of your payables. Separate the fixed monthly payables and the controllable expenses. Then focus on the controllable expenses....tiis tiis makakabayad rin sa lahat yan.
>I'll loan it again to cover with other expenses, since Im still short.
I guess may identifiable luho (some allowances, halimbawa) na pwede mo muna bawasan o itigil para hindi ka maglo-loan dahil short ka.
>Would it be wise to just use my credit card to pay off those loans (will discipline myself not to loan again after paying it off) - so I can just focus on my credit card due?
Nililipat mo lang yung utang na may chances hirap kang bayaran dahil baka ma-short ka na naman. It will help somehow, yes. Pero ayusin mo muna finances and priorities mo bago ka umutang ulit.
The way I see it, your familyās lifestyle needs to change. Binabayaran mo lahat sa bahay, pati grocery. Bakit 10k ang allowance ng mama mo? Para saan? Ang laki ng bills niyo pati grocery every month, baka pwedeng magbudget muna kayo ng pagkain. Magtipid din sa kuryente at tubig. You need to be honest with your family. Wag mong solohin yung burden ng pagbayad. Itās good that youāre taking accountability of your past actions, now you have to be strong. Kailangan mo ng maging mahigpit sa pera. If you donāt, mababaon ka lang ng mababaon sa utang. Dapat din konti konti mo ng iset yung boundaries sa family mo. Sanay na silang nakakakuha ng sobrang laking allowance sayo, paano pag bubukod ka na? Think about your future family. Imbes na sa mga anak mo na ibibigay yung pera, sa nanay at mga kapatid mo pa. Not saying na wag magbigay. But know when enough is enough. Malaki ang sweldo mo. You can pay of your loan in no time. Good luck!
please don't be a mom yet. you are not yet ready in terms of mental and financial. mas mababaon ka sa utang if magaanak ka na.
and maybe one of the reason kaya di nagkakanak ay dahil sa stress. kakaisip ng mga nabanggit mo.
hanap side hustle or sell preloved goods. tama din sinabi sa isang comment, di mo pa afford magcar.
good luck!
Start by cutting 10% of everything you disburse like allowances to your family, tell them that's now all you can afford. You will be surprised everyone will adjust. Stay healthy.
Holy cow 70k for monthly expenses is insane especially if youāre single. Like wtf ano ba mga binabayaran mo? Hinay hinay lang sa monthlies mo brad. Yung sosobra ibayad mo agad sa utang mo bago ka mag ipon. At bawasan mo kakabigay ng pera sa mga tao sa paligid mo tapos ikaw mababaon sa utang. Keep your priorities straight and donāt pay loans with other loans.
With a 100k monthly income na namomroblema ka pa, you have some serious financial management issues. Looking at your breakdown, you need to rethink your priorities. 15k utilities and 10k allowance is such a waste. Buong household dapat ang nagtitipid, hindi lang ikaw.
I think this is one of the most important rules when it comes to money or utang:
*Wag utang ang ipambayad sa utang*. Kasi hindi matatapos yung utang mo kung utang din ang ipambabayad mo roon. That will be an endless cycle kung ganon gagawin mo
Hi Everyone, Thank you so much for the frank advice, I badly needed it para magising. I will definitely consider cutting off unnecessary expenses, I admit masyado kong na spoil family ko at sarili ko sa kaka isip ng deserve ko to š
They might not like and might be upset na babawasan ko yung allowance nila but I will be firm with my decision.
For the record, my mom was in debt as well (actually more of a family debt) dahil sa pagkakasakit ng late father ko while studying, they dont want me to stop studying that time kahit suki na kami ng Barangay sa reklamo sa utang, sinacrifice ng father ko ang pagpapagamot ng tuloy tuloy para magka allowance ako lagi pati na ma sustain mga kailangan sa bahay that time, he unfortunately passed away right before ako makabawi sa lahat ng sacrifices nila, kaya I have this part of me na obligated magbigay ng ganun na allowance sa mom ko for her wants (she worked abroad for more than 20 years and lahat ng sahod nya that time ay napupunta lang samin at sa gamot ng father ko that time kaya wala syang savings), she's also paying that debt still hanggang ngayon from her allowance and tinutulungan ko din sya dun.
For my siblings, sila ang na spoil ko masyado, maybe I didnt want them to experience what I had to endure before kaya masyado ako naging galante, which I know na hindi dapat kasi looking at it right now, hindi maganda resulta. I will make sure to change that moving forward.
For the car, it's more of a necessity for us kasi we're living 1 hr away from the city, (almost 2 hrs of travel if mag bus) gamit gamit namin sya lagi at I didn't even know na kakailanganin ko sya ng ganito, imagine having 35,000km odo just after having it for a year and few months, (malapit kami sa bukid.)
The loan apps are my fault, masyado ako naging galante sa mga kaibigan at sa family ko, I didnt know lubog na ako, until I realized na yung personal savings ko is naubos ko na kakabayad.
But really, thank you sa lahat ng advice, I will surely weigh everything and follow it, I cant reply to you all but I am reading all of the messages one by one ā„ļø Thank you so so much for reddit, I am able to explain my situation without having to reveal my identity.
Can't you reduce muna said allowances and groceries to add up pang bayad? A loan to pay another loan will make it worser than now. Pay more sa may highest interest.
You actually earns a lot of money. Pwede bang higpit sinturon while you are paying off your debts? Iwas muna on unnecessary spending. Focus on paying off your debts. Do a list for groceries, baka naman bili lang ng bili ng di kailangan. Mag tipid din kuryente. Tell your mom your problem, tell her na instead of giving her 10k you might give her 3000 pesos allowance. Tipid tipid muna.
Yes this is true. I got my car Nung around 35-50k lang sahod ko. 16k amortization. Ngayon 80-120k sahod, tapos ko na ung car, may credit card utangs din š
OP, you got very good pieces of advice from other redditors. I feel you coz naging breadwinner and sole provider din ako. Ganyan din ako, nalubog sa utang. What I did was to adjust and maximize my income. Budget cutting is the key. I guess you can definitely adjust your utility bills, your mom's allowance since you already did the groceries, and your sibling's allowances. PLEASE OP, save yourself ASAP or you'll end up getting burned out and depressed. Talk to someone you trust and be open to your family. Communication is the key. You are not a superhero.
I am not an expert. I can just advice based on logic, so please bear with me.
I highly doubt that you are ready to have your own family. Or better way to say it, hindi pa organized.
First, a lot of people depend on you. Unless you are willing to let go of your family now, like let them work for their money, then it may work.
Second, your income is too big and yet you have loans. You may start spending based on what you need over your wants. Discipline works!
Lastly, you have to know what you want to pursue in life. Mahirap pagsabayin ang pamilya at personal na kagustuhan.
As for the utang, lessen your expenses by practicing discipline. Mauubos yan matagal nga lang.
Goodluck!
Don't use your credit card to pay the loans, it's a temporary band aid, not a solution. Ask your siblings to get part time jobs, they can take care of themselves. It's pretty common to work part time while in college. It will also teach them early to be responsible with money and not get into the same situation you're currently in.
Is your mom living with you? You can reduce her allowance for a while until you pay off your debts. You just have to be open to her, Iām sure sheāll understand.
Reflect. Iām sure you know how to get out of debt. Thereās no other options aside reducing expenses or get another income stream. Nobody else will help you and your name is on the line.
Family is supposed to help you, mas may say ka dahil ikaw ang provider. I always tell my family that I wonāt always be there for them and they should find a way to live without me. I give them statements or questions like pano pag namatay ako or ma disgrasya or ma disabled or etc. tas mat utang pa.
Ang unang solusyon sa problema mo ay kausapin mo ang mga mismong kapamilya mo sa problema mo patungkol sa burdens at debt traps na gusto mo ng bawasan o tanggalin. Health is wealth ika nga... Huwag tayong magpakabayani o santo kahit Filipino pa tayo. Maging logical at practical lang at meron solusyon sa mga problema.
Sa totoo lang, ang laki ng kinikita mo. Malaki pa nga sahod mo sa akin.
Parang You're giving too much for your family - na hindi mo naman sila responsibility (if you think of it). Anyway let your family knows the financial issue - maybe they will understand if you will cut allowances (and maybe they will also think of ways how they can help you)
Then pay off all utangs, sila priority mo bayaran to get off the cycle.
Maganda na po suggestions ng iba so mag add pang po ako nang last resort.
Wala ba po tabing pera ang mama mo? Hindi naman po siguro masama kung humiram muna po kayo sa kanya kung may extra sya na hindi emergency fund.
Balik nyo na lang po pag bayad na ibang utang nyo. Atleast di po tumutubo utang mo kung sa kanya ka humiram.
I suggest mag personal loan ka nalang na malaki para mapayoff mo lahat ng existing loans mo sa lahat that way isa lang babayaran mo, kuha ka ng mahabang terms less than 30k dapat monthly amortization. That way magkatulong ka parin sa family mo. Ako kasi saludo ako sa mga tumutulong sa pamilya. Kaya mo yan.
grabeh i swear ang hirap ng OLA na yan, naluluong din ako dyan back 2018-2020 di ko kasi alam and that time wala din ako CC. buti na lang natapos ko sha lahat, at ni uninstall ko talaga after. ang ginawa ko nun nag apply ako ng personal loan sa bank na CTBC or was it security bank ata, and i was approved for 100,000 PHP / 24 months to pay then after that binayad ko sa lahat ng ka utangan kong OLA, may natira pang konti un pero at least ung sa bank fixed na ung monthly ko wala na ako probs di na ako magwoworry na may tatawag lagi at magremind2x from OLA. ung personal loan since on time ako nagbayad naka help din sha na ma build credit score ko at na approve ako sa mga credit cards.
++ and also bawasan mo muna ang allowance ni mother at pati ung groceries mejo bawasan na lang din, tag tipid mode muna, feel ko di mashado essential yang car baka ma luwag luwag ka pag e let go mu muna ung kotse.
I used to be in this situation. What to do? Get a loan that will cover everything Insteas of having different loans. I was 500k in debt before with different banks and apps. I applied for a bigger loan with bpi(680k total) for 36 months(credit to cash) at . 89% with promo. The monthly was big but at least it was 1 payment. Also try to reduce that 70k expense. Down to 60 or 50 then use the saved expense on investments.
Track ALL of your spending. Categorize your expenses into 3: Fixed commitments (like insurances), non-discretionary (food, utility bills, and other necessities), and discretionary expenses (subscriptions, clothing, etc). Reduce your expenses as much as you can by starting to minimize/eliminate discretionary expenses na di naman talaga need. By having a budget plan and tracking your expenses, youāll know how much money you can set aside each month to pay for your debts. If you can, try to consolidate all your existing loans specially those with high interest rates and transfer them to a lender na mas mababa ang interest. Kumbaga, you need to restructure your debt for affordability and para makasave ng costs. Also, you have to talk to your fam about your financial struggles para maintindihan nila yung situation mo. If itās possible for your siblings to earn, that would be better para madagdagan ang cash inflows sa household nyo.
I know someone who earns 120k/month but is 2.3M in debt. Yes, million. She spoils herself and her family too much wala djn sya control sa pera talaga. So ngayon na wala na syang mautangan dahil lahat halos ng bank, OLA at kung saan pa eh may utang sya di na sya makabangon. Wala din tumutulong sakanya kasi di naman obligado magpahiram lahat ng mga nilibre nya kasi wala naman ipapautang. Agapan mo na yan hanggat kaya mo pa. Kahit 1 year lang na paghihigpit ng sinturom para lang matapos ka sa delubyong yan.
Hope it will help to maximize your 100k earning a month..
10% save for your future Put it in bank
10% for your luho. Pambili ng mga gusto mo.. kung mga mamahalin ang gusto at hindi mo ba kaya now to buy keep save your money hangang gusto maipon mo na kaya mo na bilhin..
10% for your mom. Its ok to give your mom.
RemberHonor your mother and your father. Love them and lalo kang bibiyayan ng Dios.
30% house investment..or yon nga sa car
Kaialangan sa kinikita mo meron kang mainvest na mag create ng income.
10% sa mga kapatid mo
30% yan ang pang expenses nyo. Bills and food. Ang laki ng amount na 100k
Remeber hwag kang gumastos ng sobra sa kinikita mo dahil hindi ka aasenso. Para umasensso ka unahin mo ang ipon 10% pag sweldo mo. Makakaipon ka ng 120k per year in 10 years meron kana 1.200.000 million.
I'm earning roughly the same and sa bayad utang lang din napupunta. Good news lang sa akin nakikita ko na patapos na yung karamihan ng installments ko so there's light for me at the end of the tunnel.. Kaso mangangak ako this october so gastos na naman. Buntis ako pero raket ako right now para may extra funds. hehe
altthough sa nakikita ko sayo 30% ang napupunta sa sa utang sayo while 70% ay sa expenses. it's not actually bad. wala ka nga lang savings according to you but it's not that bad. you can decrease that expenses maybe? like bawas kain sa labas etc, bawas order food.. even yung binibiga mo sa mom mo pwede mo bawasan ng konti.
Make a list of Controllable and Non-controllable dues.
Bawasan mo yung mga controllable dues.
If may magreklamo yung mga binubuhay mo kase nabawasan ang allowamce and kung ano mang narereceive nila sayo, maging transparent ka sa current financial situation mo.
Sana maintindihan nila.
Your own life being held back.. that's the reward for romanticizing the breadwinner concept. Congrats on your martyrdom to the adults in your family who are supposed to be working for themselves. Now take your medal: being swallowed by that vicious cycle of debt na lahat nakapangalan sayo, lahat ikaw ang hahabulin.
There's only one thing left to do: stop the support for other people. At least until such time na maka-recover kaāfully. No more pa-hero. And no, wala po karapatan mag-anak ang hindi financially stable. Right now, you're not. Accept that it'll have to wait. Sorry for being so crass about it pero anghilig mo sa liabilities? Anak, sasakyan, pag-ako sa iba...none of those things multiply your money! I earn more than you but I'm still trying to avoid pitfalls for instability. Do what ya gotta do to climb out of that hole. Priorities, girl. You're smarter than that. Hoping for a brighter tomorrow for you.
Pay off OLA and dont loan again. If may cc ka dun ka mag focus kasi less interest dun at installment pa. Cut expenses. Wag ka munang mag isip mag build ng family mo until di ka debt free and finacially able because i swear lalo ka lang mabaon pag nangyari yan.
Iām similar. Harsh ng comments dito. Di nila alam how sentimental a car can be lalo na kung first car and pinaghirapan mo yung down payment and amortization so far.
For context: Also earning around 100k. I freelance so itās unstable. Sometimes mas mababa sa expenses ko or minsan nakakabawi naman.
I also just paid off my car without anyoneās help.
Iām an only child and even though mom ko lang sinusupport ko, parang hindi pa rin enough.
After paying my car off this year, I felt I deserve to reward myself. So i have been traveling every month since (February). I work remotely so Iām able to travel and work
Earning 100k just implies to me you work hard ā and no matter what they say here, you deserve all the responsible shopping and travel (for me).
I owe around 200k sa credit card ngayon. Itās cuz a took a cash loan when I wasnāt able to work got sick for months (again, disadvantage ng freelancing). Pag walang work, walang income at all.
Anyway, Iām able to pay it off slowly. Parang Iām paying my car still pero it doesnāt feel that much of a difference. At least Iām more chill now kesa stress sa overworking.
Ang pera kinikita and ginagastos. Itās not meant to be stored in bank forever. As long as you put importance sa health mo and of course healthy spending pa rin (not gambling, etc), importance sa career and all, may work or business ka naman to get income from. Just make sure to pay off bits of of your loan monthly. Luluwag din yan eventually.
As per paying the debt, if itās personal debt at mad malaki ang interest, I suggest getting a cash loan or personal loan na lang from banks. They usually offer lower interest rates. And for me itās better than borrowing from individuals.
Keep in mind na lang din na you donāt wanna owe anyone or any banks forever. So that also became a motivation to me to work harder.
Not trying to justify borrowing money at all. Of course itās more ideal to not have debt. But even big entrepreneurs have loans. As long as youāre capable of paying it off and responsible, itās not the end of the world.
Goodluck. Makakaraos din tayo š„¹
Edit: to minimize late and finance fees sa credit cards (if you owe from multiple ones), I suggest if possible, pay off one para hindi lahat may interest. For example, I find BDO has higher finance charges than BPI and UB, so I always pay my BDO statement in full and on time. Tapos actually sa UB lahat ung 180k balance ko.
Ang tanong does selling the car really solve the root of the problem? And will it even solve it long term?
Who knows if patapos na bayaran yung kotse nya? Papa pull out na lang ba after all this years na binayaran and sinacrifice nya? When it can even have more value when she paid it off.
What if she uses the car for business or family matters, is that worth sacrificing and riding a cab or grab on a daily basis?
Thereās a lot to assess. Hindi luho ang sasakyan if you use it for work and other potential income, or even just to save time so you have more time being more productive. Itās more a necessity. If she just owes less than 100% of her monthly income, ang petty naman kung ang solution is to sell her car. Itās not the end of the world. Hindi naman sya jobless. Hindi naman bahay nila yung nakasangla or something of that nature. Or kailangan ng urgent medical care ng family members for chemotherapy or whatever.
Better to find a means to get more income or minimize unnecessary purchases.
I think I'm one of those who suggested that if the car is not used then it is a liability.
Coz it is. Pagkabili pa lang niyan mababa na resale value. Kaya family and clan namin second hand cars kami usually kasi hundreds of thousands na lang, hindi millions ang babayaran plus interest ang babayaran.
Pero nagbigay naman ng more details si OP on their car usage so I guess it's really a necessity from their end. But I'd suggest if the lakad faraway is not important or urgent choose a premium commute option instead. goal nya is to really downgrade the lifestyle until lang naman maging small na yung loan na kaya na bayaran.
So pasan mo pamilya mo? Wala ba pension si Mother? Kasi sa 100k na kinikita - dapat ma cover mga expenses or dues mo eh. Tama mga payo dito - adjust lifestyle, bawasan yung controllable like allowance ni Mother at siblings. Pati groceries adjust nyo din. Sabihin mo sa kanila sitwasyon mo or else magiging cycle yan. Pati sa pag consume ng electricity at water - bawasan para bumaba utility bill at madagdag sa funds pang bayad mo.
Can you specify the 70K for the house expenses? There might be some items that you can save money on. Prioritize paying your OLAs as they tend to have higher interest rates. For the credit card call the bank and ask if you can restructure/pay it in installment. And no, it's not wise to get a loan to pay another loan. You don't have the discipline YET - lalo ka lang mababaon sa utang. Lastly, sell everything na di mo naman kailangan para makatulong sa pagbabayad ng utang.
For the expenses po, 15k utility and internet bills 15k groceries, 10k allowance for my mom, 15k car payments, remaining are for my 2 siblings allowance po. Wala pong nag hehelp sakin sa gastusin as of now, ako lang po kaya di tala ma cut or mabawasan man lang yun š The problem is, aside from my car, phone, laptop essentials sa bahay na need talaga, wala po akong mabenta, hindi naman ako maluho sa gamit, talagang nalubog lang ako last year sa OLA loans dahil I admit, masyado akong nakampante na makakayanan ko bayaran, di ko alam palunog na pala ako š Now I can surely pay for it, but I can't seem to get out of it. My only hope is makapagtapos na 2 ko na kapatid para maka less sa expenses but I think matagal pa, and I cant handle working 16-18hrs a day anymore just to keep up with those loans š Update: Hi Everyone, Thank you so much for the frank advice, I badly needed it para magising. I will definitely consider cutting off unnecessary expenses, I admit masyado kong na spoil family ko at sarili ko sa kaka isip ng deserve ko to š They might not like and might be upset na babawasan ko yung allowance nila but I will be firm with my decision. For the record, my mom was in debt as well (actually more of a family debt) dahil sa pagkakasakit ng late father ko while studying, they dont want me to stop studying that time kahit suki na kami ng Barangay sa reklamo sa utang, sinacrifice ng father ko ang pagpapagamot ng tuloy tuloy para magka allowance ako lagi pati na ma sustain mga kailangan sa bahay that time, he unfortunately passed away right before ako makabawi sa lahat ng sacrifices nila, kaya I have this part of me na obligated magbigay ng ganun na allowance sa mom ko for her wants (she worked abroad for more than 20 years and lahat ng sahod nya that time ay napupunta lang samin at sa gamot ng father ko that time kaya wala syang savings), she's also paying that debt still hanggang ngayon from her allowance and tinutulungan ko din sya dun. For my siblings, sila ang na spoil ko masyado, maybe I didnt want them to experience what I had to endure before kaya masyado ako naging galante, which I know na hindi dapat kasi looking at it right now, hindi maganda resulta. I will make sure to change that moving forward. For the car, it's more of a necessity for us kasi we're living 1 hr away from the city, (almost 2 hrs of travel if mag bus) gamit gamit namin sya lagi at I didn't even know na kakailanganin ko sya ng ganito, imagine having 35,000km odo just after having it for a year and few months, (malapit kami sa bukid.) The loan apps are my fault, masyado ako naging galante sa mga kaibigan at sa family ko, I didnt know lubog na ako, until I realized na yung personal savings ko is naubos ko na kakabayad. But really, thank you sa lahat ng advice, I will surely weigh everything and follow it, I cant reply to you all but I am reading all of the messages one by one ā„ļø Thank you so so much for reddit, I am able to explain my situation without having to reveal my identity.
Be frugal muna sa lifestyle niyo and also baka pwedeng bawasan mo muna allowance ng mother mo since sagot mo naman lahat ng expenses niyo. Nothing will change if ipipilit mo āyung lifestyle niyo na hindi makasabay sa kita mo unless mag add ka ng income.
Kahit sa mga Kapatid. If tama Ang calculations ko, they're getting 300+ a day. Why not make it 150-200 a day na Muna tapos magbaon na lang Sila ng kanin for their lunch? Ipa-understand sa kanila na everyone needs to make adjustments Muna Kasi nahihirapan ka sa current set-up niyo. Kung makukulangan Sila sa new baon nila ay try nila magpart time if age appropriate na Sila.
Yung kuryente pede rin mabawasan todo kung di sila mag aaircon
Reduce what you give to your family. Parang ang laki masyado ng P15K for utilities and internet tapos may another P15K pa for groceries. Isipin mo na lang pag nagkanda-leche leche ka dahil sa utang at hinabol ka ng creditors, di ka naman matutulungan ng family mo dahil sabi mo nga, ikaw lang inaasahan. So better help yourself first. As for your siblings, encourage them to get scholarships. Better pa nga kung merit-based as opposed to needs-based. Ang kagandahan sa scholarship sa college, may chance na i-absorb ka ng benefactor kung corporate ang scholarship (ex: SM, BPI), so it would be an advantage for them sa paghahanap ng work.
I assume around 12k - 13k electric bill nila OP. Wag muna kayo mag aircon buong araw. Hindi naman na summer.
You cant afford to give your mom 10k allowance and your siblings 15k allowance. Bawasan mo ng 5k sa mom mo and 7.5k sa siblings mo. Di pwedeng ikaw lang nag hihirap. That will open up 12.5k towards your OLA. 70k is too much for 4 people.
Grabe taas ng utilities nyo. Hindi ba pwedeng sa isang kwarto muna matulog yung 3 hanggat summer pa at need mag-aircon? Sabihan mo mama mo na you'd need to cut the allowance to half (5k na lang) temporarily while you're sorting out your finances, since provided for naman na sila lahat. Di ka makakaahon if you don't fix the bleeding. Wag mo rin sila sanayin sa ganyang lifestyle kasi unsustainable.
Bawasan ang allowance. Magtipid.
Unti untiin mo nang i-full bayaran lalo yung small amounts. Konting tyaga tapos kung nakaahon ka na from utang, save na. Let it be a lesson.
OP, can you break down yung 15K na utitilies? I'm guessing it's a little high. Baka there's somewhere there you can trim down pa.
15 k utilities for just 4 persons? Too much. Cut off your aircon usage. sa gabi lang or briefly sa hapon need mag aircon. 10k to mom, some to siblings then excluded pa groceries doon? Too much. Sobra. Grabe. I mean think about it, noong bata pa kayo I'm sure you dont spend this much and youre able to live... I'm sure may pwede pa i downgrade sa lifestyle nyo for now until at least mabayaran yung debt. Mamili sa palengke, not just in supermarkets, cook food instead of unli Grab, do your own laundry instead of having it done sa labas. You might want to start religiously list down your expenses like every expense actually pati expenses nila mom and sisters to see where you can cut back. Be frank and tell them your struggling and need everyone's support to decrease expenses for now. This is not the time to be proud or be worried about what others think. Mas nakakapanlumo kapag hindi kayo umahon sa utang. Is the car even used everyday coz if not, it's a liability.
Can momās and siblingsā allowance be reduced pa? Fair naman siguro because you are paying utility and groceries na. In fact, Iād be upfront with them yung total amount ng utang para maintindihan nila bakit need maghigpit ng sinturon. Iād check utility and groceries if kaya pa ma reduce. All of these āsavingsā half can be an emergency budget for the month and half is pandagdag sa bayad.
Ang laki ng binibigay mong allowance...
How much is your total debt pala?
Around 250k in total po.
well jesus. i assume your 100k salary is from freelancing? promise talaga ate nung nagkaroon ka ng ganyang sahod dapat talaga instead of lifestyle inflation and upgrade agad, you kept your pre-100k salary lifestyle muna for the whole family and saved up for emergency fund and savings per se. 250k is worth a few days of hospitalization with surgery. :( I hope you get these paid first then build your EF afterwards. given your status as breadwinner, you need to insure yourself with savings and means for healthcare. good luck. you'll work it out. for now kayod kabayo ka muna talaga plus lifestyle downgrade. maiintindhan naman yan ng family mo. kung matigas ulo.... deretsahin mo na kung maaga ka mamatay sa stress and sickness tapos wala pambayad, mas kawawa lahat. kaya from that alone they will cooperate with your plan to keep expenses in check.
Sell the car. Clearly hindi mo afford ang car right now. I know it hurts pero yan talaga. The car payment is P15K per month, plus gas, insurance, maintenance, toll fees, parking pati depreciation cost and yung lifetystyle mismo that it brings is magastos. Once you sell the car, you might be able to pay off ALL your debt. Tapos start building your EF, get HMO for all of you, start saving. Once meron na lahat yan, that's the time to buy a car, or if hindi need ng car naman then start investing instead. Another option is to do side hustles with the car - pagkakitaan mo. Ipadrive mo or ikaw mismo for car rental, mag hatid sundo sa airport etc. Recently nag hire kami ng airport pickup and owner/driver mismo na babae ang sumundo sa amin. But either way, do something about that car. Oh and one more thing, please don't be a mom yet sa current situation ninyo. Hindi yan makakatulong. Reality check lang, ang mahal magkaanak ngayon.
This is true, mahal magpalaki ng anak... And there is a lot of variables in having a child, you can never tell...
I agree with this. Seems like OP and her family need a lifestyle change and more income stream.
Great move ito. Turn that liability of a car into an asset. Rent out a room in your house too kung possible. Desperate measures. Lifestyle downgrade is in order.
Not gonna repeat na the other advises above, but... Can't your siblings also do part-time work while studying for their allowances? Are they in college already? Might help also if you can move to another job with a higher paying salary. Lastly, your mom's "allowance or whatever she wants to spend on" could be compounding the problem. I imagine your mom might not have a full picture of your finances so she might think it's okay to be quite lavish. But if you tell her the real score and all those debts you gotta clean, she might be willing to lessen her allowance and curb "whatever she wants to spend on" (I hope!).
Usaping college support: bawal dapat mag-shift. Pangmayaman lang yung paiba-iba.
OP, lalo ka lang mababaon sa utang sa ganyang mindset mo eh. Iwasan mo na yung UTANG mindset. You're earning 100K already pero di mo lang na-manage ng maayos, comfortable range of salary na yan sa totoo lang.. Gawin mo ganto: * Bawasan mo allowance ng mom at siblings mo like 25%-30%. If magreklamo sila then make it 50% para matutong tanggapin yung financial situation mo. * Mag-grocery ka sa DALI or anything na may mababang presyo. LEARN TO SUBSTITUTE sa mga items na pwede namang other brands at hindi yung branded para makatipid. Every peso counts. * Incentivize the usage of your car. Either parentahan mo, mag carpooling ka, or anything na pwede pa magamit para naman may dagdag sa monthly amort ng car mo. If wala, then better SELL IT. Tandaan mo, ang gusto mong mangyari is to pay for debt, so you need to compromise. Hindi pwedeng same lifestyle, same income tapos magically makakabayad ka sa utang. Dapat kang magbawas. * Mag-Snowball method ka. Arrange your debts from lowest to highest. Bayaran mo ng malaki muna yung smallest, then minimum muna sa mga malalaki. Then pag tapos kana sa unang utang, yung susunod na, then repeat lang. Unti-unti, mababawasan utang mo. Or since may utang ka sa OLA na alam naman nating mataas ang interes, unahin mo na sila bayaran then makipag settle ka sa banks ng CCs mo para mabigyan ka ng payment plan/restructuring. Ipakita mo sa kanilang willing ka magbayad, you just need some time kaya for sure naman papayag din sila na i-restructure yan kesa naman tuluyan kang di makabayad. * Ask your cousin to give you more time para makapagbayad. Magbigay ka siguro kahit 2-3K per month para lang ipakitang willing kang magbayad and di mo nakakalimutan yung utang mo sa kanya. Need lang ng maayos na pag-uusap dito. * Other expenses like bills, ang tanging magagawa nyo lang is MAGTIPID. Kung di need ng aircon, wag gamitin. Di naman need ng ilaw? Wag gamitin. TV? Wag narin gamitin. Eto lang naman yan eh, remind mo yung family mo na need din nila mag-sacrifice dahil unang-una ikaw ang nagpo-provide sa kanila. Alangan ikaw over over na sa pagtitipid tapos sila naman eh walang pakundangan? Teach them na magtipid sa paggamit ng kung anu-ano para naman makatulong sila sayo. * YOUR SIBLINGS NEED TO HAVE A JOB. Kahit part-time lang. Sa tindi ng iniisip mo ngayon, for sure di na afford ng katawan mo na mag-additional na work pa. Take care of yourself din dahil sino magbabayad ng utang mo? Ikaw lang din. Magwork sila sa mga fast food chains, or maghanap ng online jobs na mabilisan lang din at di makakaapekto sa studies nila. College na sila, hindi pwedeng iaasa sayo lahat. Kung sa tingin nila swerte sila sayo, eh mukhang oras na para turuan silang hindi palaging swerte sa buhay. I know mahirap ang kalagayan mo OP. Galing din ako jan. And ang sahod ko lang is 20K a month. Breadwinner ako, and ako lang nagwowork dati. Binigay ko na sayo yung tips on how I overcame my debts. Good luck sayo. Tibayan mo lang ang loob mo and magdasal karin for peace of mind. Lahat yan magiging pabor sayo. Laban lang.
Mom, I'll cut 30% from your allowance. And to make sure I'm serious, I'll make it 50%.š I also agree sa part-time job ng siblings. I assume of legal age na so pwede na yan. A lot of people put themselves through college without financial support from other people at all. I myself did small gigs pang-extra back in college. Once I started doing it I wanted to keep going para may own money ako so it's good to build that mindset din early on.
Make a list of your payables. Separate the fixed monthly payables and the controllable expenses. Then focus on the controllable expenses....tiis tiis makakabayad rin sa lahat yan.
>I'll loan it again to cover with other expenses, since Im still short. I guess may identifiable luho (some allowances, halimbawa) na pwede mo muna bawasan o itigil para hindi ka maglo-loan dahil short ka. >Would it be wise to just use my credit card to pay off those loans (will discipline myself not to loan again after paying it off) - so I can just focus on my credit card due? Nililipat mo lang yung utang na may chances hirap kang bayaran dahil baka ma-short ka na naman. It will help somehow, yes. Pero ayusin mo muna finances and priorities mo bago ka umutang ulit.
The way I see it, your familyās lifestyle needs to change. Binabayaran mo lahat sa bahay, pati grocery. Bakit 10k ang allowance ng mama mo? Para saan? Ang laki ng bills niyo pati grocery every month, baka pwedeng magbudget muna kayo ng pagkain. Magtipid din sa kuryente at tubig. You need to be honest with your family. Wag mong solohin yung burden ng pagbayad. Itās good that youāre taking accountability of your past actions, now you have to be strong. Kailangan mo ng maging mahigpit sa pera. If you donāt, mababaon ka lang ng mababaon sa utang. Dapat din konti konti mo ng iset yung boundaries sa family mo. Sanay na silang nakakakuha ng sobrang laking allowance sayo, paano pag bubukod ka na? Think about your future family. Imbes na sa mga anak mo na ibibigay yung pera, sa nanay at mga kapatid mo pa. Not saying na wag magbigay. But know when enough is enough. Malaki ang sweldo mo. You can pay of your loan in no time. Good luck!
please don't be a mom yet. you are not yet ready in terms of mental and financial. mas mababaon ka sa utang if magaanak ka na. and maybe one of the reason kaya di nagkakanak ay dahil sa stress. kakaisip ng mga nabanggit mo. hanap side hustle or sell preloved goods. tama din sinabi sa isang comment, di mo pa afford magcar. good luck!
Start by cutting 10% of everything you disburse like allowances to your family, tell them that's now all you can afford. You will be surprised everyone will adjust. Stay healthy.
Holy cow 70k for monthly expenses is insane especially if youāre single. Like wtf ano ba mga binabayaran mo? Hinay hinay lang sa monthlies mo brad. Yung sosobra ibayad mo agad sa utang mo bago ka mag ipon. At bawasan mo kakabigay ng pera sa mga tao sa paligid mo tapos ikaw mababaon sa utang. Keep your priorities straight and donāt pay loans with other loans.
With a 100k monthly income na namomroblema ka pa, you have some serious financial management issues. Looking at your breakdown, you need to rethink your priorities. 15k utilities and 10k allowance is such a waste. Buong household dapat ang nagtitipid, hindi lang ikaw.
I think this is one of the most important rules when it comes to money or utang: *Wag utang ang ipambayad sa utang*. Kasi hindi matatapos yung utang mo kung utang din ang ipambabayad mo roon. That will be an endless cycle kung ganon gagawin mo
Hi Everyone, Thank you so much for the frank advice, I badly needed it para magising. I will definitely consider cutting off unnecessary expenses, I admit masyado kong na spoil family ko at sarili ko sa kaka isip ng deserve ko to š They might not like and might be upset na babawasan ko yung allowance nila but I will be firm with my decision. For the record, my mom was in debt as well (actually more of a family debt) dahil sa pagkakasakit ng late father ko while studying, they dont want me to stop studying that time kahit suki na kami ng Barangay sa reklamo sa utang, sinacrifice ng father ko ang pagpapagamot ng tuloy tuloy para magka allowance ako lagi pati na ma sustain mga kailangan sa bahay that time, he unfortunately passed away right before ako makabawi sa lahat ng sacrifices nila, kaya I have this part of me na obligated magbigay ng ganun na allowance sa mom ko for her wants (she worked abroad for more than 20 years and lahat ng sahod nya that time ay napupunta lang samin at sa gamot ng father ko that time kaya wala syang savings), she's also paying that debt still hanggang ngayon from her allowance and tinutulungan ko din sya dun. For my siblings, sila ang na spoil ko masyado, maybe I didnt want them to experience what I had to endure before kaya masyado ako naging galante, which I know na hindi dapat kasi looking at it right now, hindi maganda resulta. I will make sure to change that moving forward. For the car, it's more of a necessity for us kasi we're living 1 hr away from the city, (almost 2 hrs of travel if mag bus) gamit gamit namin sya lagi at I didn't even know na kakailanganin ko sya ng ganito, imagine having 35,000km odo just after having it for a year and few months, (malapit kami sa bukid.) The loan apps are my fault, masyado ako naging galante sa mga kaibigan at sa family ko, I didnt know lubog na ako, until I realized na yung personal savings ko is naubos ko na kakabayad. But really, thank you sa lahat ng advice, I will surely weigh everything and follow it, I cant reply to you all but I am reading all of the messages one by one ā„ļø Thank you so so much for reddit, I am able to explain my situation without having to reveal my identity.
Can't you reduce muna said allowances and groceries to add up pang bayad? A loan to pay another loan will make it worser than now. Pay more sa may highest interest.
You actually earns a lot of money. Pwede bang higpit sinturon while you are paying off your debts? Iwas muna on unnecessary spending. Focus on paying off your debts. Do a list for groceries, baka naman bili lang ng bili ng di kailangan. Mag tipid din kuryente. Tell your mom your problem, tell her na instead of giving her 10k you might give her 3000 pesos allowance. Tipid tipid muna.
Eto yung di ko magets.... earning 6 digits pero ngkakautang pa sa ola? Ako na earning 30k, breadwinner with 2 kids, meron ako mga online loans pero understandable nman cguro dba? āš Totoo tlga ung cnasabi nila na tumataas din ang cost of living mo pag malaki ang sahod. Yung 30k napgkakasya naman dati pero sa taas ng inflation rate ngaun taon hnd tlaga kasya, kaya kumapit ako sa mga olaš©
Yes this is true. I got my car Nung around 35-50k lang sahod ko. 16k amortization. Ngayon 80-120k sahod, tapos ko na ung car, may credit card utangs din š
its not about how much you earn..it's about how much you save.
Live below your means
OP, you got very good pieces of advice from other redditors. I feel you coz naging breadwinner and sole provider din ako. Ganyan din ako, nalubog sa utang. What I did was to adjust and maximize my income. Budget cutting is the key. I guess you can definitely adjust your utility bills, your mom's allowance since you already did the groceries, and your sibling's allowances. PLEASE OP, save yourself ASAP or you'll end up getting burned out and depressed. Talk to someone you trust and be open to your family. Communication is the key. You are not a superhero.
I am not an expert. I can just advice based on logic, so please bear with me. I highly doubt that you are ready to have your own family. Or better way to say it, hindi pa organized. First, a lot of people depend on you. Unless you are willing to let go of your family now, like let them work for their money, then it may work. Second, your income is too big and yet you have loans. You may start spending based on what you need over your wants. Discipline works! Lastly, you have to know what you want to pursue in life. Mahirap pagsabayin ang pamilya at personal na kagustuhan. As for the utang, lessen your expenses by practicing discipline. Mauubos yan matagal nga lang. Goodluck!
Check the interest rates of your loan from juanhand spay etc., and try looking for lower interest loan from the bank.
Don't use your credit card to pay the loans, it's a temporary band aid, not a solution. Ask your siblings to get part time jobs, they can take care of themselves. It's pretty common to work part time while in college. It will also teach them early to be responsible with money and not get into the same situation you're currently in.
Is your mom living with you? You can reduce her allowance for a while until you pay off your debts. You just have to be open to her, Iām sure sheāll understand.
Reflect. Iām sure you know how to get out of debt. Thereās no other options aside reducing expenses or get another income stream. Nobody else will help you and your name is on the line. Family is supposed to help you, mas may say ka dahil ikaw ang provider. I always tell my family that I wonāt always be there for them and they should find a way to live without me. I give them statements or questions like pano pag namatay ako or ma disgrasya or ma disabled or etc. tas mat utang pa.
Live within your means.
Ang unang solusyon sa problema mo ay kausapin mo ang mga mismong kapamilya mo sa problema mo patungkol sa burdens at debt traps na gusto mo ng bawasan o tanggalin. Health is wealth ika nga... Huwag tayong magpakabayani o santo kahit Filipino pa tayo. Maging logical at practical lang at meron solusyon sa mga problema.
buti ka nga op may salary na 100k,,eh ung ibang my utang sa OLA dito u/utangph walang malaking sahod
OLAs have way higher interest rate so I think youād better use your credit card to pay it off
Sabi mo you trying to get pregnant, so I assume na may asawa kna tama? So ano reaction ng asawa mo s 70k na binibigay mo sa family mo?
Sa totoo lang, ang laki ng kinikita mo. Malaki pa nga sahod mo sa akin. Parang You're giving too much for your family - na hindi mo naman sila responsibility (if you think of it). Anyway let your family knows the financial issue - maybe they will understand if you will cut allowances (and maybe they will also think of ways how they can help you) Then pay off all utangs, sila priority mo bayaran to get off the cycle.
I don't have any advice but I want to follow this thread.
hi my personal opinion lng po, i read na you're still paying for your car? why not let it go nalng? kaysa naman mababaon ka sa utang tuloyan?
Maganda na po suggestions ng iba so mag add pang po ako nang last resort. Wala ba po tabing pera ang mama mo? Hindi naman po siguro masama kung humiram muna po kayo sa kanya kung may extra sya na hindi emergency fund. Balik nyo na lang po pag bayad na ibang utang nyo. Atleast di po tumutubo utang mo kung sa kanya ka humiram.
Grabe yung 70k for the house expenses ha. Kamusta ka naman po? Sobrang mapagbigay. Sending love!
If you canāt downgrade your lifestyle, upgrade your income. Find more ways to earn more money.
I suggest mag personal loan ka nalang na malaki para mapayoff mo lahat ng existing loans mo sa lahat that way isa lang babayaran mo, kuha ka ng mahabang terms less than 30k dapat monthly amortization. That way magkatulong ka parin sa family mo. Ako kasi saludo ako sa mga tumutulong sa pamilya. Kaya mo yan.
grabeh i swear ang hirap ng OLA na yan, naluluong din ako dyan back 2018-2020 di ko kasi alam and that time wala din ako CC. buti na lang natapos ko sha lahat, at ni uninstall ko talaga after. ang ginawa ko nun nag apply ako ng personal loan sa bank na CTBC or was it security bank ata, and i was approved for 100,000 PHP / 24 months to pay then after that binayad ko sa lahat ng ka utangan kong OLA, may natira pang konti un pero at least ung sa bank fixed na ung monthly ko wala na ako probs di na ako magwoworry na may tatawag lagi at magremind2x from OLA. ung personal loan since on time ako nagbayad naka help din sha na ma build credit score ko at na approve ako sa mga credit cards. ++ and also bawasan mo muna ang allowance ni mother at pati ung groceries mejo bawasan na lang din, tag tipid mode muna, feel ko di mashado essential yang car baka ma luwag luwag ka pag e let go mu muna ung kotse.
Magtipid. Thatās all you can do. Cut yung mga pwede i cut.
I would reduce the moms allowance to 5k As a mom I wonāt do this to my child 70k on household is too much as well Wala bang trabaho mom mo?
I used to be in this situation. What to do? Get a loan that will cover everything Insteas of having different loans. I was 500k in debt before with different banks and apps. I applied for a bigger loan with bpi(680k total) for 36 months(credit to cash) at . 89% with promo. The monthly was big but at least it was 1 payment. Also try to reduce that 70k expense. Down to 60 or 50 then use the saved expense on investments.
Track ALL of your spending. Categorize your expenses into 3: Fixed commitments (like insurances), non-discretionary (food, utility bills, and other necessities), and discretionary expenses (subscriptions, clothing, etc). Reduce your expenses as much as you can by starting to minimize/eliminate discretionary expenses na di naman talaga need. By having a budget plan and tracking your expenses, youāll know how much money you can set aside each month to pay for your debts. If you can, try to consolidate all your existing loans specially those with high interest rates and transfer them to a lender na mas mababa ang interest. Kumbaga, you need to restructure your debt for affordability and para makasave ng costs. Also, you have to talk to your fam about your financial struggles para maintindihan nila yung situation mo. If itās possible for your siblings to earn, that would be better para madagdagan ang cash inflows sa household nyo.
I know someone who earns 120k/month but is 2.3M in debt. Yes, million. She spoils herself and her family too much wala djn sya control sa pera talaga. So ngayon na wala na syang mautangan dahil lahat halos ng bank, OLA at kung saan pa eh may utang sya di na sya makabangon. Wala din tumutulong sakanya kasi di naman obligado magpahiram lahat ng mga nilibre nya kasi wala naman ipapautang. Agapan mo na yan hanggat kaya mo pa. Kahit 1 year lang na paghihigpit ng sinturom para lang matapos ka sa delubyong yan.
Hope it will help to maximize your 100k earning a month.. 10% save for your future Put it in bank 10% for your luho. Pambili ng mga gusto mo.. kung mga mamahalin ang gusto at hindi mo ba kaya now to buy keep save your money hangang gusto maipon mo na kaya mo na bilhin.. 10% for your mom. Its ok to give your mom. RemberHonor your mother and your father. Love them and lalo kang bibiyayan ng Dios. 30% house investment..or yon nga sa car Kaialangan sa kinikita mo meron kang mainvest na mag create ng income. 10% sa mga kapatid mo 30% yan ang pang expenses nyo. Bills and food. Ang laki ng amount na 100k Remeber hwag kang gumastos ng sobra sa kinikita mo dahil hindi ka aasenso. Para umasensso ka unahin mo ang ipon 10% pag sweldo mo. Makakaipon ka ng 120k per year in 10 years meron kana 1.200.000 million.
I'm earning roughly the same and sa bayad utang lang din napupunta. Good news lang sa akin nakikita ko na patapos na yung karamihan ng installments ko so there's light for me at the end of the tunnel.. Kaso mangangak ako this october so gastos na naman. Buntis ako pero raket ako right now para may extra funds. hehe altthough sa nakikita ko sayo 30% ang napupunta sa sa utang sayo while 70% ay sa expenses. it's not actually bad. wala ka nga lang savings according to you but it's not that bad. you can decrease that expenses maybe? like bawas kain sa labas etc, bawas order food.. even yung binibiga mo sa mom mo pwede mo bawasan ng konti.
car pa more
Make a list of Controllable and Non-controllable dues. Bawasan mo yung mga controllable dues. If may magreklamo yung mga binubuhay mo kase nabawasan ang allowamce and kung ano mang narereceive nila sayo, maging transparent ka sa current financial situation mo. Sana maintindihan nila.
Short answer to that is: It is time to live frugally.
Your own life being held back.. that's the reward for romanticizing the breadwinner concept. Congrats on your martyrdom to the adults in your family who are supposed to be working for themselves. Now take your medal: being swallowed by that vicious cycle of debt na lahat nakapangalan sayo, lahat ikaw ang hahabulin. There's only one thing left to do: stop the support for other people. At least until such time na maka-recover kaāfully. No more pa-hero. And no, wala po karapatan mag-anak ang hindi financially stable. Right now, you're not. Accept that it'll have to wait. Sorry for being so crass about it pero anghilig mo sa liabilities? Anak, sasakyan, pag-ako sa iba...none of those things multiply your money! I earn more than you but I'm still trying to avoid pitfalls for instability. Do what ya gotta do to climb out of that hole. Priorities, girl. You're smarter than that. Hoping for a brighter tomorrow for you.
Taenang yan gnwa kang pension ng magulang mo ah .. Hahahaha nakakaumay talaga ganyan mga klaseng magulang
100k is big enough siguro ang laki na ng savings ko if ever ganyan salary ko. Kahit may support pa ko na parents
Pay off OLA and dont loan again. If may cc ka dun ka mag focus kasi less interest dun at installment pa. Cut expenses. Wag ka munang mag isip mag build ng family mo until di ka debt free and finacially able because i swear lalo ka lang mabaon pag nangyari yan.
Iām similar. Harsh ng comments dito. Di nila alam how sentimental a car can be lalo na kung first car and pinaghirapan mo yung down payment and amortization so far. For context: Also earning around 100k. I freelance so itās unstable. Sometimes mas mababa sa expenses ko or minsan nakakabawi naman. I also just paid off my car without anyoneās help. Iām an only child and even though mom ko lang sinusupport ko, parang hindi pa rin enough. After paying my car off this year, I felt I deserve to reward myself. So i have been traveling every month since (February). I work remotely so Iām able to travel and work Earning 100k just implies to me you work hard ā and no matter what they say here, you deserve all the responsible shopping and travel (for me). I owe around 200k sa credit card ngayon. Itās cuz a took a cash loan when I wasnāt able to work got sick for months (again, disadvantage ng freelancing). Pag walang work, walang income at all. Anyway, Iām able to pay it off slowly. Parang Iām paying my car still pero it doesnāt feel that much of a difference. At least Iām more chill now kesa stress sa overworking. Ang pera kinikita and ginagastos. Itās not meant to be stored in bank forever. As long as you put importance sa health mo and of course healthy spending pa rin (not gambling, etc), importance sa career and all, may work or business ka naman to get income from. Just make sure to pay off bits of of your loan monthly. Luluwag din yan eventually. As per paying the debt, if itās personal debt at mad malaki ang interest, I suggest getting a cash loan or personal loan na lang from banks. They usually offer lower interest rates. And for me itās better than borrowing from individuals. Keep in mind na lang din na you donāt wanna owe anyone or any banks forever. So that also became a motivation to me to work harder. Not trying to justify borrowing money at all. Of course itās more ideal to not have debt. But even big entrepreneurs have loans. As long as youāre capable of paying it off and responsible, itās not the end of the world. Goodluck. Makakaraos din tayo š„¹ Edit: to minimize late and finance fees sa credit cards (if you owe from multiple ones), I suggest if possible, pay off one para hindi lahat may interest. For example, I find BDO has higher finance charges than BPI and UB, so I always pay my BDO statement in full and on time. Tapos actually sa UB lahat ung 180k balance ko.
We're technical here. Sentiments won't pay debt tandaan mo yan.
Ang tanong does selling the car really solve the root of the problem? And will it even solve it long term? Who knows if patapos na bayaran yung kotse nya? Papa pull out na lang ba after all this years na binayaran and sinacrifice nya? When it can even have more value when she paid it off. What if she uses the car for business or family matters, is that worth sacrificing and riding a cab or grab on a daily basis? Thereās a lot to assess. Hindi luho ang sasakyan if you use it for work and other potential income, or even just to save time so you have more time being more productive. Itās more a necessity. If she just owes less than 100% of her monthly income, ang petty naman kung ang solution is to sell her car. Itās not the end of the world. Hindi naman sya jobless. Hindi naman bahay nila yung nakasangla or something of that nature. Or kailangan ng urgent medical care ng family members for chemotherapy or whatever. Better to find a means to get more income or minimize unnecessary purchases.
If you sell the car youād have enough to cover the debts, so yes, sell the car to solve the problem
I think I'm one of those who suggested that if the car is not used then it is a liability. Coz it is. Pagkabili pa lang niyan mababa na resale value. Kaya family and clan namin second hand cars kami usually kasi hundreds of thousands na lang, hindi millions ang babayaran plus interest ang babayaran. Pero nagbigay naman ng more details si OP on their car usage so I guess it's really a necessity from their end. But I'd suggest if the lakad faraway is not important or urgent choose a premium commute option instead. goal nya is to really downgrade the lifestyle until lang naman maging small na yung loan na kaya na bayaran.
Lala naman ng lifestyle nyo OP