By now, Netflix hit Korean series Squid Games has invaded most Pinoy homes with social media running abuzz with spoilers, fan theories about a second season and fun facts about the cast.
The series revolves around hundreds of players who were invited to play children’s games for a cash prize of 45.6 million won. The catch, they must risk their lives in a survival of the fittest tournament. As the series progressed, it became clear that majority of the contestants were willing to risk everything to get out of debt.
While real life may not be as brutal as the fictional Squid Games, there are many of us who sometimes go overboard with spending and find ourselves unable to deal with debt. To avoid having to sign up a desperate last ditch effort like the Squid Game, here are some tips you might want to adopt.
With expenses springing up at every turn, setting aside a certain amount for an emergency is sometimes overlooked. However, having the discipline to incorporate a savings and emergency fund every month will save you from anguish when the unexpected occurs. A quicker way to do this is to enrol for a savings tool on your online bank service so that a certain amount is deducted and saved on a scheduled date every month.
While it is tempting to avail of a few extra days to pay off a purchase with the use of a credit card, you would be charged with finance and interest charges if you fail to settle your dues on time. You can maximize the benefit of your card by settling the full amount on the due date so you won’t have to deal with extra charges (and have that extra time to pay for your purchase in the first place).
While it is true that online shopping has made products and services more accessible, adding to cart has become a habit for many. That is well and good but before proceeding to check out, weigh if your items are part of the wants column or needs column. You might be surprised to see how much you save from this practice.
Having a budget helps you keep track of your spendings and monitor if you are hitting those savings targets.
While banks may offer personal loans and other cash advances regularly, don’t be tempted to avail of them and get into debt if you don’t actually have a reason to. Remember that while you may get a lump sum today, you would have to pay for it tomorrow, with interest.