Resolution for 2008: To be Debt-Free

I’ve recently been concerned about our current financial condition. Ever since I decided to enroll in graduate school as few years back, I have been grappling with credit card debts. Why? It’s because being back in school entailed paying for ultra-high tuition fees (which you can charge to your credit card), lunch and dinner case meetings with classmates, photocopying expense for dozens of books, project expenses, and many more. And just when I thought that when I graduate I’ll be able to recoup my investment, my mom got sick (and passed away) which left us with huge bills and loans to pay. After that, I got married and my husband and I started to build our family. There came in baby expenses such as vaccinations, milk, diapers, and much much more. The expenses and financial obligations don’t seem to stop.

My only consolation is that our personal incomes have shot up a considerable amount in the past year. This truly helps in coping with our existing obligations. If not for that, we would have to face a very difficult financial situation.

As a resolution this year, my husband and I have decided to make a Debt Management Plan. We now make sure that we set aside a portion of our salaries for savings. Aside from that, we also have minimized the use of the credit card especially for grocery shopping and gasoline expenses. We also agreed to eat out less and spend more time during weekend just at home with the baby. These small steps in frugal living should make a big impact in our savings and existing credit card standing.



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