A Review of Our 2008 Goals

January 1, 2009 at 1:35 am 2 comments

As 2009 rings in, it’s time to review our goals and make new ones. 2008 was a particularly difficult for my husband and me as we had to face some difficult challenges, foremost of which was the death of hubby’s mother in September.

Here are our 2008 goals and how we fared against our goals:
* Beef up our liquid savings to PhP500,000
Php100,000 short of our goal

Hubby’s mom was hospitalized for a month and died shortly. We had to shell out some money to pay for expenses incurred from the hospitalization: gasoline and food cost, toiletries needed in the hospital, clinical tests, etc.

Hubby also changed jobs. Prior to that, he was on an unpaid sabbatical leave and we had to touch our emergency fund to pay the bills. In hubby’s desperate attempt to immediately land a job, we flew to Singapore to attend a job fair. PhP26,000 (earned from my Ebay business) was initially earmarked for our anniversary Hong Kong trip. And because of the unplanned Singapore trip, we had to shell out another PhP30,000 for the Hong Kong trip. And yes, the Singapore trip wasn’t fruitful.

The last factor that contributed to our failure to keep this goal was the purchase of a second-hand vehicle. Because hubby switched jobs, he had to surrender the Toyota Vios, which his previous company provided him. We found a second-hand, 13-year-old Daihatsu Feroza that we purchased for PhP158,000. And because I didn’t want to touch the money we had in the bank, we borrowed PhP100,000 from my father, payable for 10 months at five percent interest.

* Cut hubby’s credit card debt by half.

At the start of 2008, hubby’s credit card debt was at a whooping PhP100,000! His goal then was to cut it by half at the end of the year. Thanks to a raise he received from his old company and for being more disciplined with his purchases, his credit card is now down to Ph60,000. Yes, that’s only 40-percent but P10,000 of that is really at zero-percent interest rate.

* Travel abroad for our anniversary.

Looking back at 2008, we did good in some areas and did really bad in others. 2008 was a difficult year for us and we hope 2009 will be a lot better.


Entry filed under: money tips, Reviews. Tags: , , , , , , , , .

Spending New Year’s Eve at Sulo Hotel Our 2009 Goals

2 Comments Add your own

  • 1. tokzz  |  January 3, 2009 at 4:29 am

    kudos to you and your hubby for your success this 2008! your blog is really inspiring and it reminds me that i am not alone in my quest for financial freedom. i guess there are a lot of people who share the same experiences, problems, and goals… to all of us, keep the faith!

    you may want to consider getting the 50k from your savings to pay off your hubby’s remaining credit card balance. the monthly interest charges from the credit card will definitely be bigger than the interest you will be getting from your savings. had a similar situation 3years ago because i just didn’t like the idead of touching my savings. for me, it was one of my best financial decision. just my two cents.

  • 2. pinayandmoney  |  January 3, 2009 at 8:13 am

    thanks for the kind words, tokz. and thanks for your two-cents’ regarding hubby’s credit card debt. =)

    you’re right, we can choose to pay off his credit card debt outright since we have the liquid savings to do so. but the main reason why i’m not encouraging him to do so is this: he has to learn his lesson the hard way. hehehe. hubby accumulated this CC debt way before we met each other and he’s still paying for it. it’s not really financially-wise for us but he has to learn his lesson the hard way, even if it means costing us money. he has to pay it down by himself and he has to feel every month how much it is costing him. so far, it’s working as he finds this lesson very costly. =D

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