Monday, October 30, 2023

How to pay off your credit card and other useful tips


It's Halloween but you know what's scarier? My credit card bill. 


I'm about 5 digits in debt. It's actually not that bad but considering my history with credit cards (read: I Was a Credit Card-aholic But My Marriage Saved Me), I have really painstakingly made sure I always paid my bill in full. But I didn't have an income late last year and then this year wasn't good for me, mental health-wise, so I slipped and charged a lot of food orders on my card to buy some happiness. And so here we are - fat and in debt!

Again, it's not that bad, but with all the things I pay for, I still can't pay off the full amount every month. A friend told me to take out a loan with a smaller interest rate because our credit cards here in the Philippines charge an astronomical rate of 3% interest a month. I'm still considering it. 

I found this useful tool online called Calculator.me when I was looking for help on how to manage my credit card bill. And the Credit Card Payment Calculator told me if I'm very, very good and very, very disciplined, I'd be able to pay off my debt in 9 months. 


Nine months. Gosh. That's a long time. Not a whole year thankfully, but still a long time. I need to make more money so I can pay this credit card debt sooner!

To empower me with this daunting task, I asked my dear Loyal Readers for some credit card advice. I've collected them all into a list. Hopefully, if you're in the same boat as I am, you'd find these tips on how to pay off your credit card debt useful, too!

1. Acknowledge Your Debt Situation
Before diving into debt repayment strategies, understand your current financial situation. Whether it's due to unforeseen circumstances or a history of credit card misuse, recognizing your debt is the first step toward financial freedom.

2. Explore Debt Consolidation Options
Consider consolidating your credit card debt with a loan that offers a lower interest rate than your credit cards. This can help reduce your overall interest payments, making it easier to pay off your debt. Like what my friend advised, I should explore options for loans with lower interest rates in the Philippines.

3. Utilize Online Tools
Online tools like Calculator.me can be incredibly helpful. The Credit Card Payment Calculator, for example, can estimate how long it will take to pay off your debt with disciplined payments. Knowing your timeline can be motivating.

4. Set Clear Goals
Establish specific and realistic goals for paying off your credit card debt. Determine how much you can afford to pay each month, and create a timeline for becoming debt-free. Having clear objectives will keep you focused on your financial journey.

5. Cut Down on Credit Cards
Consider reducing the number of credit cards you hold to prevent further accumulation of debt. Having only two credit cards is a manageable approach, ensuring you can handle your expenses without relying on multiple cards.

6. Choose Fee-Free Credit Cards:
Opt for credit cards that don't charge annual fees or waive these fees if you meet certain monthly payment criteria. Saving on annual fees can help you allocate more funds towards debt repayment.

7. Negotiate with Your Bank
If you've been a responsible cardholder, contact your bank to negotiate annual fee waivers or lower interest rates. Banks often reward loyal and responsible customers.

8. Leverage Reward Programs
Use credit cards that offer rewards for your spending. Accumulating rewards can provide some financial relief or extra perks while you work on paying off your debt.

9. Create a Budget
Establish a monthly budget that covers essential expenses such as groceries, utilities, and phone bills. Stick to your budget to ensure you have enough funds for debt repayment.

10. Pay More Than the Minimum
Always pay more than the minimum amount due on your credit card bills. Paying only the minimum prolongs your debt repayment and increases the interest you owe.

11. Opt for Interest-Free Installments
When making significant purchases like appliances, choose installment plans with zero interest. This way, you can spread the cost without incurring additional charges.

12. Prioritize Debt Repayment
If you have multiple credit card debts, prioritize paying off the one with the smallest balance or the highest interest rate. Focus your efforts on one card at a time.

My goal for 2024 is to wipe out my credit card debt. I've stopped using that card and I plan to pay more than the minimum. Hopefully, that would lessen the time Calculator.me estimated it would take for me to be debt-free. Their Family Budget Calculator can also help me with managing my finances, and soon maybe I can start saving again (their Savings Calculator is cool, too).

Wish me luck! 

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Friday, September 15, 2023

Book Review: The End of All Skies by Vincent C. Sales


This weekend is the Manila International Book Fair! That means it's the anniversary of The End Of All Skies by Vincent C. Sales! Here are a few pics of us at his book signing today at SMX. Plus, I'm finally making a book review... after one year!


One year ago, the entire family trooped to SMX, and even while we were still clutched in the claws of a pandemic, we all decided that this book launch was such a monumental event, that we all had to be there. When a dream comes true, you have to bear witness! Here's a couple of photos from that day a year ago today:

The boys were still so small! In just one year, they're nearly as tall as me!
Vince getting interviewed by the NBDB

I wanted to share this joyful event with you, my dear Loyal Readers. This was such a happy day. It took Vince years to write his Filipino fantasy novel. It took years of shopping it around. It took years of prayer! And how wonderful that when the fullness of time came, his novel was published by the biggest publisher in the world, Penguin Random House! 

Vince's publishing journey is not my story to tell, however. I can only tell some of it and only from a wife's point of view. 

So I'll do a book review instead!

I read the book while waiting outside our youngest boy's chess club.

The End Of All Skies is a unique novel. The world building is gorgeous and it takes time to do this so be patient at the start. It's unlike any fantasy world but it's not wholly invented because if you remember all the alamat (myths) we studied way back in elementary school, it's our ancient Filipino stories, our mythical creatures, our old gods. This is why it felt spectacularly imaginative and yet familiar for me as a Filipina, but I think global readers will find it all very new.  

The End Of All Skies is about how dreams big and small dreamt by people big and small can achieve something great and terrible. It's told from many points of view and the ancient Filipino names are hard to remember and there are many. It's best to read it in one sitting so you can follow all the stories. And there are many! 

The destruction of the city Sun Girna Ginar is coming and we see it unfolding from all these characters affected by this great and terrible sultanate and the cruel tyrant who rules it. Whose story is real? Whose story matters? All these stories, vignettes of many lives, all fuse in the middle of the book and then, with the settings and characters established, the plot now moves very quickly. In the end, I realized each story is important because each one, no matter how short or fleeting, contributed to the downfall of Sun Girna Ginar.

The story resonated with me deeply as a Filipino. I think people who were colonized, who struggled with dictators and corrupt governments, who dealt with an alipin (slave) mentality, and who have forgotten their greatness will have a more profound connection with the story. 

I was moved to tears a few times, when I read about heroes who believed the people are worth dying for, about the downtrodden who finally realized they too have power inside them then rose up and overthrew a powerful tyrant, about ordinary people who cleverly faced mythical creatures like tikbalang and gigante to achieve their goals. 

It's a fascinating read! A few reviews said they found it challenging to get into, especially when they're used to just one point of view. I also think people who've never been in a position where imperialists and traitors stole everything from your country will find it fantastical. Sadly in the Philippines, this is still a frighteningly true and relevant story.

The End Of All Skies is worth reading if you're up for something new and different. And powerful and true. 

The language is so beautiful, too. I am a lover of words and the words are so gorgeous, almost poetic. Sometimes I would pause and reread the sentences because they're just so pretty.

I highly recommend! Proud of this #FilipinoNovel. Proud of the Filipino story. May we #NeverForget who we are!

More reviews here at Goodreads! 

If you're going to the book fair this weekend, all Penguin books are at 20% off at the giant Fully Booked booth! Buy 5 Penguin books and you get a cool Penguin umbrella!

Follow Vince on Instagram and like his Facebook page!

Buy The End Of All Skies by Vincent C. Sales from Fully Booked bookstores and Acre's Lazada. It's also available on Amazon, Kindle, Barnes & Noble, Waterstones, Blackwell's, and other global booksellers. 

* * * * * * *

I review books written by Filipinos. If you're a mom, I'll prioritize it! 

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Monday, September 04, 2023

7 Essential Financial Skills Every Aspiring Small Business Owner Should Have

Last week, a co-worker asked me what I was doing before I joined the company. I said, "I'm still doing it. For the last 10 years, I worked as a professional blogger, freelance writer, and editor. It's a real BIR-registered business. And she was surprised because apparently, she doesn't know anyone who owns a small business. And it was my turn to be surprised because Filipinos have an entrepreneurial streak, especially when the pandemic hit. Online sellers, freelancers, sari-sari store owners, etc etc. So she asked me how to start a small business and what are good home-based business ideas. Click the links to find out!

My small business is writing! I enjoy being a writer and interviewing celebrities.

Meanwhile, I also think aspiring entrepreneurs in the Philippines are facing a dynamic business environment that demands a solid understanding of financial principles. Don't just start a business without thinking of the financials! To maximize your chance of success in such a competitive environment, soon-to-be business owners like yourself need to develop sound financial skills.

A clear grasp of different financial processes and best practices empowers you to make well-informed investment decisions and confidently negotiate with clients and stakeholders. If you're thinking of starting your own small business or startup, here are seven essential financial skills you should hone to build a strong foundation for your ventures and increase your chances of long-term success and sustainability:

1. Debt Management

Understanding debt management is vital for an aspiring entrepreneur who may need to apply for a business loan to start their venture or support its growth. Developing this skill enables people to assess their borrowing needs, choose suitable financing options, and manage debt responsibly.

In a business context, effective debt management helps entrepreneurs avoid overleveraging, minimize interest expenses, and maintain a healthy credit profile. A startup company, for instance, might be presented with the option to apply for a business loan Philippines banks are making available to their commercial clients.

A startup or small business like yours may find a good fit in the Maya Flexi Loan, a business banking loan that offers low fees and enables entrepreneurs to divide Php 2 million worth of funding into separate loans. Someone with excellent debt management skills will be able to use this flexible financial product to grow their venture and create a repayment plan that aligns with their business's cash flow.

2. Budgeting

Aside from being able to manage business banking loans well, aspiring entrepreneurs should also aim to develop strong budgeting skills. Knowing how to budget your finances and the funds that you’ve received through loans allows you to effectively plan and control your resources.

If you know how to create a well-structured budget as a small business entrepreneur, you can estimate your income and expenses, allocate your resources strategically, and avoid overspending, thus ensuring your business remains financially stable. You’ll also be able to identify cost-cutting opportunities, make informed decisions about investments and marketing campaigns, and set realistic financial goals for your organization.

3. Financial Forecasting

Financial forecasting refers to your ability to predict future revenue and expenses based on historical data and market trends. When you master financial forecasting (a skill I have sadly not mastered, hence here I am, an employee again - sigh!), you can anticipate potential challenges and opportunities and make proactive decisions to stay ahead of competitors.

Business owners who’ve developed the skill of financial forecasting can play a pivotal role in creating strategies, setting achievable targets, and guiding inventory management. It’s possible to build up this skill by analyzing historical sales data, conducting market research, and employing financial modeling and scenario analysis to project different outcomes.

4. Cash Flow Management

Effective cash flow management is essential for the survival and growth of any business. If you master this skill (again, a skill I failed at because of the pandemic), you’ll likely always have cash on hand to cover daily operational expenses, manage debt, and seize growth opportunities.

The skill of effective cash flow management also helps entrepreneurs avoid shortages that may lead to missed payments or disruptions. During periods of positive cash flow, on the other hand, this skill enables businesses to invest in equipment, hire skilled employees, and fund marketing campaigns.

5. Record Keeping

An accurate and organized financial record should serve as a solid foundation for your business decisions. It’s a must, then, for aspiring entrepreneurs like you to make a habit of keeping clear records of all your business transactions, including profits, accounts receivable, and the loans for businesses that the establishment has acquired. Doing so will allow you to get a clear overview of your business's financial health at any time, thus enabling you to assess its performance in the most accurate manner.

Proper record-keeping simplifies financial statement preparation and supports evidence-based decision-making, and it also facilitates smooth audits and financial reviews. Consider learning how to use accounting software to streamline record keeping and ensure that your business always has consistent and accurate records.

It’s also a sound habit to regularly reconcile bank statements, receipts, and invoices. If you aren’t confident about your current abilities, invest in financial training or hire an accountant to ensure that your records are accurate and up-to-date.

6. Pricing Strategy

Pricing strategy refers to the ability to set the right prices for products or services, and it’s also something aspiring entrepreneurs should learn or pick up. Business owners who are able to master this skill can maximize their profitability and maintain their competitiveness. This is because a well-crafted pricing strategy can attract customers, create perceived value, and boost sales.

You’ll be able to determine optimal pricing schemes by understanding production costs, competitor pricing, and customer demand. Boost your capability to optimize pricing, and strike the right balance between profitability and customer satisfaction, by conducting market research, analyzing competitors' pricing strategies, and considering customer feedback.

7. Financial Analysis

Lastly, entrepreneurs should also be able to assess the profitability, liquidity, and overall financial health of their businesses. This skill is called financial analysis, and it allows business owners to gain valuable insights into their venture’s performance.

Financial analysis informs decision-making by helping entrepreneurs identify strengths, weaknesses, and opportunities for improvement. In a business setting, this skill aids in evaluating investment opportunities, measuring financial efficiency, and formulating growth strategies. Go into your new business venture with the desire to improve your financial analysis skills over time.


By developing these skills, entrepreneurs can create strong financial foundations for their businesses, make the most responsive business decisions, and navigate future financial challenges and growth opportunities with confidence. Knowing that continuous learning and applying these financial skills will be instrumental in achieving long-term success and sustainability for your business, aspire to hone these in your journey as an entrepreneur.
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Monday, August 21, 2023

Questions you should ask at your job interview

Hi, mommies who are looking to go back to work after years as a homemaker! Yes, I've been getting your questions about what it's like to jump back in the rat race and I'm taking my time to respond. I'm not ignoring you! I just really don't know how to answer the question because my experience is wholly mine - the industry, the salary, the hours, the coworkers, the way I'm adjusting, the way my family is adjusting. 

There are so many aspects to being employed again so it's a complicated question to answer. What matters to me may not be important to you. What makes me unhappy may be something you're praying for. So since my experience may not apply to you, I don't know how to navigate the subject. I'll write a blog post about it once I figure out how I feel.

I've always been a working mom, but for the last 10 years,
I was a work-at-home mom with my own business.
Working for a company is a whole different animal.


So you asked me 3 questions: 
  • "What's going back to work like after all these years?" No answer yet. 
  • "Where do you work?" I know I promised to reveal my new job as soon as I get regularized, but I just quietly decided that I want to still be known for my work as a writer, editor, author, and Lean In co-founder. My job isn't a secret. I just don't think my day job needs to be broadcast.
  • "How do I answer the interviewer when they say, 'Tell me about yourself'?" Answer below! And I'll add tips on how to ask questions, too!   

Company: Tell me about yourself.

I'll be honest. Every time I hear this, my first reaction is, "Did you not read my CV?!" My HR friend said they scan dozens of CVs so, no, they don't recall anything about you at all. So a succinct introduction helps them mark your application as a go or a no.

Here's how I answer: 
1. I give them a brief background of what I've been doing,
2. I talk about something I'm passionate about,
3. I list a few of my skills and strengths that are relevant to the position,
4. I say what I hope to achieve in my career, not necessarily in their company but it helps if you can connect them.

So here's an example: 

"Hi, I'm Frances. I'm a writer and editor. I've contributed to and edited content in magazines, websites, and e-commerce sites for the last 20 years. I do this very well and quickly, too. I live for deadlines! I have also led teams, and managing people is something I'm good at and truly enjoy. Even my hobbies are about writing and people. I wrote a book about marriage and motherhood. I also have a blog where I try to empower and inspire other moms like me because I'm passionate about helping other women. That's why I co-founded Lean In Manila, which supports women in their work. That's also why the communications manager position you have open interests me. Not only is communications my specific skill set, but I also know your company has helped thousands of Filipinas improve their lives and I want to see how I can be part of that."   

That's tweakable. Like I said, I just say what's relevant to the position. Now go, try it out. Write down your answer and rehearse it a bit. It's not so hard because you're talking about yourself, but you want to write it down so you won't ramble. 

But what about if you didn't work at all because you're a homemaker? Own it! Don't be ashamed. I always tell companies that I'm a mom. It's my most important job! Here's a good article: "How to explain the mommy gap in your resume"

Oh, another tip. Be relatable. If I'm speaking to a Filipino, then I speak in Taglish. I know I have to be professional but I also want a friendly vibe. Check also how the person interviewing you is like - are they friendly, nice, kind? Or are they short, condescending, rude? That already tells you a lot about that workplace! 

I also talk about myself in a happy, proud way because, yes I need a job, but I also want them to see that they need someone skilled, talented, and great to work with - me! That's a first impression you want to make.   

You: So tell me about your company.

Yes, mama. Return the favor! Ask them why they're a good idea. Remember that this job is taking you away from your family for at least 9 hours a day. Is this a place you want to spend that much time in? My work, for example, requires us to be at the office for 10 hours. 

TEN HOURS. 

My youngest boy told me last week, "I did some computing, Mama. You leave at 7:15 and then come home at 6:40. Sometimes even later. That's almost 12 hours you're away. You spend more time at your job than with us." 

💔

Yeah, mamas. I'm doing a lot of thinking. Please pray for me.

😞

Back to the topic. Job interviews are very much like speed dating and you shouldn't forget that you need to get to know who you're going to spend the best hours of your day with. You have power, too, mama. Don't ever let any HR person make you feel desperate.

So when they start winding down the interview and they ask, “Do you have any questions for us?”, please lay them all out!

Ask the important questions!

Here are a few: 

Why is this position open? What happened to the person who used to hold this job?
Very important! Was the person fired - why? Did the person quit - why? They actually won't answer this honestly, unless it's "The previous manager was promoted to director. In our company, good work is recognized and rewarded." 

Why is this a good place to work in? Do you like working here? What's keeping you here?
This is you exploring the work culture and the benefits they offer.

Where is the company headed in 2 to 5 years? 
You want to know their plans and see if these align with yours. Remember, you're a mommy. Things change with every stage of the kids' life, so you want to gauge if your family life will be affected by the company's future plans.

What kind of employee are you looking for? 
Red flag if they say someone who's willing to work beyond their hours!

How is conflict handled? 
Always, always ask this. Sigh.

How do you retain employees? Is there an annual merit increase? How is the promotion process like? 
You want to know if the increase matches inflation. You also want to know how they promote employees - is there tenure required, for example, or will you be required to take on projects that aren't in your job description, or will they ask you to work extra hours?

What are the KPIs?
Don't ever forget this! We all think when we see the job description, "Oh, this is right up my alley. I'll be promoted in no time!" Then you find out your KPIs on your first day of work and you realize they set you up for failure.

What are the next steps?
You want to know if they're going to tell you if you got the job or not, especially if it's a not. Some companies just never let you know.

What else? What else? Let me know in the comments! There’s a lot more, depending on what matters to you. For example, if you're a mom of just one kid and he's old enough and he's doing well in school and has great friends, then maybe spending 10 hours at work isn't such a big deal. But when you have 3 kids and the youngest says he still needs his mama, then...

Sometimes, when I get home and I'm not so exhausted, I cook! My family misses my cooking.

In my case, I asked about medical benefits because I have 3 kids and I got sick last year. Suddenly, health benefits became a priority, which is the second biggest reason I went back to the rat race (the first is regular income - running a business was hard during the pandemic). I liked what the company offered - it was a really good HMO package! - but joke's on me because when I finally got regularized and qualified for HMO, all our family doctors and dentists said they were not affiliated with the particular HMO of our company. So that really, really sucks. 

Some questions should be asked as soon as they come up in conversation. You don't have to wait till the end of the interview to take out your list! But, yes, write down your questions and let them know you want answers. This lets them know you're serious about the job and yourself. 

Remember, a job is a relationship. You're not a slave and your employer is not a dictator. Ask your questions because you need to know what you're walking into. Yes, you want to make a good impression but they need to impress you, too. Will they actually be honest with you? I dunno. But trust your gut.

And then even after all the questions and answers and you finally get hired, you walk into the office and meet your coworkers and you get that sinking feeling in your tummy. "Oh shoot. I've made a mistake." That's okay. There's a probation period of 4-6 months for you... and the company! Yes, you should work hard and give your best, but keep your eyes and ears open and see if the company is giving its best to you, too. 

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Monday, July 31, 2023

Many, many things


Oh, look, I'm wearing heels again! As a stay-at-home mom, I've been either barefoot or in sneakers. Then I went back to the office this year but since I commute, I'm still in sneakers. I wear the footwear my role requires. So these heels are for when I met a fascinating group of amazing women for Lean In Manila. 

I've been so many things. Church receptionist. Preschool teacher. Creative writing for kids teacher. English teacher for Koreans. Senate slave. Speechwriter. PR girl. Writer. Magazine editor. Blogger. Influencer. Business owner. Speaker at women's events. Co-founder. Author. Book editor. And now communications manager at a thoroughly corporate corporation.

Every step into a new world was painful. I sound so casual about it, but I always cry and cry whenever I leave a job because, it can't be helped, I begin to identify as the job - always a bad idea, my long career experience will say. And leaving a job, getting fired (yes, I got fired for being honest!), getting laid off, is always shitty.

When I was a kid, I vowed I will be just one thing all my life. My mother was in Meralco forever and she said that's the dream - one company till you retire. Like a marriage, I guess. But my resume says I've not been one thing at all. 

My sons argued, "But you have been, Mama! You've always worked with words." 

"It's the only thing I'm good at."

It's been interesting being many things, meeting many kinds of people, jumping into things I know absolutely nothing about and just going, "Well, if I fail, then next!" I owe this confidence to Vince, by the way, because he catches me. And I catch him.

Anyway, I don't have a point. Just a story to tell. That life is interesting. And people are interesting. I just need to be curious and willing to say yes to new adventures, especially those I swore I'm not brave enough to do or know. Like new careers, marriage, children, people I thought I'd never be friends with, God.

I'm 46. I know I'm only just warming up. Whether that new world requires sneakers or heels, I'm still so excited to see where I'm going next!

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