After cooking more than seven batches of leche flan, rushing around the malls making last minute gift purchases and with still a few more odds and ends to buy, preparing for Christmas parties and goodies for kids, I’m pooped. I’m giddy with the Holiday whirl and I can imagine that many of you are, too! And traffic shows it, grrr.
So, I thought we could all do with some holiday reminders. It’s too easy to be afflicted with temporary moneysmart amnesia when you’re busy untangling Christmas lights and party decors.
Double-check your check payments
There must be more bounced checks in December than at any time of the year. If you are used to paying with post-dated checks, check now to make sure your December and January checks are funded with cash. Bank charges on insufficient funds are pretty nasty at P2,000 or higher. It may be Christmas season, but I don’t think that’s the kind of gift you want to give to your banker. Oh and here’s the time when having a good speaking relationship with the branch manager in your bank of account can be to your advantage. If you are considered a good enough client, he will call you to warn of an impending bounced check!
Stock up on some cash
I went around nearby malls to do an ATM check over the weekend and found that BPI and BDO machines are well-stocked with cash, while other ATMs are unfortunately littered with crumpled paper and grumpy customers. In this article, ExpressNet says its network has recorded Tuesday last week the highest withdrawal in its history at P1.8 billion, from P450 million per day on normal days. We already passed the first long holiday weekend, and there’s one more coming. Be sure you have some extra cash on hand, unless you can give tips to your postman already using your credit card!
Pay credit card bills on time
The temptation to miss credit card payments or pay only the minimum is probably great at this time of the year, but if I were to give just one tip, this would be it: don’t miss your due date and pay in full! If you’re paying by check, make sure you deposit early enough because the float can work against you. For example, if you pay via SM payment centers, your payment usually recorded in the system at night, and then you have to count two to three days before the money is actually credited to your account. Avoid paying on a Friday, at all cost, because the weekend can further aggravate the situation.
This article today from our personal finance section also gives seven tips on avoiding the credit card trap.
And now, for the most important part of this blog post: Merry Christmas! I hope this season is full of meaning for you and your family!
March 27th, 2008 at 2:06 am
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