The Philippine contact center is known for compensating inbound call center agents and outbound call center agents a hefty amount compared to other industries which is why many of these Philippine call center agents live a lifestyle that involves a lot of shopping, bills, eating out and what not. Because of this way of life, many have turned to debt as they went beyond their means.
To save yourself from debt and have a decent savings fund, you need a reality check and keep in mind that you might not have your job, or your health tomorrow! But before anything else, rid yourself of debt first. Stop loaning for unnecessary expenses and if you already have, make sure you pay them on time; that way, you can have the money all to yourself already and not earn for someone else. It is also wise to set a goal with regards to the amount you’re saving. You don’t need to save so much on your first attempt, but at least have something to look forward to as a start. If you are looking into buying a house, you might want to save for the downpayment first before the monthly payments – make sure you have a time frame too! You cannot just buy something then later on realize you can’t pay for it anymore.
It also helps if you keep a record of all your expenses and review it regularly so you get to see where your money is going the most. You can either cut down your expenses or reassess your way of spending by setting a budget for commodities and leisurely things. Another way is to stop using credit cards; as much as it is handy to swipe them in times of need, you can never be too cautious as you might end up swiping more than you can pay. Remember, if you think you can hide from collectors now, you cannot run away from having these records in your overall financial account permanently in the long run. So if you intend to loan a house, car or even apply for a visa someday, you might want to think about settling your credit card debts first.
More importantly, ask yourself, “Do I really need these things?” if you don’t, you might just want to close that half empty wallet instead.