Banking Woes

How in the world am I supposed to save money when banks charge tons of moolah and make me go through so much hassle just so I can receive MY money?!

This is what happened: I had a small writing racket for a company in HongKong, for which I was supposed to receive US$150. This was way back when the exchange rate was still just under P50=$1. I gave the company my bank account details so they can wire the money over. But then I get an email from them saying that transfer charges are too prohibitive – US$24! So they’ll just mail me the check.

I get the check – thanks to the country’s ever reliable snail mail system – more than three weeks later. So I deposit it in the bank, and I was told I would have to wait around a month for it to clear. Hmm. Fine.

A few days later though, the bank told me that since it was a US$ check from HongKong, meaning it wasn’t in the native currency, they would have to send it back to HongKong for “collection” – and the entire process will cost me US$60!!!

WTF?!!

Otherwise, they said I can just ask the HK company to send me another check in HK$, but I would have to open another account in HK$!!!

WTFF??!!!

Of course, after all this trouble, I’ve already managed to collect several more checks from that HK company. We just agreed to tear up the checks, do a one-time transfer of the entire amount, and split the transfer fee between us.

Still, by the time I was able to get my money, the peso-dollar exchange rate was already at P46=$1.

Sigh. Banks. Can’t live with them, can’t live without them.

Tip # 2: Spend less than you earn

Okay, so I realize I’m doing it backwards here. Tip#1 was to deleverage before you invest, but before I have enough money to deleverage and invest, I should first learn this golden financial rule, which according to other financial gurus and common sense, is the basic building block to bajillionairehood.

The fact that I am struggling with credit card debt shows that I haven’t been practicing this yet. Actually, I have been relatively quiet in this blog over the past few weeks because I was doing the opposite of this rule – not following my budget, raking up credit card debt again, and yes, spending more than what I earn.

Discipline. Yes, that’s what I lack. Especially when I see the “SALE” sign on a store window. And discipline is the foremost thing you need to follow this rule. Thus, I’m going to take some extreme measures again to control my spending:

1. Snip up my credit cards
2. Write out checks already for my budgeted credit card payments
3. Open a bank account with a larger maintaining balance so I don’t touch the money I intend to save

Dear Lord, I need help!