“The peso closed at P45 today. My sympathies.”
After a day of fighting with credit cards over excessive penalties, processing balance transfers, and basically trying to gain control over my finances, this text message from a business journalist friend was just about the last thing I needed.
For the past couple of months, I have been budgeting conservatively using a P45=$1 exchange rat, even though the real exchange hovered just below P46=$1. I thought that would give me some buffer. Apparently, I wasn’t conservative enough.
I know this Peso appreciation is good for a lot of reasons, but then again, the fact remains that my income is decreasing while prices are not. They’re even going up. Our rent has just been increased. Electricity has gone up by at least 20% too following some new pricing scheme. Gas is still expensive.
How in the world am I going to become a bajillionaire (or just pay off my debts and save a decent amount of money to begin with) with all this?