Whether you’re just researching for a future loan or managing ongoing debts, learning how to better manage debt is always a good first step.
In Moneygurado Episode 2, sabi ni Direk Jose “Joey” Javier Reyes:
“Hindi yung halaga ng inutang ang importante. Mas mahalaga kung ano yung dahilan kung bakit ka umutang, at kung papaano mo binayaran iyong utang.”
Today, let's focus on the latter: the how. Paano ba dapat i-manage ang utang para maging mas magaan ang debt repayment journey mo? We broke it down into small, practical steps.
The small step: List your debts
Leads to: Understanding what you’re facing
Compile all records of debt into one list para magkaroon ka ng complete at realistic view ng kailangan mong bayaran. In your list, include the name of the lender, your balance, the interest rates, the minimum payment, and the due date. You can use page 147 of the Earnest E-book as a guide.
The small step: Find your debt repayment strategy
Leads to: Creating sustainable and achievable monthly payments.
Apply your current debt values to these common strategies at tignan kung ano ang pinakabagay sa current capacity mo.
If you want to: Achieve small wins and build momentum
Try: The Snowball Method
Arrange your debts from smallest to largest total due
Unahing i-settle ang pinakamaliit na total.
Pay minimum sa iba. Once paid off, ilipat mo ang payments sa next debt.
If you want to: Save on interest accumulated by debt
Try: The Avalanche Method
Arrange your debts from highest to lowest interest rate
Allot most of your budget sa mayroong pinakamalaking monthly interest rate, at magbayad lang ng minimum sa iba.
Once paid off, ilipat mo ang payments sa debt na may next highest interest.
If you want to: Simplify all your repayments into one
Try: The Consolidation Method
Talk to your bank to see if you qualify for a debt consolidation loan.
Gamitin ang loan para ma-settle lahat ng current debts.
Pay off the loan with one fixed monthly payment.
These are just some strategies to help you get started. Pwede mong i-monitor ang progress mo at mag-adjust o baguhin ang repayment strategy kung kailangan. ‘Pag hindi ka sigurado, It’s best to consult with a financial advisor or bank.
The small step: Know your debt payment obstacles
Leads to: Avoiding additional debt
Guilty ka ba sa pag-overspend at ‘bahala na’ mindset sa pera? Hindi ka na ba nakakabayad ng monthly payments sa utang, o nanghihiram ka na sa loved ones mo at informal lenders para lang makapagbayad? Signs ‘yan ng bad debt, and they can be a source of stress. Ito rin ang stress na nagbibigay ng misconception tungkol sa debt.
But once you recognize what your challenges are, chance mo na ito para baguhin ang bad financial habits mo para hindi na madagdagan ang debt at masundan mo ang repayment plan mo.
The small step: Build your support system
Leads to: Staying on track and avoiding debt setbacks
Talking about debt more openly is a very important part of staying consistent. I-share mo ang goals at repayment plan mo with trusted family members or friends, then ask for their support to help you pay on-time and stay disciplined with your spending.
Build accountability, at mag-set ng boundaries kung kailangan. This turns shame into a solution-first mindset toward debt and can slowly shift your mindset moving forward.
Learning how to manage your debt is not an overnight journey. Ang mahalaga ay consistent ka sa healthy financial habits mo, at maging proud sa progress mo. Before you know it, these small steps will add up to your successful repayment!
To learn more about managing debt, read the Earnest E-book - Chapter 5 for free.
Disclaimer: This article is for general information purposes and does not constitute formal financial advice. Always do further research before making financial decisions and seek professional advice from a certified personal finance counselor. For more information, read the Earnest disclaimer here.