Happy 3rd Anniversary in AKPK Debt Management Programme, Vedis the DMP Blogger!

Mmmm, do I have any plan/goal to speed up paying off my credit card debt? Honestly, yes. But it can only be carried out after I buff up my joint emergency fund to RM10,000.

Okay, it’s the Weekly Money Check-Up by My Pretty Pennies again! ^.^

1. The most I’ve spent this last week was on a 2D 1N stay in Kuala Lumpur. It’s not a holiday trip, noop. Hubby and I went to visit his brother who is currently in the hospital due to infection.

2. Today I am thankful for having a half-day off. I could have taken a day’s off to rest, but I felt compelled to complete some work in the morning.

3. Money can’t buy happiness. One free thing I did last week that made me happy was having an evening stroll at the nearby lake with hubby.

4. I will consider this week a success if I can bring this blog back to Page 1 with the ‘AKPK‘ term. If it doesn’t, well, maybe next week, the following week, a few weeks later, or …

Ha, actually it’s more practical to get ranked on Page 1 with keywords like ‘debt management program‘ or ‘debt management plan‘ rather than ‘AKPK‘, right?

5. I like my husband because he loves doing the laundry! ^.^

Do you deal with your credit card debt all by yourself or through a credit counseling agency? As for me, I use AKPK (Agensi Kauseling dan Pengurusan Kredit) to manage my credit card debt. In fact, I have been in the debt management program since October 2008.

Read: AKPK Debt Management Program – Part 1.

Read: AKPK Debt Management Program Part 2.

Read: Back Then in 2008 and Now 2010 for AKPK Debt Management Program Application.

There can be various reasons why people choose to go for a credit counseling and debt management agency.

Some feel that they are not comfortable in dealing with credit card debt by themselves, so they let a credit counselor handle it for them. Some go for a credit counselling and debt management agency because they lack of time to do the research and evaluate options for credit card debt settlement. Others just want professional advice and hence they contact credit card debt management agency.

Whatever be the reason for using a credit counseling agency, a good credit card debt management agency would surely be of help.

However, it’s important that you select a good credit counseling and debt settlement agency.

Never Fall for Ads of Credit Card Debt Management Agencies That Promise to Wipe Off Your Debt Overnight!

No Credit Card Debt Settlement Agency or Anyone Else Can Do That!

You should select a credit counseling and debt settlement agency which has verifiable credentials or a company that you know has a good reputation. If some friends have been through this process previously, they might be able to recommend a reliable credit counseling and debt management  agency to you.

Once you find a reputable credit card debt management agency, be honest with your credit counselor about your debt or/and debt-related information no matter how bad your debt is.

It is important to note that no credit counseling and debt management agency will be able to help you if you are not ready to help yourself. So, follow the advice given by your credit card debt counselor and practice good spending habits.

A Letter to Maybank, Malaysia from the Hubby of Vedis Teh the AKPK Debt Management Plan Blogger.

Attn: Y. Bhg. Dato Sri Abdul Wahid Omar, President & Chief Executive Officer and Encik B. Ravintharan of Head, Credit & Consumer Service. Address: Malayan Banking Berhad, Menara Maybank, 100 Jalan Tun Perak, 50050 Kuala Lumpur.

Hi, I am Vedis Teh from KL but am currently living in Ipoh, Perak.

My hubby has been in AKPK debt management plan for more than 2 1/2 years. Yes, it’s going to be 3 years he is in the debt repayment plan!

However, until today, he hasn’t received any annual statement from your bank, that is Maybank.

What he has been receiving so far is the same monthly credit card statement with retail interest rate of 17.50%, that is more than RM65 while his AKPK monthly repayment distributed to your bank is RM50.

Isn’t it ridiculous? His monthly repayment to your bank is RM50, but there is a RM65 plus finance charge. In other words, his credit card balance remains the same as 2 1/2 years ago?!

Also, late payment charge of RM50 appears occasionally in his monthly credit card statement.

According to AKPK, your bank is supposed to send out annual statements to AKPK fellows like me and hubby.

Okay, maybe your bank prefers to send out monthly statement rather than yearly statement! But, aren’t you supposed to mail the correct monthly statement to my hubby?

So far, Citibank and HSBC are the only 2 banks that post annual statements to hubby. In other words, they keep him updated with the exact amount of balance he still owes them.

From the yearly statements these banks send out, there are NO late payment charges or/and 17.50% retail interest charge.

Besides your bank, Hong Leong Bank Berhad and RHB do the same. I have already written a similar letter to Hong Leong Bank Berhad and will write one to RHB in a few days’ time.

Disclaimer: I call myself Vedis the AKPK Debt Management Plan Blogger, but I absolutely have no connection with the agency. Please do not mistake me for working in AKPK, though many have thought so. :-P

1. The most I’ve spent this last week was on Vemma Nutritional Drink which cost RM342. Hubby is going to finish his 4th bottle of Vemma in a few days, so the auto delivery has come at the right time.

2. Today I am thankful for the Amazon Associates Program‘s check that I received a few days ago. It’s US$237.24! The US dollar is weakening but I am still grateful after the currency conversion.

How long did it take me to reach US$237.24? Ha, 4 months! How nice if it’s EVERY month! ^.^ll

3. Money can’t buy happiness. One free thing I did last week that made me happy was, well, packing MORE clothes, unused items and household appliances into boxes. Yay, go minimal! ^.^

4. I will consider this week a success if I get to refer people to join JustAFive.com. If you know how Fiverr.com works, then it’s the same as JustAFive.com.

Outsourcing through Fiverr.com and JustAFive.com is simply inexpensive, man. I believe it will bring better and quicker results if compared to doing all the article writing and submission on my own.

I love both places because I get to order gigs/jobs people are willing to do for $5, $10 or $20. So far, I have ordered gigs like articles, videos and article submission to directories which I have been very satisfied with.

The reason I am only promoting JustAFive.com is simply because I get paid when you sign up using my link here. Wuahaha!

To be honest, this referral program pays me 25% of revenue for each successful transaction that you as a Buyer make. If you sign up as a Seller, I will earn 25% of money for each of your transaction.

5. This time last year I was waiting for job employment confirmation. It’s been almost a year since I started working full time!

1. The most I’ve spent this last week was on the auto’s air-cond cooling coil and gas recharge, that’s RM300! @.@

Till today, I am still wondering if we have been slashed by the foreman.

According to hubby, the technician called up and told him that there’s something wrong with the air-cond cooling coil only after he had left the car in the workshop for gas recharge.

As hubby had already left the workshop and was on the way home under the hot sun, he had no choice but to ask the technician to go ahead with replacing it with a new one.

Had it not been a Sunday, hubby would have sent his car to his buddy’s friend’s workshop. Sigh!

2. Today I am thankful for hubby’s recovery from dizziness and headache. It’s baffling me as well as hubby as to why he was so dizzy yesterday since he had been fine and energetic for the past one week.

3. Money can’t buy happiness. One free thing I did last week that made me happy was packing a few more boxes of clothes and unused household items. By stacking the boxes up, the living room and bedrooms seem to be more spacious now.

Woohoo, a small step towards becoming a Malaysian minimalist!

Photo Credit

4. I will consider this week a success if I present the accounting reports to my superior without being asked too many questions. Fewer questions asked means my reports are detailed enough. Haha! ^.^

5. I dream about helping hubby to compile his blog posts/articles into a series of e-books that can generate a steady stream of income to support us without the need of working full time for others.

Ha, he is still in the midst of editing his very first blog post that he drafted last week!

I wish hubby could produce more blog posts in future because he can write very good Chinese articles and haha, tell jokes! ^.^

I keep telling myself that I should be blessed to have a zero car loan, 2 emergency fund accounts, a full time job generating RM1,000 income every month, some online income and a hubby who is bringing home RM2,000 a month, BUT, I keep thinking about what has been bothering me for the past few weeks.

First, I Feel Like Quitting My Current Accounting Job. Way too much work to do! I feel that my stress is mounting with the load of increasing workload of unrelated work like photostating, answering phone calls, keeping records after records, …

I keep convincing myself that I am contributing some of my time and effort to the school, so it’s okay with the current RM1,000 monthly salary. BUT, spending 8 hours on week days and 4 hours on two Saturdays for just RM1,000 is just, sigh, … ==

Maybe if I quit my job and work 8 hours a day online, I can get that RM1,000 too. Maybe not! I don’t know.

I don’t know because my online income has fluctuated from making more than RM2,500 a month to between RM1,200 (low season) and RM2,000 (peak season).

I would just say goodbye to my current job if I made RM2,500 a month, but the fact is that I don’t. It’s between RM1,200 and RM2,000, so it’s risky and uncertain.

Second, Hubby Has Turned Part Time Due To His Health Problem. From making RM2,000 a month, he will get around RM1,000 a month.

With about 50%’s cut on his salary, it makes thinking of quitting my job even harder. T.T

I have been praying to God for improving my online income from Google AdSense earnings, Amazon advertising fees and the latest Vemma nutritional drink products.

I have also been praying to God to help make selling the house to our tenants or their friends easier/faster. Sell it so that there will be no more mortgage installments, quit rent fees and overdraft facility interest charges that consume RM850 every month!

Without any car loan and home mortgage installments, hubby and I just need to tackle our AKPK monthly repayments of RM680, flat rental RM270, internet and phone line fees RM110, cell phone charges RM65, RM50 utility bills and meal expenses.

See, I am not always the one who inspires/motivates you? I need to be motivated too and now! ==

When you don’t bother to read the About Me page regarding link exchanges, let me tell you now, it’s NOOOOO, okay?

When you don’t bother to find out the gender of this blog’s author, your Dear Mr/Ms email will be sent straight to the bin too.

When you don’t bother to get familiar with the author for this blog, your questions about how to make money online will be left unanswered.

When you don’t bother to google a bit about AKPK such as its toll free number, telephone number, main office address and branches, your questions related to the abovementioned stuff will not be cared much by me.

Enough ranting for now! ^.^

I am supposed to blog about my situation next week, but I can’t withhold it any longer. I need to let out of my worry/concern a bit so that I won’t keep thinking about it.

So, what is it that has been bothering me since last week? Well, it’s hubby’s decision to turn part time after suffering constant dizziness and headache.

Since two months ago, he has been plagued by dizziness or/and headache very often. From once a week to two times a week to now, almost every day!

The initial blood test shows that it’s his ESR that causes all the dizziness and headache.

According to the doctor’s advice,  he should cut down on his workload and stress simultaneously so that he can sleep better and longer at night. Decreased workload also means he will have time to rest and do exercise. Subsequently, his health condition will get better.

Switching from full time employment to part time basis means hubby’s income will be slashed by half. Instead of bringing home RM2,200 per month, his income will be RM1,100 or even less.

Will the decrease of RM1,000 affect our finances and thus bring us more debt? Of course not. It’s just that our plan of hitting RM10,000 for our Joint Account Fund, RM10,000 for our E-Fund account by the end of the year will be slowed down tremendously.

This means the amount of RM1,000 that could previously be saved up is gone with the wind. It’s RM12,000 a year, you know.

Hello, Vedis the AKPK DMP Blogger, you have come a long way, so please stay positive!

I am thinking if there are ways to squeeze out RM500 or more to be saved up. What about cutting down on eat outs? What about working even harder on building links to my niche blogs so that they can bring in more sales?

Phew, thank God that hubby and I are in AKPK Debt Management Plan! I am even grateful that we have zero car loan and the home loan installment is partially paid by the existing tenants.

What am I hoping/praying? I am praying to God that there is a way I can still keep saving for the emergency funds at my current speed.

Three weeks ago, I was so excited to have reached RM7,100 for my E-Fund Account.

At that time, I was certain that I would reach my goal of RM10,000 within 3 months, that’s by the end of May.

But now, it won’t be reaching RM10,000 within 3 months or by the end of May as anticipated by me!

It will take longer as I just dug out RM1,210 for a new cpu and a regulator after my almost-5-year-old cpu finally stopped working three weeks ago.

My initial plan was to buy a laptop/notebook so that i) hubby could carry it to school to use, or ii) I could do my online work when traveling to KL or other places.

But then with a budget of RM1,500, the closest I could get was model like Acer Aspire 4253-E352G32L with 1.60GHz, Acer Aspire 4738Z-622G32L with 2.13GHz or Asus A42F-VX203 with 2.13GHz.

According to a colleague, I should get a laptop since I have already had another desktop computer in the house. My sister’s opinion is that I can do my online work in Kuala Lumpur if I have a portable notebook.

After weighing different opinions given by family members, friends and colleagues, hubby and I thought getting a new cpu would be the most practical option in terms of price and GHz.

Hubby’s buddy helped pick an Intel Dual Core E5700 3.0GHz cpu for us at RM1,100 and a regulator at RM110.

Maybe when my earnings of Amazon Associates Program brings me a steady income of USD $1,000 every month, I will reward myself with a notebook powered by Intel Core i7 Processor. ^.^

I am still very grateful to be placed in AKPK’s debt management program. Had (hubby and I) not been in the program, it wouldn’t have been possible for us to i) pay big expenses in cash or ii) bump up our emergency funds.

I did make a few 2010 New Year Resolutions. They were not 100% achieved, but I did do my best to reach at least 50% for most of the goals.

In year 2010, I vowed to beep up my big emergency fund to RM6,000, that was 3 months’ living expenses. Did it go down in a blaze of glory? Of course not. I hit 50% of the RM6,000 goal.

In year 2011, my resolution is to fully fund my big emergency fund with five months of expenses or RM10,000 in my family’s case. It’s quite an achievable amount because of the existing amount saved in bank plus 12 months’ rental equivalent to RM4,800 plus a small portion of hubby’s monthly salary.

To be frank, had hubby and I not been in AKPK debt management program, it wouldn’t have been possible to stash away extra money as big and small emergency fund savings!

Of course, changing to a smaller cc car that required no car loan did help save up more money. From paying RM820 a month to zero, how do I feel? Great! ^.^

Speaking of emergency fund accounts, I have 2. One is for big emergencies and another is for small emergencies. There were quite a few small emergencies like two car repairs and a heater that sucked out about RM1,500 from the small emergency account.

Due to the above unavoidable expenses, the balance in the small emergency account shrank to about RM3,000 as of 31.12.2010. My resolution for the small emergency fund account is to beep it up to RM10,000 in year 2011. It can be achieved provided there aren’t many unexpected expenses.

2011 New Year’s Resolution – Fully Funded Big and Small Emergency Funds (RM10,000 Each)

Did you make any financial New Year’s Resolutions this year? What are they?