Utang free 2024! ‘Yan ang i-moneyfest natin ngayong taon. Ano ba ang puwedeng gawin para makaahon sa utang? Alamin ‘yan kasama ang TikToker at financial expert na si Yani Moya sa video na ito.
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Hosted by the country’s top anchors and hosts, 'Unang Hirit' is a weekday morning show that provides its viewers with a daily dose of news and practical feature stories.
Watch it from Monday to Friday, 5:30 AM on GMA Network! Subscribe to youtube.com/gmapublicaffairs for our full episodes.
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00:00 Now, in 2024, let's start a new year fresh.
00:04 As in, let's not think about any problems.
00:07 Of course, many of us have money problems.
00:09 So let's talk about that here in the latest Money Fest.
00:14 Alright, let's all manifest to achieve our money goals.
00:20 And to achieve that, the first thing we need to do is to pay our debts.
00:25 Oh no!
00:25 That's the problem of everyone.
00:26 My credit card bill is waiting.
00:29 But we have a plan.
00:30 I'm Gwen,
00:31 the certified fashionista,
00:34 the queen of the night,
00:36 and of course,
00:38 the it girl here in the office.
00:41 Oh girl, your new bag is so pretty.
00:48 It's expensive, right?
00:49 What's wrong with you, girl?
00:50 Of course, it's expensive because it's original.
00:53 Am I the last one to be sold?
00:56 Aside from the new bag,
00:58 I also have a new phone.
00:59 Oh my gosh!
01:00 See? It's the latest.
01:02 How did you buy that?
01:03 Our phone is so small.
01:05 You know girl,
01:07 it's just a discount.
01:09 I borrowed it first.
01:10 I borrowed it first.
01:12 I borrowed it, but of course, I have a new bag and phone.
01:17 As I know.
01:18 Wait, girl.
01:19 Because someone is calling my new phone.
01:21 Sure.
01:22 Hello, sis.
01:26 Hey, Gwen, what's your plan?
01:28 Your loan is so long.
01:30 Is your interest high?
01:31 Sis, let's just meet later at the mall.
01:35 Let's just talk there, okay?
01:37 What's your plan?
01:38 When will you pay me?
01:39 You know I'm just using my money.
01:41 Let's just meet later at the mall.
01:45 Let's talk there because there's a sale.
01:47 So, see you later.
01:49 Bye.
01:50 Hey, Gwen, what's up?
01:51 I'm so busy.
01:53 I need to pay.
01:55 My interest is so high.
01:57 Where can I borrow?
01:59 Gwen!
02:16 Hurry up, we're late.
02:22 We're late.
02:23 We still have a lot of debts.
02:24 Sister Mercy, Sister Mercy.
02:27 What?
02:28 We're just here.
02:29 We're just here.
02:30 We're so embarrassed.
02:31 We're so embarrassed.
02:32 I'm so sorry.
02:35 I really don't have money now.
02:37 Oh, it's all like that.
02:39 Okay, please.
02:40 Just a little more time, please.
02:42 Gwen, what's that?
02:44 Please, you're so nice.
02:46 I'm so busy.
02:48 Get out of here.
02:50 [door slams]
02:51 What should I do?
03:01 I'm so in debt.
03:03 How can I pay?
03:06 There you go.
03:15 That guy is really familiar.
03:16 Yes, he's our friend.
03:18 Yes, but he's a bit of a pervert.
03:19 Yes, he's a pervert.
03:20 Anyway, for sure, a lot of people relate to the topic of debt.
03:24 That's true.
03:25 And in 2024, let's manifest the debt.
03:30 The question is, how?
03:32 That's the biggest question.
03:33 Listen and learn this morning.
03:34 We have a financial coach and content creator, Yanni Moya.
03:38 Good morning, Yanni.
03:39 Good morning.
03:40 Wait, just an additional info.
03:42 We were college...
03:44 Org mates.
03:45 Org mates, Yanni.
03:46 Cute.
03:47 I just remembered her.
03:48 First things first, Yanni.
03:50 What should I consider when I'm in debt?
03:53 Do I still have to consider?
03:54 Yes, you should.
03:56 First, we should identify if it's a good or bad debt.
04:02 How do you determine?
04:04 What's the intention of why we're in debt?
04:06 Why do we need extra money?
04:08 Okay.
04:09 If it's a good debt, it means it goes to your investments.
04:13 Let's say, property.
04:14 You're in debt, you mortgaged it.
04:16 You technically need the necessities.
04:19 Or maybe it's for tuition.
04:21 Eventually, we know that we can gain extra income for our children.
04:28 It's a good intention.
04:32 That's a good debt.
04:33 If it's a bad debt, it's the splurges.
04:37 We saw that earlier.
04:39 Jenzelo.
04:40 Sometimes, we can't avoid debt, especially if it's a big one.
04:45 What should we do to pay off our debts?
04:49 We have a snowball method.
04:53 I've heard of that.
04:54 We list our debts.
05:00 We'll pay it off little by little.
05:02 We'll list from the smallest amount all the way to the biggest.
05:08 So, you mean, you need to settle the smallest amount first?
05:10 Yes.
05:11 You need to settle the minimum dues per debt.
05:15 But at the same time, you need to pay the smallest amount first.
05:19 Okay.
05:20 Sometimes, you need to pay the important or urgent amount first.
05:23 But not here.
05:24 You need to pay the smallest amount first.
05:27 Yes.
05:28 Because it now creates that mentality that it's possible to pay off your debts.
05:35 I can afford to pay it off.
05:37 Once you pay off your first debt, you can prove to yourself that you can afford to pay off your debts.
05:45 Right.
05:46 Because you can close your account.
05:48 Correct.
05:49 Sometimes, we think that we have a lot of debts, we're not able to pay it off.
05:54 But we're there, we're trying to pay off the biggest debt.
05:58 Which is hard.
05:59 So, we have to adapt to different ways of paying off our debts, which is a snowball.
06:05 Mindset, Kapuso.
06:07 What are the other ways to pay off your debts?
06:10 Aside from the snowball, what else can you share to our Kapuso?
06:13 Very important that we increase our income.
06:16 If we can add time to work, side hustle, small business.
06:21 If you can add, let's say you're going to the office, you're the one who will provide the food, right?
06:26 You're adding income to pay off your debts.
06:31 The reason why we have debts is because the salary in the Philippines is low.
06:36 Sometimes, we're really in a hurry, sometimes we really need additional cash.
06:42 Okay, you're making a way.
06:44 Making a way, right?
06:45 But to pay that, we also need to add income.
06:50 Okay, so you need to be committed to pay off your debts.
06:54 Correct.
06:55 Is there a way to reduce the monthly salary of the debtors and the delayed expenses?
07:01 There is.
07:02 We should be willing to pay on time.
07:07 We should.
07:08 We should really pay on time.
07:10 It's heavy to say "we should".
07:12 It's loaded.
07:13 You should pay on time because if you're delayed on your payment, there are additional expenses.
07:19 It will incur interest.
07:21 Interest.
07:22 Your debtor will be angry with you.
07:23 Exactly.
07:24 Because there's no word.
07:26 Correct.
07:27 You won't be able to get it back.
07:28 Text her name later.
07:30 You're a bad payer.
07:31 You won't be able to get it back.
07:33 Nina is the one who should pay on time.
07:36 You should pay on time.
07:37 Thank you, Yanni.
07:38 We learned a lot of takeaways today.
07:40 And we personally have our experiences.
07:43 That's why we need to apply this.
07:45 That's right.
07:46 Thank you again, Ms. Yanni.
07:49 Stay tuned for more discussions and money here on Money Fest.
07:55 Alright.
07:56 Igan.
07:57 Thank you.
07:59 [End of Audio]