TipidTip #1 Pay the total amount owed from your credit card.

Most of us adults have at least one credit card. After all, in this day and age, who would not want the convenience of the plastic? Being a bit strapped for cash and a week into getting your pay, the credit card would come in very handy. Swipe, swipe. Ka-ching, ka-ching.

Here's my take on this. It's really a necessity right now to get yourself a credit card. A lot of ATM machines are off-line and you really wouldn't want to walk around carrying a lot of cash in the streets of Manila. Also, it's very important to establish a good credit standing, so that you can get bank loans and apply for that Meralco/PLDT account in your name. When applying for a US Visa or other visas, it's also a point for you if you have a credit line here in the Philippines.

But to be able to be the master of the credit card and not allow it to get the best of you, exercise restraint. Buy only the necessities. And by that, I mean groceries, gasoline, and other things you need in order to survive. Use it for emergencies only, as to what constitutes emergency for you, only you can decide.

The most important tip is to pay the FULL amount before the due date. Don't just pay the minimum balance required. The interest it earns off your purchases will soon amount to more than what you actually bought, if that's what you keep doing. That's why it's important to buy only what you need, and what you can actually pay for within a month's time.

If you read the small font at the back of your statement, it sometimes reads that it takes 2-3 working days before your payment gets credited. It's better to pay at least a day before the due date, to assure yourself of not incurring those pesky financial charges.

You can also call their customer hotline to ask about your statement and ask to waive some charges, like the annual fee. They can apply your points to that so you won't have to pay them anymore.

Or you can read the brochures they send over the mail and check if the points you've received would actually amount to something.

Credit card is not the enemy, if you use it responsibly.