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I have been credit card free for more than a year already. I
can still clearly remember the time that I have five of those shiny plastics in
my wallet. I know it was my mistake why I accumulated debt. I simply was not
able to control my expenses and I use these cards a lot. For quite some time, I
struggled. I struggle my credit card debts and the annual fees to pay for the
five credit cards that amount to a lot. Plus, the bulk of my salary literally
goes to my credit card payments. I know there are positive things that a credit
card can do yet today, I am proud of not having one anymore.
Lesson 1: Frugality
When my credit cards are still in my wallet, I was really
not frugal at all. Simply imagine me going to the malls having it. When I found
something I like especially when I pass a stall, can’t help but try it and buy
it instantly. Going to luxurious restaurants was not a problem too since I have
my cards with me. And what about the credit card instalment option? I claimed
it and I seized it before like a kid in a candy store. As a matter of fact, my
phone is a product of a credit card instalment and even my usual gift shopping
to my family and friends. Since not having it and owning it, I tend to be frugal
in shopping. I see to it that the things I will buy are really the ones I need.
I don’t go overboard with my spending since I know I am using cash instead of
cards. It drive me to assess my purchases every now and then and to spend
within the scope of my cash and budget.
Lesson 2: Value of No Debt
Since credit cards entail credit or debt, we cannot deny
that sooner or later we are bound to pay for what we owe. There was a time in
my life when I was not able to pay my cards at all. Hence, the credit card
company constantly calls me almost every hour asking me when I can pay for my
bills. Even if I just put my phone to silent mode, they are still calling me
many times a day. They even called my office. That is where I realize how great
and free not having debts is. No more calls asking you to pay and even more,
your future salary or income is intact because you don’t have a debt to pay in
the future.
Lesson 3: Budget
Having no credit card really taught me how to budget my
money. It was indeed an eye-opener how important having a budget is. I don’t
deprive myself of spending my money in great mall finds however I always see to
it that it is still in the scope of my budget. Before, when I still have cards,
I just squander money not minding how much is my debt in total. Then I would be
surprise when I see my credit card bill with this huge amount. Without cards,
was able to finally establish a budget and work my way from there.
Without credit cards, it was like a realization for me. It
is pretty hard to spend especially if you have cash instead of cards. No wonder
my spending skyrocketed when I had those cards. Now, I am cringing on stuffs
and items and find cheaper alternatives to almost everything. It taught me the
value of frugality, appreciate no debt and having a budget. And now, I am more
than happy without it.
P.S. My very first e-book is finally here. You can buy it using the Buy Now button at the right or via bank deposit. Only Php 150.00. Purchase your copy now.
P.P.S To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 46 already! Did you deposit the next amount yet?
P.P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.
P.P.P.P.S I am also sharing my stock market secrets and information via these resources.
P.P.S To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 46 already! Did you deposit the next amount yet?
P.P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.
P.P.P.P.S I am also sharing my stock market secrets and information via these resources.