After more than a year of paying for late payment charges, interest and for my outstanding balance, I am finally free from Credit Card debt! I’m finally out of the deep financial hole I got myself into, and I certainly don’t want to go back there again. It was a very tricky situation, and at some point I felt like it was going to set me back by at least 10 years! Fortunately for me, I had the opportunity to attend several talks on Personal Finance, including debt management that equipped me with the knowledge, and helped me to develop a better mindset and behavior when it came to managing my finances. I also didn’t have a lot of credit cards which helped, A LOT. In fact, I only had 2, and I only used 1. The other one was sort of “mandatory” after securing a loan from one of the lending banks here for a major expenditure back home that I needed to settle immediately.
“I don’t have enough money.”
“I can’t afford it.”
Sounds familiar to you? I’ve heard people say this so many times, and not too long ago, so have I. It’s not uncommon for a lot of people to be in a situation where CASH is scarce, and they end up borrowing, or foregoing certain wants, or even needs just because they do not have the money to pay for it. Sadly, in most cases people actually end up borrowing money NOT because they wanted to, but because they had to. In my previous blog, I wrote about Randell’s 5 No Non-sense Steps in Personal Finance, and the first step is Improving your Cashflow.
This month I celebrated my third anniversary as an Overseas Filipino Worker (OFW). I love the whole idea of working abroad and being exposed to different cultures. I am thankful for the opportunity to be here, living my dream to travel the world while saving and investing for my future.
Three years. That’s more than a thousand challenging days of work to achieve my KPI’s! There were moments when I rode the wrong bus and got lost, fainted in the middle of the road because of hypoglycemia, cried in front of my former boss when I was overwhelmed with too much pressure, underwent a total of three major surgeries from a fall accident, and so much more!
Three years. I met new friends and let go of some. I also learned to appreciate my hard-earned money more – keeping track of where it goes and prioritizing my emergency fund and life insurance. I stopped shopping for useless things (in fact, I have not purchased a new purse this 2017 but more on this later). I am embracing the minimalist lifestyle and doing better at keeping to it.