My Story and My Why
My Story and My Why
Written by: Sarah | Original published date: Mar 2, 2022
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The time I graduated college was also the time I got my very first secured credit card 💳
After a few months of using it and paying it on time, I received a few of those “pre-approved” letters in the mail and that’s when I signed up for another credit card with a much higher limit!I’m sure you can guess where this story goes. For four to five years, I basically charged everything on my credit cards and accumulated debt that way. The catalyst of them all was when I decided to put $7,000 on a new credit card with 0% promotional APR, thinking that I’ll be able to pay them off in 12 months. If I had planned to set aside my income every month to actually pay off $7,000 in a year, this wouldn’t be a problem. But as you can guess, I didn’t have any plan to pay it off in 12 months. At the same time, I also keep applying for other credit cards and accumulating more debt. It’s a vicious cycle that keeps on rolling until you do something about it. The time I graduated college was also the time I got my very first secured credit card 💳
Look at how cute I was back in 2013 right after my college graduation ceremony :)
About seven credit cards and a payment on a brand new car later, I said enough is enough! 👉🏼 I mapped out a plan to pay off my debt and I was able to pay off $10K in under 7 months. 👈🏼
Before I was able to take control of my money, my story is probably the same as yours.
✅ I work full-time but I’m not able to save. ✅ I always feel like I’m living paycheck-to-paycheck. ✅ I feel like I’m broke all of the time. Looking back at it now, it doesn’t make sense. It doesn’t add up. If I make decent money and not too much expenses, why can’t I have enough money to save at the end of the month? Why did I have to put everything on credit cards and become in debt?The main reason is because I never track how much I make and how much I spend. I also never sit down and actually plan out an actual budget. I can talk all day long about the many benefits of budgeting, but you will never change until you experience it yourself.That night when I sat down and attempted a budget, I realized that I have the power to do anything with my money all along! Once I subtracted all of my absolute expenses from my income, I had more than enough to live like a rich woman. Well maybe not rich rich, but I can live very comfortably 😅 There are so many things I was able to achieve just by having my budget in order. To mention a few...✅ I was able to pay off my debt, ✅ I was able to go on two vacations in 2019 ✅ and I’m now confident to have saved $20K by the end of 2021.All it takes is that first step and the rest is history!Before I was able to take control of my money, my story is probably the same as yours.
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