If you’re in a hole…Stop digging! I was guilty as the next when it came to buying something when I did not have the money for it. This really can be the down fall for so many of us. Impulse buying can literally bankrupt someone over a short period of time and with that said… I myself have gone to cash only. I don’t use credit cards anymore because they simply got me into too much trouble.
Now, if I come across something that I don’t have the cash for… I simply don’t buy it. It is not worth it! The stress alone having a credit card bill every month is something I never want to experience again.
What I recommend doing as an alternative is to get a second debit card to be used as your credit card in its place. This way you can say no to paying 22% interest and feeling like you just got punched in the stomach when you received the bill.
If you can, put a small amount into that 2nd account each month and let it build a little bit. Then when (not if) the car needs maintenance you have the money to pay for those expenses without going into debt. Perhaps even get a 3rd debit card – one for emergencies and one for entertainment like the days you want to purchase those cute shoes or that new cell phone. But this way you don’t have to go into debt while you make your purchase. Instead… this is your money, you saved for it, and now you can treat yourself without going down that spiral path.
If you must have a credit card…to build your credit…I get that but then do NOT keep it in your wallet or purse. Put that card away in a drawer for a “real” emergency. Use that 2nd debit card as your backup instead when you go out…you don’t have to stress over buying that new outfit.
If you have the money…great! Go for it!
We don’t own expensive things… They own us by the expense of supporting them.
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