Wise Sis.
I have only two cards that have a Cash back savings deal, I always pay off the balance. Why pay 20% per annum interest? or any Interest? It just cuts too far into savings. The other is an Emergency backup.
The story of Consumer debt in Canada is pretty bad already according to 2018 Stats and they're expecting for the 2019 to be worse.
I chose a home close to a transport hub, grocery stores, and change my Doctors to local offices, and transferred to a Work place under 6 Kms from my home when the opportunity came up.
This way, I got rid of Car ownership, car ownership in BC is far too expensive. The savings I put into paying off my home faster.
(I am not a Financial Advisor, I'm a Gothic Pirate Nurse)
Another jewel of wise money management!
I was wallowing in a cycle of Boom and Bust. When I worked, I had abundant income, and did 'fairly well' with that money, almost getting to where I could work the Debt Snowball towards paying off, with varying success. Then a layoff. My work was excessively far away. Average daily commute was ~100 MILES. (not kilometers!) Every day, that is a lot of fuel and time. Plus wear and tear on vehicles and body.
Long story short, I fixed most of that. Got a local job ($10 less on the hour🙃) my housing expense is minimal, no mortgage or rent. Filed for my pension and that more than covers the hourly wages I sacrificed. 20% BONUS 🤩🤑👍 in fact, my cash flow is up, and the pension is taxed LESS than the wages! No car payments just maint. and insurance. 😳🙃😱😜😵😝😝😝 So I need to tackle this credit card thing, AND do the emergency fund like you ladies. Oh, I have started, but DOING is better than Trying! Finishing is better than Starting 🤩
I have a POSSIBLE closer job, starts at about what I am making now and goes up, CLOSER, (under 5 km, 3 miles) but I hate the hours, 12 hour swing shifts 😝😵😜🙃😝😝😝 Main thing that keeps me where I am is the 40 hours, that's all I want. Prolly stay where I am, it's just 9 miles 15km and I have good access to basically anything before or after work... OH, I am close to the shooting range (indoor😋) and I always could go blow off STEEM before work 💪😉🤙 Think I will stay...
Awww.. sis... I know you are one of the wiser veteran stackers! It does take a lot of discipline especially if one is just starting to get out of revolving debt. The first few months can be a real hardship, and the thing to do is NOT buy anything at all using credit cards. I am lucky in the sense that it was all fluff and stuff that I previously used my credit cards for. So it was a matter of not buying clothes, shoes, and bags. They really should teach not just budgeting but the responsible use of credit cards as early as high school.... and better still, how to live within one's means and not getting into revolving debt.
The decisions you made, and what you are currently doing in paying off your home... WOW... those are major steps to financial freedom, sis! I also know that you have a passive income from a renter, just like me. I think that if we continue on doing what we do, we will be in a better place in the future.
Have a beautiful week, my sweetest sis @kerrislravenhill. Take care 🥰🌺🤙 and a million Hugs and Kisses 🤗💕💋!!!! !tip
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