Freedom From What Binds

For the past 8 months or so, I have been working to reduce my living expenses. Let’s face it, I like nice things and I tend to buy what I want, when I want and pay it off over time. This has been my mode of operation for years. I got my first credit account at the age of 16 and ultimately ended up with about 16 credit cards by the time I was 23. So needless to say, I didn’t learn to manage money and credit properly…resulting in a lot of overall debt and bad credit. Over the years, I have cleaned up my credit somewhat, but it’s not where I want it to be. Which brings me to the present: I want to get completely out of debt, save about 10% of my salary annually, build a significant emergency fund and also put aside 3 to 6 months’ worth of living expenses, because we all know that jobs aren’t guaranteed and being broke sucks hard and long.

In the past year, I have paid off the same credit card twice. I’d pay off the balance and in a few months charge something again, that would shoot the balance back to the moon. Consumerism is a beast that will suck you in if you allow it and that’s exactly what I had done. Today I took the plunge again, and paid off two cards, but this time I called the credit card company and had the accounts closed and I cut up the cards…no chance of me using them again.

Debt impedes freedom, no matter how you look at it. It’s a binding force that holds you captive to jobs that you hate and situations that you would prefer not to be in. Sure it feels good to sign your name on the dotted line and walk out of the store with your new toy (whatever that may be) but in the end there is no freedom in material things that you really can’t afford. So as for me, I am taking control of my finances and making it work for me. Cutting up those 2 credit cards today was liberating…my financial freedom journey begins.

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