I remember only too clearly when I learned this lesson, just about the same way you describe. It is all paid off now, I only have one credit card for emergencies. Both our cars are paid off and except for our house, we are now debt free.
This has given us the freedom to not have to work so hard to survive. Our efforts now are focused on "Building The Life We Want". It is a fabulous thing.
Good luck!
Thank you.
It really is amazing, that as a society, we aren't taught the proper techniques to manage our finances at a young age. Yes I sit here now, a little wiser, but only after accumulating all of this. Now starts my long, hard journey to get rid of it all.
@whatsup care to share any helpful tips that you have learned through your experience?
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We questioned every expense we had. We didn't even have cable for a while. We treated everything we had like it had to last. We didn't buy anything over $100, without waiting a week to decide how bad we needed it. If we got any bonuses or extra's we paid our bills with it. Once we got rolling it went really fast. The first 6 months were hard.
Now we save in advance for any purchase. Instead of making a car payment with interest, we put away a car payment every month. We don't buy the car until we have the cash. It doesn't take long until you are far ahead of your peers with money, because so many people spend so much on debt and interest.
I really wish you luck and I support your desire to not be trapped in this forever.
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