Being bankrupt is depressing
First of all, it makes you live from paycheck to paycheck. How I even managed to be bankrupt is beyond me. Well, not really. I know what I did, and I’ve learned my lesson well. Having only enough money to survive until the next paycheck makes you feel jittery. It gives you anxiety. Being bankrupt had me asking for money from the people I trust the most. By doing that, I feel like I am walking on tight rope, because I have to keep their trust, too.
Tips on how to avoid being bankrupt:
- Space your travels properly. I scheduled my travels too close together last year. I went to South Korea in October; Hong Kong in December; Siargao in January; Palaui Island in February. That was definitely not a smart move.
- Uninstall shopping apps from your phone. Shopping at your fingertips is one of the trends right now, and like most people, I got sucked into it.
- Unsubscribe from shopping mailing lists. Along with uninstalling my favorite apps, like Althea, I also unsubscribed to its mailing list. Sales are too tempting!
- If you really need to shop, do the 3-day rule. Add them to your cart, but do not checkout. Let it sit for 3-days. If you still think you need to buy it after 3-days, then go ahead and buy it. Same goes when you’re at the mall. If you still feel the urge to go get it after 3-days, purchase it.
- Save at least 20% of your salary per month. If you don’t have a bank account, open one. Deposit your savings and keep your ATM card unreachable. I have two savings account, and I’ve started saving again. Having my ATM card unreachable helps a lot.
- Track your spending. What works for me is creating a spreadsheet which contains all the things that I spent my money on every day. A simple excel sheet should do. You can easily eliminate the unnecessary things that you spend the most money on.
Bankrupt No More!
I am not out of the woods yet, but I am on the road to recovery. This is definitely an eyeopener for me. Spending more than your salary is a stupid mistake. I will only travel at least once or twice per quarter. Buying only what I need is top priority. I hope this helped you in any way. Happy saving! #