This is Day #15 of “25 Days to Healthier Finances”, a series of blog posts where Frugal Pinoy readers and myself work on 1 task a day to make our financial lives better. Please stay tuned for the next installment of this series, which will be up tomorrow. Here’s today’s installment:
Impulsive spending is one of the more common reasons why some can’t seem to take hold of their finances. I only have to look at the blogs and Facebook/Twitter updates of my peers to see how impulsive spending is a common problem, especially among young people:
“Sweldo na naman! Kaso maauubos ko lang pambayad credit card
“
“Hirap magtipid! Hirap magipon! Dapat di nauso yang credit card na yan e!”
If these sentiments sound familiar to you, read on. If you’re one of those people without credit card debt, then congratulations! You don’t have to worry about this:
Today’s Task: Carry only one credit card in your wallet.
But it’s even better if you don’t carry one at all.
So that’s it, remove all your excess credit cards from your wallet and hide them under a drawer. Or cut them up. It all depends on how deep in debt you are and how desperate you are to get out of it. Don’t just do this for today, do it for as long as you can.
Here’s a bonus task: on your credit card, stick a post-it note that reminds you to use your card less. It could be any of the following:
- A reminder of what you’re saving up for, whether it’s a house, car, or even a “want” such as a gadget or a trip.
- A motivational quote that will discourage your from using your card impulsively. Some examples:
- “Too many people spend money they haven’t earned, to buy things they don’t want, to impress people they don’t like.” – Will Smith
- “Every time you spend on a short term want, you lose part of a long term dream.” (I can’t remember where I got this.)
- Or just the word “Don’t” or “No!”.
This task may sound too simple or even cheesy, but if you find that it works for you, then it’s worth it. Personally, I don’t have a credit card – but I know myself well enough to predict that if I had one, I wouldn’t be as financially stable as I am today.
Nice tips! After getting into credit card debt a few years ago, there was a time when I did NOT want to see a credit card ever again (much less carry it in my wallet). Only recently did I carry one – a clean and never-been-used supplementary card from my wife.