A reader sent in a very inspiring story that I thought some of you might like to read.
Due to a divorce at a young age, I was forced into bankruptcy.
Since I have claimed bankruptcy, I have sworn off credit all together. I pay for everything in cash. I have a savings account into which I put $100 a month and an emergency account into which I put the same. I also make all of my Christmas presents (baking and crafting). I follow a lot of your rules about spending and also follow Gail Vaz-Oxlade‘s advice to a ‘T’.
I lost my job a couple of years ago due to the company ‘going under’, but with unemployment benefits and my 6 months of income saved up, I didn’t take much of a hit. I still had about 4 months left in the account and have since built it back up. I use coupons for everything and make all my meals at home.
I have my daughter doing chores using My Job Chart, and she collects ‘points’ which translates into an allowance. She is allowed to spend half and save half (right now that is $5 a month in savings and $5 a month to spend). I have a secured Mastercard for my online purchases that has a $300 limit. Apparently these cards build your credit faster because they report your history more frequently then regular credit cards. I own my own car and rent my house. I don’t owe anyone anything and although it has taken me longer to get to where I am then a lot of my friends, I’m glad I am not worried about a mortgage, credit card payments or lines of credit.
I turning 30 next month and work part time as a bank teller and full time as a wedding photographer. The bank gets me no fee banking and health benefits. The wedding photography means that if I ever lose my job I have something to fall back on AND it means I can do something I love. It has taken a lot to get here. But I will never EVER go back to the way things were!