A single mom shares how “credit card fasting” worked for her, helping her live paycheck to paycheck and buy a house.
Credit card debt is easy to accumulate, but difficult to pay off. For Lisa Samalonis, it was the key to rebuilding her life after divorce.
“It was very important for me to save some of that money so I could put it toward a down payment, and also to save through the divorce, to keep my credit score up so I could qualify for a mortgage,” Samalonis said. said:
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The New Jersey native said she had to adjust to living as a single mother of two on one income. So he decided to go fast with what he calls a credit card.
“Not using my credit card in the beginning was a big factor in that because when you’re using cash or debit, you can see it as soon as you know you don’t have enough money, it’s right there, having awareness. to know that you are actually spending more than you have,” Samalonis said.
The single mom now owns her own home and shares her top three steps to becoming financially free. Step one is breaking down your finances.
“I just had a notebook and I wrote down a lot of my expenses, which were the most important at the top, like food, my mortgage or my apartment. And then a list of less important things. breaking it down and being really honest or being realistic with myself, that actually gave me control as I was going forward,” Samalonis said.
The second step, she said, is to use a zero budget if you have to use a credit card.
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“When you use your credit card, you’re taking the money in your account and putting it into a category or allocating it to what you just spent,” Samalonis said.
And finally, she said, plan ahead.
“I started planning better. When unexpected expenses came up, either debt or things we wanted to do, I tried to plan ahead so I would be able to save money for it each month. goal,” Samalonis said.
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