Freedom from Debt : My Longing

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Avatar for MizLhaine
3 years ago
Topics: Life, Experience, Thoughts, Money, 2021, ...

Freedom can be defined in many aspects of our life. It also depends on how we perceived it. But one of my longing is really is to have this freedom from debts. According to The Simple Dollar, a life that is debt free is a life that eliminates the concerns on what are many expenditures to be paid in a month against the limited resources of income. It can be achieved when one has already manage the gap between the expenditures and the income.

In a life of a humble government employee and having salary as a major income source, it is not enough to be able to save an outright amount to be able to build a house, or to buy necessary appliances for the house of a growing family. Thus resorting to mortgages and home credits becomes an option. Every month, allotting an amount for this monthly expenditures is a must. Added are the medical emergencies that the family encountered for the health problems of our beloved mom, savings are used and bank loans helped in the paying hospital bills and other medical expenses. Basically the money that were loaned are used for something with worth and not for luxury.

Money vector created by rawpixel.com - www.freepik.comMo

But I am glad, I am not yet on the stage of "Buried in debt" in Filipino - "Baon sa Utang", and I would not allow my life to reach that stage.

So what have we done to slowly achieve the Freedom from Debt?

Free image from Pixabay
  • Looking for other sources of income. Since most of our income is used for expenditures, we looked for other sources of income. That's why we have online selling, selling of fishes from our fish trap project and now, I have the read platform as my other income source. From this added income sources, we slowly allotted amount for savings for emergency needs, so that next time we will not resort to loans anymore.

  • Cost cutting and looking for ways on how to lessen expenses. Ways such as bringing "baon" - packed lunch when going to the office, taking a bicycle when buying near errands, buying groceries at the grocery store rather than the sari-sari store.

  • Thinking many times before buying or adding to credit anything we need or want. The desire will always be there, especially when you like the product, but we always go back to the question. Do we really need this? When the answer is no, we opt not to spend for it.

  • Lessen travels. Thanks to the pandemic, we now rarely do this. Travels really entails budget. When travel is wanted, allotting a separate budget for it should be done.

  • Savings and Investment. We have some small investments in cooperatives and in small projects. We save in bank and in crypto through my income in writing.

If you are going to ask me, did I regret that I resorted to credit? Maybe a few of my credit choices, but when it comes to my family needs, I would really do what I have to do just to provide the needs in terms of shelter, medical needs and the like. When there is way in, there will always be a way out and I am taking responsibility of the choices I made. I am really thankful to the Lord for the strength, wisdom and guidance that lead me to some ways on how to achieve little by little this freedom from debts.

This debt free life is still a long way to go for me. But with God's help and grace I am positive and hopeful that one day, I will achieve this Freedom from Debt and I can be able to enjoy my income not for paying debts but for maximizing it to some life choices.

Reference: The Case for Debt Freedom

Lead Image: People photo created by drobotdean - www.freepik.com edited


I was tagged by @LykeLyca for this Freedom Prompt by @JonicaBradley and I enjoyed in participating this for my last Article in May.

Tagging @immaryandmerry for this prompt, but the host said she will have a new prompt for the week so you might opt to have the new prompt whatever in your liking.

The article should be:

  1. Anything about Freedom

  2. 100% original content

  3. At least 600 words

  4. And don't forget to tag @JonicaBradley



Special mention to all my sponsors who are also good writers here in read. @wrabbiter , @TruSuccessXpert @immaryandmerry , @Pantera , @meitanteikudo , @scottcbusiness , @CryptoBabe, @FrieLincs , @CryptoMax , @Laurenexai .


Links :

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👉https://read.cash/r/MizLhaine

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Avatar for MizLhaine
3 years ago
Topics: Life, Experience, Thoughts, Money, 2021, ...

Comments

I, too, would love to be free from debt. I don't have much credit card debt - less than 5k - and we own the house and car. No debt there. But we are in the last half of our lives now, and want to enjoy our hard earned money. We want to travel. We were gifted a trip to S.E. Asia in 2018, and then the pandemic hit. So we haven't done much traveling since. We are saving our pennies to travel hopefully in 2022. I now have 3 part time income streans- writing, cleaning a friend's home, and doing define virtual assisting. Sometimes I will sell cheese that I've made. We also have money by growing food. I do most of the cooking from scratch, even making the noodles with flour and egg, baking bread, and using our fresh ingredients whenever possible.

It saves money, but it doesn't save time! Still, it is worth it.

Thanks for participating. There will be another prompt out in a few hours.

$ 0.05
3 years ago

I can sense the passion and work you do in there, indeed its true that every work entails time and we should also mind of our body and health. Travelling is really one of the ways we can spend the hard earned money we have. Its good to see beautiful places and experience different cultures and food and environment. I hope that by 2022 you can travel then.

This prompt is also nice and you can read others works in different perspectives. Will surely look on the next prompt.

$ 0.00
3 years ago

Naturuan talaga kami ni mama na delikado maadik sa pangungutang. Minsan masmalaki na interest kaysa kapital, pag mandaraya ang nagpapautang. I agree sa part na need natin humanap ng other sources of income. :)

$ 0.05
3 years ago

Yes, yon ang malala kung mababaon ka sa utang, yon interest lalaki ng lalaki, mas malaki pa sa kapital. Meron din kasi mga kumakapit na sa patalim when in need. Yes, kelangan other sources for to be able to save.

$ 0.00
3 years ago

Good writer ba talaga yang una mong minention? Di naman good writer yan. "Good looking " siguro, pwede pa. Hehe, Kidding. Thanks for doing that Miz. It makes me feel smart, though I'm not sure of it.

$ 0.05
3 years ago

Yes, of course, the way you write is informative naman talaga. IT talaga ang mga thoughts, maybe some time, I can do the same. Good looking? Well, let's see. hehehe. You are welcome and you should be the first to believe in yourself that you are. Take care.

$ 0.01
3 years ago

Ang hirap ng may utang suskopo, ung kakabayad mo lang yas need na naman mangutang. Parang si mama ko, dati dun sya sa naga five six baga. Kaka bayad lang need na naman nya uutang, mahina kasi talaga ang karinderya nya aigooi. Ngayon naman wala na sya inuutangan. Skl haha

$ 0.05
3 years ago

Yes, yong uutang ka para ibayad sa ibang utang. ang interest sobrang doble na, may kilala ako ganyan, tapos in the end, disappear na. Okey lang naman ang utang basta may kakayanan mgbayad at hindi lang sa luho.

$ 0.00
3 years ago

Days will come where you are finally free from any debts. No more credits, claiming for it.

Anyway, thanks for tagging me on this one. I'll see the new prompt first then i'll decide what to write. Would that be okay? :)

$ 0.05
3 years ago

Yes, by God's guidance, we can achieve that free from debts. sana di na madagdagan pa.

For the prompt, I think there are no rules, its really up to you. Happy Writing.

$ 0.00
3 years ago

Great article and keep fighting to be free of debt! You may also be interested in The Total Money Makeover by Dave Ramsey.

$ 0.05
3 years ago

Thanks for dropping by and for telling me about that book, I will look on that so that I will be more encouraged to keep fighting on a free debt life.

$ 0.00
3 years ago