Cultivating Habits: Finances
“We are what we repeatedly do. Excellence, then, is not an act, but a habit.”
— Aristotle
After careful consideration, I finally made the decision to consolidate my credit card debt into one monthly payment. This is something I've been wanting to do for quite some time, so this is a super huge deal for me. Before making this decision, I constantly lived with this feeling of never being able to see the light at the end of the tunnel in regards to this debt. I won't disclose just how much debt I have, but let's just say, it's enough - enough for me to decide, "Enough is enough. Time for plan B, because this shit ain't workin."
You know, even though I still owe this money, I instantly felt relieved when I saw my 7 card accounts (THAT number I WILL share) read $0 balance - there is no payment due at this time. I almost wanted to cry. It felt damn good. In fact, it still feels kind of surreal, to the point that I look at my accounts just to make sure the balance still shows that big zero. It's all psychological I suppose because yes, I still have to pay this consolidation loan every month, but now, I only need to worry about one interest rate. One creditor. One headache. Not 7. Feels like a weight has been lifted off my tiny little shoulders.
I'm also elated because my credit score recently increased by 37 points. I've had decent credit for a while, but the goal is and will always be maintaining a credit score of 800-850. I've been fortunate (and responsible) enough to always pay my bills on time (the ones that matter). I've worked really hard to maintain the credit score I have, and my goal is to keep my name in good standing.
Moving forward, I want cultivate this habit of financial responsibility, and focus on not only becoming debt free, but staying that way. I've been down this road before; I've had credit cards, paid them off, and ended up back in the same situation. Hey, I'm not ashamed of this; it was a learning lesson (just kidding, I'm ashamed as fuck). But this time, I'm making a conscious effort to stick to a life of debit or die. Using credit cards is no longer an option (at least not for the next 6 years, and even then, the two I will keep active will only be used responsibly and for emergencies only). I have to start resisting the urge. I don't care how badly I want that new camera or that new dining room set - unless I save up for it or sell some shit I already own, I can't buy it. It's all about deciding that you want to make a change, and actually making that change.