Just 20 days ago
I shared with you that I paid off half of the the credit card debt using our crypto portfolio. Yes, it hurts to see things vanish, but let me tell you that it hurt a lot more that soon after I started using the funds for that, more than the full debt vanished in thin air. So if I started this a month earlier, we would had some more coins left. But hey, it is what it is, deal with it, right?
First we used crypto for a car
Which turned out to be one that has some issues, even though it drives super nice and the motor is perfectly fine so it seems. I have not regret using the crypto funds for the car, as it opened up a whole new world for us. The last time we drove a car was maybe 4 years ago, not even sure it could be 5 as well. So now we could go explore and find cool spots we never found as public transport was such a hassle. I hope the car can be fixed where it's having some issues as I truly started to get fond of the car while I was so scared to start driving the first month(s).
Then it was time to focus on debt relief
I'm not ashamed at all that we built up some debt here, because we simply had no other option at the time, promises were made by the employer of my boyfriend at the time, and they just fooled him (and many others). Once here, it's hard to just leave again like that, and we tried to make the best out of it. We had no savings at all so paying 3 months worth of rent PLUS furniture was not possible. We were offered the personal loan and credit card by the bank, it was arranged in a day, just like that.
We didn't even plan on spending more than needed, but sometimes life throws you lemons, and you have to deal with it. So we did. I was happy that the government here gave everyone the exemption to pay off loans/debts/mortgages during the first wave which came down to this: it was your own choice if you used the moratorium or not. We did, as I thought we could use that money otherwise, and knowing income would rise this year due to our plans, it made more sense to start paying off once we had some money left at the end of the month as we weren't obligated to pay it anyway.
As soon as it was possible, I started calculating
I set myself a goal to pay it off before July, and I managed to pull out a few bags of crypto cutting the debt in half in just 3 weeks time. That was 20 days ago and I was determined to reach the deadline. Every day that I'd pay it off sooner would save us interest, so it's worth it. There will only be one last interest payment left and that's that. We're done! When I saw the amount to zero this afternoon, I seriously had a few tears here and there because I was honestly proud of my determination to get it done before July and I made it happen.
We came a long way financially
I remember very well that just some years ago, we needed to make a decision to pay for food or a bill/rent and having nothing left after a few days. Using the food banks and people that gave away food to get through the month. I will never forget that time, and I will do anything to avoid ever being in that position again. That's where my determination came from. My boyfriend was a bit more laid back and said why are you stressing if crypto prizes fall, just pay it next month, but I wanted to prove to myself that I could do it and so I did.
This money was not just a few hundred bucks, but more than three thousand, which is a lot for us. There's not much crypto left now, but it's fine, we will start over. I kind of like having a "fresh" start building again.
Thanks to this achievement
I also have noticed that my thoughts are a lot more focused on the long term building now, because soon there will be nothing left that needs our attention. At one point the car will be fixed, or maybe exchanged, who knows it depends on the costs, and the personal loan (which is much smaller than this debt) will be paid off as well, so then we don't have to take out anything. I really look forward to that, building a long term portfolio without worrying about the current prices as that's not important. The fundamentals are and we don't need it now anyway. What a change in our crypto journey that will be.
We've been surviving for years, now it's time to build, and I can't wait!
Cryptocurrency truly can change lives! And I'm truly grateful for the opportunities out there and excited to learn more :)
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Congratulations. This is an achievement. Hopefully we are not too far behind you. I have been debating using some of my crypto to pay down debt. I go back and forth. Some of me wants to use saved capital. Some of me wants to use earnings from my crypto rather than the principal. Either way, the debt is getting paid down. I suppose what is in question is how soon. In any case, good job on becoming free.
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Thank you, and I hope you will have the same feeling as I Had when paying it off soon!
I felt such a relief and happy! I know the debat though because before the crashes happened, I was like, just wait a bit longer and you will most likely be able to pay off more with less crypto. And then a big part vanished just shortly after taking out 500 bucks as crypto crashed. I would have been better off taking it all at once, and have something left, but hey, at least I made it happen. I couldn't see this happening and it was a crazy ride for a while. Now I'm less worried as I don't have this pressure on my shoulders.
I hope soon you have managed to do the same and feel the same relief :) it's great!
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STOPCheck out the last post from @hivebuzz:
This is awesome I’m so glad that you were able to do this with crypto but even in general! It’s a really great thing to pay off debt, especially when we need to be in the situation where we get into it in the first place. We do what we have to do and that makes it important to strive to be financially secure. I am convinced the crazy system we have is designed to keep people in debt that they can never escape instead of getting out of debt so awesome job for you! I remember when my wife and I started to be able to pay off the credit card in full every month and it’s a great feeling! We use the credit card to earn points now so we put all of our expenses on it besides the places we prefer to pay cash. Make the cards work for you, not the other way around.
One good thing about it all as well is you can continue to earn here with us on hive and that will be a consistent income source that so many aren’t aware of. The value fluctuates a lot but it’s pretty consistent overall. Keep stacking what you can and do what you need to do when you need it. That’s the beauty of crypto I think, we earn when we can but we also spend when we need it.
Yes I agree, I feel the urge to get that done asap, as now we can finally truly work towards that while before it was simply just trying to get through the month and no extras.
Thanks, and I'm sure it is. I really hope that we can some day buy property that we will renovate ourselves mostly instead of the need for a mortgage. I'm honestly reluctant off all these loan options now. I hope we can manage without it :) If not, we will probably rent for a longer time until we know what we want and need exactly when it comes to housing :)
THat must have felt great indeed :) good job! Here we also get 1% cashback, that's actually the reason we thought we'd use it, but it didn't work out that way. We will keep it for now as an emergency option for our car costs as we don't know how bad it truly is, and this way we can pay with that, have the 1% cashback and pay it off as soon as salary is there.
Yes, I agree. For long my boyfriend was more like: keep it, save it, hodl bla bla.. and I was like honey, there's no way I'm gonna stress about the last week of the month because of money while I have these earnings and can solve it in just a few clicks, come one. Yes of course a long term vision is GREAT, but we couldn't afford it so far. Still not 100% as we have a few bumps to solve yet, but I'm super confident now that these are just little hurdles after paying this one off.
THanks for your support and always lovely comments, sorry that I often forget to visit <3 I will try to do better!
Sorry for the late reply, I know where you’re coming from with balance of time and attention lol. I read your reply a few days ago but couldn’t get to a reply!
The thing that’s good is we do what we have to do for spending and knowing we can pay off the cards is great. Hopefully the car won’t give you a lot of trouble, that’s the beauty and challenge of the things. They are awesome when they work, a headache when they don’t lol
That's life, it gets in the way of online stuff, which is fine :)
It feels so much better doesn't it? When you know you can pay back the amount right away. I totally agree. I really hope we don't have to use it for the car, but I fear we will. But at least we can postpone the payment until the 10th the next month if we use the card for it. I rather not, but the kiddo needs to get to school safe so if it has to be done, it has to be done. I don't have a filled piggy bank yet after just paying this off.
And totally! So good to have one, but the troubles of things breaking down pff. I'm personally already very happy that I'm not afraid to drive anymore, I was so fearful during rush hours, that I decided to get up at 6.30 to bring her before rush hour starts lol :)
That's a summer thing though, during winter I will probably not get up early that easy :)
Enjoy the weekend! We had a nice long day out today just got home, sorting out pictures. Was fun :)