
We all face different types of challenges during our lives. One of my biggest challenges in life has been my financial struggles.
I’d grown up in a relatively low-income family, and there were many months when we’d just managed to scrape by with what little we had. Many people learn to manage money from family members. However, in our household, nobody was all that good at it, so we just did what we could with what we had.
Eventually, I moved out of the family home and into my own place. I’d say that living on your own is both a blessing and a curse.
With nobody constantly looking over your shoulder, you have the freedom to make independent decisions for yourself. However, you also have nobody to talk you out of making impulsive choices and poor decisions as well.
The first year I lived alone, things seemed to be going great, it was towards the second year that I encountered my first few real-life challenges and financial hardships.
This is how I dealt with my financial struggles instead of running away from them (although the thought definitely did cross my mind).
Let’s dive into it!
Hitting New Lows
A year into living by myself in my lonely apartment, I received the unexpected news that all employees in my company would be getting a pay cut.
I’d always given my all to my job and I knew that my coworkers did as well, so this announcement was completely out of the blue. This was the moment my life started to spiral out of control.
The stress of managing vital expenses with my low income took a toll on me. I’d started to spend more recklessly than before, often to comfort myself in any way that I could.
Within a few months, I was barely able to pay for essential expenses. It wasn’t too long until I began to fall behind on my bills and utility payments just to make the monthly rent payments on time.
It all came to a head one Friday afternoon when I realised, there were no more corners that could be cut. I was behind on far too many payments and my credit score had rapidly declined since the beginning of the year.
I was ready to grab my favourite funky suitcase, pack up my belongings and run away from my problems, despite being unable to afford to do so.
Unfortunately, with my low credit score, my credit options had become rather limited. I never enjoyed borrowing money, but at this point, what other choice did I have?
This was when a friend suggested the idea of low credit loans. With nothing else to lose, I decided it was worth a try.
Facing My Financial Hardships
Throughout my life, I’d not taken too much of an interest in following and tracking my finances. Looking back, I can see how that might have played a role in my debt getting so out of hand the way it did.
This time, I took to the internet and did some more research on low-credit loans. After a few hours of digging, I concluded that this loan, although not a long-term solution, would definitely help me get back on my feet.
I compared my low-credit loan options and sent in my application. To my good fortune, it was soon approved and I received the funds I needed. The first thing I did was pay off the minimum balances on my utilities and rent. The second thing was making a promise to myself to do better and face my financial problems head-on.
This time I had decided it would be different; I would actually try. Having little to no background in money management, I went online and watched countless videos explaining the basics of budgeting and how it helps you stay on track.
I created a budget for myself and put in all of my efforts to stick to it. During my financial literacy journey, I also came across different ways I could add to my income.
One approach that stood out to me was launching side hustles from home; it allowed me to boost my income without having to step outside.
While I may have not been that great with money, I was an excellent multi-tasker. Inspired by online forums and articles, I took up graphic design freelancing jobs and pet-sitting in my spare time.
Starting a single side hustle, never mind two, was extremely challenging initially, but I soon grew to love it. With this money, I was able to supplement my income and actively start paying off my debts.
Welcoming the Tides of Change
My new lifestyle took a bit of time to adjust to. I was a bit of a reckless spender, often giving in to my impulses for a sense of instant gratification. With my newfound determination to do better, I aimed to cut out impulse purchases altogether.
That didn’t really work out. However, when I realised that that method wasn’t working for me, I decided to take another approach and set aside a fixed amount in my monthly budget for discretionary spending. This way, I’d be able to indulge in the occasional treat while still being mindful of my spending.
Instead of splurging on a collection of Star Trek rubber ducks, I’d come across in the local comic book shop, I gradually collected individual ducks over a couple of months.
I also cut out any unnecessary expenses and committed to living more frugally. It was challenging to pass on purchasing things I wanted but didn’t need, but it was worth it.
Within just a few months, I’d already begun to see the rewards for my efforts. I was able to stick to the repayment schedules I’d created for myself and gradually improve my credit score.
I’d also managed to set up an emergency fund for myself, a safety net to fall back on if I were to encounter any unexpected expenses later on. My financial state which had once been almost abysmal had certainly taken a turn for the better.
Living My Best Life
It’s been two years since my finances imploded on me and I was doing better than ever. Avoiding running away from my financial issues was one of the best decisions I’d ever made.
Having regained control over my finances, I decided it was time to improve other aspects of my life as well, beginning with fitness and healthy eating. Instead of running away from debt, I decided to pick up running as a hobby.
I still lived in my one-bedroom apartment, so I didn’t have too much space to spare. But, I began going to a local gym and even purchased a compact running machine so that I could exercise from home.
If learning how to manage my money helped me heal mentally, my newfound love for exercise and healthier food certainly helped me heal physically and emotionally.
My side hustles also brought many new opportunities my way. While I had never thought about a full-time career in graphic design, the success I had with my freelancing jobs finally convinced me to make the switch.
I’ve been working in graphic design for just over a year now, and I am much happier than I ever was at my previous job. I can honestly say that I enjoy doing what I do now. The creative freedom and flexibility of my new career truly make me feel like I’m doing something that I was always meant to do.
I am more fulfilled in my current life than I could’ve ever hoped to be, and I look forward to the future with my eyes trained on achieving the goals I’ve set for myself. As long as I put in the work, I’m sure I can achieve anything I set my mind to.