Ever since my mother took over my payments for my credit card debts, I was able to start saving money. Before she organized my finances, almost all of my salary went to those damn credit card companies and I just couldn’t catch up with fully paying for my old purchases. The interest were just too much. No wonder even some well-to-do folks file for bankruptcy. I haven’t found out what my mother did but I have a suspicion that she reimbursed the total of all my debts. I have to ask her one of these days.
Since I am now able to save, I am more careful with what I buy. That doesn’t mean that I only buy necessities but I try to make sure that what I buy are good investments. I’ll make yesterday’s purchase an example.
I don’t have many shoes. In fact, I should have bought a pair ages ago because some of the pairs I own are old and in bad shape. I noticed that an outlet store of Dr. Martens/Adidas/W. Brown was having a sale. I had some free time so I checked it out and found a pair of black Dr. Martens mary janes. It was on sale for 2,277 pesos from 3,000 something plus. Still expensive but from my previous experiences with that brand of shoes, they’re really tough and will last me for 5 years probably. Compared to a cheap China-made one which will keep its shape for 3 months, I think the Doc Martens is a better buy. Let’s say that a cheap mary janes cost around 400 pesos. In a year, I would have spent 1,600 pesos to replace them. There’s also the wasted time and effort shopping for shoes. Maybe trendier people will prefer this option since they can change style shoes every couple of months. In my case, I stick to what I like and have even gone through so many mary janes so I know I went get tired of wearing that pair.
I don’t know much about investing, finances, or whatever but I think my logic for this case is sound. Maybe somebody who’s having some financial difficulty might get something from my example.