Wondering how to save money or how to buy a house? Single mom shares budgeting, credit card tips

One single mom is sharing how “credit card fasting” labored for her, serving to her go from residing paycheck to paycheck, to shopping for a residence.

Credit card debt is simple to pile on, however exhausting to repay. For Lisa Samalonis, it was the important thing to rebuild her life after divorce.

“It was essential for me to protect a few of that money in order that I might put it down for a down fee, and likewise to protect by the divorce, to protect my credit rating in order that I might be eligible for a mortgage,” Samalonis mentioned.

The New Jersey native mentioned she had to modify to residing as a single mom of two on one earnings. So, she determined to go on what she calls a credit card quick.

“Not utilizing my credit card at first was a key think about that, as a result of while you’re utilizing money or debit, you’ll be able to see it as quickly as you already know you do not have sufficient money, it is proper there, having the attention to know that you simply’re really spending greater than you have got,” Samalonis mentioned.

Now, the only mom owns her own residence and is sharing her prime three steps to turning into financially free. Step one is breaking down your funds.

“Just had a pocket book, and I wrote down a lot of my bills, those that had been most necessary on the prime, like meals and my mortgage or housing. And then, down the record of issues that had been much less necessary. By form of breaking it down and actually being trustworthy or like getting actual with myself, that really gave me management as I went ahead,” Samalonis mentioned.

She mentioned step two is use zero-based budgeting, should you should use a credit card.

“When you utilize your credit card, you’re taking money that you’ve in your account and you place it into a class or you allocate it to what you have simply spent,” Samalonis mentioned.

And lastly, she mentioned, plan forward.

“I began to plan higher. When sudden bills got here up, both if it was issues that had been owed or if it was issues that we wished to do, I attempted to plan forward and so I might have the option to save money every month in the direction of that aim,” Samalonis mentioned.