65: Paying by monthly instalment

Welcome to Woman Leadership show. I'm Janet Aisyah and in this episode, I will be sharing with you about paying expenses by monthly installment.

When I had credit card, I would pay for my expenses using credit card and it was normal for me then to use monthly installment plan to pay for my slimming packages. Since I had a job so I thought that I would be able to pay with my monthly salary. As I was not earning much then, I have to set aside part of my salary to pay for my installment. However, it was a burden for me to know that I have to pay for the next 12 or 24 months. That means I cannot go without a job or get retrenched. Though I was retrenched at age 25 but it did not stop me after not to sign up using credit card.

Now thinking back, it was scary for me as it could roll up to even a bigger sum as they will upsell products and other packages. Eventually I stopped signing and focus on returning the debt from the credit card.

The other monthly installment that I used was to pay for a one year quantum leap program which cost 6 times my salary then. Though I took 2 years to pay off the credit installment but it has helped me to breakthrough my mindset about money, personal awareness and work towards financial independence. It was the money worth investing in myself compared to signing up packages for slimming.

Takeaway

- Now I will use credit card installment payment only for development courses , I do use installment for hair packages and in this cases I know I have the reserve money to pay off in 6 or 12 months and if possible I will use cash to pay for it so I will not be worried about the monthly installment amount rolling should I need to commit more payment for future expenses.
- I will only use 1 card so I can consolidate my spending in that card and track my spending.

I hope that through my sharing, it draws inspiration and personal reflection for you. I believe every woman can be a leader in your own way. Connect with me through Facebook, Instagram and Linkedin.

My links will be in the show notes. https://shor.by/leaderonline

I look forward to seeing you in my next episode where I will be sharing with you tips and ways to realize your full potential as a leader on Woman Leadership. 

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