Beware of Debt Trap: My Experience || LPUD!!!

Recently, I had a personal experience that taught me a valuable lesson about being mindful of my finances. I had an encounter sometimes in April this year with a lady who sold me some beautiful fabrics, this was something I had budgeted and planned for before that time making it easier to purchase with ease without going into debt.

The next time we met again was a month ago when she used her marketing skills to convince me to buy another fabric, leaving me with a debt I had to work hard to clear. I already told her that I wasn't buoyant at that moment and she said I could have it on credit and pay later. It took me more than 2 weeks to pay her back even though the money was for something else. I do not like being in debt and it affected me but had to let go.

Fast forward to two days ago, she was back with permission to send some of the fabrics she has available but I am not in a position to buy as that isn't in my plans for now. I have zeroed my mind from buying any fabrics for this year because of the budget against December with lots of things to get for myself and the family including house rent at a new place.

When I saw the message, I quickly replied to her not to send them yet as I would get back to her later, knowing I wouldn't be doing that anytime soon until I had cleared and settled what I had on the ground.

This got me thinking about how easily we can get trapped in debt even with the best intentions. It's obvious she meant well for me but that is a way of trapping me into debt while making her money. She's trying to market her goods but we must be careful and know when to say no to things like this.

It's important to be cautious when making impulse purchases no matter how appealing they may look. I bought a few clothes recently and was able to control the impulse spending by setting my limits before leaving home.

The seller kept showing me beautiful clothes but I had made up my mind and had only the exact amount with me. I was cautious of being trapped in debt as she was ready to give on credit while I pay later.

Setting a budget and sticking to it will help us to avoid overspending. This is one crucial aspect of maintaining financial discipline and avoiding being trapped in debt. This is done by calculating how much money we have in each month (income), writing down our expenses, starting from the small purchases like snacks or coffee, categorizing our expenses such as housing, transportation, foodstuffs, etc.

Lastly, allocating a percentage of our income to each category. This is what I do especially at this current economy's inflation and it's always gladdens my heart even after settling all those categories, I still have some change left.

In conclusion, we shouldn't feel pressured to buy something just because someone is buying it or because we are pushed to do it. Remember that debt can be a heavy burden, so we should be mindful of our financial decisions and watch out for those impulsive purchases that do not align with our budget plans.

^{Inleo's property}

On this day, the 15th of October, it's time to power up some Leo tokens while increasing my stake and influence in the community. I missed that of last month as the day had passed before realising it was Leo Power Up Day. I didn't want to miss my badge knowing how I had missed that in August, making it two badges I didn't get for the year. It hurts but it doesn't stop me from doing the norms of increasing my stake.

Before	After

On this note, I powered up 200 Leo tokens, moving my Leo power from 5388 to 5588. My goal is to achieve 10k Leo power by the end of the year but as it is, I don't think it would be achievable but I surely would keep going until I have attained that level. Until then, let me take it slow and steady because I will surely win the race.

I wish every participant a happy Lpud. Make sure you power up the minimum of 50 Leo tokens which is the Cub attack and 150 tokens and above as a Lion attack. There are also prizes to be won and I wish you to be one of the winners including myself.