Ways To Be Debt-Free: Controlling your Emotions

Ever experience a bad day and you ended up in the bar spending your hard-earned savings drinking and waking up the next day worried where will you get your next meal?

Or ever got disappointed  on somebody and decided to go on a trip in a far far away place and didn’t care how much were you charging to your credit card with all the travel and accommodation expenses?

source: http://themarketingspot.com

Yes at times the culprit of our over or uncontrolled spending is our very emotions.

Want to hear my story?

Well you know my advice when it comes to credit cards that is to pay your entire credit card bill 3 business days before its due date. I got this new credit card which comes with mileage points so I started using it in all my expenses. Lately I have been busy with so many things like the transfer of my blogs to WordPress, deadlines at work, stress, and everything. And because of all that distractions I forgot to pay my credit  card bill on its due date, November 1(Yes it is unfortunate that it is not a holiday in my side of the planet). Good thing banks are open here on November 2. I’m now just hoping that my credit card company can just forgive me on this(yet I think they actually give 5-10 day grace period to settle credit card bill this you hot to ask if you have a credit card).

So what is the lesson here?

Emotions play a big part in your finances that is why in matters of money you got to make sure there are no emotional baggage or obstacles so that yo can make wiser decisions in where you spend your hard-earned money.

You might as well have already heard that the stock market is actually an emotional arena where the emotions of market participants in one way or another affect the movement of stocks. That is why it is advice to take away your emotions when trading in stocks. You got to set your limits and always make it a point to work within that limit when it comes to your spending or when it comes to until how much are you willing enough to take a loss or reap your profit(this is called emotional stops).


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About the blogger

Louis Delos Angeles is a Certified Public Accountant, blogger behind Investing in Philippines, and author of Investing in Stocks: Preparing for the future small amount at a time. Check him out in Google+ Learn more about Louis and his financial freedom advocacy here.

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