A 40-year-old woman from England has paid off her long-standing loans by stopping monthly shopping at the popular online shopping store Amazon.
40-year-old single mom and shopaholic Gemma Jordan spent thousands of rupees shopping online. Gemma learned that she was wasting a large amount of money on unnecessary online purchases after downloading a free money management app.
The money management app using a mix of artificial and human intelligence suggested Gemma how to save her money and made recommendations where she could make her investments.
Gemma said she has accumulated a lot of debt over time just for basic things like meeting household needs, running cars and making new purchases, the Mirror reported.
She used to maintain Excel spreadsheets for years to record her expenses, loan amount and balances. Yet she failed to manage her credit cards and loans
Gemma also said that by using the money management app she realized that she was a bit addicted to online shopping, especially Amazon. She was spending hundreds of pounds every month ordering unnecessary things from Amazon.
“I used to see random stuff on TikTok and then order it,” Gemma said, as quoted by Mirror.
As per money management apps guidelines, she stopped buying anything from Amazon for the next few months. Now she used to put the money saved on online shopping towards her debts.
Gemma also learned that apart from shopping online at Amazon, she was spending a large amount of money ordering food online. Gemma recounted that she was not only spending 17,000 pounds equivalent to Rs 17,000,000 just on Amazon, but was spending too much money because it is too easy to splurge online.
Gemma successfully repaid the loan amount of Rs17.00,000 by not buying food online for 11 months.
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