Debt Free Life Hacks: Managing Money Like a Boss

The holidays are near, and during this time a year, there is a lot of shopping. There are plenty of sales to choose from - Black Friday, Cyber Monday, and general holiday sales. Even more, with the pandemic, stores have extended their sales over multiple days, weeks, months even! One thing you can count on is promotions that pressure you to buy and to buy now.  Buy Now! Phrases like "limited time offer," "lowest prices of the season," and "while supplies last" can invoke a sense of urgency and give the illusion that you'll miss out if you do not act fast. Sometimes this is true, but often times it is not. While you may feel pressured to buy now to get the best price, just make sure that you really are getting the best price. Sales come, and sales go, but you'll almost always be able to get the item at a good price on more than one occasion. Do your research and try not to shop impulsively. It's almost always a recipe for disaster. When a store ...

In a previous article, I talked about calculating and tracking your net worth. Doing so not only lets you know where you stand at any given time but also allows you to see your account activity from month to month which brings me to today's topic.  Keep an eye 👁 on your finances! Pay Attention 👀 It's so easy to get lost in the day-to-day, that we do not give our finances the full attention that it needs. Checking your accounts frequently will help curb your spending - if you're spending wastefully - or will alert you to any unusual activity.  While updating my net worth spreadsheet at the beginning of the month ( late - it should have been the end of last month, but I digress ), I noticed that one account that should have had no activity had decreased. The amount was minimum but sparked my attention and concern. Moments later, I was on the phone with a bank representative to find out what in the Sam Hill was going on!  Their explanation could have been more helpful, b...

What if someone promised to give you $.50 on every $1 that you put into your investment account. What about $1 for every $1. Would you accept their offer or pass?  The answer is obvious You accept! When it comes to managing money like a boss, you are not going to pass up 💰💸🤑 FREE MONEY💰💸🤑 . Unfortunately, some people do. While many employers offer retirement plans where employees are able to invest and earn, there are still employees who are not taking advantage of these opportunities. Amounts will vary,  however, employers often will match a percentage of the dollars you contribute up to a certain max. No matter the amount, it is often in your best interest to contribute and take advantage of any free money that may be available to you.  Get Started Better late than never. If your employer has a retirement plan and you qualify, you'll want to participate. If there is a match, at the very least contribute up to the match. You may be thinking, "I can't afford to cont...

 Saving money and budgeting may come easy for some but can be a struggle for others. While you may have no problem restraining yourself from spending or overspending, there are some people who are very good at spending - and sometimes blowing money. Find an Accountability Partner No matter which category you fall into, I bet you know someone who is just the opposite. Maybe it's a spouse, a relative, a friend. These individuals can serve as  accountability partners . Wikipedia describes an accountability partner as "a person who coaches another person in terms of helping the other person keep a commitment."  If you are a spender, having an accountability partner who is more so a saver could benefit you greatly. If you are a saver, reach out to a spender you know and offer to be their accountability partner. What a wonderful opportunity to help yourself or someone else! What does an Accountability Partner do? You establish the rules. Say the spender has a goal to spend less...

There are two types of people in the world. Those who pay interest and those who EARN it. Which are you?  Me, I'm no fan of paying interest. That's why I try to keep debts to a minimum, if not nonexistent. I recall having a car loan twice in my life. The first time the interest was close to 6% and the second time, just under 3%. That 3% difference is a big deal. While I paid the first note off early and the other on time, the one with the higher interest rate still costed me more as far as what I paid in overall interest.  So what is the point?  Do not get caught in the neverending car loan cycle. I've heard countless stories on how people have long-term finance agreements, paying small amounts monthly, but when you look at what they pay in interest over the life of the loan it'll make your jaw drop. I mean some end up paying for the vehicle twice once you factor in the interest. Oftentimes those small notes are not even worth the trouble.  Instead of paying interest...

Spending is easy. You go to the store, you see what you want and you get it. Maybe you're more into shopping online. How easy it is to type in your credit card number and hit submit? Even worse, you have different websites that save your payment details so all you have to do is throw some items into a virtual cart and checkout.  Spending can get out of control. You ever hear people talk about retail therapy? You're sad, so you shop, you're lonely, so you shop, you're bored so you shop, you're happy, so you shop. Soooo many reasons to shop.  Reasons to Stop Spending I'm tired of spending money. Have you ever looked around and thought to yourself, "I don't need ANYTHING!"? That's how I'm feeling these days. COVID-19 has us spending more time at home and probably more time online. This is where online shopping can start to get the best of you. In the beginning, I think I did quite a bit of shopping, some for my birthday, some since I couldn...

Every month, I have the same reaction to the percentage of the monthly budget that goes towards rent. It's a large chunk of money, and quite frankly too much in my opinion. Unfortunately, the rent isn't something that can easily be changed ( at least at the moment ). I decided that my energy would be better spent focusing on spending categories where I could make a difference, that is, categories that did have some wiggle room.  Below is the breakdown of the monthly budget.   Monthly Budget Income Allocation Housing 54% Food 18% Savings 15% Transportation 3% Giving 3% Personal 5% Lifestyle 2% Health 0% Insurance 0% Debt 0% You'll see that most categories are below 5% which is great, and no debt is an added bonus. So what next? A few weeks ago, I posted about going over budget on food and groceries. This was not something I wanted to repeat, so of course, it was a topic for the next budget committee meeting. Upon reviewing the budget it was determined that after housing ex...

A year ago, I decided that as a birthday gift for myself, I would get a one year certificate of deposit. After doing a little research, I found one that offered a 2% interest rate for a minimum deposit of $2,000. Well, I definitely wasn't going to make a fortune with this rate, however, I knew for one year I'd have $2,000 put away that couldn't be touched ( without a penalty ) and it would grow a little during that period. Since penalties are a no-no, I moved forward, confident I would not touch that money for a year. What is a Certificate of Deposit (CD)? A certificate of deposit is defined as "a certificate issued by a bank to a person depositing money for a specified length of time." The money earns an interest rate premium in exchange for investing for that set period of time. Should I get a CD? Perhaps you have a little extra money sitting aside and you are trying to figure out what to do with it. If all your bills are paid, your emergency fund is fully funde...

Many car insurance companies are providing a discount for policyholders due to the COVID-19 pandemic. Discounts or reductions vary by the company as well as how the credit is applied or will be applied. You may have received a letter or email with the details and there may not be any action required on your part as it will likely apply automatically.  Take advantage of this opportunity to either pay your policy in full or in fewer payments. This will help save you even more money! Find out what your insurance company is offering or has offered in response to COVID-19. Below are links to details for some of the major providers. If your insurance company is not listed, just do a quick search online for your company and COVID-19. Allstate Insurance GEICO Insurance Nationwide Insurance Progressive Insurance State Farm Insurance

This week’s blog may be somewhat controversial. It’s important to always weigh your options and the consequences of financial decisions you make. I recently made a decision that challenges what many financial gurus would recommend. I considered the consequences and decided it was worth it. So what did I do?  I’ve been wanting to upgrade my mobile phone, something I don’t do often and when I do it’s never the latest and greatest because I just need something that is practical and reasonably priced. The phone that I’m wanting is the latest model of my current phone, and an ideal fit for my needs ( and tiny hands 😂). The Problem The problem is the phone is much more than I feel is reasonable for a phone. Cell phones discounts are extremely rare these days 😞 and so there’s not much wiggle room when it comes to getting a “good deal”. It just doesn’t feel right for me to spend so much money a cell phone. I need a deal! My Solution To feel good about the purchase, I decided...

We've all heard the phrase, "you never miss the water until the well runs dry". Sometimes in life we get so caught up in everything that we don't spend enough time appreciating what we have. How Easily We Forget Things we easily take for granted like food, water, and lights hold so much value. It's not until we're hungry, thirsty, or in the dark that we realize have valuable these things are in our lives. Having lived in Florida for some time, I've seen some of the damage a hurricane can cause.  In those times, there may have been a loss of power for several days to weeks. Then is when you realize how important electricity is and how lost you may feel without it, even for a short time. Realize how valuable your money is before there isn't enough of it Money can be the same way. We can get so caught up in the routine - going to work, getting paid, paying bills, and just living life -  that we just expect it to always be that way. But life is...

Maybe the best motivation to get your finances in order is when you really take a look at your finances. Knowing how much you make and how much you spend is only a piece of that puzzle. Considering all of your assets and liabilities, are you looking at a positive or a negative difference? If  the difference is negative, than that is motivation to pay down debts. If the difference is 0, that’s good because you have no debt, but motivation to build assets up.  If the difference is positive, you’re definitely headed in the right direction. Keep it up! What is net worth? Most simply speaking, net worth is the difference between your assets and liabilities. If all your loans and debts were paid, how much money remains? Consider that your net worth.  Examples:  Betty has a total of $10,000 in savings, $40,000 in retirement, $30,000 in student loans, and a $10,000 car loan. Betty’s net worth is $10,000 ($50,000 - $40,000). Jackie has a total of $50,000 in ...

Right now during the COVID-19 pandemic, people are spending a lot of time at home. While I'm sure there is plenty that can be done while home,  sometimes boredom sets in. When this happens, some people tend to do a lot of extra snacking, others do a lot of extra spending.  Snap out of it! The time spent at home is a great opportunity to put your money on a diet. An opportunity to slow the spending, to focus on saving and investing. Instead of wastefully spending money online ( which only lowers your net worth ) focus on finding ways to increase your bottom line.  Potential Saving Opportunities as a Result of Being Home Savings on Gas With many people now working from home, or temporarily home, you're likely to do less driving which means less money spent on gas. For essential workers, gas prices are low right now so there are still some savings, as a result.  More time at home If you're an on-the-go type of person, being home for so long can be...

It’s tax season and for different people, this means different things. For some, tax payments are due😞. For others, a tax refund is owed😊. Hopefully, you’re in that second group. If you are, you are in luck! Proceed with caution though,  it is important to have a plan for the money so that you do not squander it all. The same holds true if you were to receive a stimulus check ; proceed with caution. Recently, I was watching an episode of Shameless. Upon receiving a tax refund check, one of the characters was immediately tempted to spend the money. He felt like it needed to be spent and needed to be spent immediately. Unfortunately, his ideas were to spend the money on wasteful things like the lottery, casino, etc. This is a prime example of what not to do.🤑 There are many ways that you may choose to spend any extra income, and of course, you know your situation best. Below are some ideas to get you started. 10 Ideas on what to do with a tax refund or stimulus check: ...

In times of uncertainty, we can sometimes become anxious and begin to panic. This is one of those times where a lot of things are happening all at once. Businesses are temporarily shutting down, schools closing, some are facing layoffs, the stock market has hit record lows. There are a lot of moving pieces, but we must remain calm, work together and get through this.

Budgeting and saving can be challenging at times, but here are some tips to get you started! Create a budget - you telling your money what to do.  Stick to the budget - really use it to limit extraneous spending. Watch out for wasteful spending . Do you need that? Put it back! Try to go a week without making extra purchases - During a typical week, I'm back and forth to work. I rarely spend any money during the week.  Bring your lunch and snacks to work -  limit going out to eat and trips to the vending machine.  Buy Groceries - While you may be spending money on groceries, grocery shopping can amount to big savings. This typically means that you're cooking and eating at home which usually is less than money you would spend in restaurants.  Stay home some weekends -  If you're anything like me, a day out usually means spending money. Picking up items here and there, going out to eat, throw in a movie and drinks and there goes your money! Find fre...

Do you Remember Layaway?  As a child, I remember the ability to put things on layaway. It was a way to make larger purchases and pay a little at a time. That can be helpful to a lot of people when it comes to spending and budgeting. Lower-income families sometimes use it for big purchases like holidays and other special occasions. You could take a little from your check and pay down your debt. I know my mom may have used it at some point, but I don't have all the details.  Was there a fee? Did she pay interest? I don't know! Convenience Comes at a Cost With layaway, you didn't get the item until it was paid off. These days, many services allow you to take the item home and pay on it later. This comes at a price. A Word of Caution While it is maybe helpful to break a big purchase into smaller payments, do so with caution. Often, there are some heavy penalties for not making payments on time.  Be sure to read the fine print.  I was recently online doing a ...

Words of Wisdom from a twelve-year-old. With a five-second countdown, I asked my twelve-year-old nephew to give me a topic to write about for the blog. He said that was too much pressure, so I turned around and gave him an additional three seconds. 😆The topic he came up with was to only spend money on necessary things. To say that I was impressed is an understatement.💕👍 First of all, many adults do not have this mentality, and if they don’t, it’s quite likely that their children are the same.  Adults who are responsible with money are likely to have children who are responsible with money. What does it mean to only spend on necessary things?  It means that once your basic needs are met, everything else is extra. Food , Clothing , Shelter, and Transportation are all important things. Beyond that, it’s easy to become a bit wasteful. We’re all guilty of it, but being mindful of how and why you’re spending helps you to gain more control. This does not mean that you should...

This year, I'm trying a new savings strategy. I'm still doing the 52-Week Money Challenge but also trying another that I saw online. Saving Strategy - Multiply the Month by Number of Days It is quite simple. You take the month number times the number of days in the month and that is the amount you save. For Example: January is the first month (1) and has 31 days. 1* 31= 31 so you save $31. February is the second month (2) and there are 29 day this year. 2*29=58 so you save $58.  This pattern continues through December. It's just that simple! A little savings every month and by the end of the year you have an extra $2,382.  The strategy may not work for everyone, but find one that works and stick to it. This year your challenge is to make saving a priority! 

Time is our most valuable asset, and once lost, we can never get it back. That’s why it’s so important to spend your time wisely and make sure your efforts are not in vain. In order to truly manage your money like a boss, you must be vigilant about knowing what goes in and what goes out. Having auto-bill pay is easy and convenient, just as long as you’re actually looking at the bills. It’s easy to miss a charge or charges otherwise. I recently made a call to my internet provider because a bill that is normally $50, was over two times higher, nearly $130. This HAD to be a mistake. There were charges for items and services that should have not been charged. While valuable time had to be spent calling the company, in the long run it was worth it. When all was said and done, the bill ended up being under $7. Had I not been paying attention,   I would have automatically paid the unusually high bill and that would have been the end. The point is to not be too busy being busy th...

If last year was a great year financially, keep the momentum going!  Go ahead, CELEBRATE! If last year was a terrible year financially, figure out why and if it was something in your control, it’s time to take control! Money is Tricky! The holiday season threw me a bit. Now working for a company where holidays require the use of personal time is taking some adjustment. For one, I barely had any leave hours to use for the holidays. So what did that mean? That means I needed to make some budget adjustments as my next few checks were going to be short ( from like November to January... ouch ! ). Hours I did not have were deducted from my paycheck. >>>>>>>>> 😢😢😭 <<<<<<<<< Additionally, I was in the process of moving which tends to be a major expense (1st, last month’s rent, security deposit, moving company/truck, utility transfer fees, and more on top of paying the current’s month rent at the old place). It surely ...