Debt Free Life Hacks: Managing Money Like a Boss

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...

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 ...

When it comes to expenses, there are things we have control over and others we do not. The key is eliminating unnecessary expenses whenever possible. Unnecessary expenses are those that we do have control over and that we bring on ourselves. I knew someone who would rent movies from the Redbox and forget to return them. She'd end up having to purchase them. While renting the movies is somewhat inexpensive if you keep them longer than the agreed-upon time, you could end up with some hefty fees. For each day that you keep a rental, you are charged an additional daily rental rate plus tax(if applicable). There is a maximum rental period for each type of rental. When you reach the maximum rental period, you're then charged the maximum charge.  This means that a $2 rental could end up costing you up to $70 dollars ($29.75 for a DVD, $34.00 for a Blu-Ray Disc, and $69.00 for a game). Yes...you read that right. Talk about unnecessary expenses! Just think if you had multiple rentals ...

The Credit Score... There are a number of factors that come into play when it comes to the credit score. While I won't go into much detail, I'd like to briefly touch on a few things. There is a lot of importance placed on the credit score, and there's plenty of reasons for that. I argue, however, that one should not be obsessed with their credit score. As long as you're managing your money like a boss, there is nothing to worry about. The score(s) tend to fluctuate and vary depending on where you look and when you check. Often times there is no need to worry.  While the image displayed above shows an increase by 9 points, 8 days later it showed a 2 point drop.  It's important no get worked up over these minor changes.  Good financial habits such as those below often lead to higher scores: Keeping Balances Low -  This means you're not carrying large balances from month to month. You're paying bills in full or paying more than just the minimum.  Cr...

When you know better you do better! First, I would like to commend you for visiting this blog and reading this post. Why? It says a lot about who you are and your interest in your finances. A big part of " Managing your Money Like a Boss " and being debt-free is knowledge. If you're reading this, that means you're actively learning and growing or reinforcing the knowledge you may already have. Have you ever heard the phrase "Knowlege is power"? It's true. Now, knowledge without action/activity is somewhat useless, but acquired knowledge gives you the power to make informed decisions.  When it comes to managing your money, you want to be knowledgable and in power. The best way to do this is to learn as much as you can about finances, budgeting, money management, debt management, investing, etc. No one expects you to be an expert in all topics, but knowing a little something can take you far.  Here are some ways to increase your financial know...

Traveling shouldn’t break the bank... While recently watching a movie, a husband and wife were taking a trip to Europe. The wife asked her husband if they could afford the trip and the husband responded that they could, reminding her that he would be getting raise later that year. 😮 That’s not the ideal approach to travel. Have you ever heard the saying, “don’t count your chickens before they hatch”? That’s a prime example of spending money before you have it. In the past, I’ve been promised a nice sum of money for services rendered and never received it (ouch...still hurts😐); had I already spent this money, I would have been in quite some trouble. Traveling should be fun and exciting, and it doesn’t have to break the bank.  Ideally, prior to traveling you would have had an opportunity to save and budget for your trip, but even so,  that doesn’t mean you should be reckless with your hard-earned dough $$. Coming home with some extra cash is NEVER a bad thin...

Got a big bonus? Bills lower this month leaving you with some extra cash? Money burning a hole in your pocket? Wait just a minute!  As consumers, we are constantly bombarded with advertisements, sales, deals, and ways to spend our money. It's easy to get sucked into the moment and go spend crazy... especially when you have some extra money floating around.  Who doesn't love a great deal? I know I do. What is important is knowing when to buy and when to walk away. Sales come and go (SERIOUSLY), but with many advertisements crying "last chance", "lowest price of the season", and other calls to action, it makes it somewhat hard to resist.  The truth is, no matter how good the deal is, if it's something you did not want/need or wasn't on your infamous wish-list, it's still money unnecessarily spent.  I was once the person who received a coupon and just HAD to use it. I would sometimes force myself to find something to buy just to use the coup...

I was chatting with a colleague during our afternoon walk and we discussed her AC needing to be repaired and the possibility of it needing to be replaced at some point in the future. Her hope was that it would be years down the line before it would need replacing stating she did not have $5,000 to replace the entire system. My recommendation? Start preparing now. Do some research, price the parts and labor and then start saving specifically for that expense. Do it before you need it so that when it does go out completely you won't have to go long without air, scrape to find the money, borrow the money, or add it to a credit card that's already close to being maxed out.  Even if she doesn't have the full amount saved by the time it goes out, something is surely better than nothing.  This method can work for just about anything. You begin with the end in mind ( a strategy for course design that happens to work in other instances ). Decide what you want, how much it cos...

Are you missing out? This week I talk about Employee Benefits. Check out the short video below!

Am I the only one who's looked at a bank statement only to find an interest payment in the amount of 8 cents or lower? What a joke! Not cool bank, not cool! 😒😒 Say you've established an emergency fund and have it sitting in a checking/savings account. Generally, these accounts earn little to no interest. Once you've saved a decent amount, maybe you're ready to start earning some interest.  First, you want to start by doing a little research. A great place to begin would be with your current bank; find out if your bank offers high yield savings accounts or if another bank would be worthy of your time. Money Market Accounts are also more likely to pay higher interest rates so check into those too.  Keep in mind is that often the high yield ( high interest ) accounts come with a number of requirements that you must meet in order to have monthly fees waived. This is extremely important because even if you're earning more in interest, you could be losing it...

I write about saving often because it really is important. As important, is finding the saving strategy that works for you. Everyone is different and what works for one, definitely will not work for all. The idea is to find what works for you best so that you're setting yourself up for success. I have been a big saver for as long as I can remember. There was never a time in my youth or adulthood where I wanted to spend every dime I had to my name. It's just something I never fathomed. Maybe it was fear of not having or just the comfort of having. I'm not talking huge sums of money, but from a young age, I realized the importance of not spending it all. I'd save change that someone had given me or money earned from being rewarded for a good report card. When I finally started working (McDonald's - Age 16, minimum wage) I tended to save most of each check. The amount I allocated for myself was easily less than 25% of what I brought home. In numbers, a $130 check m...

If I knew then what I know now. My mom is a bargain shopper, so quite naturally I became one, but that was not always the case. As a child, my performance in the thrift stores was award-worthy. It was soooo below me, I would complain about the smell and to me the thrift store was "the itchy store". It made my skin itch, I couldn't breathe. Call it an exaggeration, but little ole me was suffering.  Fast forward many years later. That little girl grew older and wiser. I learned that thrift stores are often filled with hidden treasures. It no longer makes me itch and the smell isn't as bad as I made it. Maybe I'm just too excited by all the potential deals and savings that I just don't notice anymore.😆Not only can you find gently used items, you often can find brand new items but without the brand new price tags.  JACKPOT! For me, the rebirth of the thrift store took place when I discovered I could find board games for the low. Being that I hosted a ...

DEBT- Nobody wants it, nobody likes it, but lots of people have it. According to Debt.org , " American household debt hit a record $13.21 trillion in 2018 ".  That's a whole lot of money! So what does this tell us? This means that if you are in debt or have debt, you are not the only one. While this may not be a reason to celebrate,  it may offer some comfort knowing you're not alone in the battle to be debt free. Some may argue the benefits of "good debt", but that's for another time.  For now, it's important to focus on reducing and eventually eliminating your consumer debt.  There are many sources of debt including but not limited to the following: Credit Card Debt Automobile Loans Student Loans Personal Loans Mortgage  Medical Bills Will I ever get out of debt? As Sherman Klump said in The Nutty Professor "Yes, I can"!  So yes , YOU can ! 😉 Depending on the amount of debt you have, it's sometimes hard to...

Small amounts can add up over time.  It's easy to overlook the small ways that you can protect your finances. Here are a few tips that can help you save money that may otherwise be wasted on fees.  Bank Accounts - Find a bank account that doesn't charge fees or find an account where you can meet the minimum requirements to have the monthly fee waived. Monthly fees vary, however, they can easily add up. Instead of paying the bank, that money could be added to your savings/rainy day fund.  Car Insurance - If possible, it's ideal to pay your full car insurance premium in full. Why? Typically, when you pay monthly (or other split methods) there is usually an extra fee charged to each payment. Many people do not pay attention or notice it, but it's there. Those fees go away when you pay in full and sometimes even with a discount.  Auto Pay Discount - Some cell phone companies (and others) offer a small discount when you sign up for auto pay. You no longer have t...

YOLO (You Only Live Once) We've all heard this phrase, and it definitely holds true. Another is "Life is short". Also, but only sometimes true. While we know that we only have one life to live and tomorrow is not promised, we cannot spend every dime we have to our name today because if we are fortunate enough to see tomorrow we still must be able to "live". This is not meant to be a dark topic, but in life, we must make complicated financial decisions. Because YOLO, you may want to enjoy life to the fullest, and that you should. This, however, is not an excuse to be irresponsible. Enjoying life to the fullest does not mean blowing all of your money on fun and entertainment. Yes, you can have a social life.  Yes, you can go on vacation.  Yes, you can treat yourself. Before you do all these things, just make sure you have some sort of plan in place. Create a budget for the major categories in your life. How much do you want to spend on fun and entert...

Did you know? Did you know that in some situations the best time to shop is before you even need a product? These items include toiletries, paper products, drug items, canned goods, etc. You actually have more buying power when you buy your items in advance. Why? You ask. The reasons: You have more flexibility more options you can shop around you can take advantage of sales and you can also make use of coupons. What's wrong with buying items only when you need them? The truth of the matter is, everyone cannot afford to buy in bulk but the real truth is you cannot afford not to. The initial investment may seem greater but when you exercise your options you can do so much better than when buying things when you need them. Think about convenience stores, most of the time there is a huge markup on items; do you know why? Because they can, you pay for the convenience. If you just went in the bathroom and realized you are down to your last roll of tissue and you have a ...