Debt Free Life Hacks: Managing Money Like a Boss

Whenever I make a financial decision, I like to make sure I'm informed. I want to understand all the options before I commit to one. Maybe I overthink it sometimes—okay, I definitely do—but it helps me sleep at night. And that peace of mind is worth something. Here's what I've learned: the best financial decision isn't always the cheapest one. It's the one that fits your actual circumstances. The Lease Decision When we decided we might want to move, we faced a choice: renew our lease for a full year, go month-to-month for flexibility, or try a shorter-term lease. I did what I always do. I created a spreadsheet. I collected all the important information—what options were available, how much each would cost. Then I compared them side by side. What would month-to-month cost us if we stayed for, say, six months? How did that compare to a shorter lease? And if we did a full-year lease but had to break it early, what would that penalty look like? The numbers told a story....

 Remember those New Year's resolutions you made back in January? You know, the ones about saving more, spending less, finally getting serious about your finances? Yeah, those. If you're like most people, those resolutions were a distant memory by February. The gym membership went unused. The budget got abandoned. The financial goals got... well, forgotten. But here's the thing: we're now halfway through the year. And if you set any financial goals for yourself back in January—or even if you didn't—now is the perfect time for a check-in. Not to beat yourself up. Not to feel guilty. But to honestly assess where you are and course-correct if needed. The Questions You Need to Ask Yourself Let's get real. Pull out whatever tracking system you use (or don't use) and ask yourself these questions: Have you been saving where you said you would? Did you commit to saving $500 a month, but you've only managed $200? Or maybe you surprised yourself and actuall...

You've heard it a million times: "You need an emergency fund." It's one of those personal finance basics that everyone talks about, right up there with "spend less than you earn" and "start saving early." But here's the question nobody seems to answer clearly: How much is actually enough? The standard advice is 3-6 months of expenses. But that's a pretty wide range, and your life doesn't fit neatly into a formula. So let's break down what really matters. The 3-6 Month Rule (And Why It's Not One-Size-Fits-All) The 3-month camp: If you're in a dual-income household where both people work stable jobs, three months might be sufficient. The thinking is that if one person loses their job, the other income keeps things afloat while you figure out the next move. The 6-month camp: If you're single, the sole earner in your household, or your income is less predictable, aim for six months. You don't have a backup income,...

My mom always says, "Treat yourself, don't cheat yourself." It's simple, but it carries so much wisdom. What she means is that we don't live to work. We work to live, to enjoy life, and to experience the fruits of our labor. If there's something you want or need, why deprive yourself of it? Now, before you think this is permission for reckless spending, let me be clear. My mom has always been smart with money. This isn't about throwing caution to the wind. It's about balance. It's a gentle reminder that taking care of your responsibilities and paying your bills is important, but that's not what life is all about. If you've had your eye on something and you can reasonably afford it, get it. If you have a taste for a particular meal and you usually cook at home, who says you can't dine out from time to time? I absolutely love this mindset, and I want to take it a step further. The Match-Your-Treat Strategy What if treating yourself do...

The Race Against Yourself   My goal is simple: be better than me yesterday—and only me. I track this progress by consistently monitoring my finances. 💰 I look to see if I'm consistently saving and mindfully spending and if my investments are growing 📈 ( acknowledging they sometimes go down, too ). This personal tracking system is a reminder and motivation to push me forward.   Here's the thing—the only one you should be competing with is yourself. You know your whole story—your struggles, wins, and setbacks. 🏆 You don't know much beyond what others want you to know about their situation, so why compare yourself to them? I've found it's healthier and more beneficial to focus on your own journey and let others focus on theirs. The Comparison Trap   Often, we look outward, comparing what others have or are doing to our own situation. 🤔 I believe this is a recipe for disaster, and here's why:   We only see what's at the surface—what people w...

700 Pairs of Shoes and a Closet Full of New Clothes While standing in line at a department store, I chatted with another customer waiting to check out. During this conversation, she shared that she had about 700 pairs of shoes and a walk-in closet full of clothes that still had their tags. I didn't know the why behind her shopping or the collection of merchandise she had acquired, but I couldn't help but wonder what type of thought went into the constant shopping that she alluded to. Have you ever gone shopping for an item or two and left with many other things you did not intend to buy? Why does that happen? Why weren't you able to stick to your list? It happens to the best of us, but what can we do to keep it from getting the best of us?  The ABCs of Making a Purchase I introduce the ABCs of Making a Purchase. The next time you're about to buy something out of the blue or just because, maybe consider the following: A sk and A rticulate✋ Ask yourself why. Why are you...

 Happy New Year!  It is now 2021, a new beginning. Did you reach your financial goals last year? Maybe, maybe not. If you did, that's great! If you did not, that is alright too. Successfully reaching last year's goals should give you a feeling of accomplishment and, hopefully, the motivation you need to keep going. If you were unsuccessful, that's no reason to give up. You have to figure out where you went wrong and come up with a plan that really works. Maybe you set the goal too high; maybe you were hit with some unexpected expenses. These things happen, and that is no reason to quit.  Setting Financial Goals Every year, I set some type of financial goal. A few years ago, I learned about a savings plan to increase your savings amount by a dollar each week. Week 1 - save $1, week 2 - save $2,  week 3 - save $3, etc. This became my travel fund. I would save all year and use the money saved for vacation and travel. The second time I did it, I decided to increase each ...

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...

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...

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 ...

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: ...

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! 

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 ...

The end of the year is near! It's a great time to make final contributions, finish up challenges, and reflect on your money journey. Did you save as much as you wanted to save? Did you spend more than intended? What challenges did you face? What unexpected expenses threw you off track? Were you able to get back on track? Did you pay off one or more debts? What stands out? As we plan and set goals, we must be reasonable and flexible. Life happens, that's just a fact. Recognizing what went well and what did not allows us to plan for the future. If this year car troubles hit the budget hard, it may be time to budget more for future repairs and maintenance or even create a savings plan for a new car. As mentioned in a previous post, I took part in the 52-Week Money Challenge for the second year in a row. I've made my final payment and have successfully reached this year's goal. It's so rewarding to set a goal, work towards reaching that goal, and finally reach...