Debt Free Life Hacks: Managing Money Like a Boss

There's something about January that feels like a fresh start, isn't there? A clean slate. A chance to get things right. And if you're looking to make this year better financially than the last, now is the perfect time to get your budget together. But here's the thing—getting your budget together doesn't have to mean overhauling your entire financial life in one overwhelming weekend. It's about making smart, manageable adjustments that set you up for success all year long. Let me walk you through some key areas to focus on this January. Break Down Your Annual Contributions If you contribute to an HSA or IRA, January is the perfect time to figure out your monthly strategy. First, let's look at the 2026 contribution limits set by the IRS: IRA (Traditional or Roth) : $7,500 ($8,600 if you're 50 or older with the $1,100 catch-up) HSA : $4,400 for individual coverage, $8,750 for family coverage (plus $1,000 catch-up if you're 55 or older) Here...

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...

When was the last time you compared rates on your insurance products(auto, renter, homeowner)❓❓ Like many people, you probably select a provider and never look elsewhere. The set-it-and-forget mode could be a mistake. There may be potential savings by changing your coverage or insurance provider. Many people set their insurance needs to autopilot - buy a policy, pay the bill when it's due, and don't think twice about it. If the premium increases during renewal, you figure it's just a way of life. Well, maybe not.  😲   How I Saved and How You Can Too!😀 I, too, have my insurance payments set to autopilot. I typically pay my auto insurance premium semiannually and annually for renter's insurance. That seemed to work until I noticed the auto insurance increases were getting a little out of hand – and for no good reason. I contacted the insurance company to learn why the premium had increased. Since they did not give any acceptable answers, I decided to see if there were b...

  Saving money is great, but watching your money grow is even more rewarding. The rate at which your cash grows depends on the vehicle used to save and invest. When you look at the typical savings account, we can see by the meager interest rates ( if any ) that our money won't do a lot of growing - at least not fast.  So how long will it take to double my money?  There's a simple trick to estimate how long a particular investment will grow based on the interest rate earned; it's called the Rule of 72 . Basically, you take the number 72 and divide it by the interest rate (rate of return) that a particular investment would earn.  Years to Double  = 72/Interest Rate  So if you have a $5,000 investment that will earn 6% per year, then using the Rule of 72, 72/6 tells you that it would take approximately 12 years to double the investment ( $10,000 ). Of course, the higher the interest rate, the less time it would take to double the investment.  Doubling the...

Saving is hard. Especially if it isn't something that you're used to doing.  Maybe you don't have much to save, don't know how to save, or don't see the point in saving. All of these things can make it even more challenging or make it seem impossible. Let's address each of these reasons one may choose not to save. I don't have much to save: Guess what? It is okay to start small. If you're barely making ends meet, you may have to get creative to save, but it is not impossible. Look at your budget and spending and determine what a reasonable savings goal could be. Maybe you'd start off by saving an extra $5 each payday. If you get paid once a week, that's about $20 a month, which adds to $240 a year.  I don't know how to save: I get it; sometimes, we're lucky to just have something left over after paying all the bills and taking care of responsibilities. At that point, if you have something remaining, you may be inclined to go ahead and ...

 In one of the previous posts, I talked about some DIY automobile maintenance. This video is an example of one simple car maintenance item that can save you a little money on labor.  In this video, I change my engine air filter for the first time. I purchased my engine air filter from the dealership, but you could save even more if purchased elsewhere. Enjoy! Managing your Money Like a Boss sometimes means getting your hands a little dirty (in a good way ) to save more and spend less! 

Have you ever taken your vehicle in for some routine maintenance only for the service advisor to provide you with a full list of things you should have done? I'm sure this has happened to many of you, and typically we're prone to think that they know what's best, and although you were getting a simple oil change that was under $100, you'll just go ahead and get all these recommended services now nearing the $400 mark.   Pump Your Brakes Before you agree, find out exactly what is going to be done. If it's an urgent issue that needs immediate attention, by all means, use your best judgment, but if it is seemingly minor items or services you're unfamiliar with, it's best if you do some research.  Doing Your Research Ask the service advisor to explain each of the recommendations. Ask if the recommendations are from the manufacturer or the repair shop. Ask for a printout of the recommended services. Only get what you came in to get and then research the recommend...

There are some things that we have no choice but to spend money on. If you want your car to get you from point A to point B, you have to keep it fueled. The same thing with your body; if you want it to perform, you must feed it. Just because we must spend money on these necessities doesn't mean we can't still save money. Here are some ways to save on everyday spending. Save on Gas While gas prices have been low for a good while, we know that gas doesn't go on sale. There are still ways to save. It's your duty to take advantage when you can. For example, as a T-Mobile customer, I benefit from T-Mobile Tuesdays . It's a weekly opportunity to get free stuff and other deals. One of the frequent deals is 10 cents off per gallon of gas using the Shell Fuel Rewards app. This is just one example of how you can save on everyday expenses. Now, of course, you'd still compare prices. If the gas station across the street is cheaper even after the savings, your best bet is to...

 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 ...

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...

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! 

Are you doing all that you can do to secure your financial future? It’s all too easy to put off saving as if you’ll get to it another day. What we must realize is that time is not on our side when we wait. The magic of compound interest ( think interest on interest ) happens over time. The longer your investments have to build and grow, the bigger your nest egg will be! So what can you today? Act! Act now! Don’t put off saving any longer. If your company offers a retirement plan, contribute. If your company does not offer a retirement plan, find an investment company to open one with. Research! Do your homework.   If you already contribute to a company sponsored retirement plan, consider opening another individual retirement account (IRA) such as a Roth IRA. As a new employee with my company, I currently am unable to contribute to the retirement and must wait a year. What to do in the meantime? Something I’d put off for some time; I opened a Roth IRA and contributed th...

As we near the end of the year, the season of even more extreme consumer marketing is here. Already we've begun to receive mailers and emails about holiday savings which is the equivalent of holiday spending . RESIST!  The holidays should not be a race to spend all of your hard-earned money. Instead of money, try spending time with with family and friends. Make it about creating special memories together. Skip the lines and instead play games at home, cook and eat together, take pictures, tell jokes. Resist going store to store or shopping online to buy things you don't need or want just because it's on sale. The advertisements will be convincing, persuading, and call for quick action. Do not be fooled by the gimmicks. If you must shop, have a budget and stick to it. Shopping during the holidays isn't necessarily a bad thing. Just be sure to remember to spend wisely. Beware of the holiday marketing. Always manage your money like a boss especially during the ...

Many people are not strangers to the challenges of health and wealth.  People often struggle in one or both of these categories.  How Health and Wealth Compare When it comes to health, oftentimes we know what we should or should not be doing. We know that we should be eating a healthy balanced diet and staying physically active. We know that we should not be eating lots of fast foods, processed foods and that we should not be inactive.  When you think of it that way it's quite simple.   Health = Eat Right and Exercise Yet, so many of us struggle with it. Why is that? The same is true when it comes to dealing with finances. We know what we should or should not be doing. We know that we should live within, if not below, our means, that we should save more and spend less. We know that we should not be overspending, spending wastefully, and we should not be increasing our debt.  So just like health, when it comes to money, the concept is simple.  ...