Debt Free Life Hacks: Managing Money Like a Boss

With options for autopay and online pay, it's easy to make the mistake of putting managing finances on cruise control. While this is convenient, it's important to always check your accounts and your spending. Accidents happen, and it could be to your dismay.  When I paid off my student loans following my undergrad graduation, somehow the bank processed my transaction twice. YIKES! I was heated, I couldn't believe it. I'd called myself doing a good thing by paying off my debt and what did I get in return? Double billed! How dare they? Anyway, I was fortunate to not have an excessive amount in loans so my broke college student checking account balance covered me without an overdraft but it was such a hassle to go through the process of getting those funds back.  The point is, in our haste to cover all basis, we can sometimes miss things or do the same thing twice. I do not remember who was at fault, did I schedule a payment and then make a payment? Was the transaction...

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...

What's one thing that if lost you can never get back? !!TIME!! Time is something we sometimes take for granted, but truly one of our most valuable assets. Because time is so precious, we must be very mindful of how we use it, especially how we sometimes waste it. An example of wasted time for me is going grocery shopping. This may sound silly, but the grocery store is my enemy. I do not like going, but to make matters worse, it takes me forever to get out. I am the person who has to go down every aisle ( except the pet aisle 😃...I have no pets) - list or no list. Anyway, I can easily be in the store for over 2 hours and by that time I've gotten on my own nerves. Spending that much time in the store usually means a bigger bill too so now I've lost money and time. This has to end!  Knowing this about myself, I realized that my time is much more valuable than the way I was spending it at the grocery store. There are so many other things that I could be doing inste...

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 ...

The Potential Curse Ever been tempted to purchase an item because they promise 18 months same as cash? Or perhaps you're shopping at your favorite department store and the cashier asks "would you like to apply for a credit card and save 25% percent on your purchase today?". Desperately in need of a new car, have you walked into the dealership focused solely on getting the monthly payment you can afford? Warning!! Proceed with caution.  What sounds like a great way to SAVE money could actually COST you in the long run. The truth is any of these situations can work in your favor or have a totally opposite effect. What comes into play is interest rates. Bankrate.com defines an interest rate as: the proportion of an amount loaned which a lender charges as interest to the borrower, normally expressed as an annual percentage. It is the rate a bank or other lender charges to borrow its money, or the rate a bank pays its savers for keeping money in an account. Why d...

Some things in life are free. It's up to you to take advantage of things that are available to you. The Library One of the best resources that we have at our fingertips is the public library. There are so many free resources at the library. Books are a given, but there is music, movies, and lots of great electronic resources. You can find audiobooks, e-books, online training, language learning tools and more. These are great options especially if you find yourself spending large sums of money on subscriptions, software, and web services. Not saying you'll find everything you'll need, but it is a good place to start. In addition to the different types of media available, most libraries offer a number of programs and services that may be of value to you or someone you know.  Some libraries have musical concerts, classes, digital technology centers, and so much more. The products and services offered by many libraries can benefit individuals greatly and for FREE! Muse...