Debt Free Life Hacks: Managing Money Like a Boss

Although it's important to have a budget, I understand if people have their reasons for not liking it. 💸💰 Budgets can help you stay on track with your spending goals, and you can make them personalized to your liking. Categorizing your spending is one strategy – it allows you to easily track your expenses and keep everything organized. Organizing my spending into categories has helped me manage my finances. I divide my spending into categories such as savings ( pay yourself first 😉 ), housing, utilities, food, transportation, clothing, medical, personal, recreation, and debt payoff. This system keeps me organized and allows me to easily track where my money is going each month.  Now, let's say you've allocated every dollar to a category, but at the end of the month, you find yourself with some extra cash. What do you do with it? Do you have to spend it all? 🤔 It's actually quite common to feel the temptation to eat out on the day you go grocery shopping, even if you...

Ensuring that your vehicle is operating at its best possible level is of utmost importance. You can accomplish this by following the manufacturer's recommendations for servicing your vehicle. You can usually find this information in the 📚 that come with your vehicle, or you can search for the electronic version online.  It's important to be aware of services needed at different mileage/time intervals to maintain your vehicle's best performance beyond the regular 🛢️ change, 🚗🔧 balancing, and rotating. Regular maintenance keeps your car in good condition and helps you identify minor problems before they become major, more costly issues. For instance, not changing your 🛢️ regularly could result in engine damage, and ignoring tire rotation could cause uneven wear and affect handling. When you take your vehicle for service, you could discover something that needs immediate attention. If you can pay a small fee now to avoid paying more later, it's worth it. It's esse...

Tomorrow Me Will Thank Yesterday Me Hey there reader! I wanted to talk about something that I think we can all relate to: how our actions today can have an impact on our future. Let's talk about setting ourselves up for success. You know that feeling when you do something you don't really enjoy, but you know it'll pay off later? Like unloading the dishwasher in the morning so that it's easier to load up with dirty dishes in the evening? It's a small act of kindness towards your future self. Well, the same principle applies when it comes to finances. Saving and investing money may not give you an instant thrill, but it's something that will definitely benefit you down the line. And paying your bills on time and in full? That's a great way to build a solid credit history, which will be a huge advantage for your future self. I get it, money might not be the most exciting topic for everyone, but taking a proactive approach to handling your finances is something ...

Hello there! Although the title of this post may be unconventional, let's discuss the topic of spending. For some, spending may come naturally, while saving can be challenging. However, in my case, I save excessively, finding it difficult to spend money at times. Making large purchases, even ones that may be considered small, is often a struggle for me. I would spend considerable time researching ways to save and even delay purchases. For instance, I recall wanting a Yoga/Pilates game for my Wii, but I felt it was too expensive, so I refused to buy it. It wasn't until years later, when someone gifted it to me, that I finally got to enjoy it. I know, I know, a bit shameful, right? 😆 The point of my story is that I've recognized the need to change my ways. I'm learning to spend guilt-free and not agonize over every purchase. It took me a while to get to this point, but it doesn't have to be the same for other savers. Teaching Myself to Spend I took a step back to eva...

Did you get a raise or a job with a bigger salary?  Were you fortunate to be a recipient of a sudden windfall? I would like to extend my warmest congratulations on your recent windfall or raise. This is clearly a cause for celebration! However, before you make any big purchases or lifestyle changes, I highly recommend taking a moment to pause and reflect. It's important to remember that just because you can afford more, it doesn't necessarily mean you have to spend more. It's easy to fall into the trap of thinking that more is always better, but sometimes less is actually more. Take the buffet example, for instance. We often eat more than we need simply because we see more food and want to try everything. The same idea holds true for money. Just because you have more money now or will have more money doesn't mean you should spend it all. Instead, I suggest putting the difference between your old income and your new income into an account each month. This will give you a...

Have you been building your emergency fund? Is that money in your account ready to take action when needed? That's a huge accomplishment! Celebrate! 👏 I have a few more questions. Is your emergency fund separate from your everyday expense account?  If not, consider opening a savings account to hold those funds. Separating these accounts is a good idea to avoid the temptation to use emergency/rainy day funds for non-emergencies.   Does your account grow even when you're not contributing?  So you have been putting your emergency fund in a savings account. Great! Now what? Is this account growing even when you're not contributing? If you're earning interest at laughable rates such as what you see below or any percent starting with 0.0 (i.e.,.01),  it's time to make a change.  😒 😒 My savings account earned literal pennies on the dollar for many years. It's one of those things that hurts to even think about 😢. We will not dwell on the past. I encourage ...

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...

Time flies, doesn't it? We've reached the end of 2022. Where did the time go? It's been a year, and I know you've been busy, but you'll want to make time for this. Unused Dental, Medical, and Vision Benefits  Hopefully, you've been using your employee benefits throughout the year, but if you still need to, it's time to get on the phone and try to make some appointments. If you're lucky, you'll find an opening, or you'll be able to squeeze in on someone's canceled slot. It never hurts to try.  Here are some benefits that you may have forgotten about: Dental 🦷 - Most plans allow two cleanings every six months or twice a year. Have you been to the dentist this year? When was your last appointment? Are you due for a cleaning? Ask these questions of yourself and everyone on your plan.  Medical  🏥- We should be getting an annual wellness check or physical. Most plans will cover your annual exam in full. Getting an appointment this late in the yea...

Remember that time when you lost $100? It was in your pocket, and somewhere along the way, it must have fallen out when you went into your pocket for something else. Memories like those are painful. You likely have a memory of money you've lost gambling, investing, and so forth. Losing cash is more painful than the joy of winning ( based on a concept called Loss Aversio n). Life can be chaotic. Occasionally you forget things you had, accounts you opened, deposits you made, and other balances due.  Let's talk about finding the money you lost or didn't realize was missing. There are a few ways you can locate this money.  Unclaimed Funds - Treasury Hunt One place you could check is  Treasury Hunt.  Treasury hunt allows you to search for matured savings bonds or missing interest.  With Treasury Hunt, you can see if: You had a savings bond or treasury security that's no longer earning interest but uncashed. A loved one who passed  had matured bonds that stopped ...

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...

There is a good chance you are paying for something you could get for free. What do I mean? Many companies are beginning to offer bundled products and services which means there may be some opportunities to save on some of your reoccurring expenses.  Ways to Save We all have expenses in our lives that are reoccurring. Think of some subscription services or apps that you pay for every month. First, it's a good idea to evaluate what subscriptions and apps you are actually using. Do you pay for several streaming services but only primarily watch one? If so, maybe it's time to cut the ones you're not watching and save a little dough. That's one way you can bring down your monthly expenses, but not the focus of today. Let's talk about saving using existing connections. T-Mobile Offers Service providers are now tacking on additional bonus items to entice customers. For example, with some T-Mobile plans, you can get Netflix. Do you know what that means? That means you may ...

Have you checked your credit report lately? If you answered no, why not? Under federal law, we are all entitled to receive a free credit report annually from each of the three credit bureaus. During the pandemic, there is even an option to receive free weekly access to our credit reports online! Now, what's your excuse? What is a credit report? A credit report is an organized report of your credit history and activity. Credit info is reported by the three major credit bureaus - Equifax, Experian, and TransUnion.  Why are Credit Reports Important? Credit Reports are important for many reasons and one reason we often hear about is how it impacts your credit score. The information reported can impact crucial areas of your financial life. You want to make sure the information reported is accurate, complete, and up to date. This is especially important before a major financial event such as applying for a loan or credit card as the information within your reports may affect the interest...