Debt Free Life Hacks

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...

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...

Saving is great and should always be the goal. Sometimes there are everyday items that we must purchase or pay for that don't come with any real savings. As consumers, we must keep our eyes open for opportunities to save (big and small). Coupons Coupons are a great way to get discounts on all sorts of things. Coupons can help you save on car repairs, on groceries, on household items and more. One does not have to be an "extreme couponer" or fanatic to benefit from the use of coupons. It doesn't hurt to do a quick check for a coupon prior to making a purchase for something you want or need. If you were going to buy it anyway, a savings (big or small), never hurts.  Recently, I picked up a coupon next to the security desk at work for a FREE carwash. It was a new carwash at a local gas station. The card had 4 coupons total. With two cars in the household, we were able to both get free car washes which ended up being one less expense for the month. With a car was...

They only person you should be outdoing is yourself! Too often, people get caught up in what other people have or what others are doing. It's those social pressures of the world that make some people rush into marriages, rush to have babies, rush to buy houses, rush to buy fancy cars...you get the picture. What's the rush? Why do you think you have to keep up with your friends, family, and neighbors? Who made those rules? As comedian Kevin Hart jokes in a comedy skit, "stay in your lane". If more people did this, there would likely be less debt. That's a bold statement, yes, but think about it. More Debt - Rushing to buy a fancy house and car because that's what "everyone" around you has will likely lead to mortgages and car payments that are higher than what you can afford at the time. Only once you can accept your current financial position and only make purchases that reflect your true values will you find peace. Trying to keep up with ever...

Have you ever heard someone say they're going to drive their car until the wheels fall off? While we know good and well that it's just a figure of speech, it makes great sense. Automobiles are non-negotiable for most of us; we need them to get from point A to point B. That doesn't mean we need new ones every couple of years. A car note does not have to always be a part of one's life. According to Edmunds ,  On average, a new car loses 11% of it's value the moment you leave the lot. How crazy is that? So while some may consider their car to be an asset, in all actuality it is nothing more than a huge liability that loses it's value every day. The value of a car almost in all cases depreciates rather than appreciates. This means we must appreciate our cars for just what they are, a necessary expense. This means it's important to be selective and thoughtful when making a car purchase. Look for a reliable vehicle, that has what you want and need, that...

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 ...

There's a great saying that I learned from my mother,   Treat yourself don't cheat yourself .  I'm all for this, and I enjoy a treat when well deserved. An important question to ask is, are you doing too much treating? People work hard and I believe that when you work hard, one should also play hard.  In this light, there is nothing wrong with rewarding yourself for accomplishments or reaching major milestones. The key is to make sure your rewards are reasonable and fair. Reasonable and Fair? You just successfully completed a challenging night course and to celebrate you decide to treat yourself to dinner at your favorite restaurant. That's a reasonable and fair treat. If you went out and leased a brand new car to reward yourself, that purchase is not as reasonable and is more a trick than a treat. The trick is you'll have payments every month, higher insurance, and more debt. Rewarding yourself once has now become a reoccurring expenses.  That exam...