Debt Free Life Hacks

What if someone promised to give you $.50 on every $1 that you put into your investment account. What about $1 for every $1. Would you accept their offer or pass?  The answer is obvious You accept! When it comes to managing money like a boss, you are not going to pass up 💰💸🤑 FREE MONEY💰💸🤑 . Unfortunately, some people do. While many employers offer retirement plans where employees are able to invest and earn, there are still employees who are not taking advantage of these opportunities. Amounts will vary,  however, employers often will match a percentage of the dollars you contribute up to a certain max. No matter the amount, it is often in your best interest to contribute and take advantage of any free money that may be available to you.  Get Started Better late than never. If your employer has a retirement plan and you qualify, you'll want to participate. If there is a match, at the very least contribute up to the match. You may be thinking, "I can't afford to cont...

 Saving money and budgeting may come easy for some but can be a struggle for others. While you may have no problem restraining yourself from spending or overspending, there are some people who are very good at spending - and sometimes blowing money. Find an Accountability Partner No matter which category you fall into, I bet you know someone who is just the opposite. Maybe it's a spouse, a relative, a friend. These individuals can serve as  accountability partners . Wikipedia describes an accountability partner as "a person who coaches another person in terms of helping the other person keep a commitment."  If you are a spender, having an accountability partner who is more so a saver could benefit you greatly. If you are a saver, reach out to a spender you know and offer to be their accountability partner. What a wonderful opportunity to help yourself or someone else! What does an Accountability Partner do? You establish the rules. Say the spender has a goal to spend less...

There are two types of people in the world. Those who pay interest and those who EARN it. Which are you?  Me, I'm no fan of paying interest. That's why I try to keep debts to a minimum, if not nonexistent. I recall having a car loan twice in my life. The first time the interest was close to 6% and the second time, just under 3%. That 3% difference is a big deal. While I paid the first note off early and the other on time, the one with the higher interest rate still costed me more as far as what I paid in overall interest.  So what is the point?  Do not get caught in the neverending car loan cycle. I've heard countless stories on how people have long-term finance agreements, paying small amounts monthly, but when you look at what they pay in interest over the life of the loan it'll make your jaw drop. I mean some end up paying for the vehicle twice once you factor in the interest. Oftentimes those small notes are not even worth the trouble.  Instead of paying interest...

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...

Every month, I have the same reaction to the percentage of the monthly budget that goes towards rent. It's a large chunk of money, and quite frankly too much in my opinion. Unfortunately, the rent isn't something that can easily be changed ( at least at the moment ). I decided that my energy would be better spent focusing on spending categories where I could make a difference, that is, categories that did have some wiggle room.  Below is the breakdown of the monthly budget.   Monthly Budget Income Allocation Housing 54% Food 18% Savings 15% Transportation 3% Giving 3% Personal 5% Lifestyle 2% Health 0% Insurance 0% Debt 0% You'll see that most categories are below 5% which is great, and no debt is an added bonus. So what next? A few weeks ago, I posted about going over budget on food and groceries. This was not something I wanted to repeat, so of course, it was a topic for the next budget committee meeting. Upon reviewing the budget it was determined that after housing ex...

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...

Many car insurance companies are providing a discount for policyholders due to the COVID-19 pandemic. Discounts or reductions vary by the company as well as how the credit is applied or will be applied. You may have received a letter or email with the details and there may not be any action required on your part as it will likely apply automatically.  Take advantage of this opportunity to either pay your policy in full or in fewer payments. This will help save you even more money! Find out what your insurance company is offering or has offered in response to COVID-19. Below are links to details for some of the major providers. If your insurance company is not listed, just do a quick search online for your company and COVID-19. Allstate Insurance GEICO Insurance Nationwide Insurance Progressive Insurance State Farm Insurance