Blogs

When I’m not blogging, I manage the other family business; a coin-operated laundromat. The work is less than fabulous, but I spend an enormous amount of time with people – that I love. A brief conversation with a long-time customer (and previous employee…long story) landed on home ownership. I shared how we are selling a rental condo and looking to pick up a few more soon. This young man is a hard worker, looking for a larger place for his family, and a renter. He’d never considered buying until our conversation. Then it hit me. This is exactly why we’re so passionate about debt freedom. OPTIONS!!!

Renting is perfectly legitimate. Home ownership, and moreover being a landlord, is not for everyone. However, debt freedom affords you the option to choose. Harry Dent Jr., author of The Roaring 2000s, suggests that more millionaires got their start during the Great Depression than in any other time in our nation’s history. I totally understand why.

CONTINUE READING=>>>>>>

We're convinced it takes 21 days to build a habit. Effective money management is a learned skill. Have you missed any Tips of the Day in our new push to Give Yourself a Raise in 21 Days? No problem. A recap is the best way to catch up.

Day 2: Know where it goes.

Tracking is essential to preparing a proper plan: your budget. Little things add up. Take a week to write down everything you spend. Add it up. The results just may surprise you.

Day 3: Post your budgets.

In the beginning, WonderMan and I would create fantastic, color coordinated, detailed budgets. We’d email them, marvel over the advanced, tabular-linking functionality (yes, we’re nerds), and then forget about it for the next two months (nerds with ADD). Once I stripped it down to relevant data, made it fit on one page, and posted that puppy on the fridge; we stuck with it. Keep your budget simple and make sure you see it on a regular basis.

Day 4:  Find a Money Buddy

An accountability partner can help keep you focused on your goals and pull your card when tempted to go rouge. Make sure this is someone who is fiscally responsible with enough chutzpah to apply tough love whenever needed.

For more tips, continue here...=====>>>>>

A savings fund is your best defense against forces that seek to derail your debt free momentum. Yes! Forces intent on keeping you mired in money mishaps, floundering in financial fiascos, or let’s face it – deep in debt are real. Alliterative exercises aside, a savings fund is a must have. It’s just not always an easy must do.

Before tackling a debt repayment plan, set up a Mad Money Fund. This fund should contain at least $1000 (depending on your comfort level). Some balk at the low figure, but consider your recent emergencies. Would $1000 have been sufficient? Don’t dread using the cushion in a genuine emergency. The Mad Money Fund exists so you avoid the madness when emergencies happen.

1. Start your budget. The quickest way to give yourself a raise is to tell your money where to go. You do that with a budget.
2. Setup auto saving. Redirect money to your savings using automatic tools. You don’t miss what you don’t see.
3. Sell everything. What are you hoarding that can be converted into cash? Ebay. Craig’s List. Garage Sale. Clean house and build your savings.
4. Stash windfalls. Do you have a lump some coming? Instead of spending before you receive, plan on using that to pad your savings.
5. Seek extra income. Do you have a marketable service? Hire yourself out. Secure part-time income and save up.

Trying to pay off debt without a savings stash is like filling a leaky bucket. Eventually, frustration may cause you to give up completely. The Mad Money Fund will help you avoid using credit so emergencies don’t derail your debt repayment plans.

Do you have other simple savings strategies to share?

Knowledge is power. Free knowledge is even more powerful. Coursera is a cool, collaborative effort between top universities, like Duke and Standford, to provide free classes online to anyone. Well, I spied with my little eye a 7-week personal finance course.

FINISH READING HERE===>>>

We are mid way through our New Year New You contest and a tip for Day #10 hits close to home.

Day 10: Shop Discount Grocers

I’m a Debt Free Diva, but I will admit, I was a bit of a grocery store snob. I judged stores by location and perceptions about the clientele served. I’m not proud.

After a recent (and hopefully temporary) reduction in household income, I was looking for additional ways to conserve cash. One of our largest variable expenses is groceries.

My grocery store is close, has a huge advertising budget, and is one of the more expensive chains available in the city. Did I say it was close? As a lark, I decided to try Aldi – the deep discount chain mainly available in less affluent communities. My grandma, on a fixed income, shops at Aldi. Pride aside, with a need to save money, I gave Aldi a try. To my snobbery surprise, the store was clean, the produce was fresh, and I saved nearly 35% over my normal spending total.

Continue reading here ======>>>>>>