https://www.youtube.com/watch?v=sHxkQ9d0me8
I love this idea, especially how she breaks it down by week!
Wordless Wednesday: Gorgeous Home With Turret
This is how I picture my dream home
Get Rid Of Student Loans Fast
Most college graduates leave school with debt of some kind. For many young Americans, they go out into the job market with over $10,000 in debt. Now, you can complain about how the system is stacked against you (trust me, I’ve done my share of whining), but at the end of the day, you’ll still be in debt unless you actually do something about it. Yes, you will have to work hard. For tips on paying off your pile of student debt fast, read this article by Michelle Schroeder-Gardener at Making Sense of Cents:
-You can save lots of money by consolidating your loans
-Create a budget. Know your income and your expenses, then try to cut some expenses. Use the savings and apply them to your loans!
-Cut back on cable TV, create a grocery budget, use coupons, shop around for insurance, live in a cheaper place, enjoy more frugal entertainment instead of wasting money going out.
-Earn more money by: starting a blog, picking up a weekend job, selling extra stuff, renting a room out in your home, investing, or answering surveys.
-ALWAYS pay more than the minimum payment, even if you can only afford $10 more a month.
Pros And Cons Of Mortgage Lengths
When buying a home, you’ll have lots of options when it comes to shopping for a mortgage: which lender you’ll use, what interest rate you’ll have, whether your rate is fixed or adjustable, and how many years your loan will last. It can all get pretty confusing, so it’s important to know the pros and cons of a 15 year mortgage versus a 30 year one. Check out this infographic by LowerMyBills for more:
15 Year:
-Own your home in half the time
-Lower interest rates
-Higher monthly payments
30 Year:
-Lower monthly payments
-Higher interest rates
-You won’t own your home for 30 years.
Financial Fasting: Get Out Of Debt By Giving Up…
No, I don’t mean giving up on your debt (if only, haha!). Instead, I’m talking about giving up certain things, and putting that money towards debt payments. Whether you’re in massive credit card debt, struggling to pay back student loans, or just trying to get your mortgage paid off faster, going on a “financial fast,” is a great way to find extra money for your payments. Check out this article by Gretchen at the Retired By 40 Blog for what SHE gave up to get out of debt:
-A new kitchen, or other costly remodel
-A vacation- it’s tempting, but save those couple hundred (or thousand) dollars. That’s another mortgage payment– you’ll be paid off at least one month earlier than planned.
-An expensive phone data plan- do you NEED it? No.
-Free time- use your freetime to freelance; use the money from the extra job to pay off debt fast!
Bump Up That Credit Score!
For the past few years, my credit score has been hovering slightly under 700. I’ve gotten it up from 660 to 680, but I still haven’t hit that ideal number yet. I pay all my bills on time, but I only have maybe two lines of credit, and I still have a pretty tidy pile of student loan debt. While I understand what the causes of my credit score are, it’s always good to look for little ways to perk it up a bit. That’s why I’m always reading articles like this one by Slapdash Mom. Here’s how she raised her credit score over 200 points:
-Know your credit score- sign up for a free account at creditkarma.com, or get a full, free credit report at annualcreditreport.com.
-Sign up for a new credit card- use your card (don’t go above 30% of your limit) and pay it off monthly.
-Know that hard inquiries will temporarily hurt your credit score. If you are signing a lease for a new apartment, buying a car, taking out a credit card, and applying for loans all the same time, it WILL hurt you.
-Pay off your debts as fast as you can.
Stop Impulse Buying Today
One of my biggest guilty pleasures is online shopping. I find cheap, junky things that I think are pretty on sites like eBay, Amazon, and Wish, and buy about 10 items at a time. Ten bucks isn’t bad, right? After all, some people who have a serious shopping problem can blow through hundreds of dollars a week. Well, even if I spend ten bucks a week on frivolous junk, that’s still $40 a month…which equals out to $480 a YEAR! That’s enough for a plane ticket, a weekend vacation, a down payment on a car, half a house payment, a gym membership, a new phone….the list goes on. And I’m choosing junk like phone cases, cute wallets, and nail stickers over all that.
The point is, it’s okay to have fun and splurge a little bit every once in a while, but mindlessly buying junk doesn’t help you achieve your financial goals. There are better ways to spend your hard earned cash! If you have a problem, or just want to cut back on your impulse buying, check out this article by Lydia at Frugal Debt Free Life for tips: (my first tip is DELETE apps that you tend to throw away money on!)
-Avoid triggers- steer clear of places that make you drop unnecessary cash- Goodwill, Dollar Tree, clearance sections, makeup counters, etc.
-Don’t shop when you are hungry or emotional
-Carry cash- if you only bring $50 to the grocery store, you won’t spend more than $50.
-Block online retail sites (Ha! Told you!)
-Ask yourself if you really need the item, or if you are just buying it because you’re bored.
Wordless Wednesday: Tiny Brick Home
Things You SHOULD Splurge On
So I’ve written a lot recently about unnecessary items that people waste their money on. However, I’m also a firm believer that you should spend money on things that make you happy. Spend your money on traveling, vacations, experiences, motorcycles, tattoos, makeup, food, books, craft supplies, cool gadgets- whatever you want after paying bills. If you enjoy something (or just think it’s beautiful), get it! I’m not advocating impulse buying (give large purchases a few days of thinking!), but if you want to add a little luxury to your life and can afford it, why not go for it? You can’t take your money to the grave. For a list of things that are worth the splurge, read this post by Peggy Wang at Buzzfeed:
-A high end mattress or pillows
-An awesome pair of headphones
-Lasik eye surgery
-Good kitchen knives
-A well made, tailored suit
Shed That Debt!
It’s become the new American dream to be debt free, since so many of us are up to our eyeballs in it. But it can seem impossible to beat back debt- mortgage payments, car payments, credit card bills, student loans, cash advances- when you are more focused on just keeping your lights on and yourself fed. However, there are plenty of pays to pay off debt faster, even if your budget is already tight. Check out this post by Kristina at Cents and Order for tips:
-Focus on one debt at a time- make minimum payments on everything else, and funnel all your excess cash (even if it’s just an extra $10 or $20) into just one debt until it is paid off. Then move on to the next one.
-Set small progress goals instead of letting the overall goal of being debt free intimidate you.
-Try to make some extra cash by selling old stuff, getting a weekend job, or selling your crafts/services, then put any money made into your debt repayment.