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Avoiding the Impluse Buy: How to Buy New Stuff After Getting Out of Debt

Being in debt pay off mode can be a bit isolating. When you are serious about a goal like getting out of credit card debt, you don’t allow yourself to spend money on things that aren’t necessities. If you stick to your goal, it sometimes takes a long time to get rid of the debt, but it does happen. In our house, it took about two years. During that time, we got used to not spending. It was a good experience and taught us that we don’t need to buy things all the time. Impulse buying was one thing that got us in trouble in the first place. However, through normal wear and tear, household items do wear out or become obsolete. Now that all our debt outside of mortgages is paid off, it’s time to buy a few things for the house, but it’s scary. Since you have to get back on the horse at some point, I’ll share how we are deciding to make purchases after getting out of debt. What Do We Need and Why? There is actually a list of things we need or don’t really need, but feel they will add value to our lives. ...

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How Can You Still Have Student Loans at Age 40?

Since closing on the first part of my business sale, we now have enough money to pay off our student loans. Before you start congratulating me, remember that I am 39 years old, and my husband is 43. How on earth do you have student loans in your 40’s? Start Late My husband didn’t decide to become a teacher until he had one failed attempt at college and several different jobs. He was 27 before he started college for real. He graduated at age 31, and then went right into a master’s program. He did work while getting his master’s, but didn’t really finish school until age 33. I finished my residency and started repaying my loans when I was 27. Most four year college graduates would already have 5-10 years on us. While I never think it’s too late to change careers, and I think our loans were worth it , it’s wise to think about how much debt you want to be paying off as you get older. Take Deferments and Forbearances When I was a resident, I put my loans into forbearance. The $600 a month payment seem like too much at the time, although I probably ...

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Get Out of Debt-Debt Heroes Book for Free

Monday, March 25th and Tuesday, March 26th, you can download a FREE copy of a new book by Jeff Rose and Ben Edwards called Debt Heroes: How 21 Ordinary People Paid Off Over $1.7 Million in Debt. I don’t receive any money from this book or for promoting it, but  I was fortunate that the authors let me contribute a chapter about my debt repayment story. I don’t know that it makes me a hero. A true hero would avoid debt altogether, but if someone can read my story and be motivated to take steps to get out of debt, that makes telling the story worthwhile. I think there are some really good stories and tips in this book, so download it for free while you can! Get Debt Heroes on Amazon Monday and Tuesday for free! Here is the link: http://www.amazon.com/dp/B00BLLT79W

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Paying Off Debt is Like a Winter Blizzard

The US has had some crazy weather this fall and winter. The recent snow storm that hit the Northeast dumped two feet of snow and caused all kinds of mayhem. Southwest Colorado often gets hit with storms producing that much or more snow. While we don’t generally get the media attention that more populated areas receive, we know all too well how to deal with a winter storm. Actually when you think about it, winter storms are like getting out of debt in many ways. Tropical people bear with me as I show you how a winter blizzard can be used as an example of how to get out of debt.

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5 Reasons Why Consumers Can’t Get Out of Debt

This is a guest post. If you are interested in guest posting, please read my policy and contact me. It is not unusual for a consumer to run into money issues. If a person attempts to get out of debt, he or she generally face many obstacles, not least themselves. Identifying the real reasons behind the failure can aid in reaching the goal of healthy financing, which is exactly what this post is all about. 1. Lack of a Budget When you cannot break out of accumulating debt, it may be due to the lack of a budget. A budget allows you to limit the amount of money that is available for spending on a weekly or monthly basis. The budget plan may be for an individual; if this is not the case, a family may create an overall budget to keep spending under control and make sure there’s enough in the kitty to cover essential bills. It is a very good idea to leave the budget plan in a prominent place at home as this may help you to resist the urge to spend money you don’t have.

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