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Tag Archives: paying off debt

“Smart” Ideas That Can Keep You From Paying Off Debt

keeping you in debt

It’s hard to know when to spend money in the midst of paying off debt. You do have to buy necessities, and sometimes you need a little splurge to keep you motivated. In this world of uber-consumerism, there is always someone who can convince you that just about anything you want to buy  is a good idea. Don’t detour from your debt repayment plan with one of these three seemingly “smart” ways to spend money. Sales Nothing can sabotage your debt repayment plan like sales. I bet most of us have had this experience, either in stores or online. You see some sort of sign or banner ad offering x% off something, say it’s 25% off shoes. You think to yourself, “Hmm, I wear shoes. Maybe I’ll just take a look. I’m certainly not buying anything.” The next thing you know, you have three new pairs of shoes. One of them is kind of a weird color, but it was a brand you love and came with an extra discount. Twelve months later, you sell that pair of shoes on Ebay for 1/10 of what you paid for it. It really wasn’t your color. As we were racking up credit ...

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Retirement Planning Made Simple

making a retirement plan

Joe Foley is personal finance blogger and the author of ‘We Got Outta Debt’, the story of how his family paid off $68,000 in a little over 3 years. His new book, “Retirement for the Ages” is due out in December. A h the Golden Years. If you’ve saved well, they truly can be Golden, if not so well…. maybe a Silver or Bronze is in your future. Some aspects of how much you save is out of your control. The recession of 2008-09 hit retirement account hard. An AARP survey from 2011 stated that from 2008-2011: 25% of Americans 50 and older emptied their retirement savings 29% claimed their retirements early due to unemployment Many more retirees are carrying debt into retirement While the cause of this is not in your control, preparing for retirement earlier in life definitely puts you in a better place in case any of these events take place. Planning for a recession is a bit extreme, however planning for unemployment and reducing debt are things directly in your control. How do you do this? Follow Grandma’s basics. Create a budget. Just because the US Government doesn’t have one, doesn’t mean you shouldn’t. A Budget, or ...

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Five Things You Can Do Right Now To Keep More Of The Cash You Have

In a struggling economy, many people are looking for new ways to decrease their spending habits and save more of their income to stretch every dollar that they have. Fortunately, there are many practical ways to save more cash to ensure a more flexible budget. By practicing new habits and techniques, it can be easy to save more on a daily basis. 1. Use Coupons Cutting coupons is a great way to save up to hundreds of dollars a month on basic groceries and household items for an easy way to reduce the cost of necessities. Many blogs and websites post the latest coupons and deals for great ways to save each day. Use inserts from the Sunday newspaper to obtain the best coupons, as well as finding them online. Check out this guide on effectively making use of coupons. By pairing a manufacturer coupon with a store coupon, the savings can be doubled for name brand products that will make it easy to get more bang for your buck. 2. Reduce Your Energy Use Energy bills can fluctuate drastically throughout the year, making it important to reduce your energy usage, especially in the warmer months. Use light blocking shades ...

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6 Money Moves You Should Never Ignore

  Rather than sit back and wait for your financial situation to improve, there are things you can do to get your money back on track. Maybe you fear a financial emergency because you don’t have a savings account, or maybe you need a guide that discusses your insurance options. Learning to live by these six money rules can give your personal finances a much-needed overhaul. Don’t buy to impress others If your friend bought a new house or a new car, this doesn’t mean you should go out and make the same purchase. Trying to keep up with your friends may feel good, but if you check your bank account or credit card statement and cringe, the joke’s on you. The best thing you can do for your personal finances is live within your means. In other words, establish a budget – a realistic budget. Determine how much you can afford to spend on housing, transportation, food, etc., and be content with the things you have. You’re as wealthy as your lifestyle. Pay off debt Stop convincing yourself that debt is a way of life. There are many who live a relatively debt-free life, and you can be one ...

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Why Are You Still Broke?

When we were struggling with credit card debt and had a negative net worth, it was easy to join in one of the many conversations going on around me by others who were also broke or in similar debt situations. I can remember saying things like this. “I’ll probably owe Visa until the day I die.” “I don’t want to wait until I’m old to enjoy life.” “It’s normal to have debt when you’re young.” “I can’t afford to max out my retirement plan/invest in stocks/save for a rainy day”. How are people supposed to live on so little take home pay?”  I’m Guilty of Throwing Stones I could list many more euphemisms from my debt laden days, but you get the picture. It’s easy to get into conversations with people who are broke. It’s really easy to toss out excuses as to why we’re there as we all go out to dinner in our new cars purchased on 60 month repayment plans. It was also very easy to throw stones at those who weren’t broke, not the flashy ones who brag about wealth while everything is mortgaged and charged to the hilt, but those people who very quietly purchase ...

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