money happy

***This is a Guest Post. <3 from the Dames*** Four steps to starting the new year with a positive outlook on your finances If you’re starting the new year in debt or with a little less than you like after Christmas, then you may feel that your prospects for financial happiness are gloomy. However, you can be totally money happy in 2017 by trying out a few of the suggestions below. Being money happy doesn’t mean being mega rich, but more about being happy with your situation and using the money that you do have to live a comfortable, happy life. So read on toRead More →

2017 goals

So it’s 2017, and I’ve got resolutions just like everyone else. Except I’ve got a plan in place to actually turn my resolutions into reality by year’s end. But let’s start with a recap from last year. My 2016 financial goals were the following: Pay down my credit card (goal is to have it paid off by July 2017) Build an emergency fund (goal is to have $2500 saved up by the end of the year) Save for retirement (no real goal here for the moment…just contribute something each month to my Roth IRA) I did pretty well on them. I saved for retirement each monthRead More →

payoff series

Welcome to Part Three of a 6-part series I’m doing on personal loans, credit card debt, and refinancing – the Payoff Series. If you’re new here, go back and check out Part One and Part Two!   Debt consolidation allows borrowers to roll multiple old debts into a single new one. Ideally, that new debt has a lower interest rate that makes payments more manageable or lets borrowers pay off the total more quickly. Many people try debt consolidation, but not all emerge better off. Some borrowers wind up in worse shape, either because they run up their credit cards again or because their debt remainsRead More →

payoff series

Welcome to Part Two of a 6-part series I’m doing on personal loans, credit card debt, and refinancing – the Payoff Series. If you’re new here, go back and check out Part One! Refinancing credit card debt means paying off your current debt-load with another loan. Refinancing is different than debt negotiation. In debt negotiation or debt settlement, you work with your lenders to reduce the total principal you owe by offering a fast, lump-sum payment. Refinancing means you will still have monthly payments, but they will be to a different lender. The ultimate goal in refinancing is to secure a better debt situation thanRead More →

payoff series

Last week, I told y’all about a 6-part series I’m doing on personal loans, credit card debt, and refinancing – the Payoff Series. Welcome to Part I! It’s no secret that America is in a debt crisis – student loan debt is in the trillions, the government itself is battling its own debt, and regular consumers are adding mortgages and credit cards to the mix. The average American household has $15,000 in credit card debt, and the average interest rate on those credit cards remains above 13%. Debt Stress is No Joke And how are people handling all that debt? Not well. One in five people considerRead More →

painless

Paying down debt with regular, automatic payments is great. Paying down debt faster with extra payments is better, especially if it’s painless. As you guys know, I currently have three kinds of debt: federal student loans, a private student loan, and credit card debt. Based off this, my debt repayment plan is to pay off my the consumer debt first, private student loan second, and then tackle the federal loans last (i.e. going for highest interest rate first). My Plan for Paying It Off Faster With all of my payments automated, my current credit card debt payoff date is May 2018; however, I’ve decided toRead More →

FIRE

  If you’re a pro at FIRE, then welcome. If your new to hearing this word in a non-burning context, also welcome…welcome to the wide world of nontraditional living. From minimalism to passive income to early retirement, there are multiple paths to whichever ending you’d prefer, and FIRE is one of them. Today, I’m talking about why I’m rejecting one of these more popular goals in the personal finance world – FIRE specifically. Let’s get lit! (Sorry, I had to) FIRE – It’s an Acronym! FIRE is a term that refers to Financial Independence and Retiring Early. While these two might seem awfully similar, they areRead More →

Remember all of those “This is your brain on drugs” PSAs that ran in the ’90s? Well, consider this your debt wake-up call. Debt is bad, and it’s bad for your finances. To understand just how bad debt is, think of it like you would a smoking habit – costly, definitely not “cool”, and seriously expensive.   The average U.S. household with debt carries $15,762 in credit card debt and $130,922 in total debt. (Courtesy of Nerd Wallet) While some of this may be related to poor spending decisions or eating out too much, not all of this debt is from reckless spending. More Americans than ever areRead More →