Out of Debt Out of Fret (Day 8)

January 8, 2014



     Now that I am on track with my finances I needed to look at the causes to most of my debt.  In most cases because I have never really had an emergency fund since living in Kentucky I had to rely on plastic to get myself out of financial pinches that I hadn't planned for.  That is a downward spiral that never ends.  What happens once you have used up all those options and all you have left is a bunch of credit card bills and no way to pay for emergencies that are bound to happen??  I knew I never wanted to get into that shape, so I devised a plan to prevent it.  Not only am I shrinking my debt but now I have planned to open an online high yield savings account that I am going to assign an automatic transfer of $20-$50 per pay period to for just emergencies.  I will rely on plastic no more!

     Another idea that www.forbes.com gave me is to record all of my spending in a cash notebook.  This will definitely help with budgeting!  Have you ever looked back at your statement only to realize you can't remember where you spent that last $20?  Those kinds of mistakes can take a toll on a budget and your available funds.

     I also know that even though I will have a pretty good retirement, it's never a bad idea to save money for retirement.  Once I get my first few priorities met with my finances I am going to look into opening a ROTH IRA.  The only mistake to make with retirement is not planning one!

     Forbes also say that we should always review all of your accounts and ask for discounts.  The first account I am definitely going to check into is my cell phone bill.  And that's not where I will stop!  I plan on looking at each and every account and try to find a cheaper way of going.  Hey that dime is just as good for me as it is to those companies!

     They further recommend automating all of your finances so that there is less room for human mistakes.  I am so proud of myself that I have already learned that AND it's a recommendation by Forbes!  Not only should you automate your bill payments, but also payments to your savings accounts.

     Another suggestion given is to earn extra income.  This can be done with a second job, using your hobbies to make money, selling items you no longer want or need, asking for a raise, or volunteering for medical research.

     The last idea that I really like is to educate yourself.  Read all you can about money and finance.  Keep yourself updated and informed about money matters.  And most importantly keep yourself motivated to better yourself!


Romans 13:7-8 Pay to all what is owed to them: taxes to whom taxes are owed, revenue to whom revenue is owed, respect to whom respect is owed, honor to whom honor is owed. Owe no one anything, except to love each other, for the one who loves another has fulfilled the law.