The below article was composed by contributor Elaine McPartland. If you are interested in writing for My Money Design, please feel free to contact me.
Debt, in general, can be extremely difficult to get a handle on. Between the misleading terms and harassing creditors, you may feel lost in a sea of uncertainty. Fortunately, there are ten easy ways for how to pay off debt fast that you can tackle and attain financial liberation once and for all.
Stop lying to yourself.
… About your expenses that is.
If you are constantly finding yourself short on funds every other month, or if you have to keep dipping into your life savings just to keep the checkbook healthy, then something is wrong.
That was a harsh realization I had recently. Even after all the budgets and spreadsheets I’ve made, we were forecasting a huge deficit for the year. The only solution? It was time to get real about our household expenses.
Why do we struggle when it comes to handling our money? Some of us live check to check and barely save nothing. Others of us do okay. But then we never take full advantage of what’s out there to make the best financial choices. What is it about our methods that make us so deficient at knowing how to manage money better?
Ironically, the answer you’re looking for might just be behind those large retail giants where we spend the most amount of money each month. While some people may scuff at the likes of Walmart or Apple with their anti-consumerism attitudes, I ask you to take a second look. Beyond the products they sell to us, what is about them that would cause us to stop and focus on them?
The following post is a contribution from Tony at We Only Do This Once. Tony is a trombone player who has performed with major symphony orchestra, on Broadway in NYC, and in recordings and movie soundtracks. He blogs about simplifying your life through downsizing and becoming financially fit.
One of the best and worst things that ever happened to me was that I had a five year stretch of massive raises in income. During this time, I chose to not live off of my old income, and instead buy a ton of stuff.
A year and a half ago, I found myself with debt up to my eyeballs (about $120,000 including my car loans, student loans, and credit card debt), and I decided that enough was enough. I am only a few short months from paying it all off, and I will never go back!
The following post was provided by guest contributor Chris Illingworth. If you are interested in being a guest contributor for My Money Design, please feel free to contact me.
I don’t know what it is, but people get themselves into debt for all kinds of reasons. You can fill in the blank with the reason why. Sometimes, life gets in the way and people get off track.
No matter what the excuse is, one thing is for sure: You always have to pay it back! And this is where most people struggle. For some, the idea of being debt free seems more like an impossible dream. But you should remember: As long as you’re earning income, you’ve got options.
Lately there have been a number of great posts and strong opinions about having an emergency fund, and I wanted to weigh in with my own opinion and experiences. I have had a long a standing love-hate relationship with emergency funds. Sure, you need them for critical situations! But my problem (and I think this is where a lot of people struggle) is how to save up enough. Depending on which advice you subscribe to, the recommendations can be anything from 3 to 12 months of your gross monthly income. If you’re a typical American household making $60,000 per year, that’s anywhere from $15,000 to $60,000 that we need to have in the bank! Ouch! Is it any wonder we fail at this?