Skip to main content

Review


I know everybody is coming off a “Holiday High,” so we’re going to keep this low-key.

In October last year, I told a story about a step in my daughter and son-in-law’s journey to financial independence (see “Half the Battle”). In that post, I said that much of the time, knowing where you stand can quickly project you toward the midway point in your battle (and this can go for more than just your finances). Once you know what your problem is, you can create a strategy to overcome it. I gave direction to start gathering all debt statements that come every month. If you have not done that yet, now is the time. Make sure you have ALL of them.

You will also need a notebook (you can still use You Can Make Your Money Behave: Go ahead...I dare you! By U. Will B. Rich and can get it on Amazon. It’s $10).

On each statement, I want you to find the BALANCE of your debt–what you owe to that particular creditor–and circle it or highlight it. At this point, I don’t want you to concern yourself too much with the interest rate or amount of the payment. We will talk about those too, but I want to make this as simple as I can at first. Now, put them in order according to that balance, smallest to largest. Lastly, put all this paperwork together in a place where you will be able to find it next week.

You are done for today. Aren’t you glad that step is over?!?

Comments

Popular posts from this blog

It Happens Like That

And, in what seems like the blink of an eye, Memorial Day is over, school is out (or almost out), and my favorite time of the year is here! I love summer. I love it when the sun comes up early and wakes me. I love flip flops and shorts. I like to be warm (ok, not HOT, but warm). This is when I thrive. And I think it’s an excellent time to take a vacation or road trip. That being said, I plan a long time in advance for a vacation because I won’t finance one–and I’ve taken some pretty amazing vacations! I don’t usually just take off on last-minute road trips, either, but I’m learning to be more flexible in my old age. So I have done that on occasion, too.  Now, this blog post isn’t about the last-minute drives I’ve engaged, cruises I’ve embarked, or the countries I’ve explored (being a debt-free, self-employed, budget-loving, young, empty-nester has its perks!). This post is about getting you to a point where you, too, can take vacations without stressing about paying for it late...

Timing is Everything

I was told that a good time to buy a car is January or February. Why? I would guess it’s because many people are financially destitute right after Christmas (because they have not yet been introduced to my blog!) so car sales are down. I do think there is another reason. I think that most people have yet to file their taxes and receive their tax returns (a.k.a. overpayment that they loaned interest-free to the government ) with which they plan to make a down payment. Now it’s March, and many people have already filed their taxes and received said overpayment that we common-folk refer to as a return, and it’s burning a hole in their pockets. This can be good news for you if you have things you want to sell. Now is the time to capitalize on the extra influx of cash. What do you have around your house that you no longer use that you can sell? Speaking as someone who has done this very thing, I must warn you. Selling stuff you don’t need anymore and collecting the cash can be addicting...

Know Your Limits

When I was 17, I drove a 73 Nova. It used to be really easy to do things like changing taillights myself. That is no longer the case. If I tried that on my later-model vehicle (which is more like a computer than a car), I’d do more damage than good, because there are some thing you should just not do yourself. It will cost you more in the long run. That being said, there are probably some things that you usually pay someone else to do that are not getting done right now. My advice is to just be patient; depending on what it is and your skill level, it might end up costing you more to fix your mistakes. Let’s discuss some of those… Obviously, most if not all car repairs are just better done by a licensed, trained professional, including oil changes. They can also correctly dispose of used petroleum products. Depending on your tax filing status, a professional can help you avoid overpaying the IRS. I remember cutting my daughter’s hair when she was little, and I made a me...