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Our Debt Free Family

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Debt Update: June

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<p>It has been a little while since I posted a debt update on the site. As mentioned in my blog post "Is Your Outlook Holding You Back?" we've been able to pay down a significant amount of debt over the past year or so. Most of this has been done by snowballing our debt (to the best of our ability). Here's a debt update with detailed numbers...</p>::Pexels

It has been a little while since I posted a debt update on the site. As mentioned in my blog post “Is Your Outlook Holding You Back?” we’ve been able to pay down a significant amount of debt over the past year or so. Most of this has been done by snowballing our debt (to the best of our ability). Here’s a debt update with detailed numbers…

Debt Update

The major three things that have happened since our last debt update on the blog are…

  1. We paid off my husband’s car! That is $175 per month that we now have available to help pay off other debts.
  2. My N.C. state taxes has been paid off. This will free up about $463 per month.
  3. At the end of July, I’ll have paid off my higher-interest credit card. We’ve been paying $175 per month since April to get this done. So, the last payment in July will free up another $175.

Altogether, these three things will free up around $800 per month to go towards paying off other debts and saving.

On top of paying those three things off, we have decided NOT to pull out a loan for my wisdom tooth extraction. Instead, we’ve decided to save and pay in cash for it. With the additional $800 or so per month (starting in August), we should have the money to pay for that in the early fall.

Other “wins” when it comes to our debt freedom progress have been paying down the amount on my husband’s tool bills. Each of them has been paid down significantly each month. We should see them disappear in less than a year (nearly $600 per month). Now that a few other items are paid off, we should be able to reallocate the funds to get these paid off faster.

Earning Extra Cash

We’ve both been searching for ways to make additional money as we continue snowballing our debt as well. My husband has been picking up quick mechanic jobs within the community for extra cash (i.e. putting in a battery on the weekend, or jumping someone’s car).

I’ve been looking for things around the house to sell and picking up a freelance project from time-to-time. More recently, I discovered an old coal bed warmer we’ve had collecting dust. Online it says these can go for between $250 and $1,000. I’m hoping to visit an antique store and sell that soon. That extra cash will go directly into paying for my wisdom tooth extraction.

All in all, our debt update for June is looking pretty good. I’m happy about it and can’t wait to see how it progresses in the future. Of course, I’ll keep you all updated here.

Readers, do you have any easy side hustles that have really helped you decrease your debt? Let me know in the comment section below!

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You Might Be Underinsured. Ethos Can Fill in the Gaps.

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Helping the Underinsured, Ethos Makes Term Life Insurance Affordable

<p>No other financial product provides the kind of security you get from life insurance. It helps beneficiaries during truly painful circumstances. Sadly, most adults either don't have life insurance or have insufficient coverage for all of the things that arise in bereavement and its aftermath.</p>::Pexels

No other financial product provides the kind of security you get from life insurance. It helps beneficiaries during truly painful circumstances. Sadly, most adults either don’t have life insurance or have insufficient coverage for all of the things that arise in bereavement and its aftermath.
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The Current State of Student Loan Debt

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<p>America has reached a new economic milestone – or maybe a millstone – of $1.52 trillion. Which of the following does this number represent?</p>::Pexels

America has reached a new economic milestone – or maybe a millstone – of $1.52 trillion. Which of the following does this number represent?

1. The latest contract for a professional athlete
2. Your current credit card balance
3. America’s collective student loan debt

While the first choice sounds strangely plausible, and some days you may feel like the second choice is correct, $1.52 trillion represents America’s total outstanding student loan debt as of March 2018 – according to the new consumer credit report from the New York Federal Reserve.
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Recovering From Crisis: What You Should Avoid

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recovering from crisis
If there is anything I’ve learned about finance this year it is that recovering from crisis can be difficult.

In November of last year I was faced with moving into a hotel until I could pay off some debt and get approved for an apartment. It was a struggle and one of the lowest times of my life. I lived there for six months! While I was there, I was able to pay off some debt and finally save for the moving expenses to get myself into an apartment, which I’m now able to call home. Though things are certainly better than they were, I’ve found that recovering from crisis can be just as difficult as the crisis itself.

Recovering From Crisis

You would think that the time after crisis would be the best part but you’re getting used to living in life… without crisis. You’ll need to adjust different parts of your life to make sure that you are still on the right track, financially and mentally. If you don’t, you run the risk of landing yourself back in a mess. So, what should you avoid when recovering from crisis?

  • Don’t spend too much! Seriously. It is so easy to go out and buy all new stuff for your new place, start going out with friends or even buying yourself new clothing after you’ve climbed out of a financial crisis. Don’t! Of course, allow yourself some leeway but be vigilant about saving money and insuring that your crisis never happens again.
  • Don’t buy anything you can’t afford. For me, this was difficult. I was moving out of a hotel room into a 2-bedroom apartment and virtually had nothing. It would have been easy to take everything out on credit and rack up debt but instead I opted for used furniture and gifts, which saved a ton. If you’re coming out of a crisis the last thing you want to do is send yourself back into one by being irresponsible with your money.
  • Don’t confuse needs and wants. Do you need that 65” television? Probably not. Confusing needs with wants can send you down a rather scary financial path. If you are constantly buying things that you don’t need but want, you’ll wind up either really needing something or in debt getting the things you need.
  • Which reminds me, don’t take on new debt. If you’ve just recovered from some sort of financial crisis don’t come out of it and open a new credit card account. Take a while, pay off some debt and establish a new financial routine. After you’ve gotten comfortable with your finances, then apply for credit.
  • But also, don’t forget to have fun. While recovering from crisis is usually very serious, you need to make time for yourself. Don’t forget to spend a little money doing things that you enjoy, like going out with friends or seeing a movie every once in a while.

Personally, recovering from crisis has been trying for me at times. However, being able to build yourself back up will be the best feeling in the world! So, don’t give up and remember that there is a lesson to be learned through everything.

Have you recovered from a crisis (financial or otherwise)? How did you handle it?

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Best Homemade Business Ideas to Keep You Debt Free

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Making a little extra income to help keep you and your family debt free is the ideal thing to do. There are many ways you can do it, but one good way is to have your own little business from home making homemade things.

You can choose to do anything you want, you just need the idea and the knowledge to make it happen. Here are a few ideas for things you can do from home to get you started.

Cake Making

Making cakes is something many people do at home, however, if you are good at making cakes and icing them, then you could have something people will want to buy.

There are lots of videos and books on how to decorate cakes if you need a little background knowledge, but once you have learned the basics, you can use your own ideas.

To build up your business, why not offer a gift certificate with your cakes so that they can get another free? There are easy free gift certificate maker applications like Adobe Spark that can help you make them.

Baby and Toddler Clothes

There are a lot of mothers out there with young children, and they are looking for that nice outfit that is unique and well made. If you are good with sewing or using a sewing machine, then it won’t take long at all to start making your own clothes.

You can get easy to understand patterns from the internet that you can follow. If you make them for babies and toddlers, it won’t take long to make, and it will use less material.

Bath Bombs and Soaps

Every now and then, people like to feel pampered, and one way they can do that is by having a luxurious bath. Bath bombs and soaps made with natural ingredients are highly popular, and you can get many recipes online.

Once you get the hang of making them, you can start to experiment with your own ingredients to make them more individual. You may even find that you have a lot of fun making them, and your family can help.

Candle Making

Candle making has been a traditional industry for hundreds of years, and it still captures people’s imagination. Nice scented candles are popular, and they are relatively easy to make.

There are many guides out there, and you can use any scented oils you want to create your own versions. The other good part is that you can make them in many different shapes from long, tall ones to smaller round ones.

Having your own little business at home is a great way to make a little extra money and keep yourself debt free. The good thing with these ideas is that you won’t need to buy a lot of materials or equipment up front. It is also a good way to involve the family and make them part of your project. People will soon be asking for your products and generating you a little income.

Creating an Expense Tracker Spreadsheet (FREE Download)

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expense tracker spreadsheet
If you’re are trying to stick to a budget or manage your finances, you’ll need to track your expenses. Years ago, most people did this by balancing their checkbook. However, it seems that keeping track of your expenses this way went out the window with checkbooks. So, how should you keep track of what you’re spending?

In the age of technology, the easiest way to track your expenses would be in a place you look regularly. For many, this is their computer but how do you go about creating an expense tracker spreadsheet?

Creating an Expense Tracker Spreadsheet

Creating your own expense tracker worksheet is fairly simple. Open Microsoft Excel (or your spreadsheet of choice). The first thing you’ll want to type in is “subtotal of expenses.” This is where you’ll see how much you’ve spent through the month.

Next, you’ll want to label each row below that. Labels for each column are as follows: date, payment method, payment to, description, type of expense and subtotal. It will look something like this:

Expense tracker spreadsheet

(Download a FREE expense tracker spreadsheet here.)

Below that you’ll begin to track your expenses. Most people start at the beginning of the month and begin a new tab or new spreadsheet at the start of the following month. You can also break it down into weeks and days if you’d really like to examine your spending habits. This gives you a good idea of how much you are spending and, more importantly, where you may be able to cut some costs.

The Importance of Tracking Your Expenses

Tracking your expenses is extremely important to remaining financially sound. If you don’t know how much money you are spending and on what, you’ll never be able to save. You also won’t be able to identify any areas where you could potentially save money. For instance, many people don’t realize they are being overcharged for services like cable or telephone until they take a look at an expense tracker. Once you see where your money is going, you can take the necessary steps to better your financial future.

Starting an expense tracker spreadsheet is also a key component in creating the perfect budget. Is there such a thing as a perfect budget? Well, probably not, but taking a close look at your spending habits and expenses you will get a better idea of what your budget should look like.

No Financial Situation is the Same

It is important to keep in mind that, while tracking your expenses is important, no one financial situation is the same. If you are trying to save money for a home, your expense tracker spreadsheet’s main goal may be to cut cost. On the other hand, if you’re broke all the time and can’t save a dime the spreadsheet can help you figure out where your money is going.

All in all, creating a personalized expense tracker spreadsheet is a great idea for anyone trying to better their finances. If you’re not already tracking your expenses, start now. Download this FREE expense tracker spreadsheet.

Photo: Hack Your Wealth

Would You Go Into Debt For a Smartphone?

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go into debt for a smartphone
Many people go into debt keeping up with the Joneses. For some this means taking out a brand new 65-inch television on credit before the big football game or purchasing the more expensive car to show off to your friends. Whatever the case may be, you shouldn’t be going into debt simply to have the latest and greatest.

Take the new iPhone and the new Samsung, for example. Apple and Samsung both plan to charge $1,000 for their latest phones. Not to anyone’s surprise, there are plenty of people that will go out and buy it (and possibly go into debt doing so). However, it seems cell phone makers may have some trouble from their largest consumer base: millennials.

A recent survey of 1,015 people (ages 20 to 35) showed that millennials may refuse to spend $1K on a smartphone. The study, which aimed to uncover factors that influence the buying habits of millennials, found that 68 percent of individuals in that age group plan to spend $500 or less on a smartphone.

The number is even lower for Samsung users. Samsung-loyal customers reported that they planned to spend $300 or less on their next smartphone. Only about 14 percent of millennial smartphone users said that they would pay more than $700.

On top of that, 57 percent of millennials said that they would wait for some kind of discount before considering a smartphone purchase. Twenty-one percent of millennials will wait for some kind of promotion or incentive to be given (freebies, etc.).

One main discovery that resulted from this survey is that millennials are loyal to brands (and possibly to a fault). Eighty-nine percent of those who responded to the survey said that their next phone would be the same brand as their current smartphone. For many that will mean ponying up $1,000 though, which millennials just won’t do.

So, what does all that mean?

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Well, millennials may have to make a choice between budget and brand loyalty because it doesn’t seem like cell phone makers are wavering on the $1,000 price tag. Essentially, cell phone makers maybe have to come up with some additional incentives and discounts for their millennial buyers to get on board.

Personally, there is nothing in this world that would make me pay $1,000 for a cell phone (unless it was going to make me money). There are a million things you could do with $1,000 that would better benefit you financially. For instance, take the $1,000 and place it in the stock market or pay off some debt.

After chatting with a few friends, I realized I’m not the only one that thinks this way. Only two out of 10 of my friends said that they would pay the $1K. The rest said they’d either wait for the phone to decrease in price or wait for some sort of incentive. (The two that said they’d buy it would also be taking on monthly payments on the phone.)

How valuable is your smartphone? How much would you spend on the next one? Most millennials wouldn’t spend more than $500, which, if I’m honest, is probably for the best for millennial finance as a whole.

 

Photo: Digital Trends

Does James Allen Live up to All the Positive Reviews?

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When it’s time to buy a diamond for yourself, your significant other, or as a gift for someone you really care about, you obviously want to buy it from one of the most trusted sources you can find. Otherwise you may end up buying a fake diamond and no one obviously wants to do that, right?

James Allen originally started his website in 1998. In fact, you can look at him as one of the original e-commerce pioneers in the diamond space. He’s one of the first to put a website online to begin selling diamonds to the public all across the world. And his reputation in this industry is amazing, so you should feel confident every time you purchase a diamond from the site.

Why Is James Allen.com Better Than Other Diamond Selling Websites?

This website really stands apart from the competition because they’ve gone above and beyond to use video technology to make it easier than ever to buy diamonds online. With high definition video, magnified photographs, and their 3-D engagement ring setting visualizer, it’s absolutely simple to purchase a diamond online and know that you’re getting a high quality, top level diamond that you can afford from a trusted source.

In fact, there are so many amazing features to this website that we’ll have a hard time covering them all. But we’re going to look at the best features in more detail below right now.

Real Photos and Videos of Actual Diamonds in Their Listings

The main reason we like JamesAllen.com is their authenticity and transparency in all that they do. In fact, so many people are enamored by this website because they have a wide range of diamonds and a number of different settings to offer, which would seem to make it difficult to create so many videos and images, yet they share them for each and every one of the diamonds they have for sale.

They do not use stock images. They are known for photographing every single diamond that they have for sale. They are known for also capturing them in high definition video. So you can examine the diamond that you are actually going to purchase online, through high definition video, without fear of eventually getting shipped a different diamond.

This makes the online diamond buying process easy, exciting, and it lets each customer know exactly what they’re getting. You can’t go wrong with a setup like this.

Customizing Jewelry on JamesAllen.com

Many people appreciate the value of customized jewelry, and rightfully so. You’re in luck because the James Allen jewelry customizer on their website is absolutely amazing.

By using this customizer, you can pick the specific details of the jewelry if you do not like the technical recommendations. Instead of choosing a recommendation by the jeweler – which isn’t all that bad – you can customize your piece specifically for you or the person you care about the most. This is an excellent option that most people truly appreciate.

Conclusion

Clearly, JamesAllen.com understands diamonds, understands their customers, and has put together a website completely beneficial to everyone visiting to purchase a diamond or jewelry.

Which Health Insurance Provider Should You Do Business With?

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<p>Illness and injury can happen at any time. Every person gets sick occasionally. There is also a good chance that you will need surgery at some point in your life. If this is the case, it is vitally important that you have a good insurance company that will cover the cost of your surgical procedure, treatment and medication. These things can be very expensive. The cost of medical care could leave you financially drained if you do not have health insurance to help cover most of the cost. You probably see ads for health insurance companies every time you turn on the TV. How do you know which one of these companies is better than the rest? There are some specific things that you can look for. Here are some useful tips that will assist you in selecting a health insurance provider that is right for you.</p>::Pexels
Illness and injury can happen at any time. Every person gets sick occasionally. There is also a good chance that you will need surgery at some point in your life. If this is the case, it is vitally important that you have a good insurance company that will cover the cost of your surgical procedure, treatment and medication. These things can be very expensive. The cost of medical care could leave you financially drained if you do not have health insurance to help cover most of the cost. You probably see ads for health insurance companies every time you turn on the TV. How do you know which one of these companies is better than the rest? There are some specific things that you can look for. Here are some useful tips that will assist you in selecting a health insurance provider that is right for you.

1. What will the monthly premiums be for the health insurance plan that you are interested in?

The reason that you are getting health insurance is to prevent you from going broke if you get sick or injured. Therefore, it is very important that you choose a provider that will not charge you premiums that you cannot afford. The good news is that there is a ton of competition in the health insurance industry. This is very helpful to all people who are in need of a health insurance provider. These companies will do practically anything to get new customers into the fold. This means that you can have them competing against each other for your business. See if they are willing to negotiate the cost of the insurance plan. Tell the providers what their competition is charging. This might cause the provider to give you a better deal on your coverage than they otherwise would. You should also inquire about any special deals that the provider is offering to attract new customers. Do not simply accept the first price they give you.

2. Consult with some of the people in your life and learn about the companies that provide their health insurance coverage.

You should speak to people you trust before you make any big decisions where your health insurance is concerned. You will certainly know many people who have health insurance. Therefore, you should interview several of these people about their coverage. Find out as much as you can in an effort to determine if any of their providers are right for your particular healthcare needs. You should find out what is included in their plan. How much do they pay each month? How much does the insurance cover for doctor visits, medication and surgical procedures? You can also ask yourself “Is there an Accident attorney near me?”. You can then take everything these people tell you into consideration.

3. Does the health insurance company have many options to choose from?

The best companies in the health insurance field will be able to customize plans to cover the needs of their customers. Health Insurance Innovations is an example of a company that can do this. The customers of Health Insurance Innovations have a wide variety of coverage options that are available to them. This means that it is very easy to find specific types of coverage that can be selected and put into your policy.