Commit. Plan. Take action.
Today I have another debt free story to share with you!
One of my favorite ways to research for the blog is to interview people who have paid off their debt or are on the path to become debt free.
It’s no wonder that these stories are some of my most popular posts. [Read more…]
Here lately I’ve been feeling pretty burnt out. I’m burnt out on work. I am feeling burnt out with friendships and daily activities. All in all, I am really feeling the need to unplug, take a step back, and just breathe. However, I always find myself feeling guilty for taking that time off. I should be working, doing this and that. That guilt got me thinking about how burnout affects other parts of my life and how to identify when that break is needed.
Signs of burnout can be different for everyone, but there are some common symptoms that many people experience. According to Psychology Today, if you are feeling any of these things you may be experiencing burnout on some level:
Burnout is not unavoidable. In fact, there are a number of things you can do to make sure you don’t run yourself ragged (I just haven’t been doing them). Mommy Thrives is a mom blog that has covered some great ways to avoid burnout that you should try and implement in your day-to-day life. Here’s a quick list…
Like I said, great ideas, but I have not been doing any of that. I’ve been feeling a bit drained recently and I began thinking about the last time I truly took time off for myself. When you look at the list above, I ticked just about every box. Getting things done has been difficult. Some days it is hard to focus on all of the things that need to be done. It impacts my mood, my productivity, and, at times, it has an effect on our finances too.
More recently, I have had a lot of trouble sleeping, which was the biggest sign for me. Normally, I sleep pretty well and get around eight hours per night. Over the last few weeks, however, I have been waking up multiple times throughout the night. The sleep tracker on my smartwatch says I average between 30 and 50 minutes of deep sleep per night (Woah!). Now, this lack of sleep could be contributing to the rest of my symptoms, but when it comes down to it, I am burnt out. Period.
My mom always says, “The only thing you have to get done today is what you get done today.” I laugh when she says this because I think of my to-do list, which is normally about a mile long. But, really, how do you start to recover from burnout? What do you need to do to climb out of it and come back to your regular duties actually feeling refreshed?
Healthline wrote a great blog post about burnout and how you might be able to best recover if you hit that wall as I have. Some of the suggestions include things like being firm about your boundaries and leaving work at work (two things I always struggle with). The blog also talked quite a bit about being in-tune with your own personal needs. On your days off, clear out your schedule and just relax. I’ll be honest, on my days off I’m usually running around checking even more things off my to-do list.
The Mommy Thrives blog mentioned mental health days and going on a hike. Hiking is one of my favorite things to do and I have not been on a hike since August 2019 (Yikes!). When it boils down to it, I’m not taking my downtime to truly tune into my personal needs or do anything I really enjoy. Instead, I’m thinking about all the things I could be doing.
Well, thankfully, I have a supportive husband who has seen this burnout coming from a mile away. He has been pushing me to do more things I enjoy and things to help my stress levels. I have started taking two yoga classes a week (which has been amazing) and in about a month we will both be unplugging for a long weekend at the beach. We never got our honeymoon and still actually have an Airbnb gift card from our wedding two years ago, so we will get one night free. While I’ll still have a month of work to do in the midst of this burnout, it is so nice to know I have these things to look forward to, to help me re-center.
Readers, how have you been able to recover from burnout in your own life? What tips do you have?
With recent career changes and a few months without a second income, we have been looking at ways to improve our finances. Like many other people during the pandemic, we experienced job loss and decreased wages last year. The loss in work pushed us to move sooner and make changes. One thing we settled on doing to help improve our situation was selling back debt that is no longer serving us. Here’s how we are doing it.
You may be thinking to yourself, “There is no debt that serves you.” However, when it comes to the debt we have had to take out to further our careers, it was serving us in a way. You may remember my husband’s tool debt from his time in the shop as a mechanic. When the pandemic hit, the shop he was working for downsized, and he was one of the newest employees, so he was cut.
This put us in a position where we had to continue paying for tools that weren’t being used as well as a storage unit to keep them in. It was a major drag on our finances overall. Eventually, because we no longer had that second income, it became impossible to keep up with the monthly payments. So, we started looking at our options.
At first, we looked at selling the toolbox and some of the tools to help pay off the debt. Once again, the pandemic made this pretty impossible. No one was looking to spend thousands of dollars on a toolbox when a lot of other people were out of work too. Eventually, the account went into collections early this year as we continued to look at our options.
After discussing the issue with the company we are indebted to, they said they would be willing to buy back some of the items he had purchased and subtract the total from the amount owed. While this didn’t completely get rid of the debt we have, it did get the storage bill off our backs. It also decreased the amount we owed by $7,500 when all was said and done.
We didn’t get rid of everything either. They wouldn’t buy back used tools. So, my husband still has everything he needs in the event he wants to return to working in a shop or wants to do some side work as a mechanic. So, the security of having the tools for the job is still there.
For now, it also gets the monthly bill off our plate. Obviously, the amount in collections will still need to be paid off, but the $400+ monthly bill is not weighing on us at this very moment. We can shift our focus to paying off some other items, getting things caught up, and then settling with the collections agency later on in the year. For us, that is a win.
Readers, have you ever sold back debt like we did?
Any time there are big changes in our lives, the financial planning aspect of things gives me a bit of anxiety. I begin to think about every penny we will need to make the new shift in our lives go off without a hitch and, guess what? Things almost never go to plan. Not exactly anyway. So, we have had to put some thought into how to prepare for big life changes headed our way.
In a few weeks’ time, I hope to be able to share some positive news with you all on the blog. There are some HUGE changes coming our way. They are also changes that will involve some financial planning and saving on our part. As you know, we recently moved into a new home. On top of that, we’ve been going through even more changes that will impact our family in a big way.
Thankfully, my husband recently got a new job. He is able to work from home with me now and his income will greatly assist with these changes. We are aiming to get a substantial amount of money saved and then looking to double up on our debt payments. Hopefully, within the year, we will have our car 100% paid for (that is the goal anyway).
Since we have started planning for this big change coming up in our lives, it got me thinking about how others prepare for big life changes. Of course, there is nothing that works for everyone but there are several common ideas and things most people do when they are prepping for something big.
Depending on what kind of change you are preparing for, the steps to get there will look different. If you are preparing to buy your first home, you will be making some financial sacrifices and also spending a great deal to get ready for that. If the changes you are making are more personal in nature, like quitting cigarettes or getting sober, your steps will look different. However, each of these tips seems to be applicable across the board.
When it comes to how to prepare for big life changes there is no “how-to” guide. You need to find what works best for you mentally, emotionally, physically, and go with that. It may not look the same as what worked for your friends or family, but if it works for you, that is all that matters.
Readers, how have you gone about preparing for big life changes? What was key for you?
A lot of people in the debt-free community (especially if they are Dave Ramsey followers) believe you have to choose between investing or paying off debt. This black-and-white thinking could potentially be holding you back from larger financial goals though. You don’t have to choose. You can do both. Here’s how.
Any time you come into some “extra” money it is difficult to decide where it should be allocated. When your finances are the main focus in your life, like it is for many of us, it is hard to decide whether you should be investing in your future or focused on paying off debt.
The answer to this question will vary from person-to-person and family-to-family. After all, personal finance is personal, right? If you still hold a lot of debt, no you shouldn’t be thinking about making any investments right now. Focus on getting your high-interest debts paid off and then shift your gaze to making investments for the future.
For us, our main focus has been paying off debt. I’ve had people ask, “Why aren’t you investing yet?” I always thought to myself, “Well, because I still hold a lot of debt.” That does not necessarily mean you can’t invest though. In fact, in some cases, your return on your investment may benefit you more than paying off your debts. That is a rather unpopular opinion in debt-free circles online though.
Now, that isn’t to say that you should drop down to minimum payments on all of your debts and throw the extra cash into an investment portfolio. You have to go about it the right way.
So, how do you invest while simultaneously paying off debt?
Investing and paying off debt are both good uses of your money any way you look at it. However, you want to be sure you are making the most of every penny. At the end of the day, paying off your high-interest debts will provide a better return on your money than any investment you will make. Make a list of your debts from highest to lowest interest.
The key is to look at interest rates versus your potential return. If the return you’d be earning is higher than the interest you are paying on your debts, make the investment. For example, if you hold a mortgage loan that has 5% interest but your portfolio return is 10%, the investment may be the better decision for you. Unfortunately, for the most part, investments are not always that straightforward. Something that is performing well this year may not be next year.
Many people use investments this way to come up with the money they need to pay off their debt more quickly as well. If you think you can earn in the stock market in a way that will further your debt freedom goals, do it! But you really need to put thought into the numbers before making that move.
Embarking on the journey of homeownership can be both thrilling and daunting. A crucial step in this process is understanding the different types of mortgages available. Mortgages are not one-size-fits-all; they come in various forms to suit different financial situations, preferences, and goals.
In this comprehensive guide, we’ll explore the diverse world of mortgages, helping you find the path that leads to your dream home.
The bedrock of home financing, fixed-rate mortgages, offers a consistent interest rate and monthly payments over the life of the loan. This predictability makes budgeting easier and shields you from fluctuating interest rates. Typically available in 15, 20, or 30-year terms, these mortgages are a popular choice for many homeowners. Companies like 1st United Mortgage provide tailored solutions in this category, ensuring a stable and predictable financial plan for your home.
Adjustable-rate mortgages start with a lower interest rate compared to fixed-rate mortgages, which adjust over time based on market conditions. This type can be attractive for short-term homeownership or if you anticipate a future increase in income. However, it’s important to understand the potential for rising payments and plan accordingly.
These mortgages are backed by the government and offer unique benefits. FHA loans, great for first-time buyers, require a lower minimum down payment and credit score. VA loans, available to veterans and service members, often require no down payment. USDA loans cater to rural homebuyers and offer zero down payment options for eligible properties and borrowers.
Jumbo mortgages are a specialized financing option for properties that exceed the conventional loan limits set by Fannie Mae and Freddie Mac. These loans are essential in high-cost areas where property values surpass the typical borrowing cap. Unlike standard mortgages, jumbo loans require higher credit scores, typically above 700, and larger down payments, often 20% or more, reflecting the increased risk to lenders.
The interest rates on jumbo mortgages can be competitive with conventional loans, but this varies depending on market conditions and the lender’s risk assessment. Borrowers seeking these loans must demonstrate strong financial health, including a low debt-to-income ratio and substantial cash reserves. This is to assure lenders that they can manage larger monthly payments and potential rate increases.
With an interest-only mortgage, you pay only the interest for the first few years. This results in lower initial payments but higher costs in the long run, as the principal remains unchanged during the interest-only period. It’s a risky choice but can be beneficial for certain borrowers with specific financial strategies.
Balloon mortgages typically offer lower rates and payments for a short period, followed by a large lump-sum payment at the end of the term. This option might be suitable for those expecting a significant cash influx in the future but comes with a high level of risk.
Available to homeowners aged 62 and older, reverse mortgages allow you to borrow against the equity in your home, providing supplemental income. The loan is repaid when the homeowner sells the house, moves out, or passes away.
Choosing the right mortgage is as important as selecting the perfect home. Each type of mortgage caters to different financial situations and goals. Whether you prefer the stability of a fixed-rate mortgage, the initial savings of an ARM, or the unique benefits of government-backed loans, there’s an option that aligns with your homeownership dreams.
Remember to consult with financial experts and mortgage advisors to make an informed decision that paves the way to your new home.
In today’s digital age, customers expect personalized experiences in every aspect of their lives, and banking is no exception. Traditional banking models often treat customers as mere account numbers, offering generic services that fail to meet individual needs. However, with the advent of advanced technologies like artificial intelligence and machine learning, banks now have the tools to deliver personalized financial services like never before.
Cogni.com is the digital gateway to a streamlined and modern banking experience. As a financial technology company, Cogni revolutionizes traditional banking norms, offering users a comprehensive suite of mobile banking services. From intuitive money management tools to seamless transaction capabilities, Cogni.com prioritizes user-friendly interfaces and cutting-edge technology.
Catering to the demands of the digital age, Cogni.com aims to simplify financial interactions, providing individuals with the tools to manage their money effortlessly. With an emphasis on accessibility and innovation, Cogni.com emerges as a dynamic platform, transforming the way users engage with their finances.
Cogni Banking is disrupting traditional banking processes by leveraging advanced technologies to offer a more streamlined and efficient banking experience. One area where it has made significant changes is in customer onboarding. Traditionally, opening a bank account involved lengthy paperwork and multiple visits to the bank. With Cogni Banking, customers can open an account seamlessly online in as little as three minutes, eliminating the need for physical paperwork and reducing the time and effort required to get started.
In order to set up and Cogni banking account, you must provide the following information:
Through their partnership with Community Federal Savings Bank, Cogni provides three Visa debit cards that can be used anywhere Visa is accepted.
✅ Free Visa Debit Card with no foreign transaction fees
✅ No credit check and no minimum balance
✅ Over 55,000 no-fee ATMs throughout the United States
✅ Deposit cash at over 60,000 locations to include Walmart, 7-11, Walgreens, Safeway, etc
✅ After your first 2 deposits of 300 or more, get paid 2 days early when you set up direct deposit
✅ Fast and securely send funds between Cogni members for free using the Cogni app
✅ Up to 20% off digital cards at over 1,500 brands like Uber, Airbnb, Adidas, H&M, ebay and more.
FDIC insurance, or the Federal Deposit Insurance Corporation insurance, is a government-backed program in the United States that protects depositors against the loss of their deposits if an insured bank or savings association fails. Funds deposited in a Cogni bank account is FDIC insured under Community Federal Savings Bank for up to $250,000 per account.
One cool benefit of Cogni is the ability to instantly deposit funds into your checking account without ever making a try to the bank, or needing to take photos of checks. You can deposit actual cash into your Cogni account using 4 easy steps:
Cogni Banking goes beyond the traditional banking experience by offering real-time insights through categorized spending summaries from groceries, to transportation, and more. Instead of waiting for a scheduled meeting with a financial advisor, customers can access their spending trends whenever they need it. This level of convenience and accessibility empowering individuals to take control of their financial future.
Cogni Banking offers enhanced security measures to protect customer data. With the growing threat of cybercrime, customers need reassurance that their financial information is safe. Cogni Banking employs advanced encryption and authentication technologies to ensure the highest level of security for its users. This peace of mind allows customers to confidently engage with the platform and take advantage of its personalized financial services. However, note that your information may be shared with other third party companies or organizations. You may contact Cogni or visit the privacy policy page for information on how your data will be used.
Cogni Banking is disrupting traditional banking processes by leveraging advanced technologies to offer a more streamlined and efficient banking experience. One area where it has made significant changes is in customer onboarding. Traditionally, opening a bank account involved lengthy paperwork and multiple visits to the bank. With Cogni Banking, customers can open an account seamlessly online in as little as three minutes, eliminating the need for physical paperwork and reducing the time and effort required to get started.
As of November 2023, Cogni has a 4.7/5 star rating from over a thousands reviews on the Apple App Store,. On the Google Play Store, the Cogni Banking app sits at 4.1/5 stars from over 80 reviews. Negative reviews tend to mostly gear toward technical issues and frustration navigating the app’s features. Recent reviews also pointed out room for improvement in the customer service department as some users reported little to no assistance addressing their concerns.
While Cogni does not have any recorded BBB complaints, the online banking service is unfortunately not accredited by the Better Business Bureau and has a 1/5 star rating from 3 reviews.
By leveraging advanced technologies Cogni Banking offers customers a highly tailored and intuitive banking experience. From personalized financial advice to real-time insights Cogni Banking empowers individuals to take control of their financial future. As this innovative approach to banking continues to evolve, we can expect even greater advancements in personalized financial services, revolutionizing the way we manage our money. While I would recommend giving Cogni a try, I would advice against using the service as your one-stop-shop for banking services.
Are you feeling overwhelmed by your financial situation? Are you constantly stressed about money, living paycheck to paycheck, and unable to build a secure future? Many individuals and families struggle with financial burdens, and it can take a toll on every aspect of your life. But there is hope. GreenPath, a trusted leader in financial counseling and education for over 60 years, is here to help guide you on your journey towards financial peace.
With GreenPath, you’ll have access to a wide range of resources and services designed to empower you to take control of your finances. Their expert financial counselors will work with you to create a customized plan based on your unique circumstances and goals. Whether you need help with budgeting, debt management, or credit counseling, GreenPath has the knowledge and expertise to support you every step of the way.
The first step towards financial peace is understanding your financial situation. This means taking a close look at your income, expenses, debts, and assets. GreenPath’s financial counselors can help you create a personalized budget that takes into account your unique circumstances and goals.
One of the most effective ways to take control of your finances is by creating a budget. A budget is a plan for how you’ll spend your money each month. It can help you prioritize your expenses, avoid overspending, and save for your goals.
GreenPath’s financial counselors can help you create a budget that works for you. They’ll take into account your income, expenses, and goals to create a personalized plan. They can also provide tips for sticking to your budget and adjusting it as your circumstances change.
One of the key benefits of budgeting is that it can help you avoid debt. By prioritizing your expenses and avoiding unnecessary purchases, you’ll be able to live within your means. This can help you avoid relying on credit cards or loans to make ends meet.
If you’re struggling with debt, GreenPath Financial Welness can help. Their financial counselors can work with you to create a debt management plan that fits your needs. This may involve negotiating with creditors to lower interest rates or payments, consolidating debts into one manageable payment, or exploring other options for debt relief.
Debt consolidation is a popular option for individuals with multiple debts. This involves taking out a new loan to pay off your existing debts. The new loan typically has a lower interest rate than your existing debts, which can help you save money in the long run.
Another option for debt relief is a debt management plan. This involves working with a credit counseling agency like GreenPath to create a plan for paying off your debts. Your counselor will negotiate with your creditors to lower your interest rates and payments. You’ll make one monthly payment to the credit counseling agency, who will then distribute the funds to your creditors.
In addition to providing phone and internet debt management services, GreenPath also operate multiple brick and mortar locations within the United States which offers in-person appointments. Services and operating hours vary by location so head over to their contact page to verify if your requested in-person service is available in your area.
When it comes to financial services, transparency is paramount. The contact section of Greenpath’s website lists several phone numbers and counseling hours making it a breeze to engage with a counselor or have your general questions about their services answered without waiting for a response via email.
Building an emergency fund is an important part of achieving financial peace. An emergency fund is a savings account that you can use to cover unexpected expenses, such as car repairs or medical bills. Having an emergency fund can help you avoid turning to credit cards or loans in times of financial stress.
GreenPath’s financial counselors can help you develop a plan for building an emergency fund. They can provide tips for saving money on everyday expenses and help you identify areas where you can cut back. They can also help you set savings goals and track your progress over time.
Another way to save money is by reducing your monthly bills. GreenPath’s counselors can help you negotiate with service providers to lower your bills or find more affordable options. They can also provide tips for reducing energy usage and other expenses.
Investing is an important part of building long-term financial security. GreenPath’s financial counselors can help you understand your investment options and create a plan for investing in your future.
One of the most popular investment options is a 401(k) plan. This is a retirement savings plan offered by many employers. With a 401(k), you can invest a portion of your pre-tax income into a retirement account. Your employer may also match a portion of your contributions.
Another option for investing is a Roth IRA. This is an individual retirement account that allows you to invest after-tax income. The funds in your Roth IRA grow tax-free, and you can withdraw them tax-free in retirement.
GreenPath’s financial counselors can help you determine which investment options are right for you based on your goals and risk tolerance.
The GreenPath Financial Wellness Portal offers a convenient and user-friendly way for clients to access their financial wellness accounts. Here are some key features of the portal:
GreenPath offers a wide range of financial counseling services to help you achieve financial peace. Their expert financial counselors can work with you to create a customized plan based on your unique circumstances and goals.
Their services include debt counseling, credit counseling, housing counseling, and bankruptcy counseling. They can also provide financial education and budgeting tools to help you manage your money more effectively.
One of the key benefits of working with GreenPath is their non-profit status. They’re committed to providing unbiased advice and support to their clients. They don’t receive commissions or bonuses for selling financial products, so you can trust that their recommendations are in your best interest.
In addition to their counseling services, GreenPath offers a wide range of educational resources and tools to help you improve your financial literacy. Their website includes articles, videos, and interactive tools on topics like budgeting, credit scores, and debt management.
They also offer financial education courses and webinars. These courses cover a variety of topics, including budgeting, saving, investing, and retirement planning. They’re designed to be accessible and informative, regardless of your financial background.
Consumer Affairs Green Path Financial has GreenPath Financial at an impressive 4.8/5 stars from over 848 reviews. A testament to their outstanding service and no question as to whether their services is legit or not.
GreenPath has helped thousands of individuals and families achieve financial peace. Their clients have shared their success stories and testimonials on GreenPath’s website, highlighting the positive impact that their services have had on their lives.
Many clients have praised GreenPath’s financial counselors for their expertise and compassion. They appreciate the personalized attention and guidance that they receive throughout the counseling process. Others have highlighted how GreenPath’s services have helped them achieve their financial goals, such as paying off credit card debt or saving for a down payment on a home.
Achieving financial peace is possible, and GreenPath can help guide you on your journey. By understanding your financial situation, creating a budget, managing your debts, saving for emergencies, and investing for the future, you can build a strong financial foundation.
GreenPath’s financial counseling services and educational resources can provide you with the tools and support you need to make informed financial decisions. Don’t let money worries consume your life any longer. Take the first step towards financial peace by joining GreenPath today.
Let’s dive right into the world of personal credit. Think of your credit score as a financial fingerprint – it’s unique to you and super important for your financial health. Whether you dream of a new home, car, or just want to keep your finances in tip-top shape, understanding your credit score is key.
A credit score is a grade that lenders use to determine how likely you are to repay a loan. This number ranges from 300 to 850; you want to aim high. A higher score opens doors to better interest rates and terms when you borrow money.
So, what goes into strengthening your credit score? Here are five aspects you want to consider:
Your credit score is like your financial passport. It impacts more than just loan approvals and interest rates. It can affect your insurance rates, your ability to rent an apartment, and sometimes even job opportunities.
You’ve got to know where you stand. You can check your credit score for free through various online services. Also, every year, you’re entitled to a free credit report from each of the three major credit bureaus – Equifax, Experian, and TransUnion. This report doesn’t include your score, but it shows the information your score is based on.
Here are some proven strategies:
There’s a lot of misinformation out there. Let’s set the record straight:
Credit cards can be a double-edged sword. Here’s how to use them wisely:
If your credit score has taken a hit, don’t despair. Here’s how to start turning things around:
Life throws curveballs, and your credit can be affected by these changes. Say you’re getting married, divorced, or even changing careers – these events can shake up your financial situation.
If you’re merging finances with a spouse, your credit habits will impact each other. In a divorce, separating joint accounts and understanding how shared debts are handled is crucial.
Career changes, whether it’s a new job or a bout of unemployment, also demand a fresh look at your budget and credit management. Staying proactive and adapting your credit strategy during these times is key to maintaining a healthy score through life’s ups and downs.
Starting from square one with your credit can seem daunting, but it’s totally doable. If you’re a young adult or new to managing credit, begin with a simple credit card designed for beginners or a small personal loan.
Another great strategy is to become an authorized user on a family member’s credit card. Just make sure they have solid credit habits! Also, consider credit-builder loans offered by some financial institutions; they’re specifically tailored for those looking to establish credit. Do your best to stay away from predatory payday loan services or ensure to read over the terms carefully before you sign an agreement. Remember, the journey to building credit is about demonstrating consistent, responsible financial behavior over time. Patience and diligence are your best friends here!
Remember, managing your credit score is a marathon, not a sprint. It takes time, patience, and consistent effort. Stay on top of your payments, use your credit wisely, and regularly check your credit report for accuracy. With the right strategy in your back pocket, you’re well on your way to maintaining or achieving a stellar credit score.
And there you have it, your personal credit demystified! Keep these tips in mind, and you’ll be navigating the credit world like a pro in no time.
There is no doubt that having a baby absolutely changes your life. It is a challenge to adjust to such a huge change and maintain progress on financial goals, let alone stay on budget. Needless to say, our monthly budget has been looking rather neglected and ignored recently. This has led us to look for ways to be frugal with a newborn and make the most of our money.
The biggest cost for our family since having a baby has been food. Sometimes you are just too exhausted to cook. So, we wind up ordering food or hitting the drive thru so that I can continue working or tend to a crying child. It’s understandable and we’ve tried to not be too hard on ourselves for it. But it is money wasted and that will always bother me.
That being said, it is possible to be frugal with a newborn. You simply need to find where your problems areas are and focus on improving there to be successful at it. Here’s how…
There are a few steps you need to take to being able to be frugal with a newborn. Frugality is more than just looking for the best deal or pinching pennies. You have to consider long-term wear items and contributing financial factors.
These are just a few things we’ve discussed that will help us be more frugal with our newborn and stay on track. What are some of the ways you have saved money with children?