What are the 5 stages of budget?

Stage One: Goalsetting

The first stage of budgeting is goal setting. This involves taking a few moments to reflect on what kind of life you want for yourself and how much money it will require you to achieve that vision. Consider factors such as retirement savings, emergency funds, housing costs, taxes, insurance premiums and transportation expenses when crafting your goals. Having concrete objectives makes it easier to move on to the next stage – gathering data.

Here is a list of ways to help with setting a goal when making a budget

1. Take the time to reflect on your vision for the future and how much money it will take to reach those goals.

2. Consider factors such as retirement savings, emergency funds, housing costs, taxes, insurance premiums and transportation expenses when crafting your goals.

3. Set concrete objectives that are achievable with the resources available.

4. Track all of your income streams (salary, investments, side hustles).

5. Make note of spending habits – both regular and occasional expenses.

Stage Two: Gathering Data

In order to begin creating a budget and start tracking your progress towards reaching your goals, you need to gather data. Start by tracking all of your income streams (salary, investments, side hustles) as well as any debts or loans that are due each month. Additionally, make sure to keep track of any assets such as vehicles or stocks that could help generate additional income down the road if necessary. Making note of spending habits – both regular expenses such as rent or groceries, and occasional expenses like vacations – is also important at this stage so you have a complete understanding of where your money goes each month and can plan accordingly going forward.

Here is a list of ways to efficiently gather data for a budget

1. Track all current expenses (rent, mortgage payment, utility bills, food costs, etc.).

2. Keep a record of any one-time purchases.

3. Pull credit card statements and review your spending patterns.

4. Review bank statement data for insurance premiums and other automatic payments.

5. Capture all income sources (salary, investments and other forms of income).

6. Track changes in taxes paid year on year.

Stage Three: Creating a Budget

Once you have all the necessary data gathered from stage two, it’s time to create a budget based on your financial goals from stage one and spending habits from stage two. Evaluate all sources of income against current monthly expenses in order to determine which areas are overspending or need better management. Review areas where there may be potential for cutting back in order save more money each month without sacrificing quality of life too heavily; research tools like Mint or You Need A Budget that can help make this process easier. Once you’ve identified areas where adjustments can be made for better management using available data points (income vs expenses), write up a draft budget in which spending is allocated among different categories based on projected needs going forward into future months/quarters/years versus what has already been spent up until now.

Here is a list of ways to make a budget

1. Start by setting a timeline for when you want to achieve your financial goals.

2. Take the time to look at your income, expenses and any debts you may have.

3. Assess current spending habits to identify areas where spending could be reduced or eliminated.

4. Figure out how much money you need each month for basic necessities such as rent/mortgage payments, food and transportation.

5. Estimate additional expenses (childcare, travel, entertainment) that can’t be avoided but should be budgeted for accordingly.

6. Calculate how much disposable income you have available each month after accounting for all of your expenses.

7.  Consider putting aside some of this money towards savings and investments.

Stage Four: Utilizing Budget Tools

Alongside creating an initial draft budget manually with pen-and-paper methods then transferring them into digital form later on if needed; consider utilizing available online budget tools such as Quicken or free applications like iXpenseIt – they often come with helpful tracking features which make monitoring expenditures over longer periods much simpler than doing it manually! Additionally enlist friends/family members for advice regarding specific lifestyle choices; often times their opinions may reveal opportunities for cost cutting measures which would not have been immediately apparent without having them involved in decision making processes associated with development & execution of budgets every step along way!

Here are some ways to effectively utilize budgeting tools

1. Set up budget goals for yourself and track your progress.

2. Use the built-in expense categories to identify areas of excessive spending.

3. Monitor your spending against those budgeted amounts to stay on track.

4. Set reminders and notifications so you are aware when important bills are due or funds are running low.

5. Sync bank accounts and credit cards, allowing for automatic tracking and updates of expenses.

6. Receive personalized recommendations on how to optimize your budget based on past spending habits.

7. Utilize built-in reports to analyze trends in spending over time.

Stage Five: Regularly Revising Your Budget

Once you have created an initial budget and set up tracking tools/applications (if necessary) it’s important that you commit yourself to regularly revising it based on changing circumstances – goal salary increases/reductions due changing job prospects etc.; inflation rates increasing prices across board etc.; Unexpected events such as weddings/births amongst family members requiring further dedication(s) financially speaking; These are just some examples which will likely lead people needing occasionally tweak existing budgets so they remain effective yet still align with individual’s end game plan(s). Remember that budgets should always remain flexible enough accommodate changes without becoming too rigid over time!

Here are some tips on how to regularly revise your budget

1. Review your budget at least once a month to ensure you are still on track.

2. Keep track of changes in income or expenses that may impact the budget.

3. Prioritize what is most important, such as bills, food, and rent/mortgage.

4. Reevaluate how much money can be saved or set aside for investments each month.

5. Put additional income towards paying off debts or reserve it for an emergency fund.

6. Redistribute funds where necessary to ensure necessities are taken care of first.

After reading this blog post, you should have a much better understanding on the question, what are the 5 stages of a budget, and how to go about creating your own budget. The five stages of budgeting are plan, track, save, spend, and grow. By following these steps and sticking to your plan, you can master your finances and reach your financial goals. What stage of budgeting are you currently in? Let us know in the comments below!

The post What are the 5 stages of a budget? appeared first on I Am That Lady.

What are the 7 categories of a budget?

Housing

The housing category of budgeting is one of the most important components to consider when creating a budget plan. This includes rent or mortgage payments, insurance premiums, property taxes, utilities and repairs. Allocating enough funds for this category is essential for ensuring that your home stays in acceptable condition. In some cases, establishing an emergency fund will help you cover unexpected costs related to housing such as a roof leak or HVAC issue. To reduce expenses related to this category, look into energy-efficient solutions like LED lighting or smart thermostats that could save money in the long run.

Here is a list of ways to help with housing costs

1. Look into reducing utilities bills through energy efficiency measures.

2. Consider downsizing to a smaller home or apartment to reduce rental/mortgage costs.

3. Make sure to shop around for the best housing deals.

4. Research and apply for housing subsidies.

5. Take advantage of tax deductions to help lower housing costs.

Personal spending

Personal spending includes all the costs associated with your lifestyle. This includes clothing, beauty products, gifts, recreation and travel costs. It's important to prioritize needs over wants when creating this part of the budget in order to ensure that you have enough funds for necessities like rent or food. Keeping track of these expenses can also be helpful in ensuring that you don't overspend. One way to do this is by utilizing a budgeting app or software to better monitor your spending habits. Consider setting financial boundaries and remain mindful of them so that you practice responsible spending.

Here is a list of ways to make sure you don't overspend on lifestyle expenses

1. Try to make your income stretch further by looking for the best deals or cheapest alternatives.

2. Choose quality products that are durable and have the longest life-span.

3. Make money-saving swaps like walking instead of driving, eating out less often, etc.

4. Look into cheaper activities you can do with friends/family instead of expensive ones.

5. Consider investing in items that may save you money in the long run (e.g., a water filter, energy efficient appliances

Transportation

Transportation are costs associated with getting from one place to another. This includes vehicle payments, gas, insurance, car repairs and public transportation fares. For those who own a vehicle, factor in periodic maintenance costs for tires and oil changes. Additionally, research alternative modes of transportation like biking or walking to reduce financial expenditure tied to this category. Reducing your carbon footprint could also save money in the long run as well as help the environment. Utilizing rewards programs or discount coupons can help you save money on transportation expenses when available.

Here are some ways to help with transportation costs

1. Consider using public transportation instead of driving.

2. Carpool with friends or colleagues when possible.

3. Look into biking to work or school, or other errands.

4. Join a car share program for occasional rentals.

5. Research cheaper alternatives such as ride sharing services or discount taxi companies.

Healthcare

The healthcare category of a budget includes all medical related costs. This includes health insurance premiums, copays for doctor visits, prescription medications and other medical treatments such as physical therapy. Staying up to date with preventative care such as regular checkups could help avoid costly treatments down the line while also maintaining good health. Understanding what type of health plan is most suitable for your family could be beneficial in saving money in this area when compared to the costs associated with limited coverage plans. When dealing with larger medical expenses, researching possible payment plans or assistance programs may be another way to save in the long run.

Here are some ways to help with costly healthcare expenses

1. Research different health insurance plans and pick one that fits your needs.

2. Look for free or low-cost clinics near you.

3. Talk to your doctor about generic medications as an alternative to brand-name prescriptions.

4. Take advantage of preventive care services like screenings and vaccinations to save money in the long run.

Food

Food expenses are costs associated with groceries, dining out, and other related expenses. Establishing a grocery list can help keep track of items needed for meals and avoid extra spending on items that are not necessary. Planning ahead for meals can help in reducing costs when purchasing ingredients in bulk or utilizing coupons for discounts at the store. Additionally, researching restaurants and searching for deals could help save money when eating out. Lastly, exploring alternative methods such as meal planning and home deliveries could also be an effective way to save on food expenses as well.

These are a few ways you can cut down on food expenses

1. Make a grocery list with only items that you need and stick to it.

2. Compare prices between different stores before heading out to shop.

3. Look for discounts and buy in bulk when possible.

Savings

The savings category of a budget allows individuals to set aside money with the goal of accumulating funds for future use. When starting out, determining an amount to save can be beneficial in setting achievable short-term goals that can eventually lead to larger long-term goals such as retirement or purchasing a home. Additionally, automating payments into different savings accounts could help in keeping track of where money is allocated while also making sure it is going towards these bigger life achievements. Understanding the importance of having emergency funds available should also play into this budget category so that unforeseen expenses do not put you behind financially

Here are some ways to start saving money effeciently

1. Record your expenses – Keeping track of your spending will help you identify areas where you can save.

2. Include saving in your budget – Make sure that you set aside a portion of your income for savings each month.

3. Find ways to cut spending – Look for opportunities to reduce unnecessary expenses and put that money into savings instead.

4. Set savings goals – Having specific goals in mind will help motivate you to save more and stay on track with your financial plan.

5. Determine your financial priorities – Figure out what is most important to you and prioritize those items when budgeting and saving money.

Miscellaneous/Discretionary Spending

Creating a comprehensive budget is an important step towards achieving financial stability and peace of mind. So whet are the 7 categories of a budget? They are housing, personal spending, transportation, healthcare, food, savings, and Miscellaneous/Discretionary purchases. Understanding what goes into the seven most common categories of a budget will help you organize your finances more efficiently so that you stay on track with your goals without straining current resources too much. So there you have it, the 7 categories of a budget

The post What are the 7 categories of a budget? appeared first on I Am That Lady.

Creating a budget is an important step to managing your finances and achieving financial freedom. There are many different budgeting methods but what are the 5 most common budgeting methods and how can you use those methods efficiently? With so many budgeting methods out there, it can be difficult to decide which one works best for you. Here are five of the most popular budgeting methods that can help you control your spending and work towards your financial goals.

What are the 5 Most Common Budgeting Methods?

Making a budget is the first step to get a handle on your finances and start saving money. But with so many budgeting methods out there, it can be hard to decide which one is best for you. Here are five of the most common budgeting methods that can help you control your spending and achieve your financial goals.

1. The Zero-Based Budget

The zero-based budget is one of the most popular budgeting strategies as it puts every dollar in your income to work – every dollar has a job, either paying off debt or contributing to savings. To create a zero-based budget, start by listing all of your expenses and subtracting them from your total income. Then assign each dollar coming in to a specific spending category until you’ve reached zero. This type of budget ensures that you aren’t overspending, since all of your income should be accounted for before it’s spent at the end of the month.

Here are the steps to use the zero-based budget

1. Calculate your after-tax income.

2. Assign each dollar of your income to an expense or savings goal, ensuring that everything adds up to zero at the end.

3. Set aside some funds for variable expenses like groceries and entertainment, as well as savings goals like retirement or an emergency fund.

4. Track every purchase you make and budget according to what you spend in each expense category throughout the month.

5. Adjust your budget when necessary based on changes in income or expenses throughout the month.

2. The 50/30/20 Budget

The 50/30/20 budget was made popular by Massachusetts Senator Elizabeth Warren and her daughter Amelia Warren Tyagi in their 2005 book ​All Your Worth​. This method calls for breaking down all after-tax income into three categories: needs (50 percent), wants (30 percent), and savings (20 percent). Needs include essentials like rent, groceries, utilities, insurance payments, and loan payments; wants cover nonessential items like eating out or going out; and savings includes retirement funds as well as emergency funds.

Here are the steps to use 50/30/20 budget

1. Calculate your after-tax income.

2. Allocate 50 percent of your income towards needs, such as rent or loan payments.

3. Allocate 30 percent of your income towards wants, such as going out to eat or entertainment expenses.

4. Allocate 20 percent of your income towards savings, such as retirement funds or an emergency fund.

5. Track where you spend each dollar carefully, making sure that all expenses fall into the allotted categories from step 2-4.

3 . The Pay Yourself First Method

The pay yourself first method flies in the face of traditional advice about saving whatever is left over after bills are paid – instead, it suggests making sure that you put away part of each paycheck towards savings or investments first, before anything else gets paid off. Many experts recommend setting aside 10-15% of each paycheck for long term investments such as retirement accounts or high yield savings accounts – though this amount depends on personal goals and financial obligations. Doing so helps ensure that you have money set aside for things like emergencies or retirement while also helping maintain a healthy credit score if long term debt obligations are paid off earlier than scheduled by utilizing this method.

Here are the steps to use the Pay yourself first method

1. Calculate your after-tax income.

2. Set aside money for essential expenses such as rent, food, and loan payments before allocating money towards other expenses or savings goals.

3. Automatically transfer a portion of your income each month into a savings account, retirement fund, or investment account before you have a chance to use it for discretionary spending.

4. Consider setting up an emergency fund to ensure you're prepared should any unexpected expenses come up in the future.

5. Track your progress regularly and adjust your budget accordingly if needed.

4 . The Envelope System

The envelope system calls for dividing expenses into categories such as housing costs, transportation costs, entertainment costs etc., then placing cash for those categories into individual envelopes at the beginning of each month – when the cash runs out in an envelope then no more money can be spent from it until the following month unless it is borrowed from another envelope but must be repaid before next month rolls around . This system ensures that discretionary spending doesn’t exceed predetermined limits while also providing plastic free way to stay on top of monthly expenses – no credit cards required!

Here are the steps to use the envelope method

1. Calculate your after-tax income.

2. Create separate envelopes for each expense category such as rent, bills, groceries, etc.

3. Place cash in each envelope that corresponds with the amount allocated for that expense in your budget.

4. When making purchases throughout the month, dip into those envelopes rather than relying on a credit or debit card limit which can be easy to exceed.

5. Track your progress regularly and adjust your budget accordingly if needed.

5 . The Reverse Budget

The reverse budget starts with determining how much money should go towards savings and other investments each month , then deducting those amounts from total income prior to creating a budget – any remaining amount can then be used for everyday expenses including rent , groceries , utilities , subscriptions etc.. This type of budget allows users to plan ahead by making sure they hit their financial goals first rather than relying solely on willpower when temptation strikes . It also helps keep people accountable by aligning spending habits with overall financial objectives .

Here are the steps to use the reverse budget method

1. Calculate your after-tax income.

2. Allocate money towards savings goals and investments first, leaving enough for essential expenses such as rent and bills before allocating any money towards discretionary spending.

3. Automatically transfer a portion of your income each month into a savings account or investment account.

4. Consider setting up an emergency fund to ensure you're prepared should any unexpected expenses come up in the future.

5. Track your progress regularly and adjust your budget accordingly if needed.

As you can see, there are a number of different ways to approach budgeting, and what will work best for you depends on your unique circumstances.  The most important thing is to find a method that works for you and stick with it. With a little time and effort, you'll be well on your way to financial success. Hopefully this answered the question, what are the 5 most common budgeting methods.

The post What are the 5 most common budgeting methods? 5 Ways to Budget Like a Pro appeared first on I Am That Lady.

These three R’s – reduce, reuse, and recycle – can be applied to any kind of budgeting situation. When learning how to budget it's important to simplify. That is why I like the 3R method. It's simple and you can easily remember it.  Here’s how you can use these three R’s to help you reach your budgetary goals.

What are the 3 R's of Budgeting?

1. Reduce

Whenever possible, it helps to look for ways to reduce expenses and discretionary spending. This could mean anything from cutting down on eating out or shopping sprees all the way up to negotiating better deals with vendors or switching providers altogether. Whatever you stand to save by reducing expenses should be carefully considered when making a decision about whether or not the savings are worth the effort involved in finding new alternatives and making the change.

Here are some tips on how to reduce expenses;

1. Make a budget and stick to it. Set clear guidelines for what you can spend on each category and learn how to live within your means.
2. Save money on groceries by meal prepping and taking advantage of sales at the grocery store.
3. Cut back on eating out by cooking meals at home or choosing more affordable restaurant options when dining out.
4. Reduce energy bills by using energy-efficient appliances, shutting down lights, and unplugging electronics when not in use. Here is more on how to save on electric bills.
5. Save money on transportation costs by carpooling, walking, biking, or using public transportation whenever possible.
6. Invest in quality items that will last instead of buying cheaper items that will break or need replacing quickly.
7. Stop impulse buying and practice conscious shopping – ask yourself if you really need something before purchasing it!
8. Comparison shop online to find the best deals when purchasing items you need like clothing, books, etc.

2. Reuse

Reusing items rather than buying new ones whenever possible often saves both money and resources by allowing goods to last longer before needing replacement or upgrade. Examples of this could include anything from donating gently used clothes instead of buying new outfits every season all the way up to opt for an online version of software rather than purchasing it outright or subscribing annually with a vendor. Taking stock of what already exists and seeing if there might be an alternate option available often leads to greater cost savings in the long run or allows more funds to be allocated toward other areas of need within a budget too!

Here are some ways to reuse items and save money;

1. Shop at thrift stores for gently used clothes and household items.
2. Buy refurbished electronics instead of brand-new items to get good quality at a fraction of the cost.
3. Trade or swap items instead of buying them new – try local Facebook groups, shopping malls, and charity shops.
4. Donate unwanted items instead of throwing them away – there are many charities that accept donations such as clothing, furniture, books, and more.
5. Repurpose old items by giving them new life – turn an old t-shirt into a quilt or fabric scraps into art!
6. Try DIY projects using supplies you already have around the house like scrap wood, mason jars, and old picture frames for craft projects and home décor pieces.
7. Upcycle furniture by repainting it or changing out the hardware for a whole new look without spending money on new items.
8. Reuse plastic bags from groceries and other stores as a trash can liner or to pack snacks for lunchboxes

3. Recycle

Not only does recycling have positive environmental impacts but also financial ones as well! Putting together systems that allow for materials and products that could otherwise end up languishing in landfills, to get reused effectively often provides multiple benefits including substantial cost-savings on waste removal fees.

This helps by using fewer resources overall as well as extra income generated from repurposing existing items actively being sought after again somewhere else! Plus regulating how much a company purchases versus recycles can become very lucrative over time as supply becomes less dependent upon demand due to its ability to manufacture certain objects itself with relatively minimal input costs most times!

Here are some financial impacts that come from recycling;

In conclusion—budgeting can potentially be made easier when following these 3 basic steps mentioned above! Whether working at an individual level figuring out where best to allocate their finances each month or at an organizational level looking for ways to trim budgets maximally while still meeting goals—these 3Rs should always be taken into consideration when trying to make changes within any given budgeted area!

The post What are the 3 R’s of budgeting? Get your finances in order with the 3 R’s! appeared first on I Am That Lady.

Keep reading as I show you how to budget and actually stick to it this time.

I hit rock bottom one day….

But I gotta tell ya, hitting rock bottom has some benefits. Because I had no other choice, I HAD TO make my budget work. So I finally figured out these four simple rules and learned how to budget better.

How to Budget:

1. Except for emergencies, Do NOT spend more than you take in.
2. Every month is different, so treat each month differently.
3. PLAN each month before that month even begins.
4. Read on for this one later…

Number 3 was perhaps the most significant change to my budgeting success. In fact, rule #3 is what has allowed me to achieve success in rules #1 and #2.

It was difficult and daunting at first. I remember wondering, “How can I predict what next month's expenses are going to look like?” I was also wondering how to budget with no money?

I did go back and look at my previous 3 month's bank statements to see how much I had been spending, but since my past spending habits were precisely what I wanted to change, I didn't dwell too much on the past. To be honest, it was depressing.  But I had to do it anyway. It provides a good baseline, and from there, you can make cuts.

I don't think that you need to go crazy categorizing every single little expense down to the penny. The fact is, you decided to start budgeting because you already know that your money has been going to the wrong places. You are ready for a change. And you should spend the bulk of your time with some perspective planning, rather than retrospective discovery.

When I began this process, I already knew that I was spending WAY too much going out to eat. Did it matter that I had been spending $300 a month or $250 a month? To me, not really.

There are a few expenses in your spending history that you should really have a good idea of such as food, gas, and bills. These are purchases that you've been making and will continue to make. You likely can't make a huge immediate change in these expenses, so your past history is a good starting point.

Much to my surprise, after spending about an hour thinking about my finances and everything coming up in the following month, I came up with a pretty good estimate of what that month would look like. Many things are already “set in stone,” like bills, housing, etc. Most of my thoughts centered around things like:

• When are my paychecks deposited?
• How many birthdays do I have to buy presents for this month (I have LOTS of nieces, nephews, brothers, sisters, etc.)
• Do I need to change the oil in my car, or get it inspected?
• Are there any medical bills due?

Once I felt pretty good about my plan, I THEN went back and perused the past 2 months of online spending. This was only to look for things we might have missed like a Netflix subscription, app-store purchases… those expenses that might be automated and could easily slip through the cracks.

Now for that rule #4… and this only applies to married folk – DECIDE YOUR BUDGET TOGETHER. When you agree to a budget, you are effectively agreeing on how you plan to live your lives together – things you value as a family, what is important and what is not important. There will be gives and takes, but do not end your “budget meeting” until you have your pact – next month's budget.

Oh, and NEVER stop doing it. Years after our very first ‘budget night,' it is every bit as important as it was back then. Every month, yes EVERY month, we sit down together for our budget night. So what does our budget night look like? I'll try my best to break down our philosophy into steps.

But before I get to these steps, a moment of honesty. Your first couple of months of budgeting will probably suck. You will forget things, you will go way over budget in some categories because you were probably overly optimistic. It's ok. It will take a few tries to get this process down. Just start and decide to stick with it!

So here we go….Let's start learning!

How to Budget Better:

1. Know what your income is

If you're self-employed, estimate the best you can. Depending on how much cash you have available in your checking account, you will want to know when those paychecks will go in there.  You may be wondering how to budget when you don't make enough money. The answer is – increase your income and pick up some side hustles.

2. Give off the top

Whether it be to your local church or a charity, remember that you are deciding your values as a family. Being generous is something that we should all strive to be. No matter how unfortunate your financial situation is, there is always someone else in greater need.

3. Plan expenses that you cannot readily change.

Things like rent/mortgage, utilities, insurance, car payment, etc.

4. Long-term goals

Your budget should always have long-term goals mixed in with your short-term cash flow planning. Are you saving for an emergency fund? Getting out of debt or saving for retirement? These are all goals that you should be making monthly progress on and learning how to budget and save money is crucial.

5. Large one-time or annual expenses

These are those large expenses that you should be saving for on a monthly basis. For me, I have a Christmas fund; and money is pulled directly out of my account. A great way to save for these items is through Betterment; their services make it SO easy to save for anything, from retirement to a vacation.

6. Talk about the coming month

This is your attempt to minimize unplanned expenses. Most of the time, I find that unforeseen costs can be caught and planned for ahead of time when I sit down and spend time thinking about it. What is unique about this month that will cause this month's budget to be more or less expensive?

• Birthdays
• Holiday meals
• Trips to visit family/friends
• Work that needs to be done on vehicles

7. Budget for expenses that you do have some control over

Here is where the bulk of the discussion during the budget night takes place – the art of how to budget money without sacrificing your life. How much will you spend on food? How much will you spend on clothing? What about all those other little expenses? For these types of expenses, I STRONGLY recommend using cash. Green, physical paper money. I cannot tell you how helpful it has been for us to use cash. For us, we simply spend less money, and have fewer arguments, and it just makes our lives so much easier. Here are the categories that we use cash for:

• Groceries
• Gifts (sometimes not… depends on deals that can be found online)
• Fun – dates & family fun
• Babysitter (they usually don't take debit cards)
• Miscellaneous expenses

If you absolutely need a card for these categories (and I promise, cash is easier!), I recommend learning more about how to budget your life with a prepaid debit card.

8. Stick to it!

At least weekly (daily is recommended), make sure to log into your account online and check to make sure that things are progressing as expected. If your month is off, you might need to make adjustments. Any adjustments are better made sooner rather than later as mistakes have a way of compounding.

As a spender, this is the hardest one for me. This is the step that requires real self-control. If all of our miscellaneous money has been spent, and I want to buy a bottle of wine… too bad. But that's a good thing. If you view your budget as constraining, you will fail. If you view your budget as your path toward freedom, you will succeed.

My book, The Recovering Spender, discussed how I accomplished this mind shift, and how it changed my family's financial future.

9. Unplanned expenses

Being unable to account for unplanned expenses was one of the reasons that I never thought budgeting could work for me. Something ALWAYS comes up, right? Whether the car breaks down, you get an unexpected medical bill, one of your kids takes a trip to the emergency room, etc. Things happen outside of your control, and many of these things cost you lots of money.

So how do you plan for these? You don't. But because you have control and a plan for where your money is going, you can revisit your budget to figure out the best way to absorb the cost. These unplanned expenses are the primary reason why I recommend saving for an emergency fund. I cannot imagine the thought of dealing with an unplanned expense while not budgeting.

Here is a question that often comes up – how often does your spending go exactly as planned?

Answer – not often. I usually get close, but it seems as though there's always something I either overlooked; usually it is small. Usually, it is a parking ticket. Or two parking tickets (our street has alternating parking, and we have a wonderful ticketing police officer who REALLY loves her job).

So if I miss our budget target consistently, why do we go through this exercise? Because long-term, I will NOT miss.

According to NASA, the difference between weather and climate is a measure of time. Weather is what conditions of the atmosphere are over a short period of time, and climate is how the atmosphere “behaves” over relatively long periods of time.

Weather is erratic – there are a billion weatherman jokes for a reason – despite all of the state-of-the-art weather technology and years of schooling, the accuracy of weather forecasts can only be so good. Ask a weatherman to predict the temperature 3 weeks out. He could easily be 20-30 degrees off and forget trying to predict precipitation that far out. But climate is the average of all of those anomalies, and it is not erratic.

The same applies to budgeting. I can't predict what will happen in the short term, but just by planning, talking, and acting in the short term, our long-term trajectory is not erratic.

Here are more posts about setting a budget:

• 4 Steps to Set Up a Successful Grocery Budget
• How to feed a family of 6 on a budget
• What to do When Your Budget Doesn't Work
• How to Budget Monthly in 5 Easy Steps
• Get a Money Saving Budget Planner to help organize your finances

When you ask the question, “What are tips on how to budget your money?”  you will get vastly different answers from many different people. Truth be told, there will always be information on how to budget better. I have simply shared what I do, and it has worked very well for me.

Just start. As long as you decide to stick with it, you will do awesome!

The post How to Budget: Secret Tips for Sticking to Your Budget for Good! appeared first on I Am That Lady.

This amazing tool lets you earn rewards on your go-to purchases without ever having to leave your house. Sure, it might sound too good to be true – but trust me, it isn't. With an easy download and no extra effort from you, you can use the Shopkick app to start collecting points that quickly add up and turn into real goodies for free.

Whether you're looking for easy side hustles, free gift cards, or discounts at stores like Target and Walmart, shop until drop with Shopkick!

I wanted to tell you all about how this app works, so I tried it out, and here is my honest verdict!

Shopkick Review:

What is Shopkick and how does it work?

Shopkick is a free mobile shopping app designed to provide users with discounts and rewards while they shop. It works by tracking your purchases through your phone’s GPS location and then offering points for each purchase made.

You can then redeem these points for gift cards, cash back, or even exclusive deals from top brands like Amazon, Target, and Walmart.

Right now you can get a FREE $5 Bonus (1,250 kicks) just by clicking on THIS link and entering the code LAUREN.

Here's what you'll need to do to snag your free gift card:

• Go HERE and download the free Shopkick app.
• Use invite code LAUREN, which will earn you a $5 bonus for walking into a store within the first 7 days of downloading the app and earning 10 kicks.
• Head to the store and you'll earn 10 points (or “kicks”) for walking in and additional points for scanning certain items or uploading pictures of your receipt. (That's right – walk into Target, Walmart, or just about any store and you just made $5!)
• Once you have at least 500 kicks, you can redeem them for gift cards to stores like Amazon, Walmart, Starbucks, Best Buy, Target, Ulta, Kohl's, Old Navy, etc.)

Can you make money with Shopkick?

Shopkick works in three simple steps:

Step 1: Connect your credit card or debit card to the app so that it can track when you make a purchase.

Step 2: When you shop at one of the participating stores (there are over 30 stores available), you turn on the Shopkick app before making your purchase and earn points for every dollar spent.

Step 3: Finally, once you have enough points accumulated in your account, you can redeem them for rewards!
The Benefits of Shopkick

The biggest benefit of using Shopkick is that it allows users to save money while they shop without having to put in any extra effort – no coupons to clip or codes to remember!

Plus, since the app tracks all of your purchases automatically, you don’t have to worry about keeping track of them yourself.

And if that wasn’t enough incentive already, right now you can get a FREE $5 Bonus (1,250 kicks) just by clicking on THIS link and entering the code LAUREN.

How many ‘kicks' do you need to get a gift card?

Generally speaking, it takes 250 kicks to earn $1 in gift cards, and it takes 1,250 points to redeem your cards for a $5 gift card (although some cards can be redeemed for just 500 kicks).

Just for reading this blog post, you can get a FREE $5 Bonus (1,250 kicks) just by clicking on THIS link and entering the code LAUREN. How cool is that?!?

You will be well on your way to getting a Free Starbucks gift card!

The Benefits of Using Shopkick:

The main benefit of using Shopkick is that it provides busy moms with access to discounts and rewards without having to leave the house. That's why I wanted to write this Shopkick Review. To show you the benefits of using this amazing app!

With this app, there is no need to search through multiple websites or print out coupons; all you have to do is open up the app, check out what deals are available, and start shopping!

Plus, since you're earning points each time you shop, your rewards just keep getting bigger and bigger over time.

How long does it take to get Shopkick reward?

It takes about a week for you to get your Shopkicks rewards. So once you sign up using the coupon code LAUREN you will get your Free $5.00 gift card in about a week.

What are the different ways to earn kicks?

1. Walk-ins – Simply enable Bluetooth and walk into participating stores to earn passive kicks
2. Scans – Use the camera on your phone to “scan” featured items in stores and get kicks
   per scan.
3. Scanning adds a fun scavenger hunt-esque element to your shopping experience and is completely purchase-free. This is fun for the kids to do in the store!
4. Receipt submissions – Purchase featured items and snap a photo of your receipt for elevated kicks. For example, scan an item for 25 kicks, but purchase the item for 250 kicks.
5. Linked card – “Link” your debit/credit card securely in-app. If paying with a debit card, make sure to run as ‘credit’ during checkout. At participating retailers, use your linked card to pay for your purchase and get
   kicks for every dollar you spend.
6. Online – When shopping at participating stores through our online tab, users will get kicks for every dollar they spend at the said retailer. This is the best way to score kicks from the comfort of your home.
7. Discover tab – Poke around our in-house curated Discover feed to find hidden kicks in our
   pieces of content. Watch videos to earn kicks. These kicks refresh daily

Shopkick Review Conclusion:

If you’re a busy mom looking for ways to save time and money while shopping, then Shopkick is definitely worth checking out.

With its easy-to-use interface and ability to track purchases automatically, it offers all of the convenience that modern shoppers crave without any extra work required on their part.

Plus, with exclusive deals from top brands available throughout the year as well as bonus points offered regularly, it really does pay off to use this app!

Remember that you can get a FREE $5 Bonus (1,250 kicks) just by clicking on THIS link and entering the code LAUREN.

The post Honest Shopkick Review – Get a FREE $5 Gift Card to Amazon, ULTA, Kohl’s, Starbucks, & More! appeared first on I Am That Lady.

If you’ve been following me for a while, you know that I am honest about being a recovering spender… you may have even seen my post about stopping online impulse purchases. I have a passion for helping busy moms stay within their budgets and find creative ways to save money and make extra cash through side hustles.  Five years ago I created a challenge to help called the 30 Days to a Debt-Free Christmas Challenge. Part of the goal of my 30 days to a debt-free Christmas Challenge, is to help people to have the holiday they want and can enjoy without breaking the bank.

I’m not going to lie, Cyber Monday is a hard day. It combines some of the biggest pitfalls for holiday spenders. There are lots of choices and lots of sales. and if you're not careful, lots of money comes out of your wallet.

You need to proceed with caution. Am I telling you NOT to shop on Cyber Monday? Absolutely not. Cyber Monday is an amazing day to get some really great deals on gifts!

Make sure you check out my article on Black Friday shopping to find out more money-saving tips. Alright – let's get into the Cyber Monday Savings!

How to get the most Bang for your Buck on Cyber Monday:

First things first – why is Cyber Monday so ‘risky’ for us as budget-focused people?

1. Pressure – There is a lot of pressure. We want all the best items for the best price and we want them before they sell out. This makes us make quick, rash, and often costly decisions.
2. Lack of Sticker Shock – Just as I mentioned in the impulse spending post, shopping online takes away that gut feeling at checkout when you have overspent.
3. Exceptions – It’s so easy to make exceptions because it is ‘such a good deal' or ‘so and so would LOVE that.’ But once you start making exceptions then it can be very hard to figure out where to draw the line.

Okay, so now that we’ve been forewarned about some of the things we need to watch out for with Cyber Monday, we can plan our strategy for making the most of these deals!

Before Cyber Monday:

Obviously, window shopping and deal hunting is the most fun. But there is some prep work you can and should do in order to take advantage of these deals.

1.) Set a budget – Boo! If only we had unlimited money to spend on all these goodies! Be sure to set yourself a spending cap and budget. Chances are you have already done some shopping or will need to do more shopping after this. So set yourself a reasonable limit. Don’t be too hard on yourself if you can’t get everything on your wish list! Grab my free budget pack to help you get started here.

2.) Set up a wishlist – Come up with some goals or wishlist items. Personally, I like to look for items that I most likely will not be able to afford any other way than through a Cyber Monday deal. This helps you know what to look for.  Read my post about how to use an Amazon Wishlist to save you hundreds this Christmas.

3.) Research Non-sale prices – Sometimes the deals on Cyber Monday aren’t quite as sensational as stores would like us to think they are. I am not saying the deals aren’t worth it, but there may be better ways to get better deals or the same deal at a time that is better for your finances. So look up the non-sale prices so you can get an idea of how much items run normally.

4.) Specs/Stats – Even though we may have our eye on a particular brand and model of a product, chances are good that the one we want isn’t the exact one that will go on sale. For your must-have items, make yourself a cheat sheet of the specifications that your ideal product has. Ex. For a laptop make a note of the screen size, RAM, Processor, ports, battery life, and other important things. This way even if the one laptop you were eyeing doesn't come up on sale you can easily compare the ones that do.

5.) Look up Cyber Monday ads – Some stores release their Cyber Monday ads in advance, others do not.  Check out the Flipp app for ads ahead of time. Do a little digging and see if your favorite stores are giving out the information early. This can help you plan. Keep in mind there are often many more items available on sale than just those mentioned in the advertisements.

6.) Make a store list – I tend to be forgetful sometimes, so it really helps if I make a list of the prime stores I want to check out. If you’re not sure if a company participates, don’t be afraid to Google it. You might be surprised how many stores take part in Cyber Monday.

7.) Timing – See if you can find out what time the Cyber Monday sales get posted. For example, American Girl has a Cyber Monday sale, but it does not typically go live at midnight EST, but rather midnight CST. This can make a big difference if you’re planning on staying up late or getting up early!

Conquering Cyber Monday:

The better your prep work, hopefully, the more successful you’ll find your Cyber Monday shopping! The more focused you are the less likely you are to be distracted by unnecessary and unwanted purchases also!

Prior to the sales going live, make sure your computer is running smoothly. If need be, restart it, make sure your internet connection is working, etc. If you are choosing to camp out on the computer or laptop make sure you’re comfortable.

Be sure that you have your debit card handy or even a prepaid debit card. Bring a notepad and pencils, just in case you need to jot anything down.

Online Tools you NEED to use:

1.) Qube Money App – Use the Qube Money App to set your budget – this is my favorite way to budget! Use the coupon code LAUREN and get 2 months for free by using this link.

2.) Swagbucks – Get cash back by shopping online through Swagbucks.com. Get a Free $10 gift card by signing up today here.

3.) CamelCamelCamel – This is a free Amazon price tracker that monitors millions of products and alerts you when prices drop, helping you decide when the best time to buy is.

4.) HoneyApp – The Honey app is a free browser extension that takes the work out of finding coupon codes. Once you download the extension to your computer, Honey's smart shopping assistant will find the best coupon codes for the retailer you're shopping with and automatically apply the discount on your behalf.

5.) FetchRewards App – Fetch Rewards is an app that lets you earn points for uploading pictures of your receipts. You trade the points for free gift cards from some of your favorite stores. This applies to Amazon receipts and any other online purchases. So make sure you don't miss out on those points from your online purchases! You can sign up for the Fetch Rewards App for free here.

Some things to keep in mind:

You may well find yourself making purchases very quickly. Be sure to watch what you are buying to make sure they are the actual items you want! Also, either keep a running tally on a notepad or check your email invoices periodically to monitor your spending. Believe me, I know how quickly all those purchases can add up!

Don’t be afraid to give yourself SOME discretionary funds for extra purchases. This is definitely a tricky matter because it depends on whether or not you can hold yourself accountable. Sometimes items will pop up for great deals on Cyber Monday that you had never considered. Sometimes they might not even be Christmas gifts, but rather items you need, or items that could be put away for a future birthday.

It’s not wrong to want to make the most of these deals as they come up. You just need to make sure you stay within your means. However, if you do not HAVE any extra room in your budget for discretionary purchases, it might be for the best to simply look only for the items on your list.

It’s okay to stop shopping!

Don’t be a slave to the computer just for a deal. If you are not having much luck with the items you want, don’t beat yourself up. Take a break, and check back later (some stores update their sales periodically throughout the day).

Once you have reached your spending cap, STOP WINDOW SHOPPING. It can be so hard to stop looking but do yourself a favor. Turn off the computer and relax. If you got some good deals consider yourself fortunate. After all, you won’t be doing yourself any favors if you blow your budget!

I hope that you can put some of these strategies into play and have a very successful and budget-friendly Cyber Monday! Let me know how you do and if this article helped about How to get the most bang for your buck on Cyber Monday!

The post How to get the most Bang for your Buck on Cyber Monday appeared first on I Am That Lady.

As a busy woman, you're always looking for ways to simplify your life and save money. One way you can do both is by consolidating your debt with a home equity line of credit (HELOC), in this article I am going to break down the best HELOC debt consolidation tips and tricks. A HELOC allows you to use the equity in your home as collateral to secure a credit line with a lower interest rate than most other types of debt.

Let's first tackle some the term HELOC.

How do you wisely use a HELOC?

A HELOC, or home equity line of credit, is a type of loan that allows you to borrow against the equity in your home. Because HELOCs are secured by your home, they typically have lower interest rates than unsecured loans. As a result, HELOCs can be a great way to consolidate high-interest debt, such as credit card debt.

When consolidating debt with a HELOC, it's important to make sure that you don't end up borrowing more than you can afford to repay. To do this, create a budget and make sure that your monthly HELOC payments are manageable. You should also consider the terms of your HELOC carefully, as some loans have repayment periods of 10 years or less. By taking these precautions, you can ensure that you use your HELOC wisely and consolidate your debt without putting your home at risk.

How do I maximize my HELOC?

A home equity line of credit, or HELOC, is a great tool for debt consolidation. By taking out a HELOC and using it to pay off your other debts, you can save money on interest and simplify your monthly payments. However, there are a few things to keep in mind when using a HELOC for debt consolidation. First, make sure to shop around and compare rates from different lenders. Second, be sure to consider the terms of the loan carefully before signing anything. Finally, remember that a HELOC is a revolving line of credit, which means that if you're not careful, you could end up deeper in debt than you were before. If used wisely, however, a HELOC can be an excellent way to get your finances back on track.

Let's now get into some HELOC debt consolidation tips and tricks.

Here are five HELOC debt consolidation tips and tricks:

1. Know Your Numbers

The first step in any debt consolidation process is to know how much debt you have and what interest rate you're paying on that debt. This will give you a baseline against which to measure the success of your consolidation efforts. To get started, pull your credit report from all three major credit bureaus and take a close look at your outstanding balances and interest rates. If you see any errors, be sure to dispute them with the credit bureau immediately.

2. Evaluate Your Options

Once you know how much debt you have and what interest rates you're paying, it's time to start exploring your options for consolidation. A HELOC is just one option; others include personal loans, balance transfer credit cards, and debt management programs. To decide which option is right for you, consider factors like the total amount of debt you want to consolidate, the interest rate you qualify for, and the terms of each loan or program.

The average homeowner has over $178k in home equity. They can use their equity to pay off debts, complete a home improvement, or get the cash they need to finance a major purchase for their wedding, small business, or education.

Homeowners who purchased or refinanced homes while mortgage rates were at record lows were likely able to both lock in a great rate and ride the wave of home appreciation as the housing market took off in 2021. Selling their home and moving may not be advantageous with current interest rates.

When looking for a company to work with, I recommend the company Figure. When facing a need for cash, Figure allows consumers to unlock up to $400k of their home’s equity in as few as 5 days. By using Figure you can find your rate in 5 minutes too! It's super quick and easy to use!

When you enter your information on Figure.com they can quote your rate within 5 minutes and it won't even affect your credit score! As a #FigurePartner I am super excited to share this company with anyone who will listen because I want to help you #Unlockyourequity.

3. Understand the Risks

Before deciding to consolidate your debt with a HELOC, it's important to understand the risks involved. Most HELOCs have variable interest rates, meaning that if interest rates rise, your monthly payments could rise as well. Another great part about Figure is that their rates are fixed! You’ll know your monthly payment throughout the duration of the loan, making it easier for you to budget accordingly. Finally, if you use your home as collateral for a HELOC, you may have difficulty selling or refinancing your home in the future. So just know the risks before doing this type of product.

4. Shop Around for the Best Rate and HELOC debt consolidation tips and tricks

One of the benefits of consolidating your debt with a HELOC is that home equity rates are typically lower than other types of loans or lines of credit. However, it's still important to shop around and compare offers from multiple lenders before deciding which one is right for you. When comparing offers, pay attention to factors like fees, interest rates, and repayment terms.

5. Create a Plan

Once you've consolidated your debts with a HELOC, it's important to create a plan for how you'll repay the loan. If possible, try to pay more than the minimum each month so that you can reduce the loan balance as quickly as possible. You should also make sure to keep an eye on changes in interest rates so that you can adjust your repayment plan accordingly.

There are always some questions when it comes to this topic, so I thought I would answer those. I've written a couple of other blog posts on this before, including this one about how to pay your mortgage fast.

A home equity line of credit (HELOC) can be a great way to consolidate your debts and save money on interest payments. With these five tips in mind, you'll be on your way to consolidating your debts and taking control of your finances!

Figure Lending LLC dba Figure. 15720 Brixham Hill Avenue, Suite 300, Charlotte, NC 28277. (888) 819-6388. NMLS ID 1717824. For licensing information go to www.nmlsconsumeraccess.org. Equal Opportunity Lender. *Terms Apply. Visit Figure.com for details.

The post HELOC Debt Consolidation Tips and Tricks appeared first on I Am That Lady.

Unfortunately, when we are stressed, it is not only our wallets and bank accounts that take a hit. Different aspects of our lives are affected, too, including our health. 

Financial stress can stem from job loss, retrenchment, a large unexpected expense, inability to find work, misappropriation, debts, or simply worrying too much about your finances.  

Not sure if you are financially stressed? 

7 signs money stress is affecting your life and what to do about it

1.) Unhealthy Behaviors

Financial stress may cause you to develop unhealthy behaviors such as overeating, sleeping too much, smoking and drinking more than usual, gambling, or abusing drugs to deal with the stress. These coping mechanisms do not solve the money stress. Rather they create more problems in the long term.

2.) Difficulty Sleeping

Money stress causes anxiety, and you find it hard to fall asleep when you are anxious. Both stress and anxiety impact the duration and the quality of your sleep, which in turn affects your health. Center for Disease Control and Prevention warns that adults getting less than 7 hours of sleep every night are at a high risk of developing lasting mental health problems. 

3.) Mood swings

It isn’t uncommon to experience a shift in mood from time to time. But when it happens frequently around the time you are financially pressed, most likely you have money stress. I like to call the mood swings that come with lack of money, money moods. Because, technically, they are triggered by money and tend to go away as soon as your money problems go away.

4.) Withdrawing from others

Because of the feelings of shame and embarrassment that come with financial struggles, you find yourself withdrawing from people and turning down every social plan. You avoid checking emails and receiving phone calls, especially from creditors.

5.) Getting angry easily and lashing out

Money anxiety has a way of getting on one's nerves. You become easily angered and irritated by things that would otherwise not have bothered you. You find yourself arguing with your loved ones unnecessarily and picking fights over everything, especially with people directly linked to your money woes, like a spouse or manager at work.

How To Cope With Financial Stress

The quickest and perhaps the only way to heal from financial stress is to manage your financial situation effectively. This means digging deep into your financial situation to understand where the problem is coming from and finding ways to tackle the problem.

Of course, it's impossible to fix the problem overnight but putting things into perspective and having a plan to follow through is one step in the right direction. There are a few things you can do to ease the stress.

Create an extra source of income. If you are financially stressed because of the constant struggles of paying bills and not being able to meet all your needs, an extra source of income to boost your finances will be a major stress reliever. There are many ways to create extra income without putting a strain on yourself. 

Practice stress management. Finding ways to manage stress will go a long way in making you feel better. Get enough sleep every night, eat a healthy meal, exercise your body, and become socially active again. Also, practice stress-reducing techniques and mindful techniques like yoga to lower stress levels.

Take charge of your finances. This may be difficult at first, but you will be glad when you finally get control of your finances. Identify the exact areas where you struggle financially. Is it in budgeting, saving, spending, making money, and so forth? Make a list of everything you need to do to get it right. Remember to tackle one problem at a time so that you don't feel overwhelmed. Attaining financial stability is not an overnight wonder. It takes time, discipline, and a lot of planning. 

Seek professional help. There is no shame in admitting that you need help with your finances. That is precisely why we have financial coaches and advisors. If anything, a financial coach will help fast-track your financial stability. I offer one-on-one financial coaching and also have a step-by-step online course called Crush your Debt. You can find out more details about that here.

Negotiate for flexible debt and bill payments. If you feel choked with your debts, ask your bank, credit card company, or utility company to set up payment plans that are a bit manageable for you until such a time when you can make more payments. You may also want to learn how to get out of debt and live a debt-free life.

Conclusion:

Financial stress can greatly impact your physical and mental health. That is why it's important to know the signs as well as how to cope with money stress before you sink deeper. It helps to share your concerns with your loved ones. They may be in a better position to help you out or, at the very least, offer you a new perspective on how to approach your financial struggles. Also, try out the coping tips I've shared above. They will help you deal with your money anxiety. 

Remember, you are not alone. So many people are going through money stress at the moment. Stay optimistic, and all will be well in due time.

If you want help getting back on track, grab a copy of my stress-free money guide below!

The post 7 signs money stress is affecting your life and what to do about it appeared first on I Am That Lady.

In today's podcast episode we talk about if there is stress of being the female breadwinner. Women have made great strides in the workforce over the years, but we still have a long way to go. According to a recent report from the Institute for Women's Policy Research, women are now the primary or sole breadwinners in 40% of households with children. This is a big shift from just a decade ago when only 24% of households had female breadwinners.

So what's it like to be the woman carrying the financial load for your family? I decided to ask Farnoosh Torabi, the New York Times Best-selling author of the book “When She Makes More: 10 Rules for Breadwinning woman” to talk about this topic.

As the female breadwinner in my family for the past 8 years, I can relate so much to this topic!

Stress of Being the Female Breadwinner:

What happens when the woman is the breadwinner?

It's a question that many women are asking these days. With more and more women making a name for themselves in the professional world, it's only natural that they would want to know what happens when they become the breadwinners in their families.

For some families, nothing changes. The woman continues to work and support her family just as she always has. But for other families, things can change quite dramatically.

The role of the breadwinner is a demanding one, and it can often lead to feelings of guilt or anxiety. There are also financial pressures that come along with being the breadwinner. But despite all of these challenges, there are also many rewards that come with this new role.

Are female breadwinners happy?

Brené Brown says that you can't put a happiness label on anyone. She believes that everyone has different definitions of happiness. For some, happiness might be financial stability. For others, happiness might be found in their relationships. No matter what happiness looks like for them, the important thing is that they're living a life that feels authentic to them.

Farnoosh shares how happy she is to be the female breadwinner, but it was a conversation that needed to happen before she got married.

What are the challenges of being the female breadwinner?

For many women, being the primary breadwinner can be challenging. It can be difficult to balance work and home life, and there is often a lot of pressure to succeed.

Additionally, women may face discrimination at work or be paid less than their male counterparts. Learning how to negotiate their salaries is a must!

Although there are certainly challenges that come with being the female breadwinner, it's important to remember that we are not alone. According to a study by Pew Research Center, in families where women are the sole or primary source of income, 62 percent of mothers say they're very satisfied with their lives. This number is significantly higher than for fathers in similar situations (41 percent).

So while the responsibility of earning and providing for our families can be stressful at times, it's also incredibly rewarding. We hope you'll take some time to listen to our latest podcast episode, where we talk more about this topic with Farnoosh. During the interview, she provides some great insights on how to manage the stress of being a female breadwinner and maintain a positive outlook on life.

The post Stress of Being the Female Breadwinner – Interview with Farnoosh Torabi appeared first on I Am That Lady.

The financial implications of anorexia nervosa – that's what today's podcast is about. We all know that anorexia nervosa is a serious eating disorder with potentially deadly consequences, but what you may not know is that it also has some very real financial implications.

In this episode of the Hard Money Talks show, we'll take a closer look at some of the costs associated with anorexia nervosa and how they can impact both the individual sufferer and their loved ones. We'll also discuss some ways to get help if you or someone you know is struggling with this illness.

I brought Erin Reiland on the show this week, who is recovering from Anorexia and is also a certified eating disorder and mental health coach. She writes over at inbodylovecoaching.com. where she helps guide her clients on how to a Life FREE of Food/Body Obsessions.

Eating disorders themselves are a hard topic to talk about, but she shares the intimate details of how someone with an eating disorder gets in trouble with money. This episode was an eye-opener for me and I know you will really enjoy it!

Links mentioned in the show:

Erin's website: inbodylovecoaching.com

Follow her on Instagram here: www.instagram.com/erin_reiland_love

Follow her on Facebook here: www.facebook.com/Inbodylove

Financial Implications of Anorexia Nervosa

Let's break this down a little further:

What are the economic factors of anorexia?

Why do I over eat and over spend?

There are many other eating disorders, one being binge eating disorder which can include overspending on food. So why do you overeat AND overspend you may ask? It isn't possible to pinpoint one simple reason for this link. Among the causes I've seen suggested are overeating because of the stress of being in debt, difficulty buying healthful food with limited income, or an inability to delay gratification in both spending and eating.

The financial implications of anorexia nervosa are staggering. In this episode of the podcast, I talked to an expert about her work in the field of eating disorders and how families can get help for their loved ones. It’s clear that more work needs to be done to address the problem head-on, but there are resources available for those who need them. If you or someone you know is struggling with an eating disorder, please reach out for help. You are not alone. And finally, I want to remind you that you are enough. You have always been enough, and you will always be enough.

If you are someone you know who needs help getting their finances under control, let me give you a free budget pack to help you get started. You can download that here or below.

Watch the video of this podcast below and Subscribe to my YouTube page for a fresh new video of the podcast every week!

The post Financial Implications of Anorexia Nervosa appeared first on I Am That Lady.

Ways To Make Extra Cash With Inbox Dollars:

There is no better time to start saving for Christmas than right after Christmas and all throughout the year!  I love making extra cash online since I spend so much time there anyway.  Today I want to tell you about another sweet website called InboxDollars.

Inbox Dollars was one way I earned extra money for date nights when we were getting out of debt. I would rely on reading emails and searching through InboxDollars to earn money for a date!  It didn't make me rich BUT it did provide me with something that wasn't in our budget! I share some other sites similar to this in my post about the best survey sites and another about making money online with surveys here.

How to Sign Up

As you can see, InboxDollars is a website that pays you to do a lot of what you already do online!  It's really easy to get started, just visit inboxdollars.com and click “Join Today.”

Next, you'll create an account with all the standard information.  You get a $5 bonus simply for signing up today, and then you can continue to earn cash by taking surveys, watching video ads, redeeming coupons, playing online games, searching the web, and shopping online.

Once you create your account, this guide screen will pop up to help you get started.  It has four slides that show you ways you can earn, how to view your earnings, look at your account, and then a prompt to check your email and confirm your account.

Be sure to confirm your account in your email so you get your first $5.  You'll want to check all of your folders, as it could go to the promotions tab if you use Gmail.

Once you confirm your account, you will be directed back to the website, and you can see where it confirms that I got my $5 bonus!  There is also a to-do list I can work through to earn another bonus, as well as earning money for doing those tasks!  This is a neat list because it helps you to understand all that you can do at InboxDollars to earn money.

One of the first things to do is fill out a quick survey about where they can send your money, and your general information like the highest degree of education you have, how many members in your household, homeownership, etc.  They ask these questions so they know which surveys, ads, and coupons are best suited for you and how to measure their responses for their clients.

This is quick and easy, and I earned 50 cents! Cha-ching!

You can see that the last item on the to-do list is to confirm my first paid email.  This leads me to one of the best features of InboxDollars, checking my email.

How easy is that!

You can expect to get between 2-4 emails each day with the opportunity to get paid simply by confirming that you got the email!  In addition, the emails may contain further offers you can complete to earn even more money.  You can take surveys, watch videos, and play games.  If you refer your friends to try InboxDollars, too, you can earn credit for your referrals!

A helpful hint I share with my readers: Set up a special folder in your inbox for survey sites like this one. All of your emails from InboxDollars can get filtered here. When you have time at breakfast or while watching tv or in the pick-up line at school, you can quickly access it and make some money, er, complete some surveys. 

What You Need to Know

As far as the fine print details go, you have to earn a minimum of $30 to qualify for a payout.  Otherwise, it's pretty straightforward.  Each time you complete a special offer, check any terms and conditions. You know, the fine print that reminds you that you have to cancel after a free trial before you are charged, and stuff like that.  As you can see, there are TONS of offers to choose from that you can use to earn money.

Check out the “more” tab for additional ways to make extra cash with Inbox Dollars. I love the “radio” feature that lets me earn while listening to music.  If you reset often, you can earn more!

Ways I Earn Extra Cash With Inbox Dollars

Since you are already searching for things on the internet, you can use the search feature within InboxDollars to earn for your searches.  Searching online becomes even easier when you install their toolbar.  Plus, you become eligible to earn 1 cent for every 2 qualifying searches up to 15 cents per day.  AND a bonus for using the search bar for so many days in a row.  I mean, if you are already shopping online, you can earn extra by earning cashback on purchases from certain stores!

Overall, there are LOTS of ways to make extra cash with Inbox Dollars. In fact, so many options can feel a tiny bit overwhelming at first.  However, as you try out each way, you'll find that it's both simple and fast.  If you work on earning money with InboxDollars all year, you'll have a nice little sum to add to your Christmas shopping budget, emergency fund, or money for a rainy day!

So go ahead – sign up for InboxDollars.com and get started!

The post Ways to Make Extra Cash with Inbox Dollars appeared first on I Am That Lady.

Many people might not think about how pornography can affect their finances, but the truth is that it can have a destructive impact.

The constant desire for more extreme content can lead to subscription fees or even potentially illegal downloading of material, draining bank accounts without even realizing it.

In addition, pornographic material often portrays unrealistic depictions of relationships and sexual encounters, leading to dissatisfaction in real life and potentially causing financial strain through excessive spending on attempts to imitate these fantasies.

On top of all that, addictive behavior surrounding porn can lead to loss of employment or reduced productivity at work, resulting in a decrease in income. It may seem harmless at first, but pornography can truly wreak havoc on your finances. If you suspect that porn has become a problem in your life, reaching out for support and setting boundaries can help prevent further damage to your bank account and overall well-being.

How Pornography can Affect your Finances

In today's episode of the Hard Money Talks show, I bring on JK Emezi from Elevatedrecovery.org. JK was once a porn addict, now recovered, and started a company to help others do the same.

This interview was SO interesting and definitely the hardest money talk I've had to date. It's a MUST listen to if you have struggled yourself, believe your spouse is, or if you have teenagers and feel that this could be negatively affecting their lives.

Links mentioned in this episode:

• JK's Website: elevatedrecovery.org/
• Porn Reboot – Free ebook: Download it here.
• Follow JK on Instagram here
• Follow JK on YouTube here

The post How Pornography can Affect your Finances appeared first on I Am That Lady.

Did you know that women hold an average of $31,276 in student debt? This leaves them with a monthly loan payment of $307 the year after graduation. Women (moms in particular) are disproportionately impacted by student loan debt. Why is that?

The wage gap is a huge problem for women. On average, they expect to make less than men do, and as it turns out – only 81% of what the males anticipate earning! The challenge lies in meeting this loan obligation because you have less money coming in, so loans seem like an even worse option. Especially when there isn't enough from your own earnings or savings account balance.

You then struggle to put down roots into repayment plans on time every month without fail (or at least regularly).

The idea of having to manage a household, take care of and provide for children's needs while also being responsible for financial matters can be overwhelming. Add on top the cost associated with childcare services or kid activities–you may find yourself facing an impossible balancing act without even knowing it! So, how do moms pay off student loans?

How do moms pay off student loans?

There are a few different ways moms can start paying down their student loans. Today we are going to focus on a super-easy way to start paying down those loans.

The easiest way to start paying down your student loans at a faster pace is without even realizing you are doing it!

The easiest way to do this is with Round-Ups.

What are Round-ups?

Round-up features are offered by some financial services companies in which each time a customer makes a transaction, that amount is rounded up to the nearest dollar, and the change is deposited into a savings or investment account.

There is one free app that is taking the student debt crisis by storm and offering roundups to pay down student loan debt at a rapid pace.

This app is called Chipper.

Imagine chipping away at student loan debt each day without having to think about it. Well, with Chipper App Round-Ups, you’re able to automatically contribute your spare change from everyday purchases towards your student loans, avoiding interest and paying down your principal faster. This could be your daily cup of coffee, filling up at the gas station, a trip to your favorite clothing store, and so much more!⁠

Chipper is a simple, easy-to-use app that is completely FREE! In addition to Round-Ups, it offers personalized repayment and forgiveness options to help you crush your student loan debt. 

To see how much the Chipper App can help you pay down your debt, use the calculator below and plug in your loan amount, interest rate, and how much you would like your roundups to be every month. Then watch the magic happen!

Here are 5 scenarios of different roundup lengths and amounts, see how using the Chipper App can help you shave 8 years and over $10,000 off your student loans!?!?

If that's not already enough to get you running to download it, I'm also excited to share another stand-out feature Chipper will be launching this summer — Chipper Rewards. Similar to Round-Ups, you will chip away at your student loan principal when you shop. The difference is that the brands you shop with will be making the payments! In-app card-linked offers will provide you with details on how much is paid per brand, and you will be able to Rewards and Round-Ups at the same time for even more savings.

So, what’s a woman to do? The answer is simple. Get creative and use all the resources available to you.

Download the Chipper App and sign up for Chipper+ to start paying down your student loans sooner rather than later. With Chipper, you can start paying down those student loans today! We want to help every woman achieve her financial goals, so visit us today and get started on your path to debt freedom.

The post How do moms pay off student loans? appeared first on I Am That Lady.

How Can You Stop Online Impulse Purchases?

Listen – I have been very upfront about the fact that I have had spending problems in the past. In fact, I consider myself a “recovering spender” right now. So online impulse shopping is an issue close to home. Did you know about half of all purchases are made on impulse? That's a crazy statistic! Just know that if it's a problem for you, you aren't alone. Retailers go through a lot of trouble to make sure you add unplanned purchases to your cart because it adds to their profit.

What causes impulse buying?

Why do we overspend online? Two big reasons.

1. 1. It’s so easy. You find what you want, you buy it, and it gets delivered to your house. It’s hard to say no.
   2. We don’t get the ‘sticker’ shock or gut-wrench when we hand over our money to a cashier.

Why impulse buying is bad?

Not sure if you really have an online shopping problem? Here are two problems that might tell you that you are going a little overboard.

1. 1. When you get a package in the mail, you can’t remember what it is.
   2. You have Christmas/Birthday gifts stockpiled for your family for years. (Please note, it’s NOT a bad idea to have a gift closet! However, there are times when we can take things a bit too far)

What are ways to stop online impulse purchases?

1. Stop Window Shopping

This is a HARD one, and it's gotten even harder over the past few years. It’s so easy and fun to browse some of your favorite stores' websites: Scoping out the new stuff, scouring the clearance section…we need to stop.

You should only be doing online shopping if you have a specific goal. For example: You really need new bathroom towels.

But here's how it has gotten even harder – now your browsing and cart selections history follows you around. Have you ever been on Facebook, and happen to see this creepy post interrupt your newsfeed: a post that says something like “Psst! Don't forget to checkout!” with a picture of EXACTLY the item you were thinking about purchasing? This is called “re-target marketing”. And it works. Online companies can track where you've been on their websites and then target you again when you leave with the exact item that tempted you.

So don't even tempt yourself! Because if you close that browser window, it will follow you!

2. Don’t fall for store ploys

A lot of stores will offer incentives such as free shipping when you spend over a certain amount or “%” off when you spend a minimum amount. Sometimes it will even be a buy two, get one free. These are all ploys to get you to spend more money. Be sure to do the math. Sometimes it’s better to suck up the shipping charge rather than spend even more money trying to meet that requirement. Or just wait until you have that much stuff you need to buy.

When a store tells you something like “you'll get a better deal if you buy this too!”; in reality, it's the store that will be getting the better deal.

3. Set Limits

Set aside a small portion of your budget for online purchases. After all, they are useful and can get you some good deals. If you find yourself unable to stick to the budget, try some stronger measures such as only using money from items you’ve sold or use a debit card from a specific account. Remember, if you choose to avoid credit cards then you may have a much easier time keeping your online spending in check.

One trick I've done is to sell items on eBay, and then leave the money in my Paypal account so it doesn't even touch my bank account. Then I designate that money for gifts or any online deals that might come up for items that I need.

4. Proximity and Timing

Okay, this one might seem sort of silly to some, but it works. One trick is to keep your debit card in a different place than where you are browsing on your computer. Sometimes giving that distance between you and your card can give you the breathing room to THINK about the purchase and decide if it is right for you. Another trick you can try is to give yourself an expiration date. If you’re still thinking about that item one week or even two weeks later, it means it’s important. If you can’t remember what you were looking at… well then you probably made the right choice in not buying!

5. Delete your card info

Although many sites require you to re-enter your card info each time, some websites will offer to store your info. Take the time to delete your info or check the box to have it NOT be saved. Remember one of the biggest perks to online shopping is how quick and easy it is.

If you can place just one more barrier in the checkout process, then that gives you one more chance to back out of making an irrational purchase.

6. Don’t read all those emails!

Many companies send out daily or weekly emails with savings, sales, and other information. Delete them or have them set to deliver to a folder that you only look at when you remember. Better yet, unsubscribe. No need to tempt yourself unless you need something!

Above is a little snippet of the “promotions” folder in my inbox. If you have a problem spending online, just don't go there. Unsubscribe, set up rules to delete them – just don't look at them.

Summary:

I am definitely not saying online shopping is bad! However, I do feel that it is an area where many of us tend to overspend. Following some of these tips should help you become a healthier online shopper. You can still snag your deals without hurting your budget.

You May Also Like: 

How to Shop Online When You're On a Cash Budget

Impulse Buying: 5 Ways You Can Avoid Spontaneous Spending

10 Reasons You Buy Things You Don't Need

The post 6 Ways to STOP Online Impulse Purchases! appeared first on I Am That Lady.

This week we are talking about Money Mindset and how your money mindset could be harming the way you handle your finances.⁠ .⁠ We talked about the hard stuff, the life stuff, the reasons why we settle, the reasons why we give up…It is SO powerful!!!⁠

Today I talked with Caleb Guilliams about this very topic and let me tell you that this podcast is POWERFUL!

Money Mindset and How your mindset affects your life:

Links talked about in this podcast:

• Visit Caleb's website here.
• Buy his book here.
• Listen to his podcast here.

The Hard Money Talks Podcast is supported by Debt.com.

If you have debt you need to pay off in 2022, visit Debt.com. Their team can help you find a solution for any debt problem. Whether you need help with credit cards, student loans, back taxes, collections, or any type of debt, they can help you find the best solution for your unique financial situation.

Call 1-(888) 431-2044 for a free, no-obligation, no-judgment consultation with a debt relief specialist, or visit Debt.com to get the help you need.

The post Money Mindset: How your money mindset could be harming the way you handle your finances appeared first on I Am That Lady.

What is Mystery Shopping? And Is it Legit?

Many companies — restaurants, gas stations, big-box stores, and more — want to know what their customers see when they do business with them. So they hire third-party companies to contract with mystery shoppers; they pose as normal customers but report back on their experiences. In exchange, the company reimburses the mystery shopper for the purchases they made as part of the shop and sometimes adds a little extra money for their time. 

While you won’t make a mint as a mystery shopper, it can be a fun way to eat out, go shopping, pump your gas, or get an oil change for free. If you choose shops that pay well, you can even come out ahead and make a little extra cash to put toward your debt payoff.

And yes, mystery shopping is totally legit. You’ll need to fill out a 1099 tax form and supply your social security number, address, and PayPal account to each company you want to work for. 

Which Mystery Shopping Companies Should I Sign Up For?

There are literally dozens of mystery shopping companies out there. Which ones you sign up for depends on your location and what kind of shops you want to do. Each company has a presence in different geographic areas and contracts with a different grab bag of companies. 

The most effective way to hone in on which companies have shops in your area is to use job boards like Jobslinger and Gigspot, search for the zip code you want to shop in, then sign up with the companies offering the shops you want. 

Registering is the most onerous part of the mystery shopping process, as you have to sign up with multiple companies to get a reliable number of shops. However, you only have to register with each mystery shopping company once; then you can do any number of shops with them.

Best Mystery Shopping Companies

Here are some of the best companies to perform mystery shops for. This list isn’t comprehensive, but these are some of the high performers in the industry that offer many shops in multiple areas.

• Amusement Advantage: Focuses on amusement locations (movie theaters, theme parks, aquariums, bowling alleys). Most shops allow you to bring children with you — an uncommon perk. 
• Ath Power Consulting: Offers high-paying shops with banking and credit card institutions. Many of these require a credit check, so if you’re watching your credit score closely, these might not be for you. 
• BARE International: Shops are lengthy, but have a good work-to-dollar ratio. Some of their better shops include retail audits and testing center shops.
• Coyle: Shops at high-end hotels and restaurants around the world. Competition is high for these shops, so get some experience before going for these. The reports are notably long for these shops.
• Customer Impact: Their main areas are in the midwestern United States, but they do offer shops in other areas. They pay around $10 to $20 for most jobs, but they offer more for merchandising or audit shops.
• Intellishop: Lots of shops from a variety of places. They offer great last-minute bonuses.
• SeeLevelHX: A big name in the mystery shopping world. Offers shops in industries like restaurants and hardware.
• Alta360 Research: Gas and parking shops. Some shoppers complain of low pay for the work involved.
• Sutter Marketing: Offers compliance shops for alcohol and tobacco products at pharmacies and other stores. 
• Reality Based Group (RBG): Solid mystery shopping company that’s mainly in the midwestern US. Focus on retail and restaurants.
• Confero: Works with well-respected brands across the US. Ranked one of the best mystery shopping companies with MSPA.
• Ipsos: (formerly GfK and Maritz): Offers a wide variety of shops in many locations. Some shoppers have noted issues with slow payments recently.
• Market Force/Shopper Force: Some shops have a “make an offer” button, allowing you to bid on jobs. They focus on fast food, dine-in, airport, and gas station shops. 
• Mercantile Systems: Dine-in restaurant, storage facility, and hair salon jobs.
• Pinnacle: Focuses on the financial and banking industry.
• Second to None: Founding member of the MSPA. A good, well-established company.
• Secret Shopper: Offers a mobile app for assignment reporting. Also offers some international shops.
• Shopper’s View: A legitimate agency with a variety of shops in many states.
• Sinclair Customer Metrics: Offers gas stations, convenience stores, grocery, banks, and fast food shops. 
• ACPView: This company offers rideshare and public transit stops, as well as phone mystery shops you can do from anywhere!

Mystery Shopping Pro Tips

Doing your first mystery shop can be a little nerve-wracking if you’ve never done it before, so we’ve compiled a few tips to make sure you start off on the right foot. 

1.) Don’t pay for a list of mystery shopping opportunities.

Legit mystery shopping companies are paying you to collect information for them, so there is no need for you to pay to get mystery shops. If a company asks you to pay money for their “exclusive” list, run the other way. Free resources like Jobslinger and GigSpot will provide you with enough shops to keep you busy. 

2.) Read ALL the shop instructions beforehand.

Every mystery shop hones in on different aspects of customer service. Some will ask you how long it took your server to deliver the check after your meal. Others want you to make an alteration to a menu item. Still, others ask if the cashier was smiling and thanked you for your business. 

If you forget a specific item the survey asked for, you may have your pay docked or your shop disqualified, so be sure you don’t miss anything and read the instructions before you shop.

3.) Take lots of notes.

This can get tricky since you have to jot down things to jog your memory without being detected by the staff. One easy way to do this is to text yourself. It will timestamp when things happen for you (which is often a requirement in mystery shops) and anyone watching you will think you’re just texting a friend. 

4.) Keep your receipts.

This is how the company verifies that you actually showed up and did the shop. If you’re worried that you’ll lose the receipt before you get a chance to fill out your report, snap a quick picture as soon as you leave your shop.

Ready to Try Mystery Shopping?

If you’re already out running errands, getting gas, or out for dinner, you might as well make money on the trip! 

Mystery shopping will reimburse you for your purchases (plus maybe a little more), but it’s not a heavy money-maker. Think of it as getting compensated for things you want to buy anyway rather than a full-fledged side hustle. 

But if you want to have a fun time out on the town without adding to your credit card balance, mystery shopping is a great way to do it. 

The post What is Mystery Shopping? And Is it Legit? appeared first on I Am That Lady.

Americans Likely Owe Hundreds of Billions of Dollars in Total Medical Debt. A new KFF analysis of government data estimates that nearly 1 in 10 adults (9%) – or roughly 23 million people – owe medical debt.

Today I brought on Marshall Allen who is an author and educator who helps you to protect yourself from egregious health care costs. He has spent more than fifteen years investigating the health care industry as a journalist, exposing the insidious ways the system preys on vulnerable Americans: price gouging, sloppy billing, fraud, insurance denials, unnecessary treatment, and more.

If you have medical debt or are afraid of it, this is a must listen to this episode!

How to get out of medical debt:

Links talked about in this podcast:

• Visit Marshall's website here.
• Buy his book here.
• THANK YOU!

The Hard Money Talks Podcast is supported by Debt.com.

If you have debt you need to pay off in 2022, visit Debt.com. Their team can help you find a solution for any debt problem. Whether you need help with credit cards, student loans, back taxes, collections, or any type of debt, they can help you find the best solution for your unique financial situation.

Call 1-(888) 431-2044 for a free, no-obligation, no-judgment consultation with a debt relief specialist, or visit Debt.com to get the help you need.

The post Medical Debt – Exposing the insidious ways the system preys on vulnerable Americans appeared first on I Am That Lady.

Are you worried about talking to your aging parents about their money? Are you worried that something will happen to them and they won't' be able to communicate with you about their estate?

In this week's episode of the Hard Money Talks Show, we talk with Cameron Huddleston about how her father passed away without a will, and she had to manage taking care of her mother with Alzheimer's while managing her estate and affairs.

This is a very uncomfortable conversation for anyone to have, but Cameron is here to talk to us today about how to make it easier.

How to Talk with your Aging Parents about Money

THANK YOU!

The Hard Money Talks Podcast is supported by Debt.com.

If you have debt you need to pay off in 2022, visit Debt.com. Their team can help you find a solution for any debt problem. Whether you need help with credit cards, student loans, back taxes, collections, or any type of debt, they can help you find the best solution for your unique financial situation.

Call 1-(888) 431-2044 for a free, no-obligation, no-judgment consultation with a debt relief specialist, or visit Debt.com to get the help you need.

The post How to Talk with your Aging Parents about Money appeared first on I Am That Lady.

In today's episode of the Hard Money Talks show, I talk about why you are being held back financially. Why do you continue to struggle with your finances? I dig deep into the reasons why you can't stick to a budget and what to do about it.

I brought on Financial Therapist Steven Hughes to talk about Financial Behaviors and the reasons why people aren't able to financially make a change for the future.

• Steven's website here
• Follow Steven on Instagram here

THANK YOU!

The Hard Money Talks Podcast is supported by Debt.com.

If you have debt you need to pay off in 2022, visit Debt.com. Their team can help you find a solution for any debt problem. Whether you need help with credit cards, student loans, back taxes, collections, or any type of debt, they can help you find the best solution for your unique financial situation.

Call 1-(888) 431-2044 for a free, no-obligation, no-judgment consultation with a debt relief specialist, or visit Debt.com to get the help you need.

The post The Deeper Reasons why you can’t stick to a budget appeared first on I Am That Lady.

Research shows money stress can make people up to 20 times more likely to make a suicide attempt. We saw this issue come to light recently with the popular TV show ‘Squid Games'.

• Read the Dear Debt Blog here.
• Buy Melanie Lockert book here.
• Listen to the Mental Health and Wealth Show here.
• Watch Squid Games on Netflix.

THANK YOU!

The Hard Money Talks Podcast is supported by Debt.com.

If you have debt you need to pay off in 2022, visit Debt.com. Their team can help you find a solution for any debt problem. Whether you need help with credit cards, student loans, back taxes, collections, or any type of debt, they can help you find the best solution for your unique financial situation.

Call 1-(888) 431-2044 for a free, no-obligation, no-judgment consultation with a debt relief specialist, or visit Debt.com to get the help you need.

The post Debt and Suicide – When you are in so much debt that Suicide becomes an option appeared first on I Am That Lady.

Do you have a young adult who just can't seem to get their financial act together? Is he or she unemployed and still living at home? Do you have a teenager who refuses to get a job?

This podcast is for parents of teenagers and young adults who want the best for their kids but are beginning to realize their OWN financial independence, and financial separation from their children has to become a priority as well.

My guest on today's podcast is Bobbi Rebell is a CERTIFIED FINANCIAL PLANNER professional, host of the critically acclaimed Money Tips for Financial Grownups podcast, and author of the new book “Launching Financial Grownups: Live Your Richest Life by Helping Your (Almost) Adult Kids Become Everyday Money Smart”.

Links talked about on the show:

• Buy Bobbi's book here
• Read Bobbi Rebell's website here
• Listen to Bobbi's Podcast here

THANK YOU!

The Hard Money Talks Podcast is supported by Debt.com.

If you have debt you need to pay off in 2022, visit Debt.com. Their team can help you find a solution for any debt problem. Whether you need help with credit cards, student loans, back taxes, collections, or any type of debt, they can help you find the best solution for your unique financial situation.

Call 1-(888) 431-2044 for a free, no-obligation, no-judgment consultation with a debt relief specialist, or visit Debt.com to get the help you need.

The post Lazy and Entitled Young Adult Children? How to Talk to them about Money and get them out on their own! appeared first on I Am That Lady.

The Financial Damages of Narcissistic Abuse can be HUGE! Discovering that you’ve been a victim of narcissistic abuse can shatter your self-esteem and everything you’ve believed in.

Your self-worth and finances may be at an all-time low and you just want to hide under the covers and hibernate.

In this week's episode of the Hard Money Talks Show, I bring on Tracy Malone, author of the book “Divorcing your Narcissist: You can't make this shit up”.

Tracy and I are both survivors of narcissistic abuse, and this week we sit down together to talk about how we were affected emotionally and financially by being in this type of relationship.

This episode will be eye-opening to many of you!

Tracy’s Narcissist Abuse Support website offers resources to victims from more than 145 countries. In addition, she is the host of a Facebook group with more than 11,000 members; a YouTube channel that has reached more than 1.3 million survivors; and a Pinterest Narcissist account that has seen more than two million monthly visitors. Visit narcissistabusesupport.com

The Financial Damages of Narcissistic Abuse

Links mentioned in today's show:

• Read more about Tracy on her personal website here.
• Buy Tracey's book here.
• Book Prepare to Be Tortured here.
• My interview with Tracy on her YouTube Channel can be found here.
• Visit her support website here – narcissistabusesupport.com.

THANK YOU!

The Hard Money Talks Podcast is supported by Debt.com.

If you have debt you need to pay off in 2022, visit Debt.com. Their team can help you find a solution for any debt problem. Whether you need help with credit cards, student loans, back taxes, collections, or any type of debt, they can help you find the best solution for your unique financial situation.

Call 1-(888) 431-2044 for a free, no-obligation, no-judgment consultation with a debt relief specialist, or visit Debt.com to get the help you need.

The post The Financial Damages of Narcissistic Abuse and how to Recover appeared first on I Am That Lady.

The easy answer: it depends.

As with most things, everyone's situation is different. You'll want to assess your financial health and forecast and make the best decision you can.

Is it better to pay off debt or build an emergency fund?

Once you decide to start tackling your debt and building up your savings, wouldn't it be nice if there was a clear-cut formula at how to get it done quickly and easily? I'll do my best to give you a few scenarios, and try to choose the one that fits best for your situation. Sometimes a combination of working to pay off debt AND build an emergency fund at the same time works best.

If you have high-interest cards, focus on paying them off

It seems like most families have carried credit card debt, but during 2020 with people losing their jobs (and let's be honest, online shopping was lit!), credit card balances are at an all-time high. The average balance on single credit card is over $6,000. Most people have four – that's $24,000 in JUST credit cards! Add to that your mortgage, car payments, or student loans.  The average interest rate on credit cards is 16.15%; those with poor credit may pay over 25%.

This means you are paying more in the long run with these high-interest cards. It will be worth it to you to consider a debt paydown method to pay off at least some of the cards and lower these payments or research some debt consolidation to reduce the amount of interest before building your emergency fund. 

If your income is uncertain, focus on your emergency fund first

During 2020 we experienced first-hand how fragile many of our jobs were. Many were unprepared for job loss and months of financial uncertainty. Still, others have unpredictable jobs by nature: food and beverage, landscaping, and freelance. Having an uncertain income means you need to be prepared for those leaner months when you aren't sure how to cover expenses when your income isn't enough.

Having an emergency fund can lend itself to some peace of mind. Of course, if your job itself is uncertain you may wonder how to build an emergency fund quickly.  If you would rather not DIY this, I have an online course and a supportive community of women doing the same thing, and you can find out more details about the $1000 Savings Course here.

What is a good amount to have in an emergency fund?

Most financial experts recommend $1,000 as the benchmark for how much to have in your emergency fund.  A recent article by CNBC cited that almost half of Americans can handle a $1,000 emergency paying for it with money in savings. The problem becomes, many emergencies such as car repairs and medical bills, can cost an average of $3,500.

So how much should you have set aside for an emergency?  Some experts recommend having three to six months of expenses set aside for emergencies. That can sound like a lot, but you don't have to do it all at once.  If you use a financial planner, you will have a better understanding of what your monthly expenses are, and also how to budget each month and build your emergency fund adequately.

Will paying off debt instantly improve my credit?

Several factors are used to calculate your credit score, also known as your FICO score. Reporting agencies use your debt to credit ratio, the number of timely payments you've made, and your debt to income ratio. Believe it or not the number of credit inquiries into your account, whether or not you've had any bankruptcy filings, and whether or not you've been arrested also get factored into the equation!

Considering all that goes into your credit score, paying off your debt won't instantly improve your score. You should be paying off your debt because it improves your financial health. Once you have freedom in your budget you can plan for things you really want and not be tethered to monthly debt payments.  If you want to learn more about the truth about your credit score, I have an article for you here.

Final thoughts about whether to pay off debt or build an emergency fund

Bottom line is both of these should be a priority for you in your budget plan. You'll want to work to pay off debt and build your emergency fund. It may take some creativity, but you can do it!

• The average emergency expense around $3500. While most Americans can likely handle a $1,000 bill from savings, they aren't sure how to cover more than that.
• A rule of thumb is having three to six months of expenses set aside in an emergency fund.
• If you have high-interest cards, pay them off first. The money you are paying in interest will outweigh the benefits from your emergency fund.
• You may also consider a debt consolidation loan to help offset your high-interest cards.
• If your income is uncertain, work to build your emergency fund first.
• If possible, work your budget to pay off debt and build savings in tandem. I use a cash envelope system and ensure money is allocated to each area every month.

You may also like:

How Budgeting Can Keep You From Debt

How to Get Your Budget Back on Track with 7 Easy Steps

The 5 Best Ways to Use Your Income Tax Refund

How to Focus Your Finances in a Pandemic Changed World

The post Is it Better to Pay Off Debt or Build an Emergency Fund? appeared first on I Am That Lady.

It's typical when someone gives up one addiction to turn to another one. In this episode of the Hard Money Talks Show, I talk to Linda Parmar a Certified Money Coach© who helps women who are ready to repair their relationship with money.

Linda is a recovering alcoholic and in this episode, she talks about how when she gave up drinking her addiction turned to shopping.

3 years into her sobriety she realized that her spending addiction was out of control.

The feelings she used to numb with alcohol were now being numbed out with spending money. This is called addiction transference.

Here is how you can get in touch with Linda Parmar:

• Website: LindaParmar.com
• Instagram: @LindaParmarCoach
• Facebook: Linda Parmar Coaching

THANK YOU!

The Hard Money Talks Podcast is supported by Debt.com.

If you have debt you need to pay off in 2022, visit Debt.com. Their team can help you find a solution for any debt problem. Whether you need help with credit cards, student loans, back taxes, collections, or any type of debt, they can help you find the best solution for your unique financial situation.

Call 1-(888) 431-2044 for a free, no-obligation, no-judgment consultation with a debt relief specialist, or visit Debt.com to get the help you need.

The post From Alcoholic to Shopaholic – All about Addiction Transference appeared first on I Am That Lady.

The post How this one woman makes a living on Only Fans appeared first on I Am That Lady.

Several apps allow you to make money by scanning receipts. Most of them require you to shop at a specific store to get any money. Fetch Rewards is different because it doesn’t matter where you buy your product.

Fetch Rewards App:

What is Fetch Rewards and can I really earn money?

Fetch Rewards is an app that lets you earn points for uploading pictures of your receipts. You trade the points for free gift cards from some of your favorite stores.

The app is like Ibotta but doesn’t require you to do any “pre-shopping” where you select offers before you head to the store.

Fetch Rewards does all the work for you. There are no hoops to jump through – no surveys or barcode scanning. 

You just scan your receipt and watch the points add up.

But you can’t earn anything if you don’t have the app. Before we continue, take a second to download the Fetch app.

How do you earn with the Fetch Rewards app?

While you can earn money with Fetch Rewards, the app doesn’t pay you in cash. Instead, you redeem the points you earn for gift cards – which is basically the same thing.

The app works with popular brands, like:

• • • Dove
    • Lipton
    • Kotex
    • TIGI
    • Suave
    • Jell-O
    • Godiva
    • Huggies
    • Arnold Palmer
    • Aquafina
    • Hershey’s
    • Chex
    • Kraft
    • Magazines

• • And tons more!

These are just a few of the brands that can earn you money. Fetch Rewards works with over 300 different brands that are available at any supermarket. 

How to scan your receipt to earn points:

Earning points is easy with Fetch. If you’re like me, you probably have a few receipts hiding at the bottom of your handbag.

When you first download the app, take a minute to go through your purse to find any lingering receipts.

As long as your purchases were made within the last 14 days, Fetch lets you add the receipts.

To scan a receipt, you’ll need to open the Fetch app. Then tap the orange round camera icon and snap a picture. 

If you have a long receipt, tap “Add Section” and take another picture to get a snapshot of the entire receipt. 

Then click “Submit.”

Before your points are added, the app asks you to look over the receipt to make sure nothing was missed.

If something is missing, tap “add item” to correct the mistake quickly.  

Bam – it’s that easy.

Now, every time you go to the store and make a purchase, hang on to your receipt. You don’t have to scan it right away – you can wait up to 14 days to add your receipts to Fetch. 

But don’t wait too long! Otherwise, you might forget to do it and miss out on the points.

Boost your points with Special Offers from Fetch Rewards:

Specific products sometimes have “Special Offers” that let you cash in on extra points. Depending on the offer, you might have to buy one or two of the items to earn the bonus points. 

For example, right now, you can earn an extra 3,000 points for spending $15 on Planters Nuts and Cheez Balls. 

Since 1,000 points are equal to $1.00 in rewards, the 3,000 points are the same as earning $3.00 in free gift cards just for buying a few snacks.

How to redeem Fetch Rewards points for free gift cards:

The Fetch app requires you to earn at least 3,000 points before redeeming them for free gift cards. 

Remember that 1,000 points equals $1.00 in rewards. Those 3,000 points can get you $3.00 off your next purchase at places like Amazon, Dunkin Donuts, and Target. You can also donate your earnings to the charity of your choice.

If you wait to cash in when you reach 5,000 or 10,000 points, you have more options to pick from. 

For instance, Applebee’s, Barnes and Noble, and ULTA Beauty require at least 5,000 points to cash in on a $5.00 gift card, while Banana Republic and Delta Air Lines make you wait until you have 10,000 points.

The cool thing about Fetch Rewards is your points don’t expire as long as you use the app at least once every 90 days. That means your points can accumulate until you reach 50,000 or more, letting you earn gift cards for up to $50.00 each!

Of all the receipt-scanning apps out there, Fetch Rewards is my favorite because it’s so easy to use. 

The post Fetch Rewards App – Everything you need to know about this App appeared first on I Am That Lady.

Links talked about in this episode:

• Find Wesley at APRFinder.com

THANK YOU!

The Hard Money Talks Podcast is supported by Debt.com.

If you have debt you need to pay off in 2022, visit Debt.com. Their team can help you find a solution for any debt problem. Whether you need help with credit cards, student loans, back taxes, collections, or any type of debt, they can help you find the best solution for your unique financial situation.

Call 1-(888) 431-2044 for a free, no-obligation, no-judgment consultation with a debt relief specialist, or visit Debt.com to get the help you need.

Watch the video podcast below:

The post Bankruptcy – How one man lost is all and climbed back to an 840 credit score appeared first on I Am That Lady.

In today's show, we unpack the topic of poverty mentality and what it takes to go from rags to riches. Jason breaks down the mental barriers he had to overcome from bars on the windows to a million-dollar home and everything in between!

Episode 007 Jason Brown: The demons that follow us from poverty to riches.

From inner-city Detroit with bars on the windows – to a millionaire.

Links talked about in this episode:

• Find Jason at PowerTradesUniversity.com
• Follow Jason on YouTube here
• Follow Jason on Instagram here.

THANK YOU!

The Hard Money Talks Podcast is supported by Debt.com.

If you have debt you need to pay off in 2022, visit Debt.com. Their team can help you find a solution for any debt problem. Whether you need help with credit cards, student loans, back taxes, collections, or any type of debt, they can help you find the best solution for your unique financial situation.

Call 1-(888) 431-2044 for a free, no-obligation, no-judgment consultation with a debt relief specialist, or visit Debt.com to get the help you need.

The post The demons that follow us from poverty to riches appeared first on I Am That Lady.

The Secret Addiction of Gambling

Here are the links talked about in this episode:

• Listen to Jeff and Brian's podcast here.
• Find Jeff on Twitter here.
• If you or someone you love needs help with gambling, call the national gambling hotline here.

THANK YOU!

The Hard Money Talks Podcast is supported by Debt.com.

If you have debt you need to pay off in 2022, visit Debt.com. Their team can help you find a solution for any debt problem. Whether you need help with credit cards, student loans, back taxes, collections, or any type of debt, they can help you find the best solution for your unique financial situation.

Call 1-(888) 431-2044 for a free, no-obligation, no-judgment consultation with a debt relief specialist, or visit Debt.com to get the help you need.

The post The Secret Addiction of Gambling: How Jeff and Brian lost it all due to this addiction and how they recovered! appeared first on I Am That Lady.

According to a National Survey:

• Every year, worldwide, alcohol is the cause of 5.3% of deaths (or 1 in every 20).
• About 300 million people throughout the world have an alcohol use disorder.
• On average, 30 Americans die every day in an alcohol-related car accident, and 6 Americans die every day from alcohol poisoning.
• About 88,000 people die as a result of alcohol every year in the United States.
• About 6% of American adults (about 15 million people) have an alcohol use disorder; only about 7% of those people ever get treatment.
• Men between the ages of 18 and 25 are most likely to binge drink and become alcoholics.

We cannot ignore the fact that alcohol is an issue in today's society. Today I brought Matt Paradise on the podcast, who was once a homeless alcoholic. Now decades sober, he is a financial educator and wants to share his experience on how he got his life and finances back on track after such a hard time with his alcoholism.

You can listen to the podcast wherever you listen to your podcasts and make sure that you subscribe and leave a review!

How to reach out to Matt:

Website

LinkedIn

THANK YOU!

The Hard Money Talks Podcast is supported by Debt.com.

If you have debt you need to pay off in 2022, visit Debt.com. Their team can help you find a solution for any debt problem. Whether you need help with credit cards, student loans, back taxes, collections, or any type of debt, they can help you find the best solution for your unique financial situation.

Call 1-(888) 431-2044 for a free, no-obligation, no-judgment consultation with a debt relief specialist, or visit Debt.com to get the help you need.

The post From Homeless Alcoholic to Financially Stable appeared first on I Am That Lady.

In this episode, they talk about their stories, how to spot financial abuse early, and how they both escaped their abusive relationships.

What is Financial Abuse

How to reach out to Genevieve:

Take her Super fun & fast investing quiz: Find out what your next step is! Take it here.

Instagram: @holistic.personal.finance

Facebook: Facebook.com/holisticPF

Twitter: @holisticPF

THANK YOU!

The Hard Money Talks Podcast is supported by Debt.com.

If you have debt you need to pay off in 2022, visit Debt.com. Their team can help you find a solution for any debt problem. Whether you need help with credit cards, student loans, back taxes, collections, or any type of debt, they can help you find the best solution for your unique financial situation.

Call 1-(888) 431-2044 for a free, no-obligation, no-judgment consultation with a debt relief specialist, or visit Debt.com to get the help you need.

Watch the video podcast:

The post What is Financial Abuse in a marriage and how to get out appeared first on I Am That Lady.

There are many benefits to refinancing your mortgage, including the opportunity to consolidate all of your loans into one and take advantage of lower interest rates. In order to make sure you’re getting the best deal possible, it’s important to understand the different types of refinancing options available and how they work so you can find the right fit for your needs! But first, let’s break down some of the basics:

How to Save Money on Your Mortgage with Refinancing

1.) What is refinancing a home?

Refinancing a home is the process of taking out new financing on a property, which can lower your monthly payments and reduce the amount of interest you pay over time. A new lender will agree to buy your current mortgage from your current lender- this is called “purchasing” or “funding” the loan.

In exchange for the loan being funded, you sign a new Promissory Note agreeing to repay the loan over a specific period of time. Companies that purchase loans are called “sponsors.”

2.) What are some benefits of refinancing a home

The Standard benefits are lower monthly payments and reducing the amount of interest you pay over time.

There are some emotional benefits as well. You can consolidate all your loans into one and take advantage of lower interest rates, making the cost of your mortgage more affordable while giving you peace of mind of having one payment instead of multiple. Which can also free up extra cash for other investments.

Consolidating other debts into a HELOC is a great way to save money and get out of debt, which also can help you learn how to pay off your mortgage fast.

3.) Types of refinance loans and their benefits and drawbacks

1.) Fixed-rate loans. Low to moderate monthly payments, but you'll pay more in interest over the life of the loan. You can't take advantage of low-interest rates when they are available, but your payments are fixed for the duration of the loan.

2.) Adjustable-rate mortgage (ARM). Low initial monthly payment followed by a series onerous increase after 1-5 years, usually 5%. However, these often have slightly lower interest rates than fixed-rate mortgages. One drawback is that it is difficult to know how high the monthly payments will be once this initial period expires because rates could go either way – meaning an increase or decrease!

3.) Interest-only Loans. Some people want to save money when they buy a house. This is when an interest-only loan comes in. The price of the house will be lower because you owe less and you do not need to pay back the money yet. You can start paying off the mortgage after 10 years or so, but if you cannot pay it back, your home could go away and someone else might get it instead.

4.) When should you consider refinancing your mortgage

There are a few key points to consider when deciding if refinancing is the right option for you. Here are some questions to ask yourself. How long are you plan on staying in your home?

• • What are the current interest rates and do how they compare to your original mortgage rate?
  • Do you plan on making any major renovations or changes to your home in the near future?
  • If you can answer yes to all of these questions, then refinancing may be a good option for you!

5.) What is the process for finding a lender using Refily, including the lender application process and what to expect after applying for a loan!

The process of finding a lender using Refily is relatively simple and straightforward. First, you'll need to provide your information. Once you enter in your information, Refily matches them to a lender who would need to get in contact with.

Next, once you speak to a lender, you will need to provide them with your Employment Verification Document (W-2 form) and order a credit report. Finally, working with the lender you chose, choose the loan term and the type of loan you want, and once everything has been processed, agree to the terms and conditions for the loan! Keep in mind that the lender qualifies you for the loan, rather than Refily.  Refily simply matches you with a great lender.

6.) Does refinancing make your mortgage cheaper?

Refinancing a home can make your mortgage cheaper if you find a lender that offers a lower interest rate than your current one. This could save you hundreds or even thousands of dollars over the life of your loan!

7.) Do you save money when you refinance your house?

When you refinance your house, yes, you will save money. That is because you will be paying a lower interest rate and less interest over the duration of your loan. Keep in mind though that you will start at the beginning of the amortization table. (See example of an amortization table below)

An amortization table is a chart that shows how much of a loan has been repaid with each payment. It also shows the total interest paid and the amount still owed until the loan is fully repaid. When you start over on the amortization table, this means that you will be starting from the beginning of the table. This means that you will be paying off your loan for a longer period of time, but you will also have a lower monthly payment.

The next question is how can I use Reily to save even more money refinancing my house:

Step 1:

By using a lender marketplace like Refily when you are ready to refinance, you can easily save a of time. Most people dont' now that you don’t have to use your current bank.

When you use a marketplace like Refily you can easily plug in your numbers and do a quick search and find the best lender for you! Refily matches you with a lender, then you work directly with that lender to get your financing. You don’t have to make dozens of phone calls, they do all the searching for you. You don’t even have to put in your Social Security number to get matched to a lender!

Step 2:

The next step of this process is to review the types of refinancing to find the option that works best for you. When you apply to refinance, your lender asks for the same information you gave them when you bought your home. They’ll look at your income, assets, debt, and credit score to determine whether you meet the requirements to refinance and can pay back the loan.

Make sure you get your documents together BEFORE you start this process.

Here are some of the documents that you will need:

• Two most recent pay stubs
• Two most recent W-2s
• Two most recent bank statements
• Last two years of tax returns
• If you are self-employed like me, I always have to produce a P&L statement from the current year and the previous year.

Step 3:

After you’ve found a lender through Refily, connect with that lender so that you can submit your application and lock in your Interest Rate.

In conclusion:

I wish Refily had been around when I went through my nightmare of a housing situation. I probably wouldn’t have had to short sale and get that ding on my credit report. But I wasn’t educated enough at that time to know that there were other options. I didn’t know that I didn't need to go through my current lender to refinance.

If you're looking for a great way to save money and get out of debt, finding a lender through Refily to refinance your mortgage is the perfect option. Although it may seem daunting at first, this process can be relatively simple when you know what steps to take – from applying for a loan to closing on your new home!

This in-depth article has given you all the information necessary so that you can confidently apply today. Start enjoying lower monthly payments sooner rather than later.

Which benefits helped convince you when you were considering refinancing?

Head on over and check out Refily by clicking on this link, and check your estimated savings.

*This post was sponsored by Refily – all opinions are 100% my own. I always get excited to work alongside amazing companies to bring you some great content! NMLS# 167283

The post How to Save Money on Your Mortgage with Refinancing appeared first on I Am That Lady.

What do you do When you have to choose your job over your Kids?

In this episode of the Hard Money Talks Show, I interview Shane Sams about a Hard Money choice he had to make – to either quit his job or choose his job over his son.

In this episode you will find:

• What tragic event happened in Shane's life that made him leave his predictable career as an educator to stay home and take care of his son.
• How you can stop trading your life for a paycheck
• How Shane used that tragic event to now build a lifestyle around his family
• How Shane teaches other families to do the same. His goal is to help you and your family stop worrying about money, become self-sufficient, and spend more time with the people you love! He calls that, the Flipped Lifestyle!

Links to find Shane:

Find his member community at – FlippedLifestyle.com

THANK YOU!

The Hard Money Talks Podcast is supported by Debt.com.

If you have debt you need to pay off in 2022, visit Debt.com. Their team can help you find a solution for any debt problem. Whether you need help with credit cards, student loans, back taxes, collections, or any type of debt, they can help you find the best solution for your unique financial situation.

Call 1-(888) 431-2044 for a free, no-obligation, no-judgment consultation with a debt relief specialist, or visit Debt.com to get the help you need.

The post When you have to choose your job over your Kids appeared first on I Am That Lady.

Qube Money Review

It’s nearly impossible to argue with cash because you have to spend it very consciously. You acknowledge the cost of something and fork over the bills. Once you’ve paid, that money is gone. 

I LOVE cash envelopes, and there are so many reasons why. This system forces you to make real decisions based on the money you have in hand, rather than on an idea of what you’d like to spend. 

Loads of the women I’ve helped will rave about how quickly their spending is under control once they switch to cash. But an equal number cringe when I tell them about the envelope system. Why– especially when this is such a tried-and-true method? Because there are so many drawbacks and fears when it comes to switching to a cash-only budget. 

I decided to try something new this year. I decided to switch to using Qube Money.

So why did I switch to Qube Money? After using cash envelopes for 18 years and teaching you all how to budget using cash envelopes for over a decade – I started getting sick of it. I even have a cash envelope system wallet, which I LOVE, but that even doesn't keep me excited about using cash.

There are definite drawbacks when using cash, here are some of the major ones that I've encountered over the years:

• First, you have to GET the cash to start with: every week, every month, or at each paycheck. This requires a trip to the bank or ATM, usually– unless you happen to be paid in cash.
• The envelope system is unwieldy, and sometimes you don’t want to tote a dozen envelopes everywhere you go… or fish through your purse for the “clothing” envelope at the checkout counter.
• Parting with your cash, while an effective method of saving more money, can be a messy business– especially if you’re standing in an epic grocery line or a crowded public place.
• Moving money between budget categories requires physically shuffling the cash: I get it if you don’t want to do this in the passenger’s seat of your car or at a retailer’s point of sale. 
• Splitting your finances with your significant other when you are using cash can be very difficult.
• Finally, writing transactions down is a pain (at best) and maybe doesn’t even happen (at worst). We all have the best intentions when starting a new habit, but when you’re out on a shopping trip, it takes diligence to pen down and math out each transaction. 

In my Crush Your Debt Course, I walk you through the process of opening five bank accounts to organize your spending:

1. Bills (your cell phone, electricity bill, Netflix, or rent, to name a few)
2. Quarterly Bills (I call this the “oh crap” category, catching any costs that crop up periodically throughout the year. For you, maybe this includes your water bill or quarterly taxes)
3. Spending (anything you spend that fluctuates from month to month– groceries, gas, personal care, clothing, you name it)
4. Debt (minimum payments toward credit cards, student loans, your car, or any other debt that applies)
5. Sinking Funds (your savings toward Christmas expenses, back-to-school clothes, birthdays, or other money drops that you can plan for)

When you begin to think of your expenses as pulling from one of these accounts, you’ll find quickly that a couple of categories are more flexible than the others. 

Let’s just say that there’s a lot of decision-making that can play into your miscellaneous spending every month. That said, chances are you won’t be able to change your behavior and shave much off your gasoline or rent bills every month.

When it’s all said and done, your spending account is where the real action happens. And a cash envelope mentality can help to save you the headache and repercussions that come with overspending.

I like to set up my Qube Money Qube's to use as my Spending Account. So instead of setting up a separate checking account for spending money, I am now teaching (and using) Qube to track my spending as a digital cash envelope banking account.  

There are tons of apps out there that link with your bank accounts or even smart debit cards similar to Qube. While it’s exciting to see these kinds of technologies developing, Qube is the only app I’ve seen that really encourages conscious, accountable spending in the same way cash envelopes do.  This is why I wanted to do a Qube Money Review, to show you the awesome benefits of using this app! In order to understand how to use Qube, you should first understand how to start a cash budget. By knowing that, you will understand the concept of digital cash envelopes much better.

Apps and accounts that will organize your expenses AFTER you’ve spent money are all over the place. This difference with Qube Money is that Qube holds you accountable by requiring you to categorize each expense BEFORE the money leaves your account.

Qube Money places your spending budget into an FDIC-insured Choice Financial Group account. From there, you are in charge of filling your Qubes (envelopes) set aside for each category– groceries, transportation, take-out, personal care, and clothing, for example.  See below how I set up my account for Misc Spending, Gas, Eating Out, and Groceries. I set my budget for each of the categories.

Rather than holding all of your money and categorizing it as you spend, your Qube card defaults to a zero balance. So each time you want to spend money, you’ll have to select a specific Qube for the amount you’d like to spend. 

In the image below, you can see how I opened the Misc Spending Cube. Once this Cube is opened, I can use my Qube Money debit card and make a purchase. The app will deduct the money from that purchase from the Misc Spending account. I then close the Qube.

Here’s what I really love about the Qube Money system: if someone gets their hands on your card, it’s worth $0 without your Qube app– so it’s more secure than carrying a debit card.  You can also add your Qube debit card to your apple pay right within your phone if you don't want to carry your card around with you.

What’s more? You’re forced to be intentional with each purchase. Before money leaves your available funds, you’ll need to assign a category to your expense. This might make you think twice before that $8 Starbucks run (is that “self-care,” “eating out,” or “miscellaneous”?). 

Just like cash envelopes, you may find yourself pausing before you blow through the checkout. While you aren’t parting with bills and coins, you WILL find that without some planning, you’ll find yourself with some empty Qubes. Time to shake some money loose from another Qube (transferring funds from groceries to take-out, for instance), or reconsider your purchase.

Can I use Qube to Pay my bills?

YES! You can also use Qube to set up your bills to be paid. Bill Qubes helps you intentionally set money aside for your expenses by automating the payments so you can focus on your spending habits. This first version allows you to create Qube's for bills that can be paid with a debit card, like Netflix, product subscriptions, or gym memberships.

My Final Qube Money Review Verdict

I hope this Qube Money Review helped you see if this app is right for you. I’m such a fan of the cash envelope system because I have seen it change long-held bad habits when it comes to spending. But I also realize that it’s 2021– maybe you don’t want to interact with a cashier at the gas station or grocery store. 

Qube Money gives you the freedom of choosing self-checkout or online payments, but with the foolproof accountability of a cash envelope system. It’s the best of both worlds.

What’s more? You can look back through your expenses at any point throughout the month and recalibrate. I don’t mean moving a physical $20 bill from the “childcare” envelope to the “eating out” envelope, though you can shift funds between Qubes virtually. Actual dollars fund your Qubes, so you’ll feel the same weight as you do with the envelope system. Your expenses are real, and you’ll have to consider each one within the context of your budget. 

This app works instantly to fund your debit card, complete a transaction, and return to its neutral, zero-dollar balance. It’s the speed and convenience of a debit card, but without mindless swiping. Think and then spend– it’s a pattern that forces you to adopt new habits. 

At the end of the day, Qube is my NEW FAVORITE secret weapon for saving money. It forces you to be thoughtful and careful with each dollar while arming you with the convenience of a swipeable card—all the benefits of cash envelopes, without any of the bulk or hassle.  

Ready to get your hands on your own Qube account? Click here to get started!

The post Qube Money Review – Digital Cash Envelope System appeared first on I Am That Lady.

I’ve had my fair share of financial failures. I learned a lot from my mistakes, and I’m going to share my best tips with you. Watch the video below to find out what my 2021 financial new year's resolutions are.

My goals weren't always this straightforward and laid out, and I didn't always have a clear action plan of how I would achieve them.  When you are unclear on either piece, you might have trouble is sticking to your plan. Most new year’s resolutions don’t make it past January 17, according to USA Today. But if you can make it that far, there’s a 40% chance you’ll still be going strong after six months. 

I'm going to dish by success tips so you can be someone who meets your financial goals this year.

How to Stick to Financial New Year’s Resolutions:

1.) Set realistic goals.

You’ve heard the saying, “Go big or go home!” But that’s not good advice when it comes to setting new year’s resolutions. Consider making small changes when thinking about your goals for next year.

Sure, making a big change sounds like a good idea, but it’s easy to feel overwhelmed. So break down your goal into smaller changes to make achieving it more realistic.

For instance, if your goal is to get out of debt, kudos to you! That is a great goal. The trick to turning your goal into something realistic is coming up with smaller steps to help you get there. 

You might start with a goal of paying off $2,000 of your credit card debt. Once you’ve hit that mark, set a new milestone, and learn how to stay debt-free.

2.) Find your “why.”

Making a new year’s resolution is an exciting time. You’re full of passion and are convinced you’ll succeed, no matter what. Once the initial excitement wears off, following through with your resolution can be hard. 

When it gets tough, you’ll need a little extra motivation to keep you going.

That’s where your “big why” comes in. Think about the reason behind your goals. Why did you pick those particular targets?

You may need to dig deep to find your motivation. If you can move beyond “I’m doing this because I should do this” to find the real reason you want to make it happen, you’ll have plenty of fire to fuel your journey. 

Get a printable WHY worksheet in my Free Printable Budget Pack – you can download that in the freebies section of my website or by filling out the form below.

3.) Put it on autopilot.

Self-control is often in short supply. Even the most dedicated goal-getter can have moments of weakness and stray from their carefully laid plans. 

There’s one way to make sure your goals come true: put it on autopilot.

Budget apps, direct deposit, and bank transfers make putting your finances on autopilot easy. Then you only have to decide once to do the right thing, and the rest is done automatically.

Here are some ideas to get you started:

• Talk to your employer about setting up a recurring transfer to your 401(k) to build your retirement savings. 
• Fill out a direct deposit slip to automatically put part of your paycheck into your emergency fund.
• Ask your bank if they have a program to round up every purchase and deposit the spare change into a savings account. You might be surprised how quickly those round-ups grow!
• Sign up for a Smarty Pig Account and set up an automatic deposit from your checking account.

4.) Find an accountability partner.

Keeping your goals a secret means you won’t have to face criticism if you don’t follow through. But you might consider an accountability partner to help keep you on track with your financial new year’s resolutions. 

If you’re tempted to go out to eat or buy that amazing pair of boots you saw at the mall, an accountability buddy can remind you of your financial goals.

Your spouse or partner is a logical choice if you’re married or in a relationship. Otherwise, find a trusted friend to confide in.

Another option is to start a blog and write about your progress. You can share your triumphs and failures with your readers, and they can comment on your journey. Knowing you’re going to publish your experience on the internet can be an excellent motivator to stay accountable.

5.) Remind yourself often.

It’s easy to forget the promises you made to yourself. Or you might think, “Just this once will be okay.” I know how tempting it is because I’ve been there.

The secret to making your financial new year’s resolutions stick is to create reminders and review them often.

Here are a few options to keep your goals front and center:

• • Make a list and hang it on your refrigerator. 
  • For savings goals, create a chart to track your progress.
  • Take a picture of your list of goals and set it as the wallpaper on your phone.

These ideas might sound silly, but changing financial habits can be hard. Having a reminder in plain sight can help you make better choices when faced with a decision that might throw you off track.

6.) Create checkpoints throughout the year.

The best goals take time to accomplish. You won’t reach your new year’s resolutions overnight. Create a system to measure your progress. Then set an appointment on your calendar to check in with yourself to see how well you’re doing.

For savings goals, you might aim to reach a certain balance in your bank account. If you’re trying to cut down on going out to eat, make a chart and give yourself a gold star every day you eat at home.  This tip reminds me of sinking funds, watch my video on what sinking funds are here.

Sticking to a new year’s resolution can be challenging. To increase your chance of success, set realistic goals, break them down into small steps, and check-in with an accountability partner. And most importantly, don’t give up!

The post How to Stick to Financial New Year’s Resolutions appeared first on I Am That Lady.

If your house looks like mine, you probably have a host of books, toys, or electronics that your kids have outgrown or no longer use. You could sell them on eBay or Craigslist, but that involves taking photos, creating listings, and coordinating with buyers. This all costs time and headspace that, let’s face it, we just don’t have much of during the Most Wonderful Time of the Year. 

Enter Decluttr. 

How to Use Decluttr to Trade in your Old Electronics

Using Decluttr, you can convert old books, electronics, movies, and more into cash without all the trouble of selling it yourself.

What is Decluttr?

Decluttr is a company that offers you money for your old electronics, DVDs, gaming consoles, and other stuff you have lying around your house. They accept a wide variety of items, models, and brands – even if they’re not in perfect condition. They then refurbish the things they buy and sell them on their website and in other countries.

Is Decluttr Legit?

With all the scams out there online, this is a fair question. Decluttr is a legitimate business, rated highly by the Better Business Bureau, Reseller Ratings, and Trustpilot. In the eight years, they’ve been in business, they’ve paid over $300 million to 6 million customers in the US and the UK.

How Does Decluttr Work?

Converting your old junk into cash is easy and streamlined with Decluttr. Here’s how the process works.

1. 1. Create an account here. Sign up with your name, email, and shipping address. 
   2. Scan or enter your item. You can use their mobile app to scan barcodes on DVDs, books, and video games, or you can enter the make and model of the item you’d like to sell into the website. Be sure to note the condition of the item, as Decluttr will inspect each one once your package arrives at their warehouse. Precise item descriptions are key to getting an accurate quote.
   3. Get an instant quote. After you list out each item you’d like to sell, Decluttr will give you a quote for how much they’ll pay you for the item. You can then choose to sell it or not based on how much you’ll make.
   4. Choose your payment method and confirm your order. Decluttr offers payment via direct deposit to your checking account and PayPal, or you can donate what you earn to charity.
   5. Get your shipping label and send off your stuff. Shipping your items to Decluttr is free. Just box up your stuff (making sure to pad anything fragile) and attach the shipping label that Decluttr emails to you. Then drop it off at a UPS shipping location, and you’re good to go.
   6. Get paid! Once your shipment arrives at the warehouse, Decluttr will inspect your items and pay you the next day.

What Can I Sell to Decluttr? How to Use Decluttr to Trade in your Old Electronics?

The items that tend to fetch the highest prices from Decluttr are tech items, including:

• • Cell phones
  • Tablets
  • Gaming consoles and accessories
  • Wearables (Apple watches, etc.)
  • iPods
  • Apple computers

While you can sell tech that is in rough shape, you’ll get the most money for items that are in good working order with some life left in them. 

Other items that you can sell to Declutter include:

• • Video games
  • DVDs
  • CDs
  • Blu-rays
  • Books
  • Legos (authentic Lego brand only)

CDs and DVDs should be in scratch-free condition with the jewel case and artwork still intact. Decluttr buys authentic Legos by the pound (they pay $1 per pound at the time of this writing). Prices will vary widely on these items, but as a rule, the newer and better condition the thing is, the more you’ll make for it. Decluttr does not accept older technology items like cassettes or vinyl, nor does it take incomplete or pirated items. 

What Happens if My Item Isn’t Accepted? 

It’s worth noting that Decluttr won’t return your DVDs and CDs to you if their condition doesn’t make the cut. So make sure only to send in media that you’re okay parting with or that is in mint condition. 

With tech items that aren’t accepted, however, you’ll have the option to have Decluttr ship the item back to you (at no cost) or to recycle it. 

Final Thoughts on Decluttr

There’s virtually no downside to getting rid of your unwanted media and tech items with Decluttr. You don’t have old copies of albums you don’t listen to or games you no longer play cluttering up your shelves and drawers. And your wallet will be a little fatter to help out with holiday gift-giving. 

It is a great way to put extra money back into your budget or to save extra money to put into your emergency fund.

The post How to Use Decluttr to Trade in your Old Electronics appeared first on I Am That Lady.

This gift is fun on so many levels. It helps you stay on budget when you set a realistic Christmas budget. It’s fun for the recipient because having these 12 precious coupons to use throughout the year (or in a period of three days) is a great reward. It’s also fun for the giver because you never know when those coupons are going to be used! Finally, it’s incredibly easy to make which is great this season when most of us are stretched for time.

How to Make Christmas Coupon Books:

Materials Needed:

For this booklet of kindness, you'll need some heavier card stock paper to print the coupons on (take your pick of colors) and some card stock for the covers. You'll also need a little piece of felt to wrap around the binding after you staple the book together.

If you really want to get fancy, you can consider laminating the cover. I have this Swingline laminator from Amazon that I love, and I pull it out anytime there is an excuse to use it! Again, this is totally optional, but if the coupon book is going to be saved and used during the year, this makes it a little more sturdy.

Print Your Coupons:

For the coupons, there are two options: (1) make your own, or (2) use the coupons I made for this craft. I made two books — one for adults and one for kids — and each book of 12 coupons includes the cover as well as two blank coupons so you can write in your own personal reward.

Here are some print outs for you to create your own coupon booklets:

• • Adult Coupons (to give to another adult)
  • Kids Coupons (for parents to give to their kids)

After you print the coupons, cut them out with scissors (if you've got a steady hand) or use a rotary cutter and ruler. Leave a little extra room on the left edge for the staples.

Create the Binding:

After you've got your coupons printed and cut, it's time to bind them. Shown below are three adult coupons (left) and three kids coupons (right). Truthfully, some adults probably wouldn't mind ice cream for breakfast!

There are two options for creating the binding. If you have access to a heavy-duty stapler, this should do the trick!  Or, you can punch two or three holes along the spine and thread a ribbon through the holes. If you use the ribbon binding, you won't need to glue on the felt to cover the staples; it will be pretty enough the way it is.

Get Creative:

Then, fill out the two blank coupons in each one. Remember to have fun with it, and don't make any promises you can't keep!  I have some great ideas on my website for breakfast in bed like my Easy Sausage and Egg Bake and also some wonderful dump recipes when they redeem a home-cooked meal. You don't have to tell them how easy they are! And if you have kids (or adults) who love watching Netflix, you can learn how to watch for free right here.

This whole activity was really fun for us, and not only did it help to put the meaning back in Christmas for us, but it reminded us to be thoughtful of other's needs and charitable all during the year (or at least as long as those coupons were around!)

The post Christmas Coupon Books – Print these off for FREE! appeared first on I Am That Lady.

As someone who once had more than $40,000 worth of debt, I shared timely tips for keeping to a budget this holiday season today with TipsonTV. I developed systems and strategies to work my way out of debt with proven strategies that have helped thousands of other busy families. Take back control of budgets.

GETTING STARTED

This holiday season, people will be shopping earlier and spending more than they have in prior years. That means they will be looking for ways to manage and save their money, discover deals, and shop smarter. Pay in 4 from PayPal is a great way to manage budgets this holiday season. Pay in 4 allows consumers to break purchases between $30-$1,500 into four interest-free payments, providing a more flexible way to shop and pay. Use Pay in 4 alongside all the other ways with PayPal to checkout. The option to Pay in 4 is at check out with PayPal at millions of online retailers. Pay in 4 is seamlessly integrated into the checkout flow with PayPal alongside all other payment methods. For more information, visit paypal.com

DIGITAL TOOLS THAT CAN HELP

Lauren is a big believer in taking advantage of rewards programs like Honey. Honey is an online shopping platform that will automatically discover available coupons, deals, and rewards. It also offers cash back on select purchases, making it easy to save time and money while shopping online this holiday season. It is fast and seamless to install Honey and it's available to use on desktop and mobile. It allows for automatically finding discounts and earning cashback with ease for online holiday shopping. For more information, visit www.joinhoney.com/paypal

OTHER WAYS TO SAVE AND KEEP ON BUDGET

I always recommend that people check cell phone bills to make not to overpay. Smartphones can be expensive, especially if with children on a plan. Gabb Wireless is America’s largest and safest cellular network for kids, offering the world’s first, completely safe phone for families. The Gabb Z2 Phone protects kids while keeping them connected to family and friends and gives parents peace of mind because it does not have the Internet, social media, or games. With 14 essential apps and a high level of security, the phone protects kids from screen addiction, cyberbullying, inappropriate content, online predators, and more without the need for parental controls. The cost of the phone is under $100 with no contract and unlimited talk and text starting at $20 a month. For more information, visit gabbwireless.com

The post Holiday Budget Tips with Tips on TV appeared first on I Am That Lady.

How Do You Save Money with the Envelope System?

How Does the Envelope Saving Money Work? 

I love the cash envelope system because it doesn’t take a million years or a complicated online platform to implement. In fact, you can get started with less than $5, and I promise you’ll save more than that in your first month.

To start, consider any of your costs that are variable from month to month. This can be what you spend on eating out, clothing, cosmetics, groceries, girls’ nights, gifts for friends and family– anything that isn’t “nailed down” (like your rent or car payment). 

You might look through your bank statements to get a realistic sense of how much you’ve actually spent on average in recent months in each category. Where can you trim back? Where do you need more flexibility? If you have three birthday gifts to buy in a month, you may need to say buh-bye to your biweekly manicure. But that’s the beauty of the system: you can change it up every month, and it’s even flexible within the month.

The rules from here are simple: when you’re running low on cash in the “groceries” envelope, it may be time to switch to mac and cheese or beans and rice for the rest of the month. Is the “cosmetics” envelope empty? Then let me make this simple for you: Just Say No to that new eyeshadow palette. 

Once the money is gone, it’s gone– there’s no bandwidth to charge now and pay later. You can shift cash between envelopes– more on that shortly. 

How Do You Save Money on an Envelope System?

The power of the envelope system is in its simplicity. Because you budget and allocate cash ahead of time, you don’t have the latitude to make any snap decisions in the Target checkout line. 

Take your lowest-stress day of the week and sit down to focus on what your budget goals are. Need some help outlining what you have to spend, what your needs are, and what needs your attention? My Personal Finance Planner will give you the tools you need to get started.

The envelope system has been around in some form or another for many years and the reason why is that it WORKS. When you’re committed to using only the cash you have, it’s nearly impossible to lose track. There’s a certain buy now / worry later haze surrounding your credit cards– it may as well be Monopoly money when you’re in the moment, with pending purchases in hand. Cash holds you to your goals by not allowing for any wiggle room, especially if you’re prone to impulse buys. Parting with bills hurts more than swiping your card, I promise!

How Do I Get Started?

You might be wondering where the heck startup costs are going to come from for this endeavor. It would be great if we all had our month’s pay free up and up-front to stuff into envelopes, but that’s not a reality for so many of us. 

My recommendation is to build your financial cushion and to build it fast. Saving $1,000 in 30 days is doable, and share with you my best hacks for getting there in my online course. There, I’ll show you some unconventional ways for pulling together your starter fund and beginning your month with $1,000 cash. Then you can sit down and decide how that $1,000 will be split between groceries, gas, and other necessities.

Does The Envelope System Really Work?

The envelope system has kick-started many people out of debt. Sure, there are a host of apps, websites, and techniques you can try, but there’s a reason the simple envelope prevails: cash and categories just work. 

It has worked for me and many of my clients, but there are plenty of financial gurus who also endorse this route to saving your finances and crushing your debt. Rachel Cruze and Dave Ramsey are among them. 

If you stick to what’s in those envelopes and take your credit cards out of your wallet entirely, you will save money in the first month. And in the long term, you may change your own behaviors for the best. 

One tip to keep in mind is that the cash is all there, and it’s fluid. Once you run out, you’re obviously done spending… but if you find yourself forking out a surprise $30 for a tire patch, you can move that money over from your grocery budget, or have your date night at home this week. Just be sure you keep an awareness of what’s left in each category. You can make it last through the month with some discipline.

How Can I Save $5,000 in 6 Months with Envelopes? 

If you’re looking to attack your debt aggressively, there are ways that the envelope system can help. You may need to take some drastic steps, but that $5,000 will feel worth it on the other side!

Consider some of the following tactics:

• Consider grocery shopping at Aldi. Sure, it’s a little weird and unconventional, but I will walk you through the store ahead of time so you show up prepared! You can feed your family for a fraction of your current grocery cost. If you have a family of 4 and could trim your grocery budget from $600 a month to $300 a month, that’s $1,800 toward your goal in six months out the gate.
• Zero out your clothing budget. That’s right, take the envelope and assign it to something else (like medical co-pays, prescription costs, daycare/babysitting, car maintenance– anything!). If you Marie Kondo your closet, I guarantee you’ll find some things in there you don’t even remember buying. If you haven’t worn it in a year (or worse, don’t remember it at all), put it up for sale on Poshmark, eBay, or ThredUp to pull in some extra cash. 
• Same with cosmetics: do you really need them? Can you find some lower-cost “dupes” on Pinterest for your favorite mascara, which may cause a fraction of the cost? Ask your friends, consult the internet. $60 foundation isn’t worth your financial future. Find a way of reducing or eliminating this cost.
• Consider every cost-hacking trick in the playbook: carpooling to work, bringing your own coffee in the morning, sharing babysitter duty with a friend rather than paying a third party, coloring your own hair rather than shelling out $200-300 at the salon. Get creative!

What’s the Verdict on Saving Money with the Envelope System?

Obviously, I’m a fan. The envelope system is straightforward, gives you few excuses, and is just flexible enough to shuffle if you encounter an unexpected expense in one category. It’s practical, it’s simple, and that means you’re more likely to keep up with it. 

Saving money with the envelope system keeps you accountable, and it also keeps you away from your credit cards! If you aren’t carrying them, there’s no opportunity to dig deeper into debt. That’s when you’ll really start making headway. 

Curious to read more? Read my article here for the full run-down on how to get started and different approaches you might try!

The post How Do You Save Money with the Envelope System? appeared first on I Am That Lady.

30-Day Money Saving Challenge:

Maybe you need to start your emergency fund in a hurry, get current on some bills before they hit collections, finance a car repair, or something else unexpected, we’ve all been there.  This is NOT the time to be making cash to buy that new pair of Jimmy Choos you saw in the window the other day – we aren’t about that anymore, remember? I’m sharing some of my best tips for creating real savings in a quick amount of time without pulling out the plastic. 

What is the 30-day money challenge?

I have to admit when I Googled this, I had no idea there would be so many ideas around money challenges! Everything from all homemade meals (that’s zero eating out!), meal planning all 30 days, participating in only free activities for 30 days, selling one thing a day. 

One of my favorites was saving about $20 a day. Which, I guess when you add up some of these other ideas like no eating out or spending on activities, could total $15 to $20 a day! So there you have it! 

How can I save $500 in 30 days?

1.) Sell Stuff Online 

You’d be surprised if you look around your home and start decluttering. You probably have several things in good condition you can sell on Facebook Marketplace, Craigslist, or apps like eBay or Mercari. If you have on-trend, excellent condition clothing, I suggest Poshmark where you can get better pricing. 

2.) Search The Internet

I love sites like InboxDollars that pay actual cash just for searching the internet, watching videos, and reading emails – things I am normally doing anyway. It’s been around for over 20 years and has paid users over $59 million dollars. 

3.) Take Online Surveys

Online surveys can be a fun and easy way to boost your bank account in a hurry. Swagbucks, Opinion Outpost, National Consumer Panel (NCP), and Valued Opinions are my favorite survey sites to use. When you’re watching tv, waiting in the parent pick-up line, or have that random downtime during the day just hop online fill out a survey, or browse online through one of the apps and earn some money. It’s just that easy. Some even have bonuses just for signing up! 

4.) Become an Instacart Shopper

According to NerdWallet, the need for Instacart Shoppers has skyrocketed as more people are opting for the convenience of shopping online and choosing grocery delivery options. It appears they make an average of $17 per hour plus tips and jobs are available in over 5,500 cities with shoppers having the option to cash out daily! 

How can I save $500 in 3 months?

If you have more time to save $500 and want to spread out the savings over three months instead of 30 days, you have additional options. 

1.) Start a Side Hustle

While some side hustles can be quite lucrative, I put them in the 3-month category because they may take more than a couple weeks to get going, especially when you need to start telling people about your business and getting traffic to your website or your door depending on what type of business you decide to do. But the options are endless if you have the skills. Anything from dog sitting, baking, catering, crafting, teaching online through a site like VIP Kid or Outschool, landscaping, event setup, you name it there is probably a side hustle you can start and earn some cash doing something you love!

2.) Meal Plan

Once I started looking at my grocery budget I realized I was spending close to $1000 a month on food, and so much of it was convenience food that we really didn’t need. I was able to make meals with fresher and healthier ingredients for MUCH less. It took a little time to transition because I needed to figure out what we would eat, what we had, what we needed, and make up some meal plans (you benefit because I have done all this prework for you and you can download them right here), but you can feed a family really delicious meals on a budget and put the rest in savings! 

3.) Budget

Budgeting is one of my favorite ways to find and save money within a household. You may realize you already have money once you start writing down your income and your expenses on paper.  Perhaps seeing everything clearly written out you notice you are paying for subscriptions you aren't using and might be able to cancel, or you find places you can trim your budget and save on fees or excess to save money and make other adjustments. It may take time and some tweaking which is why I put it here in the 90 day category.

4.) Use Cash Envelopes 

I am a firm believer that your money needs a job to do each month. I have designated envelopes for money that needs to go to bills, entertainment, vacation fund, retirement, and savings and each one has that specific responsibility, If you are saving $500 in three months, that’s only about $42 a week or less than $6 a day (basically your daily coffee and bagel).  

Regardless of the method you choose – whether you are saving $500 in 30 days or 90 days, you will want to keep track of your savings and your expenses in a personal finance planner. Seeing your goals and your progress written down is a perfect way to stay motivated and track your commitment. Plus it will help guide your decision-making in all things. 

And if you are really ready to take massive action in your life, you’ll want to join my community of like-minded women inside my course where I teach you my step-by-step strategy to get $1000 in your savings account in just 30 days! 

Summary:

• Consider a 30-day money-saving challenge to add $500 to your account fast!
• The money can be used for your emergency fund, or a vacation, or unexpected bills.
• A 30-day plan may include something quick like reselling things within your home on a marketplace app or using a survey site for cash rewards.  You may consider being an Instacart shopper if you are eligible too.
• If you have 90-days to accumulate your cash, you might start a side hustle from home or consider tweaking your budget or meal planning. These long-term adjustments can have lasting effects on your budget.
• Interested in learning my step-by-step methods in my course to save $1,000 in just four weeks? You can join here.

You May Also Like: 

13 Easy Ways to Make $100

24 Awesome Side Hustles You Can Do Working Full Time

8 Ways to Become a Reselling Rockstar

20 Things to Cut from Your Budget that Will Save You $10,000

The post 30 Day Money Saving Challenge appeared first on I Am That Lady.

How Much Should You Be Saving at Your Age?: Savings in Your 20s, 30s, & 40s

Where Do I Even Begin?

Conventional wisdom pushes saving 20% of your income each month. But if you’re like most Americans, your paycheck may have vaporized as soon as it hits your bank account. Between housing payments, groceries, insurance, medical bills, a car payment, and student loans, there may just be nothing left over to put into savings. This is a running list of expenses without children, so listen up, especially if that’s something you’re hoping to do.

Saving 20% of each paycheck may be out of reach for you now, but fear not. Plenty of people are in the same position, and there are smart ways of catching up.

According to Clever Girl Finance, nearly 80% of Americans are living paycheck to paycheck. That tidy 6-months’ worth of living expenses cushion? It’s not happening for most of us. But with that said, it isn’t easy to know what to aim for when you’re starting from scratch. Read on for some realistic targets you can aim for.

Saving in Your 20s

Fear not: even if you’re gobbled up by student loans and stuck in a low-paying job, you still have plenty of time to strategize, build your wealth, and level up financially. I get it, though– when one happy hour with the girls knocks your entire month’s budget off-course, it can be hard to get back on the horse and try again. 

Cash Envelopes

Here’s an easy and practical place to start. Sit down and write out your expenses for each month. You know, the bills you can’t get out of paying: rent, your car payment, health insurance. Then determine how much you have leftover for those fluctuating costs that lie somewhere between “need” and “want” –this is where so many of us get into trouble.

Cash Envelopes are a straightforward way of setting a limit on what you can spend in a month. Handing over cold, hard cash is going to hurt more than the mere swipe of a card (or, even worse, the passivity of Apple or Google Pay!). Read my tips on using the cash envelope system here! 

The rules here are simple. Determine the maximum of what you can spend in a month, hit up the ATM, and fill each cash envelope. But once that envelope is empty, it’s really empty—no more spending in this category. There’s always the option of pulling from another category to cover expenses, but once your cash runs out, it’s truly out. This helps deter you from swiping your credit card and conveniently forgetting about the balance until your bill hits.

Use those envelopes! When your cash for girls’ nights runs out, it’s time to invite the gals to your place to share a budget bottle of wine on the couch. Not every bonding experience needs to have a teeth-clenching price tag attached.

Retirement Accounts

Yeah, but numbers-wise– how much should you be saving in your 20s? If you’re lucky enough to have landed a job with retirement benefits, be sure, you are maximizing them now. I know it may not feel like you have 5 or 6% to fork over each month, but this money will continue growing throughout your career. The sooner you start investing in your retirement, the better– period. If this is the only savings you have, for now, that is an okay place to start.

If your employer offers a match, be sure to maximize it! They’re putting free money on the table, folks. If this means foregoing your Postmates addiction for a month or switching to budget shampoo, it’s going to be worth it in the long run. Your employer is giving you free money above and beyond your regular pay– as long as you’re willing to demonstrate your own investment too.

If you’re saving toward retirement in your 20s, you’re on the road to healthy habits when you have a larger income. 

Dream Big

If you have life goals lined up, now is the perfect time to dream big: this is your motivation for staying on track with your finances. Want to visit Morocco someday? Hike the Appalachian Trail for a month? Invest in real estate or save up for a home of your own? Create a vision board, girl, because the more you keep these dreams front-and-center, the more motivated you’ll be to stick to your guns when it comes to finances.

If You’ve Reached Your 30s

Chances are, if you are in your 30s, you’re surrounded by a million commitments. You’re well enough into your career to have some responsibilities on your plate. You may have moved in with a partner or even have gotten married. Many 30- and 40-somethings choose to start a family. With so much vying for your mental and financial attention, it’s hard to know what to prioritize first.

Reassess Your Budget

Maybe you’ve emerged from the studio-apartment-with-thrifted-furniture phase of your life by this point. You’re making a little more than you did straight out of college, and maybe you’re contributing to either your employer’s retirement account or maybe a Roth IRA. Good for you!

Now it’s time to reassess your budget. Pull every available tool together to tackle this, and be honest with yourself. My Personal Finance Planner gives you a place to pull it all together. Set goals, track your debts, and plan out those money envelopes with the full picture in mind. I’ll bet your finances are more complicated than they were ten years ago, but that’s not necessarily a bad thing. You’ll just need to be more mindful about where your dollars are flying. 

The laundry list of financial commitments I provided earlier only grows during this phase of life, when you may encounter dependents, property maintenance, and other significant expenses. 

Make Sure Your Emergency Fund is In Place

Sure, it’s ideal if you have six months of living expenses stashed in a high-yield savings account… but we know from the numbers that this just isn’t the case for most Americans. What is feasible and doable in a short period of time, if you set your mind to it, is building an emergency cushion of $1,000. Does that number sound intimidating? I promise I can help you get there– and you can do it in as little as 30 days. 

My online course will provide you with tips and hacks to hustle your way to $1,000 in savings. This means that a flat tire won’t throw you off your game, and an unexpected plumbing cost won’t ruin you financially. Keep your credit cards in your wallet (or better yet, a lockbox), and tap this $1,000 when an unexpected expense hits. 

How Much Should You Be Saving In Your 30s? 

If you’ve stashed your $1,000 emergency fund and are comfortably maxing out your employer retirement benefits, it’s time to start thinking bigger.

Capital One keeps the math simple, recommending you aim for the equivalent of one year’s salary in savings by age 30. Keep in mind that this doesn’t need to be the balance in your bank account; you can factor your retirement into this consideration, as well as any other assets you may have– stocks, for instance.  

How Much Should You Be Saving In Your 40s?

Undoubtedly, your life has changed by this point. The once-hazy concept of retirement is becoming a real issue to think about. Perhaps if you have children, you’re starting to think about their higher education. Maybe you’ve built equity in your home or have paid off your car. 

But getting on your feet and accomplishing what you have by this time in your life may have left you in a sinkhole of debt. Let’s be real; having kids isn’t cheap. Nor is having a professional wardrobe or paying HOA fees. The costs of “adulting” may have caught you off guard, and though you may have made headway in the asset department, you might be cash-poor just keeping up with minimum payments.

What if I’m Behind?

Here’s the thing: don’t panic. Especially if you’ve been following rule number one all along (contributing to your retirement). Even if retirement contributions are something you’ve put off until now, it’s time to go on offense and fight your way to solid financial footing. 

According to Fidelity, you will have ideally stashed away 3 times your annual salary by age 40. If you haven’t, that’s okay. You could be in the worst financial shape of your life, with all that is thrown at you. Aging parents, the needs of your dependents, and other responsibilities may have set you back. Don’t beat yourself up.

How Much Money Should You Be Saving At Your Age?

I’ve blasted you with plenty of numbers by this point, but here’s the thing. Savings is savings. According to consumer reporting company Experian, even if you can only afford to bank $2 out of every $100 you earn, that’s still something. 

Don’t get caught up on having six figures by age X, or 8 times your salary by the time you’re 35. The most important thing you can do for yourself and your future is to save what you can. This means getting honest and trimming costs wherever possible.

• In your 20s, aim to contribute to an employer-based or independent retirement account. Learn to balance your bills, necessities, and wants in a monthly budget. If you're able to, stash $1,000 in an emergency fund.
• By age 30, try to have the equivalent of one year's salary saved away. If you're able to save more, that's great! You may even seek to beef up your emergency fund to float a few months' income if you fall upon hard times.
  
• By your 40s, aim to have at least 3 times your annual salary stashed away. Be thinking strategically about your retirement accounts. If you've put off saving for retirement completely so far, now is the time to get serious.
• Above all, celebrate your small wins and do what you can. If you saved $20 this month, that’s $20 more than you had in your savings account before. And now it’s gaining interest! Though your progress may seem slow at first, don’t get discouraged. If you’re feeling really stuck, I invite you to explore my Crush Your Debt course so you can redirect those minimum payments to your savings and your security instead. 

The post How Much Money Should You Be Saving At Your Age? appeared first on I Am That Lady.

Money Management Tips for Kids

Want to know a secret? It's not too early to start talking to your kids about money management. One study showed children as young as seven start to become aware of financial habits. The good news is, teaching financial savvy really isn't too hard!

All you really need to do is spend less than you earn, stay out of debt and invest for retirement. Sure, there are some other minor details along the way, but you can accomplish a lot with just those three foundations.

How do I teach my child to save money?

There's a popular saying that kids will learn what they live. In other words, it's more likely they will follow your example rather than follow your advice. This is true in all things, but especially with money. You can't preach that your child save and budget while you are reckless with your spending and run up credit card debt.

You can help your child by talking with them about their wants and their needs. Obviously many, if not all, of their needs are going to be provided for by you but help to guide them through this process of making the distinction. This is also a good opportunity to talk with your child about their money values and how they can prioritize what they will be choosing as more or less important when making budgeting decisions.

I have always made saving money a big deal for my kids in my house by starting them early and making it fun. They have opportunities to earn money which helps them reach their goals more quickly, too.

What are the 3 basic steps to better money management tips for kids?

1.) Setting Goals Will Increase Your Probability of Achieving Them

Goal setting is extremely important, whether it's for your finances or just life in general.

Setting goals early can be extremely motivating. It gives you something to strive for, and this will ultimately help you map out a plan to not only achieve your goals but achieve them more efficiently.

Once your child has some financial goals in mind, you can make a plan to start saving. I suggest helping them open a savings account and they can keep their money in a safe place where they won't be tempted to raid the jar when they hear the melody from the ice cream truck at 4 pm!

2.) If You Delay Gratification, It Can Save You a Ton of Money

We live in the financial age of ‘I need it now!' Between streaming shows on-demand, our food is delivered in under 30 minutes, and our Amazon purchases being delivered the next day, we are getting pretty spoiled!

However, if you can learn to delay gratification and save for the things you want, you'll be better off. If you pay cash for a car and avoid interest. Putting 20% down on a house allows you to bypass costly private mortgage insurance (PMI). You can avoid credit card debt. The list goes on and on! You just need to be patient and save for these things.

By delaying gratification, you can also talk yourself out of a ton of unnecessary purchases. If you can employ something like a 30-day ì'll think about it rule every time you get the urge to spend impulsively, you'll find that you probably didn't even need the item, or you'll forget about it entirely.

3.) If You Start Saving Early, You Can Reap a Ton of Rewards Later

You should definitely try to find a balance between saving and spending. In other words, save enough money throughout your life so that you can enjoy things later on, but don't save so much that you're not enjoying life now.

In fact, you're in a great position when it comes to saving and investing. If you went out and surveyed every 50+ adult that you can find, they'll tell you that they wish they started investing earlier. Why do they wish they started earlier? Compound interest. That's why.

For example, if you get a job at 16 and start investing $200 per month into a mutual fund earning 8% that is held in a tax-advantaged account, you'll have over $1,586,000 after 50 years. However, if you wait to start investing that $200 until the age of 26, you'll only have a little over $698,000. So, if you start at 16 instead of 26, youíll have over $888,000 MORE in your account. Want to know what you would personally invest over those extra 10 years? $24,000. Now that's an awesome deal! Think about what the numbers will be if you save MORE than $200 a month!

How do kids manage their money?

Whether you are in debt or able to save thousands of dollars per month, you should have a budget.  Of course kids don't have the complex budget categories or maybe even the income consistency that we as adults do, but they should get the basics down of how to ensure their expenses don't exceed their income. Of course, older kids may get more benefit from this as their goals of independence become closer.

A budget allows you to project your income and expenses on a monthly basis. It helps ensure that your income is going to the things that you want it to go to. This is also where having financial goals comes in handy. Is your goal to pay $12,000 cash for a used car in two years? Well, you would need to save $500 per month to make it happen. Your budget can help you determine if that's plausible.

Create your budget with a sheet of paper, an Excel spreadsheet, or any other piece of software that's out there. It doesn't matter what you use. Just create a budget and utilize it to stay on track.

Summary:

• It's not too early to start teaching your children about money management with tools like budgets, differences between needs and wants, savings goals, and the value of concepts like delayed gratification and compound interest.
• Children will learn what they see you doing, so it's a good reason for you to step up as a role model and get your own financial health in check.
• Let your child get hands-on practice with money management by allowing opportunities to earn money, save, spend on things they choose, and track in a budget.
• Allow your child to make mistakes and learn from those lessons; sometimes experience is a great teacher in learning money management tips for kids!

You May Also Like:

I love this one to teach my children about giving Operation Christmas Child

To help with conversations around “needs” and “wants” The Three Gift Rule

To help with discussions about delayed gratification and spending Minimizing Children's Toys

A couple of ideas for teens who may be trying to earn money Side Hustles from Home

The post Money Management Tips for Kids appeared first on I Am That Lady.

A recent article indicated the average American spent an average of $1200 a year on prescription drugs, and those with a serious illness, like cancer, spent over $10,000!  I know my son's friend has an EpiPen and they are over $600 for a two-pack. With many Americans underemployed or unemployed, what are they supposed to do when it comes to their medications?

How to Save on Prescription Medication

We've talked about how to save money on your healthcare coverage and the other options for health care coverage, but one area where I was having problems saving money was on my medications.

I have a thyroid condition so I need to take a medicine called Synthroid every month, when I had traditional health care coverage I was paying $35.00 per month for this one medication and another $10.00 for another medication I am on.  Since I don't have coverage to help cover medications anymore, I have been paying almost $120.00 per month out-of-pocket for my medications. Before canceling my insurance,  I called around to all of the local pharmacies and compared prices. I found the stores that had the lowest prices, and I was still paying that much!

How do you get medication if you can't afford it?

Last month I found out from a friend about this website called GoodRx.com.   After entering in my information I found out that I could get the same exact medications through Good Rx for only $41.00 out of pocket.   That is a savings of almost $80.00 per month, which is HUGE for me!

It is super simple to use, just go to GoodRx.com and type in your prescription and zip code.

You will then see where you can find your prescriptions in your area, along with the prices.  I found out that I could get my prescription for $34.74 at Walmart, which was LESS money than what I was paying under my traditional health insurance!

You have to print off the coupon they provide and bring it with you to the pharmacy, or you can also request a GoodRx card to put in your wallet which will work the same way as the coupon does. You then re-use this coupon every month for the same savings!

Reader Cathy shared this with me after I gave her this tip:

“OMG! I’m blown away with what you’ve shared with me! Goodrx.com says Walgreens sells my Rx for $78!! I’ve been paying $240 with my Bronze HDHP!! (which costs $830 mo).

What is the best prescription drug discount card?

It's hard to quantify which is the “best” prescription drug discount card, because each has unique benefits. You have to decide which is most important to you.  Some of the more popular cards available now are

• • ScriptSaveWellRx helps you save an average of 65% at over 65,000 nationwide pharmacies
  • BlinkHealth helps you find the lowest price and helps you get a prescription with pick up and delivery options
  • SingleCare offers discounts on over 10,000 prescriptions up to 80% with some home delivery options
  • DiscountDrugNetwork boasts up to 85% off your medications
  • AmericasPharmacy helps you save up to 80% on your medications with no enrollment fees
  • GoodRx offers savings of up to 80% on popular medications

There are many more prescription drug discount cards popping up on the internet each day, so I may have missed some here. Most seem to work the same way and offer many of the same benefits.

I have also known readers to have more than one discount card and they “shop around” for the best price since it's different with each carrier.

What is the catch with GoodRx?

I pride myself on being pretty savvy with the information I share with my readers. I couldn't find anything unsavory about using GoodRx as a way of how to save on prescription medication. They make their money through advertising and referral fees, and that's how they are able to pass on savings to you as the consumer.

GoodRx promises a tight privacy policy and they don't sell or share yours in order to provide discounts.

Summary:

• Prescription drug costs continue to rise with the average American spending $1200 each year on medications; this can become a significant part of a budget especially for people on a limited income.
• Prescription Discount Cards are available to help offset the cost of many brand-name and generic drugs at national and local pharmacies.
• The cards can be found online in web browsers and through the app stores, or you may be able to pick them up at your doctor's office! Simply follow the steps on the card like typing in the name of your medication and your zip code; you'll get results of where your medication can be found the cheapest.
• These cards make money through referrals and advertisements NOT through selling any of your personal information, so they are safe for you to use.

You May Also Like:

3 Must-Have Things for Your Medicine Cabinet

Health Sharing Programs: The Complete Guide to Medical Cost Sharing

An Alternative to Healthcare – 3 Christian Healthcare Sharing Ministries

The post How to Save on Prescription Medication appeared first on I Am That Lady.

Fighting About Money: It’s More Common Than You Think

Believe it or not, your friends, neighbors, and relatives have likely also fought about money with their partner in the last year. Relationship therapists and financial planners alike will give you the same advice as a starting point: you have to be on the same team. If the tension in your relationship is a constant push-pull, finding alignment and transparency on these topics is a solid place to begin. 

Why do couples fight about money?

It’s a fair question, especially if you find yourself rehashing the same conflict day in and day out. Here’s the thing: you may only see your in-laws a few times a year. You may only clash parenting styles a few times a month. Arguments over sex? Maybe weekly, maybe more or less often. But no matter how long you and your partner have been together, there is one unavoidable presence in your life daily, and that’s your finances.

From the $7 latte to the luxury handbag, the #treatyoself movement has become a staple of American culture– and sometimes it can damage your relationship. On the flip side, maybe you’re pinching pennies, and your spouse spends more freely. It doesn’t always turn into a fight, but the less you’re talking about it, the more time trouble has to fester under the surface in your relationship. 

Couples fight about money for many reasons. Maybe your partner was raised with different attitudes and beliefs about saving or spending. Perhaps you are looking at different priorities or goals. Perhaps the fight isn’t so much about money but power and control. Once you get to the root of your problem, you’ll be able to start building your way toward a solution.

Can money destroy a relationship?

You bet it can. Financial infidelity or an unwillingness to compromise are two behaviors that can ruin your relationship at any stage. I’m not saying these arguments are a death sentence, but you’ll need to get serious about finding common ground and starting to work in the same direction. Otherwise, you’ll find you are pulling apart instead of working together. 

Stop Fighting About Money: 6 Tips for Growth

1. Identify your common ground. 

Maybe it’s paying off your student loans or investing in college savings accounts for your children. Maybe you’d like to travel together, or pay off outstanding credit card debt, or renovate your kitchen. I’d start by sitting down and identifying your priorities, both as individuals and as a couple. If you can point to some overlaps, these are the areas where you can start. 

Once you’ve identified a common goal, you can leverage teamwork to move toward it. If you can focus your energy as a couple, you’ll be working as a team again. This is where you’ll want to start. 

2. Make it a date.

This is a go-to bit of advice– not just from me but also from many other experts. When you schedule a regular date to discuss your financial challenges and goals, you’re holding each other and yourselves accountable. 

If you know there is time set aside to visit this topic, you may be less inclined to bring it up in a stressful moment. If you know that there will be a time and a place for the discussion (or the conflict), you’ll have time to cool off and approach the topic in a level-headed way. 

Money dates should be a regular item on your schedule as a couple. Whether weekly, biweekly, or monthly, these check-ins will allow you to raise concerns and discuss your objectives together before things reach a boiling point. 

Not sure where to begin with making this a date? Try the framework outlined in John Gottman and Julie Schwartz Gottman in their book Eight Dates: Essential Conversations for a Lifetime of Love.

3. Step back and listen. 

Listening can be tough, especially if you’ve fallen into the rut of a regular financial argument. But make a genuine effort to take time and understand things from your partner’s perspective. His relentless pursuit of a luxury car or watch may have more to do with his upbringing than he has mentioned in the past. Or maybe he shops as a distraction from a stressful and unfulfilling job. 

This is some hard advice to follow, but when you’re inclined to interrupt, try counting slowly to five. There’s a chance your spouse may have just been gearing up for a breakthrough when you reach the limit of your frustration; give him the airtime you maybe haven’t allowed in the past. By the same token, you need to carve this same space out for yourself. If he is prone to bulldozing the conversation, be sure to hold your ground by saying, “just let me finish my thought,” or “I really need to get this part out.” 

Interrupting the pattern might help you gain new insight into why behaviors are manifesting the way they do. 

4. Establish an emergency fund.

If you don’t have $500 – $1,000 set aside to cushion an emergency, this can fuel the endless stress of fielding the unexpected and feeling overwhelmed. My online course can get you to $1000 Savings Fast, giving you one line of defense against the everyday stress of an empty savings account. 

When one of you lands an unexpected expense, pull from your emergency fund and keep moving forward. You’ll need to refill those emergency savings, of course, but at least you haven’t loaded more onto your debt load in the process of responding to the unexpected. This can keep the panic from rising and your focus on the prize.

5. Commit to small steps toward progress. 

This won’t happen all at once, but maybe you name a day to sit down and assess your debts– all of them– together. Tally what the damage is, and get real with one another. Burying your heads in the sand will not gain you any ground.

Maybe you don’t even know what your total debts are or what your shared goals might be. If that’s the case for you, my Crush Your Debt online course may be a good place to start. It’s packed with exercises and conversation prompts that will help to facilitate the conversations you need to make headway. It will also provide you with the shared language lacking in your current dialogue about money. 

6. Prioritize your relationship. 

Business Insider and other sources cite finances as a primary cause of argument and divorce. It can be challenging to look beyond your arguments, especially if the script is familiar and you have shaped a routine or developed regular triggers. But as Vicki Robin and Joe Dominguez’s longtime-bestselling book Your Money or Your Life lays it out: you have a choice. Don’t let your financial squabbles rob you of the other things in life that matter, your marriage included.

Stop Fighting About Money but Committing to What Matters.

If you commit to honest, vulnerable communication about money, you can overcome your challenges. Even if your challenges seem insurmountable, tackling them as a team can bring you closer together. First, each of you must commit to doing the work. From there, the only way to go is up. 

Once you’ve committed to working together, you might even find that you enjoy problem-solving money troubles as a united front. When you feel the sparks of an argument beginning to fly, remember to step back and take a breath. Approaching this as a conversation will be more productive than giving in to combustion.

Above all, remember your “why.” Your marriage, your home, your children if you have them– these are the things you are fighting for. Suppose you need to enlist the help of a couples therapist, a financial advisor, or even an attorney to help detangle this mess. In that case, some professionals deal with these conflicts daily through their work. Trust that there are people who can help, you have options, and that through hard work together, you can lay your financial demons to rest.

Summary

Relationships take teamwork and a willingness to be vulnerable with your partner. As much as these principles apply to any piece of your relationship, you can apply them to money as well. Open communication, shared goals, and mutual effort in a direction together will help you to work as a team and put a stop to fighting about money.

You May Also Like:

How Do I Stop Fighting About Money With My Husband?

5 Ways to Get Your Spouse On Board With Money

The post How to Stop Fighting About Money appeared first on I Am That Lady.

Rather than reaching for your credit cards, this emergency stash is a shock absorber that will keep you from sinking further into debt. Some months, you’ll find that your energy goes toward refilling this account after it has taken a hit. Other months, forget it exists (unless you’re tempted to take on new debt for a truly unexpected need). 

How to Save $1,000 Fast

A general consensus for your goal emergency fund balance hovers around $1,000. I’ll state here that you’ll want to consider your personal situation when setting the bar: if you’re part of a family of eight, that $1,000 probably isn’t going to pull you from the weeds when you need it. So if you have a large family or live in a particularly expensive city, or simply know that $1k won’t cut it, come up with a number that works best for your lifestyle. If that flat tire, medical bill, and rent hike all hit in one month, could $1,000 cover you?

Maybe it would only cover two of the three scenarios, but it’s definitely a start. In this article, I’ll give you some tips on how to bank $1,000 quickly, and get on with your debt-payoff journey.

The mother of all closet cleanouts

When was the last time you Marie-Kondo-ed your clothing closet? Looked through your shoes and handbags, and heck, the wardrobes of your spouse or kids? This is my very first recommendation for getting started because it’s going to gain you some fast momentum.

Empty that clothing closet and get ruthless. Especially if you haven’t worn it in a long time. Those aspirational size 2 jeans? Those heels that matched one single cocktail dress? It’s time, ladies. And I’m not talking about a giant charity dump.

Keep your eyes peeled for the diamonds in the rough, even if they are shoved under a pile full of sweaters. I recently sold a pretty spring handbag to a coworker that I hadn’t touched in years. It had too many pockets and the thing drove me crazy, but my colleague was completely enchanted by the organizational possibilities and the gorgeous blush-colored leather. $160 in cash later, my first sell of the season was made. 

If you’re guilty of indecision, or the victim of gifted clothing that still has tags, bank on this stuff! If you’re hanging onto it with tags, it’s not being worn– and it can be working for your emergency fund instead of hanging in a closet. Look up your local consignment stores, or list items in great condition on Mercari or Poshmark for some speedy cash. 

Children’s toys

You don’t need your own children to capitalize on this money-making method, but I promise it will help you reach your $1,000 goal faster. Selling gently-used toys online is an easy income stream and a win-win for both buyer and seller. 

Tackle those boxes in the garage, the basement, the attic, and even your kids’ rooms. If they haven’t shown any interest lately, or even forget it’s in the house, will they even miss the clutter when it’s gone? Clean up your space and recoup some much-needed cash while you’re at it. Sites like Mercari are great for toys as well, and so is eBay (just be sure to avoid these items that can be eBay pitfalls). 

Even if there aren’t any kiddos in your own home, offering to declutter for a friend or family member can be a brilliant favor, too. Offer to split the income with the child’s parents– or even the child!– to invest in newer, more age-appropriate toys they will appreciate.

I’ve maxed out on selling my clutter… how can I save $1,000 fast?

Have you scoured your closets and run out of stuff to offload? That’s okay– you still have options for how to save $1,000 fast. I know what it’s like to hustle, get creative, and still fall asleep worried about money at night. That’s why I’ve created an exclusive online course that will help you build your $1,000 cushion in ONE MONTH.

Imagine that a month from now, you can rest easy, knowing you have emergency savings account that’s there when you need it. Even more than that, you can start making serious headway on paying down your debt, because you know that a mishap does not have to result in a credit card charge. 

Once you’re able to know that your savings are there, I promise you’ll breathe easier. You may even find that you can think more creatively about ways to pay down your debts aggressively. The unused blender, received as a holiday gift but still boxed in your pantry? Fast cash online. The two hours every Wednesday while your kids are at soccer practice or dance class? Forget the doomscrolling– duck out and run Doordash orders for a couple of hours. The biggest benefit of funding your emergency savings account is that you’ll prove to yourself that it’s doable— and so is paying down your debt.

Quit Losing Sleep

It’s amazing how saving $1,000 fast can improve your mental wellbeing. Instead of fearing financial devastation at every turn, you can know that you have your own back– at least enough to rebound without resorting to credit every time. 

More than dollars in the bank, this exercise is about proving to yourself that you do have some control over your own finances. Life happens– it always will. But once you’ve built yourself an emergency fund, you’ll feel empowered to tackle whatever comes next in your debt-payoff journey. If you’re able to bank $1,000 every 30 days for the next six months, think of the progress you’d make! $6,000 could wipe out your remaining auto loan, your highest-interest credit card, or the back taxes that haunt you relentlessly.

Face this challenge head-on, and I promise you, you’ll be well on your way to a happy, fulfilled, debt-free life. 

Summary:

• It's sound financial advice to save $1,000 fast as an emergency fund so you don't have to rely on more credit card debt should an unexpected expense arise (think medical bill, appliance replacement NOT a great sale on new jeans)
• Poshmark is a great site to resell your on-trend clothes in great condition.
• Other items like household goods and childrens' toys do better on sites like Mercari or eBay.
• Still need ideas? Check out my course, How to Get a $1,000 Savings Account in One Month

You May Also Be Interested In:

How Budgeting Can Keep You From Debt

How to Budget and Save Money – 7 Savings Goals You Should Have

Best Survey Sites – How to Easily Make Extra Cash This Month

5 Easy Ways to Make an Extra $500

The post How to Save $1,000 Fast appeared first on I Am That Lady.

You might not think it matters too much. After all, if you’re not in the market to buy a house or apply for a loan, and you may be wondering why does a credit score matter?

A credit score is used more often than you know. Some employers run a credit check as part of the interview process which means having a low score could cost you that job you wanted. Insurance companies also factor your score into the premiums you pay. A high credit score could save you money on auto and homeowners insurance. Want to improve your credit score? Here’s how!

How to Improve your Credit Score

1.) Know Where to Start

Before you improve your score, you need to know where to begin. This is the easy part since there are plenty of free ways to find your credit score. 

Credit Sesame is a top choice for free credit scores. It takes less than a minute to create your free account and access your credit score – no strings attached. Your account comes with free credit monitoring so keeping tabs on your score is a piece of cake.

Plus, Credit Sesame gives you free identity theft insurance just for signing up. With identity theft on the rise, this is a huge peace of mind.

2.) Get a Line of Credit

To have a credit score, you must have credit accounts. Opening a new line of credit could raise your credit score on its own. Apply for a credit card or see if you can get a loan from your bank to jump-start your credit history.

If you don’t have a solid credit score, this might be tough. Look into a store credit card or a secured loan if you’re struggling to get approved.

3.) Check for Errors

Now that you know where you stand, it’s time to improve your score. Since your credit score uses information from your credit report, the first step is to check your credit report for errors. Your credit score could get an instant boost by correcting any wrong information on your report.

To get your free copies, head to AnnualCreditReport.com. That’s the site authorized by the federal government so it’s safe to use.

Remember that your credit report differs from your credit score. The two are closely related but your credit report doesn’t include your credit score, which is why having a Credit Sesame account comes in handy.

If you find something on your report that doesn’t look right, file a dispute immediately. Continue to check your credit reports to monitor things. Credit Sesame’s credit monitoring and ID protection make it easy to know what’s going on.

4.) Get Out of Debt

How much debt you have has an impact on your credit score. The balance of debt compared to your credit limit is known as “credit utilization” and it makes up 30% of your overall rating. 

The higher your credit utilization, the lower your credit score – which is why paying down debt can cause a big surge in your credit score. 

5.) As for a Credit Limit Increase

If you ask for a credit limit increase, you change the ratio of the amount of credit you’re using compared to what you have available. And this can improve your credit utilization and boost your score.

Let’s say you have a $5,000 balance on a credit card with a $7,000 limit, making your credit utilization 70%. If you can increase your credit limit to $10,000, your credit utilization drops to 50% which can help your credit.

6.) Always Make Your Payments On Time

Your payment history makes up 35% of your credit score, which means improving your score could be as easy as making payments on time. 

While you can’t go back and change the late payments already on your report, commit to always paying on time from now on. One of the simplest ways to never miss a payment again is to set up autopay on your credit accounts.

7.) Keep Your Accounts Open

This is one mistake I watch people make often. Do not close your accounts once your balance is paid off! Keeping your credit accounts open even if you’re not using them is smart. Your “length of credit history” has a lesser impact on your score but it still matters. Plus, closing accounts lowers the amount of available credit you have, affecting your credit utilization and lowering your credit score. 

The only way this isn’t a good idea is if you have a spending problem and buy things you don't need. In this case, simply cut up your card but keep it open. This will prevent you from using it but still give you the credit utilization benefit. Buying on credit if you can’t afford to pay cash might feel good at the moment but it can backfire. As you add more debt, making minimum payments can become a struggle.

8.) Sign up for Experian Boost

This is a new program where you can boost your credit score by paying your regular bills on time. Experian Boost will give you credit for paying your phone and utility bills and give your credit score a nice boost immediately.

Unlike credit repair companies, Experian Boost is completely free and can increase your credit scores fast. Credit repair may cost you thousands of dollars and only help fix inaccuracies, which you can do yourself for free. Piggybacking services that add you to a stranger's account are risky and considered deceptive by lenders. Raise your credit scores securely with Experian Boost.

Credit scores are nothing more than a measure of how well you manage debt. If you’re overspending and missing payments, your credit score will suffer. Improving your credit score is possible with a little discipline and a lot of practice. 

The post How to Improve your Credit Score appeared first on I Am That Lady.

The average tax refund in 2019 was a little under $3,000, with the total tax refund payouts equaling $274 billion [source].  For some families, that's close to a monthly income, a credit card balance, or a fun family vacation. So how do you decide what do to with this suddenly found money?

What Are the Best Ways to Use Your Income Tax Refund?

Let's put this in perspective a little – the total US Credit Card debt is around 1 trillion dollars [source]. So, in a perfect world, if everyone just put their tax refund towards paying off their credit cards, it would take around 3 years to pay off all US credit card debt. All of it.

But with each passing year, that debt number increases despite this annual injection of money each year.

This year, let's change that. Let's do something better with our tax returns than buying a bigger TV.

How can I use my tax refund wisely?

1. Start your Emergency Fund

Square one for any budget is setting up an emergency fund. In my opinion, this is even more important than paying off your debt because having a fully-funded emergency fund is a safeguard that will keep you from using your credit cards in the future.

While there are many ways to acquire your emergency fund without a second job, you can fast-track the whole process with your tax refund. One huge trick to making an emergency fund work is to keep it completely separate from your other money. This means (1) keep it out of your checking account so you don't accidentally spend it. And (2) keep it separate from your normal savings account so it's actually there when you need it.

A note about your emergency fund: since the idea is using this money in an emergency, it means you need quick access to this.

2. Start thinking about retirement with a Roth IRA

If the thought of investments confuses or overwhelms you, that's ok. If the thought of saving for retirement just discourages you, don't worry. Roth IRA's are a simple, but amazing way to help set you up for retirement! And when you use your tax refund to help, it will be pretty painless.

Here are a few of the main points that make Roth IRA's so great:

1. They have a good interest rate so you can see growth on your investment.
2. It is Tax-Free!
3. You might have to pay a penalty if you pull it out before retirement age. This is a good thing! It encourages you to leave that money for your later years when you'll really need it.

Betterment has a great tool to help you invest in a Roth IRA and start planning for your future.

Should I use my tax return to pay off credit cards?

3. Consolidate and/or Pay off your Debt

Getting free from debt is a building block to planning a brighter future. It's unfortunate that so many Americans graduate from college with more than a degree, they get the added bonus of being saddled with debt. We can all do the math. Between school loans and credit cards, many of us look back and realize we're in a pickle.

Don't get crushed by it. It was never the plan for your life to be crushed under debt. Start taking steps to push back! Use that tax return as a little push to get you started. I would start your debt payoff with your lowest balance first and work from there up to the higher balances. This will reduce the number of cards you have to keep track of and encourage you to keep going.

I've also created a debt payoff toolbox which is a wealth of resources that includes everything you need to create your own personalized debt payoff plan! You just plug in your balances, interest rates, what day you'd like to be debt free, etc., and it does all the work for you!

But honestly, trying debt consolidation may give you the best of both worlds. You can simplify your payments, your APR's, and focus your tax refund in one place. Credible and SoFi are two of my favorite Student Loan Debt consolidation options. If you've never considered consolidating your student loans, it may be a massive help.

To consolidate your credit cards I recommend Marcus.com. It has excellent options for credit card debt and personal loans that could be a great solution to your specific situation. A lower APR and more payment flexibility are something worth considering. You could be out of debt faster than you thought

What should I buy with my tax refund?

If you are really itching to spend money and already have an emergency fund in place and retirement and debt payoff in place, these are some of the best ways you can use your income tax refund for splurging.

4. Save for a Vacation

One of my favorite family vacation memories was our trip to Montego Bay Jamaica! Being at an all-inclusive resort in the Caribbean was magical! But, honestly, what's even more amazing is that we paid for the trip with the money we saved! When we got home, the only thing waiting for us was our laundry to catch up on… NOT a credit card payment.

If you want to go on a vacation, save up for it! Your tax refund can give you a little head start that will motivate you to keep saving for it.

I know you work hard. I have no doubt that you deserve a vacation. But, I'd like to suggest that for the sake of your budget, maybe deserving a vacation isn't enough of a reason to just take one and pay for it later (with interest).

Earn your vacation by intentionally saving up for it and paying for it with cash! And once you're standing on that sandy Caribbean beach, or looking up at that Disney Castle, you can take a deep breath and say, in all honesty, “I've earned this.“

5. Start Saving for your Next Car

Cars don't last forever. They will break sometimes. That means someday you'll need a new one… I mean new to you, NOT brand new off the lot. If you know that someday you'll need to replace your car, it might be a good idea to start planning now. Right?

What if you didn't have to make payments on your next car and you just bought it outright? We bought a new (to us) minivan with cash last year. Not having any car payments in our budget freed us up to save for and focus on other things! It was so worth it to not have that extra debt!

Summary

I've heard people refer to tax refund season as “Poor Man's Christmas.” While it can feel like that, I want you to start thinking of your tax return as a tool to invest in your future and not a 2nd Christmas.

There is a verse in the bible that talks about how ‘seed is for the sower, and bread is for the eater.'  In this context, start to think of your tax return as the seed. If you eat seed, it won't fill you for very long, and in the long run, you'll have less than you expected. But if you take this same seed and sow it into your future, you'll get to watch it multiply and grow, and start to work for you!

The best ways to use your income tax refund to make it work for you:

1. Start an emergency fund if you haven't already.
2. Invest in a Roth IRA.
3. Pay off credit card debt; you may even consider consolidating to make your payment go further.
4. Save for a family vacation.
5. Save for your next new car.

The post The 5 BEST Ways to Use Your Income Tax Refund appeared first on I Am That Lady.

How Do You Fix a Marriage with Financial Problems?

Can Money Problems Ruin A Marriage?

This probably isn’t the answer you’re looking for, but yes, money problems can devastate even the strongest marriage.  Unlike some topics of contention, money is ever-present and ever-pressing. Not only are we making decisions large and small every day having to do with our finances, but how we handle these decisions can impact our lifestyles drastically.

Failure to line up on your household accounting can pose frustrating inconveniences; it can also cost you your vehicles or even your home if you aren’t mindful. Making an effort and time to connect and communicate about your finances is critical to having a successful marriage in the long haul, even if it makes for some discomfort at the moment.

Know that your arguments about money are, more than likely, about more than just money. The broader conversation may point to problematic habits, communication issues, or misaligned priorities. Take the time to investigate the source of your arguments, and be ready to accept that money problems might be the symptom of deeper dysfunction. That doesn’t mean your problems are unfixable; it just means that you may need to resolve Point C before visiting point B: this trip may not be linear.

Different Strokes

Chances are, you and your spouse were raised with different norms and attitudes when it comes to handling money. Your spending and saving habits may be out of sync, or you may prioritize certain expenses. Step one here is acknowledging your differences. 

Do your arguments center around spending in a certain category (groceries, for example) or around one partner’s spending habits? Are you each working toward different financial goals? Is there a stressor– student loans, consumer debt, or job loss– that’s taking a toll on your day-to-day quality of life? 

Identifying where your differences and stressors lie can help you to confront issues face-on and find solutions together. Fixing a marriage with financial problems takes effort, vulnerability, and honesty– but it can be done.

What is the Best Way for Married Couples to Handle Finances?

Decide on what level of transparency feels right for you both. Perhaps you’re financially “naked” in your relationship, sharing bank accounts and discussing expenses regularly. Or maybe you maintain separate accounts but share expenses and agree on a common goal. However you decide to handle your financial disclosure level, honesty is crucial (even when it’s not comfortable).

Make It a Date

Decide that once a month (or more frequently, if you’d like), you’ll set aside a date night to talk about finances specifically. Incentivize yourselves– maybe you line up your favorite cocktails or dessert– and try to set a positive tone for the evening. Like many points of marital conflict, this is something you’ll need to tackle as a team.

This could mean going through bank statements and having an open conversation or checking in on your debts and what you can make happen this month to work toward paying them down. Try to have numbers in front of you for this discussion so that you can avoid the “you always…” or “I never” comments. Make the statements the starting point for this conversation, not one another’s behavior.

Make it a Team Effort

Focus on common ground and identify common goals. You may always want a nicer handbag than he approves of, or his taste in craft beer may always be a touch expensive for your taste. Rather than stumbling over the same disagreements week in and week out, identify what your goals as a couple are. 

Once you have come up with something that’s motivational and a shared priority, laser your focus as a couple on this priority. Maybe it’s paying off your lowest balance credit card; maybe it’s getting through your child’s soccer season using only cash this year. Perhaps a needed home improvement is at the top of your list or using up some vacation days you’ve both been banking. Whatever will unite your efforts as a couple is an excellent place to start. 

Use your first date night to dream up a financial bucket list. This will help you both to start out on a positive note and thinking in the same direction. Dream big together! If you’ve buried that dream of a trip to Greece or a home improvement project, let all things be possible, even if just for one night. Remember that you’re playing for the same team.

Counseling Can Help

Some conversations are best had with a mediator, especially if your arguments have become emotional. Financial therapists are trained to deal with the specific hurdles that couples face when it comes to money. Alternatively, a traditional marriage therapist will be well-versed in helping with the communication issues surrounding your financial problems. 

A neutral third party may be part of the solution. Be ready to own your faults, but know that a professional can help to sort out the narrative from the facts. If you’re stuck in the same argumentative loop with your partner about money, a counselor may help you dig deeper and escape the rut you’re in. 

Can a Marriage Survive Financial Infidelity? 

Financial infidelity is far more common than you might think. A hidden credit card, an old retirement account you forgot to mention, an income source that your spouse doesn’t know about– any of these assets or liabilities can be a problem if your partner isn’t aware of them. 

The more transparent you can be with your partner, the better. Even if some uncomfortable conversations lie between where you are and where you’d like to be, laying everything out on the table is the healthiest thing you can do for your marriage (and for yourself). 

Your Boiling Point

In my book The Recovering Spender, I outline the many ways in which you might reach a personal crisis when it comes to money. If you and your spouse are arguing regularly about finances, chances are, you’re at a crisis point (or a few of them), either individually or as a couple. 

Don’t be afraid of your boiling point, your crisis, or the real talk that such problems may bring about. Take the opportunity to lay everything bare and start fresh when communicating in your relationship about money. Fixing a marriage with financial issues takes work, but it can be done. Likewise, recovering from financial infidelity does not happen overnight. But the conversation can help to springboard you toward a healthier marriage. 

If your arguments always begin with the grocery bill, try reframing the discussion. How much were you able to save at the store this week? Does your receipt share your savings? Take a minute– even if it’s standing up, surrounded by shopping bags together in the kitchen– and transfer that $11 into your vacation fund. Remembering your shared goals will help to strengthen your bond. If you are at a loss of where to start, try my Debt Free Toolbox where I include a video and guide titled, “Stop money fights and with your spouse NOW!” dedicated to getting on the same page financially with your spouse. It will help you stop those money fights FOREVER! 

The post How Do You Fix a Marriage With Financial Problems? appeared first on I Am That Lady.

When you feel like your home is being over-run with kids' toys, it might be time to thin out what your children own, especially the items that are no longer seeing use. Most people think donating everything is the best way to rid your clutter. But if you have items in great shape, you could earn some cash for them. (And I'm not talking about sitting outside all day on a Saturday waiting for someone to offer you a $1 at your yard sale, either!) The 6 best ways to sell toys online as well as some tips for doing so are listed below.

I don't always wait until I feel overwhelmed with toys or kids' clutter in our home; sometimes I set regular during the year to do this. One tradition I started a few years ago was minimizing my kids' toys before Christmas. 

Best Ways to Sell Used Toys Online:

1.) Evaluate Before You Sell Toys Online

Before you sell anything you will want to take an inventory of what you have.

• Pull together all the toys that you would like to sell and give them a close evaluation.
• Is anything broken or missing pieces? If there are missing pieces, do a thorough search for them and (hopefully) locate them before you decide what to sell.  Anything that is broken or missing pieces should be donated or tossed out.
• Give everything a good cleaning. Do not try to sell anything with dust or dirt on them.
• Bonus Tip: Sometimes toys or board games with missing pieces can be separated into parts and sold as a missing pieces lot. Someone who is missing all the yellow tokens for a game might want to buy them from you. It never hurts to try.

2.) Document Your Items

• Take pictures of everything with a digital camera. Make sure the pictures are taken in a well-lit area and clear of distractions (like other toys or clutter). This is especially helpful if you are planning on listing the toys yourself.
• Even if you are sending your toys off for another company to sell, take pictures for your own records (and don’t delete until the window for returning the item passes).
• Keep records of when you send items out and what they are boxed with in case anything goes missing.

Now that your item is ready to be sold, here are your options.

3) Where You Can Sell Toys Online

Swap.com

With just one prepaid shipping box, you can clear out your home and let someone else deal with the hassle of taking pictures and listing them for sale. Swap.com will inspect your gently used toys (as well as clothes, books, and games) and sell them for you. All you have to do is decide if you’ll accept the list price. If you choose to pass on the offer, you can have them ship it back to you or they will donate the items.

Facebook Marketplace or Facebook Groups

One of my preferred ways to sell online is through Facebook selling walls. In my area, there are at least a half dozen different groups to use, but I usually only need one to sell my items. You take the pictures and list the items in the group on Facebook. There are no listing fees involved so you could earn more money with your listing than a paid service.

You will have to arrange to meet with someone for the exchange or you can place it on your porch and allow the person to come pick it up. With this option, you have to give out your address and trust that they will leave the money for you. I recommend this for items that you won’t miss if the item is taken without payment. While this has never happened to me, I have read about a couple of people who have experienced this. With a higher cost item, it might be best to set up a meeting time in a public place and bring someone along.

Craigslist

Craigslist offers a platform for buying and selling with little hassle. This is similar to using Facebook to sell. For those people who avoid social media, this might be the best way to sell your items locally. There are no fees involved in the transaction, but you will be meeting someone either at your home or at a public location.

Amazon

Fulfilled by Amazon is a great way to sell toys, especially brand new ones. Many people are using FBA to bring in side income or even their full-time income. When you have an item to sell, ship it to Amazon and they will pack and ship the item for you. FBA also handles returns and customer service, which can be a nice convenience. There is a great guide to get you started with FBA.

Mercari

Another great place to sell online has been Mercari. It's very similar to eBay, although it's not an auction site. I explain in-depth about how to sell on Mercari in this post. The potential buyers are able to reach out and contact you if they have any questions about the item, and they can also ask if you are willing to negotiate on the price. You are responsible for the shipping fees out of your sale price, so make sure you set the item's cost accordingly. I will add Mercari makes it easy with discounted pre-paid labels through, or they have a pack and ship option if you choose (a little more pricey).

eBay

The original location for selling your items online is still a great option with eBay. Your audience is worldwide so you will have a better chance of selling the item quickly and for more money. eBay is also best for collectible and valuable items where a local Facebook group might not yield enough interested buyers. However, you will pay listing fees as well as fees from Paypal when you receive your money. You will also be responsible for the leg work it takes to get it sold. This might be a good option if the free local listings don't work out.

Selling toys online is a great way to clear out the clutter in your home. You can even make a few extra bucks in the process! If you are looking for some side income, take some time to sell toys online.

1. Evaluate what you have and make sure they are in good condition and have all the pieces, if applicable.
2. Take good photographs in a well-lit area so your buyer is aware of what they will be receiving; you don't want anyone claiming you misrepresented something.
3. If you are choosing to send your items to someone else to sell online, make sure you keep an inventory of what you are mailing.
4. Choose a platform: Swap.com, Facebook, Craigslist, Amazon, Mercari, and eBay are all good options to sell toys online.  There are pros and cons to each, so decide what is best for you.
5. Enjoy your newly decluttered space and your extra cash!

Have you sold anything online before? Which site did you use?

The post Best Ways to Sell Used Toys Online appeared first on I Am That Lady.

Once I decided to get a handle on my finances, the last thing I wanted to see was lots of debt. It felt like a constant reminder of where I was and what I used to value. Instead, I longed to have a positive focus of being in control of my money – not the other way around.

How Budgeting Can Keep You Debt-Free:

A budget is a written plan of what you expect your income and expenses to be for the year. Budgeting typically gets a groan out of people because it requires that they think about their financial situation and plan it out. For some people, this can be depressing. Trust me, ignoring your money doesn't fix the problem.  Setting a budget for yourself will help you identify the problems in your financial life and set a plan to fix them.

• Are you making less than you spend? Find ways to earn more money.
• Are you spending too much? Find ways to spend less.
• Do you need to save more for future expenses? Find ways to save a little each month to reach your longer-term goals.

Budgets are an essential tool for your financial success. There is no one right way to do a budget, but there are some easy ways for beginners to budget.

What Is a Debt-Free Budget?

Your goal is to be debt-free. You can start by creating an annual budget.

1.) Find a Template You Will Use

There are lots of formats for budget planners from apps on your phone, spreadsheets on your computer, and my favorite pen and paper, like my budget planners.  I think the act of writing the information down helps make it more real to me, especially as I am trying to get a handle on my fiances. Plus, there is a pocket for all my bills to be paid and my receipts, so everything is together in one space.

2.) Review last year’s income

Income is essentially money that is coming into your bank account from work or investments. What were your sources of income for the year?  If you receive bonuses or commissions, this part may be difficult, but make a best guess effort. Enter them into the month they are expected to be paid to you.

3.) Review last year's expenses

Expenses are money flowing out of your checking account or credit card each month. For most people, this step will take a bit more work. While this might take a little effort the first time, in subsequent years it gets much easier. It may be easier to use budget categories and group certain expenses together.

4.) Analyze Your Budget

Take the income and then subtract the expenses, the result is the net savings. Are you making more money than you expect to spend? Are you ending up with less than you earn? Now is the time to make adjustments.

If you are making more than you spend each year, then add additional money to your savings in your budget, or use it to pay down debt. There are ways to spend less, if you are spending more than you earn, then you should find ways to spend less. If you budget correctly, your net savings should be close to zero because everything is assigned to a category.

5.) Track Your Budget

The goal of the budget is to balance out your income and expenses with a net savings of zero.

This does not mean that you should spend as much as you earn. It means that all your income is accounted for in some way. If you have extra income, then it should go to savings. If you have a deficit of money at the end of the month, then you should either find ways to earn more money or reduce spending on certain discretionary items.

Maybe this means to reduce the number of nights you eat out, or reduce the number of cups of coffee you buy at coffee shops, or maybe you can reduce your spending at holiday parties with friends. There are many fun and some less fun ways to reduce your spending. If you really want to be debt-free, you will find a way to balance your budget.

How Should I Budget to Pay Off Debt?

If you have debt, your goal should be working to pay it off as quickly as possible. The interest you are paying on your debt is amounting to a small fortune.

Go back and review how important each item is in your budget. Look for any place you might be able to pull from and put towards your debt payoff.  If you have money allocated towards saving for retirement or your children’s college fund, you should ask yourself, what is more important in the short term? Can your retirement or college savings plan survive a month with a smaller amount or no contributions?

There is no correct answer to this. You would have to prioritize your short-term and long-term goals to determine what is more important. If you cannot find extra funds to make your budget debt-free, then you will have to find other places to pay for the extra expenses. This may mean include getting a second job or a side job for this period of time.

What Is The Fastest Way to Budget to Get Out of Debt?

Whichever way you choose to create a debt payoff plan as long as you are consistent is the one that works best. Popular methods for debt payoff are the debt snowball and the highest-interest first methods, but I tested these in different scenarios and found that each were effective.

The main thing you will want to remember is that paying off your debt IS a priority and you should make an effort to pay it down as quickly as possible. You may consider credit card consolidation as well although there are pros and cons to this.

Summary:

1. Creating a budget means you are in control of your finances. You can earn more and spend less if you need to once you know your numbers.
2. No budget is perfect, especially in the beginning Set aside time to review and adjust it as needed.
3. While debt payoff is the goal, you will want to have an emergency fund as well so you don't continue the cycle of accumulating more debt when unexpected expenses arise.
4. Be consistent in your debt payoff. As your income increases or your expenses decrease, be diligent in putting that money towards debt pay off to ensure the quickest resolution.

Other Articles About How Budgeting Can Keep You From Debt:

How to Budget Using Cash Envelopes

4 Ways Budgeting Will Improve Your Future

How to Get Your Budget Back on Track

How Can I Get Out of Debt Fast With No Money?

The post How Budgeting Can Keep You From Debt appeared first on I Am That Lady.

I was living the dream with a beautiful family, dream vacations, a custom-designed home, a luxury car, and all of the trappings to go with it. On the outside, I had it all together and I was what everyone wanted me to be. Then I hit rock-bottom. Our car was repossessed, we owed more on our house than it was worth, and I was using my near-the-limit credit cards to figure out how to buy diapers and groceries each week.

It's true, addiction is most often associated with things like substance use or gambling, but it can even extend to things like food, exercise, or spending money. Pardon the pun, but it's a sobering place to be.

Is Spending Money an Addiction?

It's said that 6% of the people in the US have a spending addiction. That's almost 20 million people! While it's common in our culture to “keep up with the Joneses,” and joke about a shop-till-you-drop mindset, the reality is the foundation of our economy fuels the idea of overspending with easy access to credit cards, marketing at every turn, and a consumer-driven economy. It's socially acceptable to be a compulsive spender, and often, it seems to be encouraged.

Is spending money addictive?

Addiction is a cycle. It's usually triggered by some type of event that brings up negative emotional feelings. Maybe these are associated with stress, not feeling good enough, or unhappiness. So it triggers a craving or an urge to distract yourself from the pain and make yourself feel better. You begin a ritual that leads to use. What follows are often feelings of guilt, remorse, shame, embarrassment, and stress. These negative emotions trigger the cycle to repeat which can make it hard to break.

Addiction can affect everything in a person's life like relationships, employment, or safety. Don't forget, your children are always watching and learning from what you do, too.

If you're wondering if spending money is an addiction for you, ask yourself if you

• • have a feeling of excitement when spending money
  • commonly spend more than you can afford
  • spend a lot of time browsing or shopping (stores, internet, shopping channels)
  • shop instead of spend time with people or working
  • feel guilty, ashamed, embarrassed, or confused after shopping or spending
  • hide purchases and receipts or lie about purchases
  • feel lost having no access to your credit cards or checks
  • feeling anxious when you don't shop for a period of time

What causes compulsive spending?

Compulsive spending can be caused by a number of things, but often it begins with trying to avoid negative feelings. These can be emotions of loneliness, depression, stress, or feeling out of control. Humans are hard-wired to avoid pain and discomfort for our survival. When we aren't taught as children healthy methods for coping with negative feelings, we look for easy solutions to distract ourselves and numb out to what's going wrong inside.

Compulsive shopping may be motivated by finding the perfect item, giving the appearance of a flashy lifestyle, or shoppers who love to score a deal and spend to save money.

Once you fill that goal, the brain releases chemicals like endorphins and dopamine – these are the feel-good chemicals. These are sometimes called the “happy hormones.” They are released automatically when we do things that make us feel good – exercise, laughter, and a feeling of accomplishment. Either way, our minds, and bodies react positively when our systems are flooded with these neurotransmitters, and so we do more of what we can to get them.

Is compulsive spending a mental illness?

I've made an argument for how compulsive spending can fall into the category of addiction, however, it's not officially recognized as a behavioral addiction by the DSM-5.

Some research shows compulsive spending can align closely with things like impulse control, obsessive-compulsive disorder, or bipolar disorder. Others maintain it sometimes co-occurs with disorders like depression, anxiety, or substance use (which impairs judgment).

Don't misunderstand, I am not saying you do or don't have a diagnosis – that's not the purpose of this article. If you have concerns, please speak to a qualified professional who is trained to make treatment recommendations that are best for you and your situation.

How do I stop compulsive spending?

The good news is, just like there is a psychology to the addiction cycle of spending, there is also a psychology to breaking that habit. I am proof that it is possible to stop the cycle of money-spending addiction and live a happy, debt-free life.

In my book, The Recovering Spender, I go into more details about how my family and I sat down and really discussed our priorities. What truly mattered to us? Was it the high-end car, the designer clothes, the latest electronics, or bringing the biggest gifts to the birthday parties? Or was it something else? You probably already know the answer.

I encourage you and your family to create a list of your values and the things that you want to accomplish together. Chances are, your list will include things like making memories, helping your children with college or their first home, or retiring early so you can enjoy your golden years with your grandkids.

From there, you can start to reverse-engineer your way out of the spending cycle. Set goals around the things you desire – starting an emergency fund, paying off credit card debt, saving for college, planning for retirement.

Practical Tips to Manage Overspending

1. Get honest with yourself (and your family) 

This was one of the hardest steps for me, but it was so necessary. I am very independent, and I was also the one in charge of our finances. So I was responsible for knowing what was in the accounts, how many cards there were, when we became overdrawn, and where I was shuffling money to hide it. This meant I had no accountability when it came to money.

It's so important to get a clear vision of your finances and know exactly what your expenses are, what your debts are, and what your income is.

2. Set a Budget

Once you know where you stand, you can create a budget. There is no hard-and-fast rule around this, and Google will tell you there are as many ways to create a budget as there are recipes for chicken. Basically, you want to make sure your expenses don't exceed your income each month. Include a plan for emergencies and for debt pay off, too.

I love using a financial planner and cash envelopes to keep me on track. This was especially useful when I first stopped using my credit cards because it allowed me to be conscious of exactly what I spent and what was left.

3. Give Yourself Play Money Each Month

Allow yourself some money to be spontaneous each month. If you've ever tried to diet and radically cut out all sugar and fried foods, you know it lasts a short time before you are binging on cupcakes after the kids go to bed (not that I've ever done that, but I've heard stories. . . ).

Schedule some activities that are alternatives to impulse shopping, but also expect that a little unplanned spending with the cash you have allotted will happen too.

4. Find Support

When I started my journey to financial health, I didn't have a lot of resources. Since we started by asking, “Is Spending Money an Addiction?” it makes sense that we treat the road back to financial health the same as we would recovery.

A support group like Debtors Anonymous that may meet locally or virtually and focuses on the 12-steps of recovery can be life-changing.  You may also choose to join a program like my Crush Your Debt course which includes an interactive, supportive community with the same goals you share.  Or, you may seek the help of a doctor or mental health professional.

Review: Is Spending Money an Addiction?

1. Spending money compulsively can be cyclical in nature often triggered by negative feelings. The act of shopping and buying can trigger feel-good hormones like endorphins and dopamine. When we realize our spending, it may come with associated feelings of guilt, shame, embarrassment,  or stress leading the cycle to start again.
2. Compulsive spending is not classified in the DSM-5 as a mental illness, although there may be some related behavior patterns that are similar. If you are concerned, speak to a professional.
3. Many people are able to recover from compulsive spending through a supportive program like Debtors Anonymous or a like-minded community like my Crush Your Debt group.
4. The first step is always admitting there is a problem and becoming honest about the situation. It's only when you know where you are that you can begin a plan for where you are going.
5. Set goals and a budget that aligns with your values and what's most important to you and your family. This will always act as your “north star” when making decisions about your finances and potential impulse spending.
6. Make a plan and stick with it. My Crush Your Debt Course is specifically designed to help you create a life you love around financial freedom and peace of mind. It's a step-by-step guide with all the follow-up, support, and encouragement you need to change your life.

Other Resources:

5 Things I Learned as a Recovering Spender

How Do I Talk To My Husband About Money Without Fighting?

6 Ways You're Wasting Money By Trying to Save Money

How to Budget With No Money and Curb Your Spending

How to Stay Debt Free and Stop the Cycle of Getting In and Out of Debt

The post Is Spending Money an Addiction? appeared first on I Am That Lady.

It’s a super easy predicament to fall into: an unexpected medical or dental bill, a surprise household fix requiring a contractor, the A/C going out on your car just as the weather is getting warmer. As carefully as you follow your expenses, a single event like these– something that’s necessary to tend to– can really throw your budget. Maybe you aren't even sure how to budget yet. 

But let me get real for a second: falling off track doesn't always happen out of necessity. Perhaps you ran up a bar tab with your girlfriends. Too many Postmates meals during a tough week? The cashmere cardigan you found on double-clearance and couldn’t pass up: these are some other ways I’ve taken a backslide.

Take a deep breath, give yourself some grace, and prepare to get things back in order. You can do this. 

Get your Finances Back on Track

The first thing you should do is grab my FREE BUDGET PACK, its 22 pages of amazing budget printables and tips! Grab your Free pack here or click the image below.

It can be a challenge to know where to start when you want to get your budget back on track. Here are some quick tips you can use to get the ball rolling.

Consider Cash

You may not know how to start a cash budget. First, start with your fixed expenses each month: housing, your car payment, insurance, and prescriptions. Whatever is left over is what you’ll be working with– withdraw this amount from your bank account in cash. Now you’ll have to fork over actual money each time you spend– and I’m telling you, it’s going to hurt a bit more than swiping some plastic (or worse, simply holding your phone next to the point of sale). 

Make a list of what this cash will need to cover for the month. This will be anything that fluctuates or the expenses you have a bit more control over. Groceries, for instance, can be pulled from this sum. Do you have a clothing or cosmetic budget? Now it comes from cash. Your eating out or “fun” budget? Cash. And once the dollar bills run out, you’re finished for the month. So you’ll need to make it stretch. 

Figure Out What You’re Really Spending

This may happen as you’re forking over cash throughout the month, but it’s worth looking over a few months of bank statements and determining where your money has really been going. Just because you’ve established a budget category doesn’t necessarily mean you’ve been following it. And those “miscellaneous” expenses can pile up fast.

Being honest with yourself– and with your partner, if you have one– is key here. Figure out what you can spend, and compare it to what you’ve been spending. There are many ways to come up with the difference, but you’ll need to either spend less or earn more. Period.

How do you reverse a budget?

Reverse budgeting is one approach to shaking up the way you make and spend your money. Frequently referred to as “paying yourself first,” this process involves targeting your savings goals out the gate– and then letting the remaining chips fall into necessities and wants. 

This is not to say that you target your savings above or before necessary expenses like housing or your electric bill. But it may look like ensuring that $200 makes it to your savings account before tackling anything else for the month. Maybe it’s a paycheck auto-draft into savings, so you never even “see” what you’re missing. Or maybe you line up your credit card minimum payments first, ensuring these are met each month before allotting a grocery or clothing budget. 

If you feel like you’re on a hamster wheel and cannot gain any traction toward your savings or debt payment goals, sometimes flipping your whole budget on its head can be a fresh start. 

How do I rebuild my financial life?

Diligence is key because– spoiler alert– you’re going to fall off the wagon—more than once. Like I’ve mentioned above, all it takes is one unexpected expense to throw your budget into turmoil. And I know how discouraging that can be when you’ve dedicated hours to pruning your budget spreadsheet.

First things first: don’t panic. Build your emergency fund by learning how to save $1,000 fast, which is not as scary as it sounds. Empty those closets: any handbags you haven’t used? Shoes you haven’t worn in a year? Holiday gifts that were never removed from the shrink wrap? Gear up to sell these things online, and build a few hundred bucks of cushion in your bank account. When the next unexpected bill hits, you can pull from your emergency fund instead of burying the expense on a credit card. 

Once you’re ready to unpack where you are, how you got here, and how to climb your way out, My online Crush Your Debt course is a great place to start. Remember, you are not alone, and this is something you can work through.

How do I get back on track with credit card debt?

Once you’re on the treadmill of minimum payments, it can be hard to see progress. And when you feel like you aren’t making any headway, it can be easy to slide even deeper into debt. I was $40,000 in credit card debt at my lowest, my car was repossessed, and I had to level with my husband about the immense secret I’d been hiding. Today, I’m on the other side, and I promise you can be too.

You may have heard of the debt snowball method already, and it’s one great way of starting and building momentum. Begin with your smallest debt first, and as you pay off each balance, you’ll feel a sense of confidence and motivation to keep going. 

To recap, there are plenty of things you can do to get your budget back on track. I know that getting out of debt can be discouraging and stressful, but there are many small things you can do to achieve your goals. 

1. Evaluate Your Actual Spending

Drop that budget spreadsheet for a hot minute and pull out your bank statements instead. Once you know what you’re really spending each month– and where the discrepancies are– you can focus on where your behaviors need to change. I developed my own planner just for this reason, learn how to set up a budget planner in my post where I walk you through how to evaluate your actual spending step-by-step.

2. Consider Cash (or Debit)

I know, this probably doesn’t sound fun. But once you know what you’re spending, and you’re serious about adjusting it to meet your actual budget, stashing the credit cards can be one way of facing facts. If you’re paying with cash or a debit card only, there’s really no way to overspend– so this is a good foundation for getting your budget back on track. Want to learn how to do this, check out my step-by-step article on how to budget using cash envelopes.

3. Try a Reverse Budget

If you’re constantly combing together your minimum payments or struggling to save, try flipping the whole budget on its head. When your paycheck comes in, pay your debts first, then focus on necessities like housing, food, and health insurance. Everything else can come from what is left.

4. Build Your Emergency Fund

Even if your emergency fund only starts out with a few hundred bucks, this can be the buffer that saves you from piling on a credit card the next time an unexpected expense comes up. Flat tire? Pull the cost from your emergency savings, and then using the reverse budget method, pay yourself back first by replenishing your savings account ASAP. This way you’re avoiding credit cards altogether.  Here is how to get money in your emergency fund in 5 easy steps.

5. Develop a Plan

If you struggle to stay on track with the budget you’ve created, it’s time to re-think your plan for getting out of debt. Be sure to shine a light on all that you owe, and line up a repayment plan using the debt snowball or debt avalanche approach. Each has its own pros and cons, but the important thing is finding a method that keeps you motivated and making progress.

6. Expect Upsets & Be Prepared to Start Over

No debt repayment plan moves smoothly from step to step. It’s the exception and not the rule to make smooth monthly payments without hitting some sort of speed bump. If you stay dedicated to building your emergency fund, and rebuilding it as needed, your budget can weather some surprises without completely toppling over. 

But also, I’m here to tell you that at some point, it’s going to topple over. This is where you remember your “why,” stay away from toxic self-talk, and right your apple cart to begin again. 

7. Connect with Others

If you’re not comfortable talking money with close friends or family, you can find a community online to support you through this process. Understanding that you aren’t alone is important throughout this process. Breaking through the silence and isolation will help you get– and stay– on track with your budget. Connect with me online and join my online program for access to a community of people with the same challenges and goals. 

The post How To Get Your Budget Back On Track in 7 Easy Steps appeared first on I Am That Lady.

How Should a Beginner Budget?

Review How Should a Beginner Budget:

1. Get a clear picture of your finances.
2. Know your values and your goals.
3. Decide on the type of budget you plan to follow.
4. Use a budget planner to help keep you organized.
5. Understand that while a budget keeps you on track, it can change each month and there will be unexpected things that come up. It's best to be prepared for them in advance so you don't resort to credit.
6. You can even start a budget with no money, and it will help you from accumulating a lot of debt until your income becomes sustainable.

Other Articles You May Be Interested In: 

The post How Should a Beginner Budget? appeared first on I Am That Lady.

It may feel overwhelming to wonder how you can pay off your debt and manage your daily expenses AND still find a way to build an emergency fund, but it is possible. And I promise it doesn't involve selling your blood and eating food from the dented can aisle (which I don't recommend, by the way!). Read on for some tips on how you can get out of debt fast with no money while still enjoying your life.

How Can I Get Out of Debt Fast With No Money?

The important thing is not to panic. When you are feeling flustered, anxious, or depressed about your financial situation, you are likely to make decisions that aren't based in your best interest. Remember your situation is fixable. There is a way out, and you can do it. I know because I've been there.

If you have a partner, you'll want to get them involved in this process. They need to understand what's going on financially now and moving forward. You both need to be on the same page with full transparency. I recommend setting aside a day together. Have someone else watch the kids if you have them so you and your partner can focus without distractions. I also encourage you to plan a dinner afterward, like a celebratory pizza. Forbes talks about the idea of a “budgeting date night.” It might sound odd, but it reinforces the idea of coming together for a common goal and alleviating some of the stress from the money topic.

How do I get out of debt with no money?

One of the first steps is to create a financial bucket list. This seems almost counterintuitive, but trust me on this! Dreaming is an important part of the process. You want to be on the same page about what you want your money to be able to do for you. It shows that you have future goals for your money, and it can be a valuable tool on those days when you feel like giving up.

The most important thing when you are trying to budget with no money is to make your budget a reflection of their values. What do I mean by that? Well, in the moment, as a spender you think you value a girls' day out at the spa.  But the truth is, it's not really at the heart of what you put on your financial bucket list above.  Instead, you listed out things like being out of debt, retiring early, maybe having an investment property, taking a real vacation, and so on.

How can I get out of debt if I live paycheck to paycheck?

It might feel like you're living paycheck to paycheck, but it may not be the reality. You'll want to take the time to get a clear vision of your finances. This exercise will take some time, but it's worth it especially as you start to gain clarity of your unconscious spending and your unnecessary expenses each month. I still remember when I first did this exercise; I was hitting the drive-thru for a Coke every time I was in the car. A dollar or two a few times a week quickly became almost $50 in soda a month! Once you have written down all of your spending, is there anything you can cut out?

So many times we just keep doing what we're doing because it's our habit. You might realize there are a lot of things you can streamline in your monthly budget that will save thousands! Your budget is probably leaking a lot through car payments, cable, cell phone bills, grocery spending, subscriptions, and more.

Make a Debt Payoff Plan

As you have a clear understanding of where your money goes each month, what your monthly bills are, and what your income is, you can begin to make a debt payoff plan. There are options for how you choose to do this whether a Debt Snowball Method or the Largest Interest Rate First Debt Payoff Method.  Whichever you choose, just be consistent in working to pay down your debt each month.

Will unpaid debt ever go away?

The short answer is, “yes, your unpaid debt will go away.”  BUT,  only if you start making some lifestyle changes.

When I started this journey, I was over $40,000 in credit card debt. I've come a long way in changing my spending habits and learning how to handle money. There have been some adjustments, and it hasn't happened overnight. But the end result of being debt-free AND  living a life of freedom in alignment with my values and what is truly important to me is so worth it.

It's possible to pay down your debt even if you are a household with only one income.  You may choose to explore ways to increase your income through side hustles or using money-making apps or reselling on Poshmark. Get creative with making some extra money, and use this to get out of debt fast with no money. You'll also want to start building your emergency fund as soon as possible so you have that cushion available when needed and can stop the debt cycle from reoccurring.

To get a jumpstart on getting out of debt fast with no money, I invite you to join my Crush Your Debt Course where I go over step by step everything you need to know about financial freedom and instilling lasting change. Everything from debt payoff to budgeting to meal planning to thrift store shopping for reselling. This is exactly how I changed my life and you can too.

Let's Review How to Get Out of Debt Fast With No Money:

1. Start by creating a positive vision for your financial future with your partner if you have one.
2. Ensure you make financial decisions based on your shared values and goals.
3. Get a clear vision of your finances including regular expenses, miscellaneous spending, and income.
4. Decide where items can be streamlined to create fewer expenses and allow for more income each month. Look at things like meal planning, cable, subscriptions, cell phones, etc.
5. Explore ways to earn additional income like side hustles. money-earning apps, or reselling to pay off debt faster.
6. Choose a debt payoff method. I like either the debt snowball or the highest interest first debt payoff method. Be consistent.
7. Commit to regular budget planning date nights where you review and plan and celebrate your budget together.
8. Know that your debt will not last forever. It's temporary and fixable. You can change your mindset about a spending lifestyle and build a life of freedom!

Other Articles You Might Like:

How to Stay Debt Free and Stop the Cycle of Getting In and Out of Debt

How to Break the Cycle of Living Paycheck to Paycheck

7 Ways to Save Money on a Tight Budget

How to Budget When Your Money is Running Out

How to Budget Monthly in 5 Easy Steps

The post How Can I Get Out of Debt Fast With No Money? appeared first on I Am That Lady.

Inexpensive Birthday Party Ideas at Home:

Since I watch money blogs and market reports pretty carefully, I wasn't surprised to learn an average birthday party can cost about $400-$500 for most families. Remember an average is made up of a lot of higher totals, too. Yikes!  All you have to do is scroll on Pinterest for any amount of time, and you'll see some of the themed decor and menu ideas that can easily spiral many parents into debt.

Before you blow your budget on an afternoon celebration for your child, consider there are ways to make wonderful memories and still stay within your means.

How can I make my birthday special without money?

Think about the things that make you feel special. Chances are it might be being remembered, celebrated, and treated a little better than the everyday.

Include something special to your guest of honor 

People, including kids, want to be recognized as being heard and seen. When you take the time to include little things they love in your celebration, they will remember.  Some ideas could be choosing a favorite flavor cake (or a unique dessert they enjoy if they don't like cake), letting your son or daughter dress in a favorite outfit for the day; or everyone wearing something with the birthday child's favorite color.

Make the day a special occasion

However your family marks special days, chances are a lot of these things you have on hand and they are easily within your home.  Do you use the dining room instead of eating in the kitchen (or in front of the tv – guilty!)? Can you use the fancy china dishes and crystal? Maybe consider eating by candlelight?

Connect with special people

One value I have taught my children growing up – it's not the things, it's the people. My best memories are those shared with my family and friends. Maybe it's Christmas morning with a houseful of relatives or a freezer swap now with my close girlfriends. Either way, it's the people that make the moments.

How do you celebrate a low-budget birthday party?

The important thing to remember is that celebrating an inexpensive birthday party at home doesn't have to be boring or uninspired. One of my popular posts centered around a Frozen-themed party with this wonderful homemade ice cream cake.  A lot of the activities included were printables and items from around the house or dollar store.

Other fun activities might include

Hosting a Game Night

I might be dating myself, but I used to LOVE Twister! And nothing got us in more giggles than having my parents contort themselves into crazy shapes and lose their balance! This was special because it wasn't something they did every day with us, but on special occasions, they had fun and enjoyed themselves.

Spoiling Them with a Spa Day

This is one of my favorite ideas! I get TONS of samples and free goodies from Sephora. No doubt you can find some nail polish at home or even make up some DIY face masks and hair treatments on your own to plan out your spa night. Make some mocktails with juice in a fancy glass to serve. Perfection!

Getting Creative with Crafts

Boys and girls can enjoy making things like crafts or even bigger projects for the older ones. Many stores have dollar sections and there are also tons of ideas on Pinterest. After everyone makes their finished project, they will have something special to remember the day.

Planning an Escape Room or Scavenger Hunt

This might take some more creativity on your part, but Escape Rooms seem to be all the rage right now. Come up with a great story, find some props around your house, and have fun. This blog on Insider.com shares all the details on how to make this work.

What should I do at my birthday party at home?

The important thing to remember when planning some inexpensive birthday party ideas at home is to still treat it like a special day. Don't let being home or your budget be a reason to minimize this special day.  Since you aren't timebound by a restaurant or event-based party, get creative!

Breakfast in bed 

This always made me feel special when I was younger. Mom would come into my room with a tray spilling over with my favorite foods and a bud vase with a little flower. Little ones still love this (adults too, but we often end up on prep and clean up in the kitchen, so this idea isn't for everyone!). You can even decorate the bedroom with balloons or little shaped notes about why you love them and what makes them special.

Picnic at home. 

You can easily have an indoor or outdoor picnic in the backyard – spread out a favorite blanket, some foods that are easily transported (or keep them hot or cold with a therms or cooler). Voila! Instant memories!

 Celebrate virtually with family and friends

By 2021 people have had a lot of practice with technology like Zoom, Google Meet, and Alexa Show. Even non-tech savvy people are finding it easier to connect with loved ones from a distance. There are also fun party game apps you can all play together virtually.

Being home to celebrate your birthday on a budget doesn't have to be boring. This isn't an exhaustive list, but I hope I sparked some creative juices flowing with inexpensive birthday party ideas at home.

1. Include something special to your guest of honor.
2. Make the day a special occasion.
3. Connect with special people.
4. Consider ideas like game night, a spa day, a craft-ernoon, or an escape room as things you can do together to laugh, have fun, and make memories.
5.  Make the day different by doing things you don't normally do such as breakfast in bed, having a picnic (even inside), or joining family and friends virtually for celebration.

Final Thoughts

If you really need to get out of the house (2020 has been a year!), you might enjoy some of these ideas with birthday freebies. Free drinks or free meals for kids AND adults, there is a lot to choose from! Check out my posts on Birthday Freebies and Birthday Freebies for Kids for restaurants and businesses that participate in sharing the birthday love.

The post Inexpensive Birthday Party Ideas at Home appeared first on I Am That Lady.

How Do I Stop Fighting About Money With My Husband?

First off, you aren’t alone. This is one question I’m asked more frequently than almost any other. Maybe you and your spouse were raised with lifestyles that were drastically different, or maybe you’re drowning in debt and can’t see a way forward. Whatever the reason for your tension, you can find a productive way of talking finances without escalating to an argument every time.

What do I do when I can’t stop fighting about money with my husband?

This scenario may be familiar: you both come home from work, there’s brief downtime– maybe a glass of wine, a podcast, some cooking– and then it starts. The same argument you’ve had every night for the last several months: he’s spending too much on nights out with the guys. Your gel nail habit is dinging the joint bank account, and he disapproves. Maybe you are both living beyond your means and aren’t comfortable discussing it or can’t reconcile how to rein it in.

I get this question more than you might think– all the time, in fact. You are not the only couple to be exploding on the regular over this topic.

In this article, I’ll explore some ways to wrap your arms around the idea of having a meaningful discussion and stop fighting about money with your husband. There’s little else that can get a marital argument going in the ways that money can, but I have been in your position and I can help.

Is it normal to argue with your spouse every day?

Normal, maybe. Healthy– probably not. For comparison, another common marital argument topic is sex, but that may come up only a few times each week or each month, depending on your relationship. Money, on the other hand, is something we are handling and exchanging every day. It’s crucial to be on the same page as your spouse and actively working in the same direction.

For some quick tips on how to get out of this rut, try my 5 Ways to Get Your Spouse on Board with Money. These are some starter ideas to try and work toward a common goal or talk about your finances with a more positive framework.

Have you spent your quarantine dreaming of a tropical vacation? Planning a trip together and saving toward that goal as a team can help you to pull the rest of your finances back on course. Once there is a concrete “why” that you can agree on working toward, the rest more easily falls into place.

Why do married couples fight over money?

Marriage experts at the Gottman Institute insist that “arguments about money aren’t about money.” They’re about the power dynamic in your relationship. Like it or not, someone probably holds the marital keys to the bank account, while the other partner is more passive about your finances. This creates a power differential that lends itself to fights.

Once established, your roles with money may be hard to shift. One of you may be the perpetual “spender” while the other is inclined to save. Maybe one partner wants to bring money up while the other would prefer to avoid it. Whatever the case, it may be worth setting up an appointment with a professional counselor to get on the same page. Reaching the point where you can talk finances without getting defensive is a must.

How do you resolve financial conflict in a marriage?

When my ex and I were at our lowest, our $40,000 of credit card debt was the elephant in the room. If you can shine a light on your darkest financial secrets together, this is the scariest– and most productive-place to start.

Set up a weekly or monthly meeting to talk about money in very direct, honest terms about money with your spouse, and don’t invite your shame to that meeting. Transparency and communication will be vital to saving your marriage; I’ll talk about that more in a minute.

Just know first that the road to resolution– and to stopping the same argument over and over– begins with honesty. Much as you may want to hide the problems keeping you up at night, the only way out of this is through.

The monthly money meeting

Sitting down to talk about money regularly can save your marriage. I can say this with confidence because Mark and I made it back from that $40,000 hole of debt– but only once we were honest with ourselves and with each other about the position we were in.

If you are both at a loss of where to start, you may try some starting points like my online Flip Your Debt course. It’s made up of videos and worksheets you can tackle as a team. Heck, toss in dessert and make it a date! As long as you are willing to level with each other once a month at least, you’re headed in the right direction.

Consider a cooperative side-hustle

Maybe it’s time you spend your evenings painting the town and catching up in your car. Try teaming up for two nights a week running Doordash as a team. The job will give you a shared focus and goal, and you can feel like a debt-busting team when you work the hustle together.

A side bonus is that you can save toward that dream vacation or make micropayments toward shrinking your debt as you go. If you Doordash together and knock out $50 a night worth of jobs, doing this twice-weekly will help you knock out an extra $200 a month toward your debt snowball. If you make payments against your debt as soon as your side hustle pays you, you won’t even miss the money from your bank account.

So Bluetooth an audiobook of your choice into the car, or catch up on each other’s days in the front seat. Set up the kids in the back to crash in their car seat or play games on a tablet while you drive.

This is just one side hustle that lends itself to being done as a team and helps you tackle your debt as a pair while spending time together toward a positive goal. If the passenger’s seat occupant spends the drive researching hotels and waterfall hikes, you may even forget that you’re working.

This is Fixable

The post How Do I Stop Fighting About Money With My Husband? appeared first on I Am That Lady.

Which one is right for you?

I took an in-depth look at both debt payoff methods including a couple of examples. But before I get to the results – the most important thing in paying off debt is that you make it a priority! While you are learning how to stay debt-free and pay off your debt, you will fail 100% of the time if you're not committed.

How to Create a Debt Payoff Plan:

Debt Payoff is a big deal these days. According to this recent study by Nerdwallet, a quick glance at the financial situation of the average American family will explain why:

• • The total credit card debt is $915 billion
  • Total auto loan balances are $1.36 trillion
  • Total student loan balances are $1.55 trillion

That's a lot of debt people! But you don't have to be a contributing statistic to our country's debt epidemic. Speaking from experience, getting that debt paid off is awesome. The most surefire way to get it done is to HAVE A PLAN.

What Is the Best Debt Payoff Method?

For this debt payoff method comparison, I created a couple of “portfolios” of debt. I also created a gigantic spreadsheet to help me create debt payoff plans using both the debt snowball debt payoff method and the highest interest rate first debt payoff method.

One of the scenarios is somewhat realistic, although that auto loan rate is crazy high (more on that later), while the other scenario is very wacky.

Here's the first debt portfolio (somewhat realistic):

• • Credit Card – Balance: $2,500, Interest rate: 10.00%
  • Student Loan (Public) – Balance: $9,000, Interest rate: 5.00%
  • Auto Loan 1 – Balance: $20,000, Interest rate: 7.00%
  • Auto Loan 2 – Balance: $8,000, Interest rate: 13.00%
  • Sum of minimum payments: $550
  • Extra monthly money available for debt: $200

Here's the second debt portfolio (wacky):

• • Credit Card – Balance: $2,500, Interest rate: 2.00%
  • Student Loan (Public) – Balance: $9,000, Interest rate: 11.00%
  • Auto Loan 1 – Balance: $20,000, Interest rate: 12.00%
  • Auto Loan 2 – Balance: $8,000, Interest rate: 8.00%
  • Sum of minimum payments: $550
  • Extra monthly money available for debt: $200

Option 1: The Debt Snowball Method

Under the debt snowball debt payoff method, you ignore interest rates and pay off your debts according to the size of the balances, starting with the smallest balance first. Any extra money that you find in your budget goes towards getting that first debt paid off.

Once the first debt is paid off, any money in your budget that was going towards paying off that debt will not be applied to the next debt to be targeted. Continue “snowballing” previous debt payments into the next debt until you have an avalanche of money going towards that final debt to pay it off once and for all. This simplified chart helps illustrate the method. It is assumed that $650 is available each month for debt payments.

I hate to talk math at y'all, but this isn't too hard, right? I did take the interest rates out of this to make the numbers nice and round… if they were included, the above debt balances would be slightly increasing from month to month. But I hope you get the point.

Pros and cons for the snowball method

• • Pro – total number of debts reduced quickly.
  • Pro – small emotional victories can help motivate.
  • Pro – easy to follow.
  • Con – might take longer to become debt-free.
  • Con – you might pay a little more in interest.

Option 2: Largest Interest Rate First Debt Payoff Method

Many personal finance experts recommend paying off the largest interest rate debts first and then tackling the smaller interest rates. The reasoning is fairly simple: the quicker you pay off high-interest debt, the less you will be paying in interest.

Mathematically, this makes perfect sense. You pay less on interest and more on the principal, and your debt gets paid off faster.

Using this method, you should still “snowball” your debts. Once one debt is completely paid off, you take what you were paying on that one and apply it to the next debt in line. Technically, both methods should involve “snowballing”… but when finance nerds say “snowball method”, they are generally referring to paying off small balances first.

Pros and cons for the larger interest rate paid first method

• • Pro – the mathematically quickest way to debt freedom.
  • Pro – less interest paid.
  • Con – carry a larger number of debts for longer.
  • Con – possibly more difficult to manage.

The Comparison in Action!

Portfolio 1

I will first show you just how long it will take to pay off this debt if you didn't apply any other money except the minimum payments and don't snowball your payments. In that case, it would take you 9 years, 5 months, and $53,058 to pay off this portfolio of debt.

Using the debt snowball debt payoff method and applying an additional $200 a month on top of the minimum payments, debt portfolio 1 would be paid off as follows:

• • Credit Card – Balance: $2,500, Interest rate: 10.00% – Payoff date: Month 11
  • Student Loan (Public) – Balance: $9,000, Interest rate: 5.00% – Payoff date: Month 45
  • Auto Loan 1 – Balance: $20,000, Interest rate: 7.00% – Payoff date: Month 64
  • Auto Loan 2 – Balance: $8,000, Interest rate: 13.00% – Payoff date: Month 31
  • By paying $750 total each month, this total debt of $39,500 will be paid off in less than 5 years, 4 months.
  • Total paid: $47,428

Using the highest interest rate first debt payoff method and applying an additional $200 a month on top of the minimum payments, debt portfolio 2 would be paid off as follows:

• • Credit Card – Balance: $2,500, Interest rate: 10.00% – Payoff date: Month 31
  • Student Loan (Public) – Balance: $9,000, Interest rate: 5.00% – Payoff date: Month 63
  • Auto Loan 1 – Balance: $20,000, Interest rate: 7.00% – Payoff date: Month 56
  • Auto Loan 2 – Balance: $8,000, Interest rate: 13.00% – Payoff date: Month 27
  • By paying $750 a month, this total debt of $39,500 will be paid off in less than 5 years, 3 months.
  • Total paid: $47,055

Using this somewhat realistic debt portfolio, paying off you will save $373 over the course of 5 years, and pay the debt off one month sooner. But take a look at how long you have to wait until even a single debt is paid off – over 2 years!

Is it worth it to tackle the highest interest rates first to get that more mathematically pure debt payoff? It's up to you. But here's the thing, it usually makes almost no difference at all. Here's why – smaller debt balances tend to have higher interest rates anyway. So no matter which method you choose, the order that you pay off debts won't vary too much. Even in this scenario, I had to create a high balance debt with a super high-interest rate just to show any kind of significant difference between payoff dates.

That said… if your debt balances have super wacky interest rates, then you might want to consider paying off the highest interest rate balances first. Scenario 2 illustrates this.

Portfolio 2

Paying just the minimum payments and not snowballing debts, it would take 11 years, 6 months, and $61,794 to pay off this debt.

Using the debt snowball debt payoff method and applying an additional $200 a month on top of the minimum payments, debt portfolio 2 would be paid off as follows:

• • Credit Card – Balance: $2,500, Interest rate: 2.00% – Payoff date: Month 11
  • Student Loan (Public) – Balance: $9,000, Interest rate: 11.00% – Payoff date: Month 47
  • Auto Loan 1 – Balance: $20,000, Interest rate: 12.00% – Payoff date: Month 73
  • Auto Loan 2 – Balance: $8,000, Interest rate: 8.00% – Payoff date: Month 29
  • By paying $750 total each month, this total debt of $39,500 will be paid off in less than 6 years, 1 month.
  • Total paid: $54,061

Using the highest interest rate first debt payoff method and applying an additional $200 a month on top of the minimum payments, debt portfolio 2 would be paid off as follows:

• • Credit Card – Balance: $2,500, Interest rate: 2.00% – Payoff date: Month 53
  • Student Loan (Public) – Balance: $9,000, Interest rate: 11.00% – Payoff date: Month 70
  • Auto Loan 1 – Balance: $20,000, Interest rate: 12.00% – Payoff date: Month 58
  • Auto Loan 2 – Balance: $8,000, Interest rate: 8.00% – Payoff date: Month 66
  • By paying $750 a month, this total debt of $39,500 will be paid off in less than 5 years, 10 months.
  • Total paid: $52,457

The savings in this method are $1,604, and it will be paid off 3 months sooner. Those savings are definitely more significant, but still not as much as you might think.  I had to create a ridiculous scenario to get this result where the balances and interest rates are inversely related… although I suppose having 0% on a credit card for a limited period of time is quite common.

The Verdict: What is the most effective way to pay off debt?

The biggest takeaway from this calculation is that either method you choose, you've got to snowball your payments! In the first scenario, adding $200 a month and snowballing payments gets you debt-free 4 years sooner and you will pay about $6,000 less in interest. A small amount of extra money each month makes a huge difference in getting this debt paid off.

I'm not going to advocate strongly for either method. Use whichever method will give you the greatest probability for success. If getting those early wins of paying off smaller debts motivates you to keep going, then go with the snowball method (smallest balances first). That's what worked for me. If the thought of tackling your debt using a more mathematically pure method motivates you, then use the high-interest rate first method.

Whichever method you choose, “snowballing” those debts is a must. When you're in ‘get out of debt' mode, just throw everything you have at it, be patient, persistent, and watch your debts melt away.

How do I Set Up a Plan to Pay Off Debt?

Interested in your own personal debt payoff plan? I've got something that can do just that!

Let me guess… you're interested in me sending you the spreadsheet so you can create your own debt payoff plan? Trust me… you don't want it. It's kind of a mess. But I'll go one step better and provide you access to a tool that will give you your own personalized debt payoff plan!

Can I Set Up a Debt Management Plan Myself?

I firmly believe you can do anything you set your mind to with a plan and disciplined commitment.  It can be challenging to change habits and mindset, especially when it comes to money patterns and behavior. I created my signature Flip Your Debt course which guides you step by step to financial freedom.

The course is unique from just a simple spreadsheet with your debts and some dates scattered across it. We dig into the emotions you hold around money so you can create lasting results with your finances.  In other words, get out of debt and stay out! And you'll receive a supportive community of those with similar goals so you can encourage one another in achieving your desire to be debt-free, and celebrating each milestone along the way!

Summary:

You already know being saddled in debt isn't helping you live the life you imagined. There is hope to get out from under the weight of debt and step into a life of financial freedom.

1. Start by figuring out how much debt you have, the interest rates, and the minimum payment amounts
2. Decide your monthly income, and also note additional monthly expenses
3. Determine how much extra money you can put towards your debt payoff goal. Remember any little extra helps!
4. As much as possible, trim your monthly expenses. I have lots of ideas on my blog for things like saving on your groceries, saving on your cable, and more.
5. Can you make any additional income each month? There are side hustles and money-making apps to help you out. Remember your goal is paying off your debt.
6. You may choose a debt payoff method like the Debt Snowball or the Higher-Interest Rate First. There are other strategies out there too. The point is to choose one and be committed.
7. Once one debt is paid off, use that monthly payment amount and put it towards the next debt in line. Remember this takes discipline.
8. A course like my Flip Your Debt can help you with the emotions around debt and financial freedom by giving you step-by-step support and an encouraging community of like-minded women.

You may also like: 

How to Get a Clear Vision of Your Finances

How Using a Financial Bucket List Can Help You Get Out of Debt

6 Steps to Getting Out of Debt with One Income Quickly

How to Budget: Tips to Sticking to Your Budget for Good

The post How to Create a Debt Payoff Plan appeared first on I Am That Lady.

How To  Plan a Family Meal on a Budget:

How do I start a family meal plan?

This is not to suggest you go into the store and just grab a bunch of random protein, produce, grains, and sale items. You need to shop with a plan. If you shop without a plan in mind, you will buy things you don't need AND you will forget the things you do. The former is a waste of money, and the latter will have you running back to the store before you can make your meal or ordering take-out. Neither of these will meet your goal of working to plan a family meal on a budget.

I have created my family meal plans to be delicious, family-friendly, and money-saving.  You have everything you need including ingredient lists, the best stores to shop (Aldi is one of my perennial favorites!), and preparation instructions. If you want to have even more fun, you can get together with a group of family or friends and have a freezer meal swap party. This way everyone can cook a little and get a variety of meals.

1. figure out what you are currently spending on groceries each month
2. set a goal of what you would like your grocery budget to be
3. begin by cutting down your monthly budget by 25% each month and stay within that limit
4. allocate 1/3 of your new budget for fresh foods, 1/3 for dry goods, and 1/3 for loss leaders
5. use my meal plans to help you start a meal plan and prepare a targeted list of what to buy and when and build a pantry and freezer full of meals to have on hand
6. consider organizing a freezer swap party with family and friends to get more variety in less time
7. have a few fail-safe cheap family meals in your repertoire just in case you aren't in the mood for anything in your freezer while you build up your inventory

The post How Do You Plan a Family Meal on a Budget? appeared first on I Am That Lady.

How to Focus on Your Finances in a Pandemic-Changed World

1.) Financial Upheaval

I’m looking at you, “essential workers.” And those of you who work in industries like entertainment and hospitality. Not to mention healthcare workers. If you’ve been lucky enough to retain your job at full pay through this pandemic, chances are you are burnt out at best, and at worst, that your health has suffered. 

Focusing on big financial goals like your debt snowball may have understandably taken a backseat over the last year. In my social circle, priorities like supervising a fourth grader’s online education and restocking the household cache of Clorox wipes have become paramount. But when I say this is the perfect time to refocus on your finances, I mean it. 

The post-pandemic world looks different in many ways, and as we continue our recovery as a society, we’ll develop a clearer picture of the path forward. For now, know that assessing your current financial picture is an excellent start to regaining a sense of control over your life. Focusing back on your finances is one thing you can control right now.

2.) Restoring Financial Balance In A Pandemic-Changed World

If you’re anything like me, you’ve emptied your emergency savings account more than once over the last year. In addition to life’s more common speed bumps (a medical bill here, a car repair there), we’ve had to do things like up our home internet speeds and build a whole wardrobe of masks to wear when we leave the house.

But as I said, you are at the perfect turning point to restore some order to your finances. I’m not a fan of the term “new normal,” but at least the curveballs are a little more expected than they were at this time last year. 

If your savings account is empty and you’re looking to get back on track, have a look at my go-to tips for saving $1,000 fast. This is sure to gain you some momentum and confidence.

3.) Getting Your Finances Back on Track

A global pandemic has changed the world of commerce on all fronts. Many people have lost their jobs due to COVID-19, and you very well may be one of them. Perhaps you've been floating your living expenses on credit cards, or maybe you've moved in with your family to save money. Let me stress: there is no shame in this. You've done what you've needed to do to get through an impossible situation. What's important to focus on are the steps you'll take next. 

4.) Stimulus Checks

With rumblings of a third stimulus payment coming from Capitol Hill, now is the time to consider what you might do with an extra $1,400 in your bank account. While I advise against relying on this cushion (Congress can shake things up at any time), strategize now about where this windfall could make the most significant impact. There's a reason government is infusing cash into the economy; they recognize the extra financial stress Americans like you, and I have been under since the pandemic began. (A full wardrobe of masks is not cheap. Don't even get me started on the cost of KN-95s!)

First, consider restoring your emergency savings. The best way of avoiding your credit cards is to have emergency cash on hand when something crops up. In my Flip Your Debt course, I go into more detail about setting yourself up for success in lining up bank accounts. The pandemic has likely changed your income and outflow habits; it's time to focus on your finances differently.

Did you take out a personal loan or payday loan to make it through the last twelve months? I totally get it– maybe there was no other option available to you. But now could be the time to pay that money back, or at least make a dent in it. Consider directing any stimulus funds toward your highest-interest debt first. If the pandemic has wreaked havoc on your budget, use your stimulus check as leverage to focus back on your finances in a pandemic-changed world.

5.) Tax Returns

Okay, this is admittedly one of my weaknesses. After a year of hard work (and let’s face it, 2020 was hard), it can be easy to view your tax return as a little reward for all that you’ve done. If you’re used to a new handbag or a Sephora splurge when your tax return hits, think about handling things differently in 2021.

Times like these have put us all under excessive stress, and maybe it’s time to move on that pair of earrings you’ve been eyeing since July. Has your work-from-home setup been lacking an actual desk? Consider throwing a little money at a more sustainable setup if you continue working hours from your dining room or couch.

All of that said, it’s so enticing to think of your tax return as a bonus. If your emergency fund has taken a hit, though, consider restoring it before treating yourself to anything else. If trying that new mascara at $25 will scratch that #treatyoself itch, I say go for it. But earmark the rest of your return for anything that will ease your burden most. Your emergency fund or low-hanging fruit (debt with balances of lower than $1,000) should be the top priority.

Shifting Your Habits 

At my house, trips to restaurants have plummeted. But on a weary night, Postmates is a dangerously easy tap-tap away. We don’t see movies in the theater, but we pay a premium from time to time for the latest streaming releases. And when it comes to leaving the house, we’re more inclined to hike outside than visit an escape room.

The pandemic has radically re-shaped how we spend our free time, and it has also changed how much energy I'm able to focus on my finances in a changing world. My lifestyle looks and feels entirely different. What does that mean for my wallet? Plenty of things: some good, and some not-so-great. 

1.) Evaluate Your Streaming Services

Especially if you have been housebound since last spring, sit down and weigh out your current monthly expenses for streaming services alone. What may have started as Netflix (whose pricing has quietly gone up over the last year) may have expanded to include Hulu, Disney Plus, Spotify, and other paid apps. 

One consideration for focusing on your finances in a pandemic-changed world is to evaluate which services you are actually using in a given month. If you’re bingeing Bridgerton (Netflix), consider a break from Hulu’s monthly cost. If your family can’t get enough of The Mandalorian (Disney+), weigh out the idea of suspending other services for a while.

Quarantine made us all a bit click-happy with streaming entertainment, but such a load isn’t sustainable– or financially smart. Pick the two or three apps garnering the most use in your home, and cut the cord on everything else each month. You can shuffle the cards as often as you’d like, and often, services will try to lure you back with free trials to places to Hulu or Fubu. 

I’ve always been a fan of Sling TV, but while we’re at it, when is the last time you tried negotiating your cable bill? Being open, flexible, and keenly aware of your cable and app-related costs is an impactful way of keeping track of where your dollars go each month. Auto-draft billing can be a quiet siphon for your hard-earned dollars if you check out from your budget for even a week.

2.) Eating “Out” (Or In)

When you’re exhausted and on your way home from a long workday, the “before times” might have called for some takeout or simple pizza delivery. The pandemic may have changed how we order food and where we eat it, but the demand for prepared meals remains high. 

Looking honestly at your expenses can be uncomfortable, but I promise the process is worth it. Let’s be honest: if your pre-pandemic grocery budget was $600 per month, and your eating out budget $200 per month, these categories have likely ebbed and flowed over the last year.

We’ve all hit the brick wall on home-cooked meals at some point, but be honest with yourself. If you’re dropping $50 a night on Door Dash, it may be time to pivot and change up your routine. I’m a big fan of my slow cooker, and preparing for your week in advance can help fight the fatigued decision-making that leads to expensive meal deliveries. 

One other thing: we've all encountered a strangely apocalyptic grocery store situation at some point over the last year. You know what I mean: the aisle completely emptied of bread, the dairy section out of milk and all its alternatives. I won't even start on paper and cleaning products. Be willing to get creative. Does your city or town have an ethnic market you can explore? Can you shop from your own pantry and freezer? Even when panicked shoppers have cleared out your regular grocery, thinking creatively can tie you over and save you $$$.

3.) Utilities and Travel: Refocus Your Lens

Let me guess: in 2020, you saw your utility bills rise, and your weekly gas station visits drop. For many families, this upheaved the budget in unexpected ways. 

Just as with meal delivery versus grocery costs, be aware that you may need to shift budget categories around to meet realistic cost categories. If your natural gas bill is higher from staying home, I’ll bet your bill at the pump is quite a bit lower due to fewer round-trip commutes. 

Often the most challenging part of reallocating our budgets is facing the significant changes that have taken place. This is when it can be beneficial to face your banking statements and get a clear vision of what you’re really spending each month. Don’t be afraid to move funds from one budget category to another (and back again the next month) to reflect actual costs incurred. Your post-pandemic budget will likely have shifted around– and that's okay. Just be sure to get comfortable with remaining flexible.

Remember: Flexibility is Key

It can be emotionally draining to see your emergency fund hit zero multiple times a year. I won’t even get started on the feeling of seeing your stimulus check hit your bank account and vaporizing on the same day. But if you can get honest with yourself and look your expenses in the face, you can get back on track. There are likely a million things competing for your attention right now, but if you spend a couple of hours focusing on your finances and getting honest with yourself, I promise the overwhelm will shrink.

1.) The Side Hustle 

The art of the side hustle may look different now more than ever, but I promise you there’s money to be made– especially when it comes to food delivery services. If you can free up a couple of hours during prime dinner time, many customers are tipping generously if you’re simply willing to courier their meals. And this is a great way to generate a couple of hundred bucks a week to stay motivated and paying down your debt.

If you've lost your job or are at home with virtually-schooling kids, you can bet I've researched some options you can pursue from home. There are reasons to feel hopeful because even if you've taken some knocks over the last year, you still have options.

2.) No Shame in the Bank Statement Game

I’ve said it before and, I’ll say it again: shame is your biggest enemy when it comes to resolving money troubles. Maybe you’ve been squirreling away your bank statements since the pandemic began, thinking that since everything is sideways, you might as well not even look.

But when you sit down to look, you can develop a plan of action. Knowing the damage is both the scariest moment and the one in which you get your power back. Be honest with yourself and your family about how the pandemic has reshaped your household budget. Doing so will give you your power back when it comes to focusing on your finances in a pandemic-changed world.

The post How to Focus on Your Finances in a Pandemic-Changed World appeared first on I Am That Lady.