Category: Budgeting & Money Management
You divorced the fool…unfortunately not his debt…now what? ‘Till death do us part or ’till debt do us part?
There seems to be a common misconception about debt and who in a relationship is responsible for it. I’d like to take a few moments of your time and clear up some misconceptions if I may.
I had coffee with a colleague of mine a few weeks back and we had a lively discussion on the price versus the cost of items. I loved the concept so much I asked her to send me her a guest blog on the subject. I like the different perspective this gives us on purchases we make as we tend to focus on the obvious “price” but not necessarily the “cost” to us and the “benefit” received.
The story both excites me and terrifies me. It excites me because I have the opportunity to motivate others to do what I have not done. It terrifies be because I had not followed my friends advice and am now wishing I had spent less money on suede jackets, killer heels and drinks at the Misty Moon and had saved that money instead. So I urge you, read this, and pass it along to anyone in your life who can benefit from it today!
Want a simple ‘Spending Plan Process’? – Set up three accounts. These can be three bank accounts or can consist of a cash account or two, depending on what works for you. One account for your regular monthly expenses, one for savings and one for your day-to-day spending needs.
You might be asking yourself “How Can I Find Money to Save for Retirement?”. This guest article gives some great ideas on how you can redirect a small regular purchase and make a major impact at retirement.
I envy people who have no debt. I want to be like them. I really do. I have the skills, I have the desire, yet it seems like a goal floating in the wind. I can see it. And almost touch it but it keeps floating away from my grasp. Oh I’ve made some progress over the years, but unsteady income, child care and investments in my education have all ensured I don’t get too far away from debt. Not yet anyway. But I’m nothing if not persistent!
Keeping track doesn’t have to be painful. You want to find a system that works for you, something not too complicated. You don’t have to track expenses for the rest of your life, but hopefully, you will realize the value, as I have, and want to make it part of your financial plan.